Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that:
Payment Conditions means, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:
Payment Conditions means, at any time of determination with respect to any Specified Payment, as of the date of such Specified Payment and after giving effect thereto, that (a) no Event of Default exists or has occurred and is continuing, (b) if the amount of any such Specified Payment exceeds $5,000,000, Excess Availability shall be not less than 12.5% of the lesser of (i) the Tranche A Revolving Commitments and (ii) the Aggregate Borrowing Base immediately after giving effect to the making of such Specified Payment and, with respect to Specified Payments under Sections 6.08(a)(x) and 6.08(b)(vi), Excess Availability (after giving Pro Forma Effect to such Specified Payment as of such date and during the thirty (30) consecutive day period immediately preceding the making of such Specified Payment) shall not have been less than 12.5% of the lesser of (i) the Tranche A Revolving Commitments and (ii) the Aggregate Borrowing Base, and (c) the Fixed Charge Coverage Ratio as of the end of the most recently ended Test Period prior to the making of such Specified Payment (after giving Pro Forma Effect to such Specified Payment as if such Specified Payment had been made as of the first day of such Test Period) shall be equal to or greater than 1.00 to 1.00; provided that, satisfaction of this clause (c) shall not be required with respect to any Specified Payment when Excess Availability (after giving Pro Forma Effect to such Specified Payment as of such date and during the thirty (30) consecutive day period immediately preceding the making of such Specified Payment) shall not have been less than 20.0% of the lesser of (i) the Tranche A Revolving Commitments and (ii) the Aggregate Borrowing Base; provided that notwithstanding the foregoing, for purposes of this definition of “Payment Conditions”, the Canadian Revolving Commitments in effect on the First Amendment Effective Date in excess of those available immediately prior to the First Amendment Effective Date shall not be included in any calculation of the Canadian Revolving Commitments or the Tranche A Revolving Commitments until the Tranche B Effective Date..
Examples of Payment Conditions in a sentence
At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Seller Subordinated Debt unless the Seller Subordinated Debt Payment Conditions are satisfied.
In addition, provided that you satisfy the Payment Conditions set forth below in Section 9, you shall be eligible for the benefits as set forth below in this Section 8 (as applicable, the “Severance and Acceleration Benefits”).
Upon Full Payment of the Term Loans, each Secured Party agrees that any Collateral comprised of Intellectual Property, Equipment or Real Estate shall be promptly released from the Liens of the Secured Parties, and thereafter shall be Excluded Property so long as, both before and after giving effect to any such release, the Payment Conditions are satisfied.
More Definitions of Payment Conditions
Payment Conditions means, with respect to any Specified Transaction, the satisfaction of the following conditions:
Payment Conditions with respect to any applicable payment or transaction, each of the following conditions:
Payment Conditions with respect to any transaction that references the Payment Conditions:
Payment Conditions means (i) no Default or Event of Default has then occurred and is continuing or would arise after giving effect thereto and (ii) before and after giving effect (including pro forma effect) thereto, (A) the Borrower is in compliance with the covenants set forth in ARTICLE VI and (B) the Aggregate Revolving Credit Exposure shall not exceed the lesser of (x) the Aggregate Revolving Commitment and (y) the Borrowing Base, in each case, then in effect.
Payment Conditions means, with respect to any transaction,
Payment Conditions means, on any applicable date of determination: (a) Liquidity shall be equal to or greater than $30,000,000 on such date, and (b) no Event of Default shall exist or shall have occurred and be continuing on such date.
Payment Conditions means as to any transaction, (i) no Specified Default exists or would result from any such transaction, and (ii) Availability (calculated on a Pro Forma Basis) on the date of the proposed transaction and the 30-Day Average Availability immediately preceding such transaction would be greater than (a) in the case of Restricted Payments, (x) if the Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is greater than or equal to 1.00:1.00, the greater of 15% of the Line Cap and $45,000,000 and (y) if the Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is less than 1.00:1.00, the greater of 17.5% of the Line Cap and $55,000,000 and (b) in the case of Investments, Restricted Debt Payments and any other similar transaction subject to Payment Conditions, (x) if the Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is greater than or equal to 1.00:1.00, the greater of 12.5% of the Line Cap and $37,500,000 and (y) if the Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is less than 1.00:1.00, the greater of 15.0% of the Line Cap and $45,000,000.