CONTROL CONDITIONS Sample Clauses

CONTROL CONDITIONS. If EBITDA is less than Minimum EBITDA shown in the table below for any period, then following payment in full of the Senior Debt (but subject to reinstatement as provided in the Intercreditor Agreement (Senior Debt)) by the Noteholders or their designees (whether through a refinancing or otherwise), (B) the receipt by the Majority Noteholders or other relevant party of all required Gaming Approvals and (C) any other required regulatory approvals or filings (all of the foregoing conditions, the "CONTROL CONDITIONS"), the Majority Noteholders shall have the right to obtain management control of OpBiz in a manner satisfactory to the Majority Noteholders (the "CONTROL RIGHT"); provided that the Control Right shall terminate upon the consummation of a Qualified Public Offering. PERIOD MINIMUM EBITDA ------ -------------- The consecutive twelve (12) $67,500,000 month period immediately following the fourth anniversary of the Closing Date (the "FIRST MEASUREMENT PERIOD") The consecutive twelve (12) $72,000,000 month period immediately following the last day of the First Measurement Period (the "SECOND MEASUREMENT PERIOD") The consecutive twelve (12) $76,500,000 month period immediately following the last day of the Second Measurement Period