Debt and Restricted Payments Sample Clauses

Debt and Restricted Payments. (a) Tenant will not, directly or indirectly make, or cause or permit any Subsidiary of the Tenant to make, any Restricted Payment, unless at the time thereof, and after giving effect thereto:
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Debt and Restricted Payments. (a) Tenant will not, directly or indirectly make, or cause or permit any Subsidiary of the Tenant to make, any Restricted Payment, unless at the time thereof, and after giving effect thereto: (i) the Tenant's Adjusted Consolidated Net Worth equals or exceeds $53,000,000 as of the end of the month preceding the date of such Restricted Payment; and (ii) such Restricted Payment, together with all other Restricted Payments made from the commencement date of the Term to the date of such Restricted Payment does not exceed the sum of 40% of the Tenant's Consolidated Net Income on a cumulative basis beginning with and including the fiscal year in which the Term commenced to the month immediately preceding the date of such Restricted Payment. (b) The Tenant will not become or be a guarantor or surety of, or otherwise incur any Contingent Obligation or become or be responsible in any manner (whether by agreement to purchase any obligations, stock, assets, goods or services, or to supply or advance any funds, assets, goods or services, or otherwise) with respect to, any undertaking of any other Person (except as to any Subsidiary), other than Contingent Obligations which meet any one of the following criteria: (i) a Contingent Obligation which, when added to other Contingent Obligations then outstanding, does not exceed Fifteen Million Dollars ($15,000,000), less the amount of Funded Debt outstanding at such time under clause (iii) of paragraph (c) below, or (ii) a Contingent Obligation which, when added to the aggregate amount of all other Contingent Obligations then outstanding, does not exceed an amount equal to (A) three (3) times Consolidated EBIDTA for the most recent four (4) fiscal quarters ending immediately prior to the date of creation of such new Contingent Obligation, minus (B) the amount of Funded Debt outstanding under clause (iv) of paragraph (c) below as of the same date. (c) Tenant will not, and will not permit any Subsidiary directly or indirectly to, incur, create, assume any Indebtedness other than Indebtedness which meets any one of the following criteria (i) Funded Debt outstanding on the Closing Date and reflected in the audited financial statements described in Paragraph 28(b), (ii) Funded Debt that replaces or refinances the Funded Debt described in (i) above and is repayable on the basis of an amortization schedule substantially similar to, or having lower scheduled payments than, the amortization schedule for the Funded Debt outstanding on...
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Related to Debt and Restricted Payments

  • Restricted Payments, etc On and at all times after the Effective Date:

  • Restricted Payments Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

  • Restricted Payment In relation to the Borrower and its Subsidiaries, any ------------------ (a) Distribution or (b) payment or prepayment by the Borrower or its Subsidiaries to the Borrower's shareholders or to any Affiliate of the Borrower or the Borrower's shareholders in their capacity as a shareholder.

  • Limitation on Restricted Payments (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

  • Restricted Payments; Restrictive Agreements (a) Declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment (including pursuant to any Synthetic Purchase Agreement), or incur any obligation (contingent or otherwise) to do so; provided, however, that (i) any Subsidiary may declare and pay dividends or make other distributions ratably to its equity holders, (ii) so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the Borrower may, or the Borrower may make distributions to Holdings so that Holdings may, repurchase its Equity Interests owned by employees of Holdings, the Borrower or the Subsidiaries or make payments to employees of Holdings, the Borrower or the Subsidiaries upon termination of employment in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans or in connection with the death or disability of such employees in an aggregate amount not to exceed $2,000,000 in any fiscal year, (iii) the Borrower may make Restricted Payments to Holdings (x) in an amount not to exceed $500,000 in any fiscal year, to the extent necessary to pay general corporate and overhead expenses incurred by Holdings in the ordinary course of business and (y) if Borrower is a member of a consolidated, combined or unitary group of which Borrower is not the common parent, in an amount necessary to pay the Tax liabilities of the common parent (the “Common Parent”) of the consolidated, combined or unitary group of which Borrower is not the common parent directly attributable to (or arising as a result of) the operations of the Borrower and the Subsidiaries; provided, however, that (A) the amount of such dividends shall not exceed the amount that the Borrower and the Subsidiaries would be required to pay in respect of Federal, state and local taxes were the Borrower and the Subsidiaries to pay such taxes as members of a consolidated, combined or unitary group of which Borrower is the common parent and (B) all Restricted Payments made to Holdings pursuant to this clause (iii) are used by Holdings to make Restricted Payments as specified in clause (iv) within 20 days of the receipt thereof and (iv) if Borrower is a member of a consolidated, combined or unitary group of which Borrower is not the common parent, then Holdings may make Restricted Payments to the Common Parent (x) in an amount not to exceed $500,000 in any fiscal year, to the extent necessary to pay general corporate and overhead expenses incurred by the Common Parent in the ordinary course of business and (y) in an amount necessary to pay the Tax liabilities of the Common Parent directly attributable to (or arising as a result of) the operations of the Borrower and the Subsidiaries; provided, however, that (A) the amount of such dividends shall not exceed the amount that the Borrower and the Subsidiaries would be required to pay in respect of Federal, state and local taxes were the Borrower and the Subsidiaries to pay such taxes as members of a consolidated, combined or unitary group of which Borrower is the common parent and (B) all Restricted Payments made to the Common Parent pursuant to this clause (iv) are used by the Common Parent for the purposes specified herein within 20 days of the receipt thereof.

  • Limitations on Restricted Payments (a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment if at the time of such Restricted Payment:

  • Restricted Payments; Certain Payments of Indebtedness (a) The Borrower will not, and will not permit any Restricted Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:

  • Permitted Payments So long as no Event of Default has occurred and is continuing, each Obligor may make, and each other Obligor shall be entitled to accept and receive, payments on account of the Subordinated Debt in the ordinary course of business.

  • Subsidiary Indebtedness The Borrower will not permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness, except:

  • No Restricted Junior Payments As of and following the Closing Date, neither Holdings nor any of its Subsidiaries has directly or indirectly declared, ordered, paid or made, or set apart any sum or property for, any Restricted Junior Payment or agreed to do so except as permitted pursuant to Section 6.4.

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