Specified Conditions means, at any time of determination thereof, (a) no Incremental Term Loans in the form of an institutional term loan B facility have been issued and are outstanding pursuant to Section 2.20 of the Credit Agreement and (b) (i) the Company’s “corporate credit rating” from S&P (or such other term as S&P may from time to time use to describe the Company’s senior unsecured non-credit enhanced long term indebtedness, such rating, the “S&P Rating”) shall be at least BBB- (with a stable outlook) and the Company’s “corporate family rating” from ▇▇▇▇▇’▇ (or such other term as ▇▇▇▇▇’▇ may from time to time use to describe the Company’s senior unsecured non-credit enhanced long term indebtedness, such rating, the “▇▇▇▇▇’▇ Rating”) shall be at least Baa3 (with a stable outlook) or (ii) (x) the Company’s S&P Rating shall be at least BBB- (with a stable outlook) or the Company’s ▇▇▇▇▇’▇ Rating shall be at least Baa3 (with a stable outlook) and (y) the Leverage Ratio is less than or equal to 2.50 to 1.00.
Implementation Grant means payments towards Recurrent Expenditure incurred for the establishment of the Academy prior to it opening.
Conditions of Approval means condition(s) imposed by the Municipality in the approval of a land development application, including any conditions contained in the annexure(s) and/or plans and/or attachment(s) that form part of the approval and/or are referred to in the approval of the land development application;
Commencement of Construction means the commencement of construction of foundation components or elements (such as footings, rafts or piles) for the home.
Completion of Construction means all the construction is complete except for minor weather-related components and conforms to the approved plans and specifications and change orders.