Deleveraging Transaction definition
Deleveraging Transaction means a debt or equity financing with the Company or any of its Subsidiaries resulting in a deleveraging of the Company’s consolidated balance sheet; provided that “Deleveraging Transaction” shall not include (a) the issuance of Junior Stock (as defined in the Certificate of Designations) or other Capital Stock that is junior in preference to the Series B Preferred Stock following the Closing in an amount not to exceed $25,000,000 in the aggregate and (b) the public offering of Capital Stock of the Company or any of its Subsidiaries made on the Principal Market or the New York Stock Exchange.
Deleveraging Transaction means, with reference to any issuance or sale of the Borrower’s Capital Stock or other contribution to the equity of the Borrower or any Disposition (any, a “Subject Transaction”), that immediately following the consummation of such Subject Transaction, the Consolidated Leverage Ratio (which shall include in the calculation thereof, for the avoidance of doubt, debt obligations evidenced by bonds, debentures or notes), calculated on a Pro Forma Basis (without giving effect to any run-rate costs savings, operating expense reductions, and other operating improvements, initiatives and synergies as related to such Disposition), is lower than the Consolidated Leverage Ratio immediately prior to the consummation of such Subject Transaction.
Deleveraging Transaction means one transaction or a series of transactions in the form of a Disposition (including, without limitation, one or more sale leaseback transactions), a capital raise (including common or preferred shares), a debt-for-equity swap (to the extent otherwise not prohibited under the Loan Documents), or recovery from Lugano, in each case on terms reasonably acceptable to the Administrative Agent, to repay the Obligations in an amount sufficient to cause the Consolidated Total Leverage Ratio for the fiscal quarter of the Borrower ending June 30, 2026 to not be greater than 4.50 to 1.00.
More Definitions of Deleveraging Transaction
Deleveraging Transaction means a series of related transfers of nursing home facilities by certain Borrowers to Newco as contemplated in paragraph (i) of Section 8.5.
Deleveraging Transaction means either (a) a transaction or series of related transactions, executed through exchange offers, refinancings, strict foreclosures on the pledged equity of the Borrower’s directly held Subsidiaries, or other means, in each case on terms and conditions approved by the Administrative Agent acting at the direction of the holders of a majority in principal amount of the New Lender Notes in their sole discretion, resulting in (i) the conversion of at least two-thirds in amount (or such higher amount as may be required by the holders of a majority in principal amount of the New Lender Notes) of the Indebtedness owing by the Borrower and its Restricted Subsidiaries under the Senior Secured Notes Indentures into equity and/or junior Indebtedness of the Borrower (or, if applicable, any newly formed holding company established to own the equity of the Borrower’s directly held Subsidiaries), and (ii) the prepayment of all Loan Document Obligations under this Agreement and termination of all Commitments hereunder through the payment in full and in cash of the VPC Loan and