Distribution Condition definition

Distribution Condition has the meaning set forth in Section 2.11(c).

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Distribution Condition means the following conditions in connection with any transaction for which satisfaction of the Distribution Condition is required under this Agreement: (a) no Event of Default has occurred and is continuing or would immediately result upon the consummation of such transaction, (b) Excess Availability on a pro forma basis after giving effect to such transaction is at least the greater of (i) 15% of the Line Cap and (ii) $7,500,000, and (c) if Excess Availability less than is the greater of (i) 20% of the Line Cap and (ii) $7,500,000, pro forma compliance with Section 6.13 immediately after giving effect to such transaction.

Distribution Condition means the generation of Excess Revenues by at least one Project during the Preferred Return Year.

Examples of Distribution Condition in a sentence

• Notwithstanding anything herein to the contrary, any Borrower shall be permitted to pay or make, directly or indirectly, any restricted payment or other distribution in an amount equal to all or a portion of the proceeds of any Issuer Distribution, or use such amount for any purpose not otherwise prohibited hereunder, to the extent no prepayment is required in such amount pursuant to the Distribution Condition.

• Prior to making any cash interest payment in respect of the Second Priority Claims, one of the Lead Borrower’s (as defined in the Loan Agreement) financial officers shall execute and deliver a certificate to the Senior Agent certifying (1) that no First Priority Default exists under the Loan Agreement, and (2) that the Second Priority Claim Distribution Condition has been met and satisfied as provided herein.

• In the event a Distribution Condition does not occur by such date, then may terminate this Agreement upon written notice to the Partnership without further liability under this Agreement.

• No dividends shall be declared or paid or set apart for payment on any Junior Stock (as defined) (other than dividends payable in Common Stock) for any period unless (the "Junior Distribution Condition") the Corporation has declared and paid in cash dividends on the Series B Preferred Stock for eight (8) consecutive quarters.

• In the event of a Distribution Condition, the Buyer shall deliver written instructions to the Escrow Agent informing the Escrow Agent of the Distribution Condition, including reasonable evidence of the occurrence of such Distribution Condition, and instructing the Escrow Shares to issue and deliver the applicable number of Escrow Shares as a result of the occurrence of such Distribution Condition (the “Disbursement Instructions”).

• Upon satisfaction by each entity which is a Lender on Effective Date of the Distribution Condition, the Distribution Agent shall have no further obligations or duties under this Agreement.

• The interconnection arrangement shall be as per the OERC regulations, OERC Distribution (Condition of Supply) Code 2019, CEA (Technical Standard for Connectivity of the Distribution Generation Resources) Regulations, 2013.

• The Company shall use best efforts to provide accurate quarterly and yearly reports, subject to adjustments recommended by the Company’s auditors.

• Such Loans shall be distributed to a Lender upon: (i) receipt of an executed signature page to this Agreement from such Lender, (ii) receipt of other documentation satisfactory to the Distribution Agent from such Lender or (iii) as otherwise directed by the Distribution Agent (each, a "Distribution Condition").

• In the event a Distribution Condition does not occur by such date, then the Partnership or HACLA LLC may terminate this Agreement upon written notice to the other party without further liability under this Agreement.

More Definitions of Distribution Condition

Distribution Condition means no event of default has occurred and is continuing or would immediately result from any applicable action and either (a) Availability on a pro forma basis after giving effect to such transaction (and the average Availability over the prior 30 day period on a pro forma basis assuming such transaction occurred on the first day of such 30 day prior period) is at least the greater of (i) 20% of the Line Cap and (ii) $20,000,000 at such time or (b)(i) Availability on a pro forma basis after giving effect to such transaction (and the average Availability over the prior 30 day period on a pro forma basis assuming such transaction occurred on the first day of such 30 day prior period) is at least the greater of (A) 15% of the Line Cap and (B) $15,000,000 at such time and (ii) the ABL Co-Borrowers are in pro forma compliance with the Springing Financial Covenant recomputed as of the last day of the most recently ended fiscal quarter for which financial statements are available, whether or not compliance with such Springing Financial Covenant is otherwise required at such time.

Distribution Condition shall have the meaning set forth on Exhibit D hereto.

Distribution Condition with respect to any particular action as to which the satisfaction of the Distribution Condition is being determined, after giving effect to the taking of such action (and the Distribution Condition will be deemed to be satisfied with respect to such action if), (1) no Event of Default has occurred and is continuing or would immediately result from such action, (2) Availability on a pro forma basis on the date of such proposed action and average daily Availability for the 30-day period prior to such action (calculated on a pro forma basis assuming such action occurred on the first day of such 30-day period), in each case, would be at least the greater of (a) 15% of the Line Cap then in effect and (b) $15,000,000, (3) the Fixed Charge Coverage Ratio would be at least 1.0 to 1.0 on a Pro Forma Basis giving effect to the subject action; provided that compliance with the Fixed Charge Coverage Ratio will not be required if after giving effect to the taking of such action, Availability on a pro forma basis on the date of such proposed action and average daily Availability for the 30-day period prior to such action (calculated on a pro forma basis assuming such action occurred on the first day of such 30-day period), in each case, would be at least the greater of (a) 20% of the Line Cap then in effect and (b) $20,000,000, and (4) the Administrative Agent has received a certificate from a Responsible Officer of the ABL Administrative Borrower certifying as to the calculations and satisfaction of the conditions set forth in foregoing clauses (1) through and including (3) above.