Dividend Capacity definition
Dividend Capacity means, for any Test Period, the amounts available as of the end of the full Fiscal Year ending prior to the end of such Test Period which could be paid as dividends by the Insurance Subsidiaries to the Borrower in accordance with the rules and regulations of the applicable Departments under applicable Law.
Dividend Capacity means, at any time of determination, the maximum aggregate amount of dividends that Whitney Bank could declare and pay at such time while maintaining a “leverage ratio” (as defined at 12 C.F.R. 325.6(m) and determined in accordance with 12 C.F.R. 325 Subpart A (as the foregoing are in effect on the date hereof, together with such amendments, modifications and supplements as may be acceptable to the Required Lenders)) at such time of at least seven percent (7%).
Dividend Capacity means, at any time of determination, the maximum aggregate amount of dividends that each Financial Institution Subsidiary could declare and pay at such time while maintaining a “leverage ratio” (as defined at 12 C.F.R. 325.6(m) and determined in accordance with 12 C.F.R. 325 Subpart A (as the foregoing are in effect on the date hereof, together with such amendments, modifications and supplements as may be acceptable to the Required Lenders)) at such time of at least seven percent (7%); provided, that the amount calculated pursuant to this definition shall never be less than $0.
Examples of Dividend Capacity in a sentence
The Borrower will maintain a Dividend Capacity at all times of not less than $100,000,000.
The Borrower shall cause Whitney Bank to maintain a Dividend Capacity at all times of not less than $100,000,000.
More Definitions of Dividend Capacity
Dividend Capacity means the full extent of Principal Life's statutory capacity to pay a non-extraordinary dividend in 2001.
Dividend Capacity means for any fiscal year the dollar amount of a cash dividend Regulated Subsidiaries could make to the Borrower without obtaining any special insurance regulatory approval. "EBITDA" shall mean, for any period, the sum for the Borrower and its Subsidiaries other than the Regulated Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), of the following: (a) net earnings (calculated before income taxes, minority interests and extraordinary items), plus (b) the sum of the following (to the extent deducted in determining net earnings) for such period: (1) interest expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness, (2) depreciation and amortization expense and (iii) amortization of intangibles and organization costs. "EFFECTIVE DATE" shall mean the date as of which all conditions precedent to the funding of the first Loan hereunder have been met and such Loan funded. "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations issued thereunder as from time to time in effect. "ERISA AFFILIATE" shall mean each trade or business, including the Borrower, whether or not incorporated, which together with the Borrower would be treated as a single employer under section 4001 of ERISA. "EURODOLLAR BUSINESS DAY" shall mean a Business Day upon which commercial banks in the eurocurrency market are open for domestic and international business. "EURODOLLAR RATE" shall mean with respect to any Fixed Rate Loan which is to bear interest at the Applicable Eurodollar Rate, rate determined by the Lender's Treasury Desk as being the approximate rate at which the Lender could purchase offshore U.S. dollar deposits in an amount approximately equal to the amount of such Fixed Rate Loan and for a period of time approximately equal to the selected Interest Period therefor, adjusted for any and all assessments, surcharges and reserve requirement pertaining to the purchase by the Lender of such U.S. dollar deposits. "EVENT OF DEFAULT" shall have the meaning given such term in PARAGRAPH 7 above. "EXISTING CREDIT FACILITY" shall mean that certain credit facility provided to the Borrower by ▇▇▇▇▇ Fargo Bank, N.A., as successor in interest to First Interstate Bank of California, evidenced by that certain Loan Agreement dated July 26, 1994, as amended. "FINAL MATURITY DATE" shall mean December ...
Dividend Capacity means, at any time of determination, (i) the maximum aggregate amount of dividends that ▇▇▇▇▇▇▇ Bank could declare and pay at such time while maintaining a “leverage ratio” (as defined at 12 C.F.R. 325.6(m) and determined in accordance with 12 C.F.R. 325 Subpart A (as the foregoing are in effect on the date hereof, together with such amendments, modifications and supplements as may be acceptable to the Required Lenders)) at such time of at least seven percent (7%), plus (ii) the lesser of (A) the maximum aggregate amount of dividends that Whitney Bank could declare and pay pursuant to LA Rev. Stat. 6:263 (as in effect on the date hereof, together with such amendments, modifications and supplements as may be acceptable to the Required Lenders) or (B) the maximum aggregate amount of dividends that Whitney Bank could declare and pay at such time while maintaining a “leverage ratio” (as defined at 12 C.F.R. 325.6(m) and determined in accordance with 12 C.F.R. 325 Subpart A (as the foregoing are in effect on the date hereof, together with such amendments, modifications and supplements as may be acceptable to the Required Lenders)) such time of at least seven percent (7%); provided, that the amount calculated pursuant to either clause (i) or clause (ii) shall never be less than $0.
Dividend Capacity means, for any Test Period, the amounts available as of the end of the full Fiscal Year ending prior to the end of such Test Period which could be paid as dividends to the Borrower or FNT, as applicable, in accordance with the rules and regulations of the applicable Departments under applicable Law.