Effective Date Condition. The meaning specified in Section 7.18(c).
Effective Date Condition means a condition satisfied if each of the Coverage Tests (other than the Interest Coverage Tests) and the Collateral Quality Tests are satisfied, and both(x) the sum of (1) the Aggregate Principal Balance of the Underlying Assets and (2) the aggregate amount of any sale proceeds of Underlying Assets (up to a maximum amount equal to 5% of the Effective Date Target Par Amount) and prepayment, redemption or maturity payments on Underlying Assets that have not yet been reinvested in other Underlying Assets, is not less than the Effective Date Target Par Amount and (y) the Eligibility Criteria are satisfied. For the purposes of any calculation made in connection with clause (x) of this definition, any Underlying Asset that becomes a Defaulted Obligation on a date prior to the Effective Date shall be treated as having a Principal Balance of the lesser of (i) the applicable Moody's Recovery Rate (as defined in this Indenture as of the Closing Date) multiplied by the Principal Balance of such Defaulted Obligation (determined without giving effect to this proviso) as of such date and (ii) the Current Market Value of such Defaulted Obligation as of such date.
Effective Date Condition. A condition satisfied if (i) the Trustee is provided with an Accountants’ Certificate indicating the level of compliance with, or satisfaction or non-satisfaction of Effective Date Specified Tested Items and (ii) each of the Rating Agencies is provided with (a) a report identifying the Collateral Obligations and (b) an Effective Date Report. For the avoidance of doubt, the Effective Date Report shall not include or refer to the Accountants’ Certificate.
Examples of Effective Date Condition in a sentence
Confirmation Effective Date; Condition Precedent; Filing Obligation; Term This Confirmation shall be binding on the Parties upon execution by both Parties (such date the “Confirmation Effective Date”).
In the event that the Harbinger Investment Effective Date Condition is satisfied, there shall be no New Stockholders Agreement in connection with this Plan.
In the event that the Backstop Rights Offering Effective Date Condition is satisfied, subject to any requirement of Bankruptcy Court approval pursuant to section 1129(a)(5) of the Bankruptcy Code, as of the Effective Date, the initial officers of Reorganized Bally shall be the officers of Bally existing immediately prior to the Effective Date.
If the Harbinger Investment Effective Date Condition is not satisfied by the Applicable Outside Date, the Debtors shall remain obligated to consummate the Amended Plan on the basis of the $90 million Rights Offering so long as the Backstop Rights Offering Effective Date Condition has been or will be concurrently satisfied.
In the event that the Harbinger Investment Effective Date Condition is satisfied, upon the Effective Date, after giving effect to the transactions contemplated hereby, the authorized capital stock of Reorganized Bally shall be that number of shares of New Common Stock designated in the by-laws or certificate of incorporation of Bally, and the shares of New Common Stock outstanding shall consist solely of the shares of New Common Stock to be issued to the New Investors.
More Definitions of Effective Date Condition
Effective Date Condition means a condition satisfied if each of the Coverage Tests (other than the Interest Coverage Tests) and the Collateral Quality Tests are satisfied, and both
Effective Date Condition means a condition satisfied if (x) each of the Coverage Tests (other than the Interest Coverage Tests), the Concentration Limitations and the Collateral Quality Tests are satisfied and (y) the sum of (1) the Aggregate Principal Balance of the Collateral Obligations and (2) the aggregate amount of any sale proceeds of Collateral Obligations (up to a maximum amount equal to 10.0% of the Effective Date Target Par Amount) and (I) prepayment, redemption or maturity payments on Collateral Obligations and (II) without duplication, prepayment, redemption or maturity payments on Collateral Obligations that are expected to occur in the future (as determined by the Collateral Manager), in each case, that have not yet been reinvested in other Collateral Obligations, is not less than the Effective Date Target ParAmount. For the purposes of any calculation made in connection with clause (y) of the preceding sentence, any Collateral Obligation that becomes a Defaulted Obligation on a date prior to the Effective Date shall be treated as having a Principal Balance of the lesser of (i) the applicable S&P Recovery Rate multiplied by the Principal Balance of such Defaulted Obligation (determined without giving effect to the adjustment in this clause (i)) as of such date and (ii) the Market Value of such Defaulted Obligation as of such date.
Effective Date Condition means a condition satisfied as of any date if (a) the sum of
Effective Date Condition. The conditions that are satisfied if (A) in connection with the Effective Date, the S&P CDO Monitor Test is being calculated in accordance with the Effective Date S&P CDO Monitor Assumptions, (B) the Collateral Manager (on behalf of the Issuer) certifies to S&P that, as of the Effective Date, the S&P CDO Monitor Test and the Target Initial Par Condition are satisfied and (C) the Issuer causes the Collateral Manager to make available to S&P (i) the Effective Date Report showing satisfaction of the S&P CDO Monitor Test and the Target Initial Par Condition and (ii) the Excel Default Model Input File. “Effective Date Report”: The meaning specified in Section 7.18(c). “Effective Date S&P CDO Monitor Assumptions”: If the S&P CDO Monitor Election Date has not occurred prior to the Effective Date, then, for purposes of determining compliance with the S&P CDO Monitor Test in connection with the Effective Date Conditions, the following rules of construction: (a) the Adjusted Class Break-even Default Rate will be calculated by excluding from the Collateral Principal Amount any amounts in the Ramp-Up Account to be designated as Interest Proceeds after the Effective Date as described in Section 10.3(c) and (b) notwithstanding the definition thereof, the Aggregate Funded Spread of the Collateral Obligations will be calculated without taking into account any applicable “floor” rate specified in the related Underlying Documents. “Effective Date Specified Tested Items”: The Collateral Quality Test, the Overcollateralization Ratio Tests, the Concentration Limitations and the Target Initial Par Condition. “Eligible Investment Required Ratings”: With respect to any obligation, a rating of “A-1” or better (or, in the absence of a short-term credit rating, “A+” or better) from S&P. “Eligible Investments”: Either Cash or any Dollar investment that, at the time it is Delivered to the Trustee (directly or through an intermediary or bailee), (x) matures not later than the earlier of (A) the date that is 60 days after the date of Delivery thereof and (B) the Business Day immediately preceding the Payment Date immediately following the date of Delivery thereof (provided that Eligible Investments issued by the Trustee or any Affiliate of the Trustee in its capacity as a banking institution may mature on such Payment Date), and (y) is one or more of the following obligations or securities:
Effective Date Condition. The conditions that are satisfied if (A) in connection with the Effective Date, the S&P CDO Monitor Test is being calculated in accordance with the Effective Date S&P CDO Monitor Assumptions, (B) the Collateral Manager (on behalf of the Issuer) certifies to S&P that, as of the Effective Date, the S&P CDO Monitor Test and the Target
Effective Date Condition means a condition satisfied as of any date if the sum of (i) the Aggregate Principal Balance of all Collateral Obligations that are held by the Issuer as of such date, (ii) the Aggregate Principal Balance of the Collateral Obligations which the Issuer has committed to purchase as of such date and (iii) the amount of any Principal Proceeds from prepayments, sales (up to a maximum amount equal to 5% of the Effective Date Target Par Amount), maturities or redemptions of Collateral Obligations (other than any such Principal Proceeds received prior to the Amendment Date or that have been reinvested in, or committed to be reinvested in, Collateral Obligations by the Issuer as of such date), equals or exceeds the Effective Date Target Par Amount; provided that, the Principal Balance of any Defaulted Obligation shall be its Moody’s Collateral Value.
Effective Date Condition. A condition satisfied if (A) the Collateral Agent and the Collateral Administrator are provided with an Accountants’ Certificate indicating the level of compliance with, or satisfaction or non-satisfaction of Effective Date Specified Tested Items and (B) each of the Rating Agencies is provided with (i) a report identifying the Collateral Obligations and (ii) an Effective Date Report. For the avoidance of doubt, the Effective Date Report shall not include or refer to the Accountants’ Certificate.