Grandfathering Rules definition

Grandfathering Rules means that any actions taken by the Borrower or any of its Subsidiaries and any events or circumstances occurring or arising during any time that is not an Enhanced Covenant Period, which actions, events or circumstances were permitted under the terms of this Agreement at the time taken, occurring or arising, shall not constitute a breach of the applicable covenant referencing such Enhanced Covenant Period during any subsequent Enhanced Covenant Period notwithstanding that such actions, events or circumstances would not have been permitted under such covenant, or would have constituted such a breach, had such actions, events or circumstances been taken, occurred or arisen during such Enhanced Covenant Period.
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Grandfathering Rules means that any actions taken by the Borrower or
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Examples of Grandfathering Rules in a sentence

  • Neither the Borrower nor any of its Restricted Subsidiaries shall during any Enhanced Covenant Period, but subject to the Grandfathering Rules, create, incur, or assume any Lien, or permit to exist any nonconsensual Lien, on any property not constituting Collateral now owned or hereafter acquired by any of them, except Permitted Liens.

  • Neither the Borrower nor any of its Restricted Subsidiaries shall during any Enhanced Covenant Period, but subject to the Grandfathering Rules, voluntarily prepay any Debt, except (i) the Obligations in accordance with the terms of this Agreement and (ii) the prepayment of Debt in connection with a refinancing thereof permitted under clause (v) of Section 9.12.

  • Neither the Borrower nor any of its Restricted Subsidiaries shall during any Enhanced Covenant Period, but subject to the Grandfathering Rules, make, issue, become liable on or pay any Guaranty, except (i) Guaranties of the Obligations in favor of the Agent, (ii) other Guaranties existing on the Closing Date and described on Schedule 9.11, and (iii) Guaranties by the Borrower or any Restricted Subsidiary guarantying Debt of the Borrower or any Restricted Subsidiary permitted under Section 9.12.

  • Neither the Borrower nor any of its -------------- Restricted Subsidiaries shall during any Enhanced Covenant Period, but subject to the Grandfathering Rules, create, incur, or assume any Lien, or permit to exist any nonconsensual Lien, on any property not constituting Collateral now owned or hereafter acquired by any of them, except Permitted Liens.

  • The Company may establish rules in its sole discretion in order to prohibit any modifications with respect to Grandfathered Amounts for the Executive that it determines will or may be material modifications under Applicable Grandfathering Rules, which may include restricting or prohibiting the exercise of rights that might otherwise be permitted under this Agreement.

  • It is intended that Grandfathered Amounts shall be ‘grandfathered’ from the changes to Code Section 162(m) to the maximum extent permitted under Applicable Grandfathering Rules, and that this Agreement and the payments described herein shall be administered consistent with this intention so that Grandfathered Amounts payable to the Executive will be deductible by the Company or its subsidiaries.