Payment Conditions means, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:
Payment Conditions means, with respect to any Specified Transaction, the satisfaction of the following conditions:
Payment Conditions with respect to any applicable payment or transaction, each of the following conditions:
Examples of Payment Conditions in a sentence
Payment Conditions Payment shall be made in [specify currency], no later than 30 days following submission by the Consultant of invoices in duplicate to the Coordinator designated in paragraph 4.Payments shall be made to Consultant’s bank account [insert banking details.
More Definitions of Payment Conditions
Payment Conditions with respect to any transaction that references the Payment Conditions:
Payment Conditions means that each of the following conditions are satisfied at the time of each action or proposed action and after giving effect thereto: (i) no Default or an Event of Default shall have occurred and be continuing, (ii) Borrowing Availability (on the date of such action or proposed action) and Average Historical Borrowing Availability (for the three month period ending on the date of such action or proposed action), in each case, calculated on a Pro Forma Basis as if such action or proposed action had occurred on the first day of such measurement period, shall exceed the greater of (A) $75,000,000 (or, in the case of a Permitted Acquisition, $60,000,000) and (B) 25% of the Total Commitment as then in effect (or, in the case of a Permitted Acquisition, 20% of the Total Commitment as then in effect), (iii) the Borrower shall have a Fixed Charge Coverage Ratio of not less than 1.15:1.00 for the Test Period then most recently ended for which financial statements have been delivered pursuant to Section 9.01(a) or (c) on a Pro Forma Basis as if such action or proposed action had occurred on the first day of such Test Period (or, in the case of a Permitted Acquisition, in lieu of such requirement, the Borrower shall be in pro forma compliance with each of the covenants set forth in Section 9.12 of the Term Credit Agreement (as such covenants are in effect on the Amendment No. 3 Effective Date) as of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 9.01(a) or (c) on a Pro Forma Basis); provided that this clause (iii) shall not apply to prepayments of up to an aggregate of $50,000,000 of Specified Indebtedness so long as on a Pro Forma Basis for any such prepayment, Borrowing Availability (on the date of such action or proposed action) and Average Historical Borrowing Availability (for the three month period ending on the date of such action or proposed action), in each case, calculated on a Pro Forma Basis as if such action or proposed action had occurred on the first day of such measurement period, shall exceed the greater of (A) $120,000,000 and (B) 40% of the Total Commitment as then in effect and (iv) the Borrower shall have delivered to the Administrative Agent a certificate of an Authorized Officer of the Borrower certifying as to compliance with preceding clauses (i) through (iii) and demonstrating (in reasonable detail) the calculations required by the preceding clauses (ii) and (iii).
Payment Conditions means, with respect to any transaction,
Payment Conditions means (i) no Default or Event of Default has then occurred and is continuing or would arise after giving effect thereto and (ii) before and after giving effect (including pro forma effect) thereto, (A) the Borrower is in compliance with the covenants set forth in ARTICLE VI and (B) the Aggregate Revolving Credit Exposure shall not exceed the lesser of (x) the Aggregate Revolving Commitment and (y) the Borrowing Base, in each case, then in effect.
Payment Conditions means, at the time of determination with respect to a Specified Payment, that (a) no Default or Event of Default then exists or would arise as a result of the entering into such transaction or the making of such payment (other than, for purposes solely of Section 5.20(e), any Default or Event of Default under Section 7.1(c)(iii) or, in the event of any Permitted Refinancing or Other Permitted Refinancing hereunder, Section 7.1(e)(i)), (b) the Pro Forma Availability Condition shall have been satisfied after giving effect to such Specified Payment, and (c) after giving effect to such Specified Payment, the Consolidated Fixed Charge Coverage Ratio, on a Pro Forma Basis for the four Fiscal Quarters most recently preceding such transaction or payment (provided that, if any such transaction or payment is to be consummated within thirty (30) days after the end of any Fiscal Quarter, such calculation shall be made with respect to the four Fiscal Quarters most recently preceding such transaction or payment for which financial statements have been required to be delivered pursuant to subsections 4.1(a) and (b)), is equal to or greater than 1.00:1.00. In accordance with subsection 4.2(k), at least five (5) Business Days prior to the making of any Specified Payment, the Credit Parties shall deliver to the Agent evidence reasonably satisfactory to the Agent and the Required Lenders that the conditions contained in clauses (b) and (c) have been satisfied; provided, however that the Credit Parties shall not be required to comply with the conditions set forth in clauses (b) and (c) to the extent (i) such Specified Payment is made with cash on hand of the Credit Parties and not from any proceeds of any Borrowing and (ii) the Borrower shall demonstrate, in a manner reasonably acceptable to the Agent and the Required Lenders, that Availability as of the date of such Specified Payment and the projected Average Daily Availability Percentage at the end of each Fiscal Month during the immediately succeeding six (6) Fiscal Month period (calculated on a Pro Forma Basis), shall not be less than seventy-five percent (75%) of the Revolving Borrowing Base.
Payment Conditions means, on any applicable date of determination: (a) Liquidity shall be equal to or greater than $30,000,000 on such date, and (b) no Event of Default shall exist or shall have occurred and be continuing on such date.
Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that (a) as of the date of any such transaction or payment, and after giving effect thereto no Event of Default then exists or would arise as a result of entering into such transaction or the making such payment, (b) as of the date of any such transaction or payment, and after giving effect to any such transaction or payment, on a pro forma basis using the most recent calculation of the Borrowing Base immediately prior to any such payment, Excess Availability shall be not less than fifteentwenty percent (1520%) of the lesser of (i) the Borrowing Base (calculated without giving effect to the Term Loan Reserve) or (ii) the Aggregate Commitments, and (c) Administrative Agent shall have received projections (in form satisfactory to Administrative Agent in its Permitted Discretion) for the sixtwelve (612) month period after the date of such transaction or payment showing, on a pro forma basis after giving effect thereto, minimum Excess Availability at all times during such period of not less than fifteen(i) twenty-five percent (15%) of the lesser of (i) the Borrowing Base25%) or (ii) solely with respect to payments to be made under Section 7.06(a), fifty percent (50%) of (x) the Aggregate Commitments plus (y) the outstanding principal balance of the Term Loans. Prior to (A) undertaking a Permitted Acquisition, (B) incurring any Material Indebtedness or (C) making of any Permitted Investment or Restricted Payment in excess of $5,000,0001,000,000 which is subject to the satisfaction of Payment Conditions, the Loan Parties shall deliver to the Administrative Agent evidence of satisfaction of the conditions contained in clause (b) and (c) above on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Administrative Agent.