Performance Reduction definition

Performance Reduction means a performance reduction of the Applicable Margin equal to 0.75% if at the end of any four fiscal quarter period commencing on or after December 31, 1997 and ending on or prior to December 31, 1999: The ratio of (x) Consolidated Adjusted EBITDA for such four fiscal quarter period to (y) Consolidated Interest Expense for such period is greater than 2.30:1.00; and The ratio of (x) Consolidated Total Debt (less Cash and Cash Equivalents in excess of $25 million) at the end of any such period plus seven times Consolidated Rental Payments for such period to (y) Consolidated Adjusted EBITDA for such period plus Consolidated Rental Payments for such period is less than 5.00:1.00. The Performance Reduction shall be determined with reference to the most recent Performance Certificate delivered by Company to Administrative Agent pursuant to subsection 5.1(xviii). Any Performance Reduction shall become effective on the day following the delivery of the relevant Performance Certificate to Administrative Agent and subject to the next succeeding sentence, the Performance Reduction shall remain in effect for the remainder of the term of this Agreement. Notwithstanding anything to the contrary herein, at any time an Event of Default shall have occurred and be continuing, the Performance Reduction shall be zero.
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Related to Performance Reduction

  • Performance Review means a summative evaluation of a teacher other than a beginning teacher and used to determine whether the teacher’s practice meets school district expectations and the Iowa teaching standards, and to determine whether the teacher’s practice meets school district expectations for career advancement in accordance with Iowa Code section 284.7.

  • Performance Level means a reference to one of Performance Level I, Performance Level II, Performance Level III, Performance Level IV or Performance Level V.

  • Performance Year means the calendar year prior to the year in which an Annual Award is made by the Committee.

  • Performance Period means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Compensation Award.

  • Performance Measure means one or more of the following selected by the Committee to measure Company, Affiliate, and/or business unit performance for a Performance Period, whether in absolute or relative terms (including, without limitation, terms relative to a peer group or index): basic, diluted, or adjusted earnings per share; sales or revenue; earnings before interest, taxes, and other adjustments (in total or on a per share basis); basic or adjusted net income; returns on equity, assets, capital, revenue or similar measure; economic value added; working capital; total shareholder return; and product development, product market share, research, licensing, litigation, human resources, information services, mergers, acquisitions, sales of assets of Affiliates or business units. Each such measure shall be, to the extent applicable, determined in accordance with generally accepted accounting principles as consistently applied by the Company (or such other standard applied by the Committee) and, if so determined by the Committee, and in the case of a Performance Compensation Award, to the extent permitted under Code Section 162(m), adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects of changes in accounting principles. Performance Measures may vary from Performance Period to Performance Period and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative.