Recapitalization Dividend definition
Recapitalization Dividend has the meaning set forth in Section 5.20(c).
Recapitalization Dividend means a one time cash dividend on account of Skullcandy’s Equity Interests, declared and made prior to the consummation of an initial public offering of Skullcandy; provided that: (a) such dividend does not exceed, in the aggregate, the sum of $50,000,000 minus the Shareholder Recapitalization Payment; (b) at the time of and after giving effect to the making of such dividend, Borrowers have Acquisition / Dividend Availability and Average Acquisition / Dividend Availability in an amount not less than $10,000,000; (c) at the time of the making of such dividend, Borrowers shall have a minimum EBITDA of $30,000,000, measured for the twelve month period ended as of the last day of the prior month (except to the extent the dividend is made on or prior to the twentieth (20th) day of the then current month, then EBITDA shall be measured for the twelve month period ended as of the last day of the prior month for which financial statements have been required to be delivered); (d) Borrowers’ EBITDA as of the last day of the prior fiscal quarter, measured on a trailing twelve month basis, was greater than Borrowers’ EBITDA as of the last day of the fiscal quarter immediately preceding such fiscal quarter, measured on a trailing twelve month basis; (e) Borrowers’ projected EBITDA, for the twelve (12) month period commencing on the first day of the month in which the dividend is made, as evidenced by Borrowers’ projections based on underlying assumptions which provide a reasonable basis for the projections contained therein and reflect Borrowers’ reasonable judgment based on Borrower’s then present circumstances, is projected to be greater than Borrowers’ EBITDA for the twelve month period ended as of the last day of the prior month; and (f) at the time of and after giving effect to the making of such dividend, Borrowers’ Funded Debt to EBITDA (measured on a trailing twelve months basis) ratio is not greater than 2.5 to 1.0.
Recapitalization Dividend means the dividend and related payments of not more than $30,100,000 to be declared and paid by Company to PEI with the proceeds of the Senior Debt, as described in the Offering Circular.
Examples of Recapitalization Dividend in a sentence
Except (i) as permitted pursuant to Section 7.21 hereof, or (ii) so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Recapitalization Dividend Debt Prepayment, at any time, directly or indirectly, prepay any Indebtedness for borrowed money (other than to Agents and Lenders), or repurchase, redeem, retire or otherwise acquire any Indebtedness for borrowed money of any Borrower.
To the greatest extent possible Borrowers will use the proceeds of the Subordinated Notes to pay the Recapitalization Dividend.
More Definitions of Recapitalization Dividend
Recapitalization Dividend means the payment by the Company to IKS Holdings on the Issue Date of amounts necessary to consummate the Recapitalization.
Recapitalization Dividend means a dividend or distribution declared or paid with the proceeds of indebtedness or the issuance of securities.
Recapitalization Dividend means a dividend funded on the Closing Date or within 30 days thereafter not to exceed $165 million to be paid by Ultimate Holdco to its stockholders and warrantholders.
Recapitalization Dividend means a one-time Distribution by Borrower in the period beginning on the later of September 3, 2015 and Borrower’s delivery to Lender of the audited financial statements required by Exhibit E for the period ending February 28, 2015, and ending on the one year anniversary of such date; provided that the following conditions are satisfied: (i) EBITDA as of the date of such Distribution is at least $10,300,000 for the immediately preceding four (4) Fiscal Quarters (without giving effect to any Equity Cure Contributions), (ii) the Leverage Ratio as of the date of such Distribution shall not exceed 3.25 to 1.0 after giving effect to such Distribution (without giving effect to any Equity Cure Contributions in the calculation of EBITDA), (iii) Borrower shall have a net book worth of at least $1 as of the date of such Distribution after giving effect to such Distribution, and (iv) Availability is at least $5,000,000 as of the date of such Distribution after giving effect to such Distribution and on a pro forma basis for the 30 days prior to the date of such Distribution. Recipient: Lender or any other recipient of a payment to be made by an Obligor under a Loan Document or on account of an Obligation. Reimbursement Date: as defined in Section 2.3.2.