Required Prepayment Percentage means in the case of any Excess Cash Flow, 50% or, if on the date of the applicable prepayment (and after giving effect thereto, in whole or in part), the Total Leverage Ratio is less than 5.25 to 1.00 but greater than or equal to 4.50 to 1.00, 25%, or, if on the date of the applicable prepayment, the Total Leverage Ratio is less than 4.50 to 1.00, 0%.
Required Prepayment Percentage means the sum expressed as a percentage of the following formula (provided that if such sum is a negative figure, the sum shall be construed as zero): where: A is the aggregate of B and C;
Required Prepayment Percentage means (a) in the case of any Asset Sale or Recovery Event, 100% or, if on the date of the applicable prepayment, the First Lien Net Leverage Ratio is less than or equal to 1.75 to 1.00 but greater than 1.25 to 1.00, 50%, or if on the date of the applicable prepayment, the First Lien Net Leverage Ratio is less than or equal to 1.25 to 1.00, 0%; (b) in the case of any issuance or other incurrence of Indebtedness (except as incurred pursuant to Section 8.02), 100%; (c) in the case of any Excess Cash Flow, 50%, or, if on the date of the applicable prepayment, the First Lien Net Leverage Ratio is less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, 25%, or if on the date of the applicable prepayment, the First Lien Net Leverage Ratio is less than or equal to 2.50 to 1.00, 0%; and (d) in the case of any Permitted Sale Leaseback Transaction, 100%.
Examples of Required Prepayment Percentage in a sentence
Not later than one Business Day following the completion of (i) any Asset Sale (other than an Excluded Asset Sale) or (ii) the occurrence of any Recovery Event, the Borrowers shall apply an amount equal to the Required Prepayment Percentage of the Net Cash Proceeds received with respect thereto to prepay outstanding Loans in accordance with Section 2.11.
TMW has locations in far north Dallas as well as the southern sector.
Not later than one Business Day following Borrower’s issuance or other incurrence of Indebtedness of any such Borrower (other than Indebtedness permitted pursuant to Section 6.01), the Borrowers shall apply an amount equal to the Required Prepayment Percentage of such net Cash Proceeds to prepay outstanding Loans in accordance with Section 2.11.
The parties acknowledge the HNB/Retail Loan is Permitted Indebtedness and that the Lender has waived the Required Prepayment Percentage as related to Permitted Indebtedness under the Loan Agreement.
More Definitions of Required Prepayment Percentage
Required Prepayment Percentage means (a) in the case of any deferred consideration or released escrow amounts, 100%; (b) in the case of any Asset Sale or Recovery Event, 100%; (c) in the case of any Equity Issuance, 50%; (d) in the case of any issuance or other incurrence of Indebtedness, 100%; (e) in the case of any Excess Cash Flow, 50%; and (f) in the case of Extraordinary Receipts, 100%.
Required Prepayment Percentage means, as of any date of determination, (a) if the First Lien Leverage Ratio is greater than 2.15:1.00, 100.0%, (b) if the First Lien Leverage Ratio is less than or equal to 2.15:1.00 and greater than 1.65:1.00, 50.0%, and (c) if the First Lien Leverage Ratio is less than or equal to 1.65:1.00, 0%; it being understood and agreed that, for purposes of this definition as it applies to the determination of the amount of Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance/Condemnation Proceeds that is required to be applied to prepay the Term Loans under Section 2.11(b)(ii) at any time, the First Lien Leverage Ratio shall be calculated as of the scheduled date of, and giving pro forma effect to, such prepayment.
Required Prepayment Percentage means (a) in the case of any Asset Sale or Recovery Event, 100%; (b) in the case of any issuance or other incurrence of Indebtedness (except for Indebtedness permitted to be issued or incurred pursuant to Section 6.01 (other than pursuant to Section 6.01(m), 6.01(s), 6.01(y) and, to the extent required by the terms thereof, 6.01(z) and other than as contemplated by Section 2.26)), 100%, and, with respect to any issuance or other incurrence of Indebtedness pursuant to Section 6.01(s), 100% or if on the date of the applicable prepayment the Consolidated Leverage Ratio (determined on a pro forma basis taking into account the incurrence of such Indebtedness and any related prepayment of Indebtedness with the proceeds thereof) is less than or equal to 4.25 to 1.00, 75%; and (c) in the case of any Excess Cash Flow, 75% or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than or equal to 4.25 to 1.00 but greater than 3.00 to 1.00, 50%, or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, 25%, or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than or equal to 2.50 to 1.00, 0%.
Required Prepayment Percentage means (a) in the case of any Asset Sale or Recovery Event, 100%; (b) in the case of any issuance or other incurrence of Indebtedness for borrowed money, 100%; and (c) in the case of any Consolidated Excess Cash Flow, (i) 75% or (ii) if on the last day of the most recently ended Fiscal Quarter the First Lien Leverage Ratio as of such last day is less than 2.75 to 1.00, 50%.
Required Prepayment Percentage means (a) in the case of any Asset Sale or Recovery Event, 100%; (b) in the case of any Specified Equity Issuance, 50% or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than 5.00 to 1.00, 25%; (c) in the case of any issuance or other incurrence of Indebtedness, 100%; and (d) in the case of any Excess Cash Flow, 50% or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than 5.00 to 1.00 but greater than or equal to 4.00 to 1.00, 25%, or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than 4.00 to 1.00, 0%.
Required Prepayment Percentage. 50%, or, if as of the end of the most recent fiscal year (starting with the fiscal year ending on March 31, 2021), the Consolidated Senior Secured Net Leverage Ratio is less than or equal to 2.25 to 1.00 but greater than 1.75 to 1.00, 25%, or if on the date of the applicable prepayment, the Consolidated Senior Secured Net Leverage Ratio is less than or equal to 1.75 to 1.00, 0%.
Required Prepayment Percentage means (a) in the case of any Equity Issuance, 50%; (b) in the case of prepayments from Excess Cash Flow pursuant to Section 2.12(d) for the period from the date hereof through and including December 31, 2008, 65%, and (c) in all other cases, 100%; provided however, that pursuant to Section 2.12(b), the Required Prepayment Percentage shall not be applicable to a Permitted Holders Equity Issuance; provided, further, that if, on or before December 31, 2008, Borrower has (i) extended the CS Heat Rate Call Option on substantially similar (or better in the aggregate) terms, as certified by a Responsible Officer of the Borrower, and accepted by the Administrative Agent, acting reasonably or (ii) entered into a Heat Rate Call Option on substantially similar (or better in the aggregate) terms to the CS Heat Rate Call Option, as certified by a Responsible Officer of the Borrower, and accepted by the Administrative Agent, acting reasonably, with a Heat Rate Call Counterparty, then such percentage in respect of prepayments from Excess Cash Flow pursuant to Section 2.12(d) shall be, for the period from and after December 31, 2008 until the termination of such CS Heat Rate Call Option or Heat Rate Call Option respectively described in clause (i) or (ii) of this paragraph, 65%.