Restricted Payment Conditions is defined in Section 10.9.
Restricted Payment Conditions means, at the time of determination with respect to any specified Restricted Payment, that (a) no Default or Event of Default then exists or would arise as a result of making of such Restricted Payment, (b) after giving effect to such Restricted Payment, the Total Outstandings are not greater than twenty-five (25%) percent of the appraised orderly liquidation value of registered Trademarks of the Loan Parties, as determined pursuant to the most recent appraisal conducted by or on behalf of the Agent with respect to such registered Trademarks, and (c) the Consolidated Fixed Charge Coverage Ratio, as calculated on a pro-forma basis for the twelve Fiscal Months preceding such Restricted Payment, is equal to or greater than 1.0:1.0.
Restricted Payment Conditions means each of the following conditions:
Examples of Restricted Payment Conditions in a sentence
The Group DSCR shall also be tested at the time of testing of Restricted Payment Conditions before effecting transfer of surplus funds into Distribution Account including for making Restricted Payments in accordance with terms of the Debenture Documents.
AMENDMENT OF SOLICITATION NUMBERCSP ENTERPRISES LLC 1539 TILCO DR STE 108FREDERICK, MD 21704-66979B.
There shall be deposited into the Equity Lock-up Account, (i) moneys from the Project Proceeds Account in accordance with Section 4.03(d)(xxiii)(B) if at such time the Restricted Payment Conditions have not been met and (ii) moneys from the Sinking Fund Account in accordance with Section 4.20(c)(ii) if the conditions set out therein are met on any Calculation Date.
Notwithstanding the foregoing, each Co-Borrower may make Capital Expenditures to the extent such Capital Expenditures are funded from (a) additional equity contributions made to such Co-Borrower by an owner of Holdings or (b) amounts in the Distribution Suspense Account subject to satisfaction of the Restricted Payment Conditions.
Either Borrower makes any Restricted Payment in contravention of the Restricted Payment Conditions.
More Definitions of Restricted Payment Conditions
Restricted Payment Conditions means, at the time of determination with respect to payment of any Restricted Payment pursuant to Section 7.7(a), as applicable, the following conditions shall be satisfied:
Restricted Payment Conditions means (i) Issuer shall have paid in full all accrued and unpaid dividends on the Designated Preferred Stock for all past dividend periods, (ii) the New Guaranteed Notes are rated Baa3 or greater by Moody’s and BBB- or greater by S&P or (in the event that Moody’s and S&P shall no longer maintain ratings on the New Guaranteed Notes) any equivalent rating by any other Nationally Recognized Statistical Ratings Organization (as defined in Rule 436 under the Securities Act), and (iii) the Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer since December 31, 2008, is less than 25% of the excess of cumulative consolidated net income (giving effect to any net loss incurred (A) on or after January 1, 2014 and (B) during such period) determined under GAAP (without retroactively eliminating the effect of any discontinued operations and excluding the cumulative effect of any changes in accounting policies and any gain or loss from the early extinguishment or exchange of outstanding debt on or after January 1, 2014) of the Issuer and its subsidiaries for the period (taken as one accounting period) from January 1, 2014 to the end of the most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment.
Restricted Payment Conditions means (i) the New Capital Condition shall have been satisfied, (ii) Blocker Sub shall have paid in full all accrued and unpaid dividends on the Blocker Preferred for all past dividend periods, (iii) the New Guaranteed Notes are rated Baa3 or greater by Moody’s and BBB- or greater by S&P or (in the event that Moody’s and S&P shall no longer maintain ratings on the New Guaranteed Notes) any equivalent rating by any other Nationally Recognized Statistical Ratings Organization (as defined in Rule 436 under the Securities Act), and (iv) the Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company since December 31, 2008, is less than 25% of the excess of (a) cumulative consolidated net income (giving effect to any net loss incurred (A) on or after January 1, 2014 and (B) during such period) determined under GAAP (without retroactively eliminating the effect of any discontinued operations and excluding the cumulative effect of any changes in accounting policies and any gain or loss from the early extinguishment or exchange of outstanding debt on or after January 1, 2014) of the Company and its subsidiaries for the period (taken as one accounting period) from January 1, 2014 to the end of the most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, minus (b) to the extent not deducted in determining such net income, the amount of tax distributions made pursuant to Section 5.1(e)(ii)(A)(1) in respect of periods commencing on or after January 1, 2014.
Restricted Payment Conditions means, with respect to any Restricted Payment, either (a) (i) no Default or Event of Default then exists or would arise as a result of the making of such Restricted Payment, (ii) the Borrowers have demonstrated to the reasonable satisfaction of the Agent that monthly Availability, immediately following the making of such Restricted Payment and as projected on a pro forma basis for the twelve (12) months following and after giving effect to such Restricted Payment, will be at least equal to the greater of (x) 25% of the Loan Cap, and (y) $50,000,000, and (iii) after giving pro forma effect to such Restricted Payment as if such Restricted Payment constituted a “Debt Service Charge”, the Consolidated Fixed Charge Coverage Ratio, as calculated on a trailing twelve months basis, is equal to or greater than 1.1:1.0, or (b) (i) no Default or Event of Default then exists or would arise as a result of the making of such Restricted Payment, and (ii) the Borrowers have demonstrated to the reasonable satisfaction of the Agent that monthly Availability, immediately following the making of such Restricted Payment and as projected on a pro forma basis for the twelve (12) months following and after giving effect to such Restricted Payment, will be at least equal to the greater of (x) 50% of the Loan Cap, and (y) $100,000,000. Any projections provided by the Borrowers o the Agent in order to demonstrate compliance with the forgoing Restricted Payment Conditions shall be good faith projections prepared consistent with past practice, which projections shall be reasonably satisfactory to the Agent.
Restricted Payment Conditions means the fulfillment (to the satisfaction of the Debenture Trustee), both before and after making a Restricted Payment, of all the following conditions:
Restricted Payment Conditions has the meaning assigned to it in the Collateral Agency Agreement.
Restricted Payment Conditions means as of any date of determination, on a pro forma basis for the transaction with respect to which the Restricted Payment Conditions are being evaluated, (a) no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing, (b) the Available Commitment is not less than 20.0% of the Total Commitment, (c) the Consolidated Total Net Leverage Ratio is less than or equal to 2.50 to 1.00 and (d) Distributable Free Cash Flow is greater than or equal to zero on such date of determination.