Springing Maturity Condition definition
Springing Maturity Condition means a condition that is satisfied if, on any Springing Maturity Test Date, the aggregate principal amount of Earlier Maturity Debt outstanding that has a final stated maturity date that is on or prior to ninety-one (91) days after such Springing Maturity Test Date, together with the aggregate principal amount of all Earlier Maturity Debt for which the final stated maturity date has occurred prior to such Springing Maturity Test Date, exceeds $1,000,000,000.
Springing Maturity Condition means that, on any Springing Maturity Test Date, the aggregate principal amount of Term Loans outstanding that have a final stated Maturity Date that is on or prior to ninety-one (91) days after such Springing Maturity Test Date, together with the aggregate principal amount of all Term Loans for which the final stated Maturity Date has occurred prior to such Springing Maturity Test Date, exceeds $1,100,000,000.”
Springing Maturity Condition means that, on the Springing Maturity Date, at least $702,362,506.82 of Initial Term Loans (such amount to be increased dollar for dollar by the amount of First Lien Obligations and any other Indebtedness that is secured by the Collateral on an equal priority basis (but without regard to the control of remedies) with liens on the Collateral securing the Obligations, in each case incurred by the Borrower that would not be considered Permitted Initial Term Loan Refinancing Indebtedness) have not been repurchased (and terminated), repaid or refinanced with (w) Permitted Initial Term Loan Refinancing Indebtedness, (x) net cash proceeds of an issuance of Qualified Stock of the Borrower that is issued to a Person other than a Subsidiary of the Borrower, (y) internally generated cash and/or (z) a capital contribution to the Borrower from a Person other than a Subsidiary of the Borrower.
Examples of Springing Maturity Condition in a sentence
Such Springing Maturity Date shall be conditioned on the Springing Maturity Condition.
The Trustee shall have no duty to monitor the conditions giving rise to, or independently determine or verify whether the Springing Maturity Condition has occurred.
The Issuer shall cause notice of the occurrence of the Springing Maturity Condition to be delivered to the Trustee and the Holders of the Notes upon the occurrence of the Springing Maturity Condition, and in advance of making the payment on the Notes on the new maturity date.
The Notes will mature on (x) if the Springing Maturity Condition does not apply, on the Maturity Date, or (y) if the Springing Maturity Condition does apply, either the Springing Maturity Date for the 2020 Notes or the Springing Maturity Date for the 2023 Notes, as applicable; provided that, if such day is not a Business Day, the maturity date shall be the Business Day immediately succeeding such day (any such date, a “Springing Maturity Date”).
The Notes will mature on (x) if the Springing Maturity Condition does not apply, on the Maturity Date, or (y) if the Springing Maturity Condition does apply, the Springing Maturity Date; provided that, if such day is not a Business Day, the maturity date shall be the Business Day immediately succeeding such day (any such date, a “Springing Maturity Date”).
More Definitions of Springing Maturity Condition
Springing Maturity Condition means that, (A) on the Springing Maturity Date for 2020 Notes, an aggregate principal amount of Unsecured Notes Due 2020 in excess of $275,000,000 are either outstanding or have not been repurchased (and cancelled), redeemed, defeased, repaid, refinanced or satisfied and discharged with (a) Permitted Notes Refinancing Debt, (b) net cash proceeds of an issuance of Qualified Equity Interests of Holdings to a Person other than a Subsidiary of Holdings and/or (c) a capital contribution to Holdings from a Person other than a Subsidiary of Holdings or (B) to the extent the Maturity Date has not occurred prior to such time, on the Springing Maturity Date for 2023 Notes, an aggregate principal amount of Unsecured Notes Due 2023 in excess of $125,000,000 are either outstanding or have not been repurchased (and cancelled), redeemed, defeased, repaid, refinanced or satisfied and discharged with (a) Permitted Notes Refinancing Debt, (b) net cash proceeds of an issuance of Qualified Equity Interests of Holdings to a Person other than a Subsidiary of Holdings and/or (c) a capital contribution to Holdings from a Person other than a Subsidiary of Holdings.
Springing Maturity Condition means that, on the Springing Maturity Date, Initial Term Loans having an aggregate principal amount in excess of $200,000,000 have not been repurchased (and terminated), repaid or refinanced with (w) Permitted Initial Term Loan Refinancing Debt, (x) net cash proceeds of an issuance of Qualified Equity Interests of the Borrower that is issued to a Person other than a Subsidiary of the Borrower, (y) internally generated cash and/or (z) a capital contribution to the Borrower from a Person other than a Subsidiary of the Borrower.
Springing Maturity Condition means that, to the extent the Maturity Date has not occurred prior to such time, on the Springing Maturity Date, an aggregate principal amount of the 2023 Notes in excess of $125,000,000 are either outstanding or have not been repurchased (and cancelled), redeemed, defeased, repaid, refinanced or satisfied and discharged with (a) Refinancing Indebtedness, (b) net cash proceeds of an issuance of Qualified Equity Interests of Holdings to a Person other than a Subsidiary of Holdings, (c) a capital contribution to Holdings from a Person other than a Subsidiary of Holdings and/or (d) cash on balance sheet or proceeds from Asset Sales.
Springing Maturity Condition set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: ““Springing Maturity Condition” shall mean that, on the Springing Maturity Date with respect to any applicable Class of Term Loans or the Senior Secured Notes, as applicable, Term Loans of such Class or Senior Secured Notes, as applicable, having an aggregate principal amount in excess of $400,000,000 have not been repurchased (and terminated), repaid or refinanced with (v) Permitted Specified Refinancing Debt, (w) net cash proceeds of an issuance of Qualified Equity Interests of the Borrower that is issued to a Person other than a Subsidiary of the Borrower, (x) internally generated cash, (y) a capital contribution to the Borrower from a Person other than a Subsidiary of the Borrower and/or (z) the proceeds of any Borrowing under the Revolving Credit Facility.” (e) The Credit Agreement is hereby amended by replacing the definition “Springing Maturity Date” in Section 1.01 of the Credit Agreement in its entirety with the following: ““Springing Maturity Date” means (i) with respect to the Incremental B-5 Dollar Term Loans, the date that is 91 days before the seventh anniversary of the Incremental B-4 Dollar Term Loan Amendment Effective Date, (ii) with respect to the Incremental B-4 Euro Term Loans, the date that is 91 days before the seventh anniversary of the Amendment No. 6 Effective Date, (iii) with respect to the Incremental B-5 Euro Term Loans, the date that is 91 days before the fifth anniversary of the Amendment No. 6 Effective Date and (iv) with respect to the Senior Secured Notes, the date that is 91 days prior to November 1, 2025.”
Springing Maturity Condition on the Springing Maturity Date, (x) the 2022 Convertible Senior Notes have not been repurchased (and cancelled), redeemed, defeased, repaid, satisfied and discharged or refinanced with permitted Indebtedness maturing at least 91 days after the Revolving Termination Date, (y) the maturity date applicable to the 2022 Convertible Senior Notes has not been extended beyond the date that is 91 days after the Revolving Termination Date and (z) Liquidity does not equal or exceed the sum of (A) the aggregate amount required to be paid to redeem the 2022 Convertible Senior Notes at such time and (B) $20,000,000.
Springing Maturity Condition means that, on the Springing Maturity Date, at least $702,362,506.82 of Initial Term Loans (such amount to be increased dollar for dollar by the amount of First Lien Obligations and any other Indebtedness that is secured by the Collateral on an equal priority basis (but without regard to the control of remedies) with liens on the Collateral securing the Obligations, in each case incurred by the Borrower that would not be considered Permitted Initial Term Loan Refinancing Indebtedness) have not been repurchased (and terminated), repaid or refinanced with (w) Permitted Initial Term Loan Refinancing Indebtedness, (x) net cash proceeds of an issuance of Qualified Stock of the Borrower that is issued to a Person other than a Subsidiary of the Borrower, (y) internally generated cash and/or
Springing Maturity Condition set forth in Section 1.01 of the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the underlined text (indicated textually in the same manner as the following example: underlined text) as follows: ““Springing Maturity Condition” shall mean that, on the Springing Maturity Date with respect to any applicable Class of Term Loans or the Senior Secured Notes, as applicable, Term Loans of such Class or Senior Secured Notes, as applicable, having an aggregate principal amount in excess of $400,000,000 (the “Springing Maturity Threshold”) have not been repurchased (and terminated), repaid or refinanced with (v) Permitted Specified Refinancing Debt, (w) net cash proceeds of an issuance of Qualified Equity Interests of the Borrower that is issued to a Person other than a Subsidiary of the Borrower, (x) internally generated cash, (y) a capital contribution to the Borrower from a Person other than a Subsidiary of the Borrower and/or (z) the proceeds of any Borrowing under the Revolving Credit Facility; provided that, with respect to the Senior Secured Notes only, for the period from the Amendment No. 13 Effective Date through September 8, 2025 (such date the “Springing Maturity Threshold Reversion Date”), the Springing Maturity Threshold shall be $800,000,000 and, for the avoidance of doubt, on the Springing Maturity Threshold Reversion Date, the Springing Maturity Threshold with respect to the Senior Secured Notes shall revert to $400,000,000.”