Weighted Dollar Average definition
Weighted Dollar Average means, for any Note with respect to any fiscal quarter, (i) the sum of the principal amounts outstanding of such Note at the end of each calendar day during such fiscal quarter, divided by (ii) the number of calendar days during such fiscal quarter; and (c) “Below Investment-Grade Event” shall mean, with respect to the end of any fiscal quarter, (1) a below-investment grade Credit Rating is maintained at such time, (2) a Credit Rating is not maintained at such time and has not been maintained (through no fault of the Company) for a period of at least 120 consecutive days prior to such time, or (3) a Credit Rating is not maintained (for any reason other than through no fault of the Company) at such time. Notwithstanding anything to the contrary in the preceding portions of this paragraph 1B: (i) concurrent with the time when the remaining outstanding principal amount of such Note has become due and payable (whether at the scheduled final maturity thereof, upon any acceleration of the maturity thereof or otherwise) the Interest Enhancement Payment shall be payable in arrears (and shall be fully earned and non-refundable) for (a) the full fiscal quarter immediately preceding such time (but only if the Interest Enhancement Payment has not otherwise become payable at such time pursuant to the first paragraph of this paragraph 1B) based on the most recent Applicable Number available at such time, and (b) the portion of the current fiscal quarter through such time based on the most recent Applicable Number available at such time, and ratably adjusted for the portion of such fiscal quarter that has elapsed at such time; (ii) if any such Officer’s Certificate erroneously indicates (as reasonably determined by the Required Holders) an Applicable Number more favorable to the Company (due to an incorrect calculation of the Consolidated Leverage Ratio) than should be afforded by the actual calculation of such Consolidated Leverage Ratio, then the Company shall promptly pay such additional Interest Enhancement Payment as is required to correct such error; and (iii) the acceptance of any Interest Enhancement Payment by any holder of a Note shall not constitute a waiver of any Default or Event of Default, including any breach of the Consolidated Leverage Ratio.
Weighted Dollar Average means, with respect to any Note, during any fiscal quarter of the Company, a dollar amount determined by adding together the daily outstanding principal balance of such Note during such fiscal quarter and dividing the amount thus obtained by the total number of days in such fiscal quarter.”
Weighted Dollar Average of outstanding principal balance of such Note during the applicable quarter in which the Leverage Event occurred. The Leverage Fee shall be payable in arrears and due on the next interest payment due date which falls on or after the last day of the fiscal quarter in which the Leverage Event occurred. With respect to any fiscal quarter, the Leverage Fee shall only be payable for the first Leverage Event to occur in such fiscal quarter (but the Applicable Factor for such fiscal quarter shall be determine as provided below based upon all Leverage Events which occurred during such fiscal quarter). The acceptance of the Leverage Fee by any holder of a Note shall not constitute a waiver of any Default or Event of Default. The "Applicable Factor" for any fiscal quarter shall be equal to (a) 0.004125 if at any time during such fiscal quarter the Debt Coverage Ratio equaled or exceeded 4.00 to 1.00, (b) 0.0035 if at any time during such fiscal quarter the Debt Coverage Ratio equaled to or exceeded 3.50 to 1.00, but at no time during such fiscal quarter equaled or exceed 4.00 to 1.00, (c) 0.0030 if at any time during such fiscal quarter the Debt Coverage Ratio equaled to or exceeded 3.00 to 1.00, but at no time during such fiscal quarter equaled or exceeded 3.50 to 1.00 and (d) 0.0025 if at any time during such fiscal quarter the Debt Coverage Ratio equaled to or exceeded 2.75 to 1.00, but at no time during such fiscal quarter equaled or exceeded 3.00 to 1.00. As used herein, the term "Weighted Dollar Average" shall mean, with respect to any Note, during any fiscal quarter of the Company, a dollar amount determined by adding together the daily outstanding principal balance of such Note during such fiscal quarter and dividing the amount thus obtained by the total number of days during such fiscal quarter.
Examples of Weighted Dollar Average in a sentence
Each Interest Enhancement Payment shall be a dollar amount equal to (a) the product obtained by multiplying (i) the Applicable Number (as defined below) for such fiscal quarter times (ii) the Weighted Dollar Average (as defined below) of the principal balance of such Note during the fiscal quarter to which the Interest Enhancement Payment relates and (b) dividing the product thus obtained by four.
Each Interest Enhancement Payment shall be a dollar amount equal to (a) the product obtained by multiplying (i) the Applicable Number (as defined below) for such fiscal quarter times (ii) the Weighted Dollar Average (as defined below) of the principal balance of such Note during the fiscal quarter to which the Interest Enhancement Payment relates and (b) dividing the product thus obtained by four.