Covenants and Events of Default. Standard and customary covenants and events of default for a transaction of this kind, nature and size, and the following: · Monitronics’ right to issue additional New Senior Unsecured Notes up to a maximum aggregate principal amount of $585 million, including those New Senior Unsecured Notes issued as part of the Unsecured Exchange Transaction, for the sole purpose of refinancing all of the existing Notes subject to pro forma compliance with a new Total Debt to EBITDA ratio covenant to be set at 5.25 times (which is the calculated in the same manner as the existing Total Debt to EBITDA covenant); · Monitronics’ right to issue New Senior Unsecured Notes in an aggregate principal amount up to $25 million in exchange for the Acquired Notes (with Ascent then exchanging such New Senior Unsecured Notes for existing Ascent Convertible Notes) and for other corporate purposes; and · Monitronics’ right to issue additional New Senior Unsecured Notes (in excess of the cap described above) with the consent of the holders of a majority of the principal amount of the New Senior Unsecured Notes outstanding. For the avoidance of doubt, the Permitted Payments basket described above in the Second Lien Transactions Overview will not apply to the New Senior Unsecured Notes.
Covenants and Events of Default. The 2003 Senior Notes and the indenture pursuant to which the 2003 Senior Notes are to be issued and any other documents governing such 2003 Senior Notes (collectively, the "2003 Senior Notes Indenture") will contain covenants and events of default substantially similar to, and not materially more restrictive upon the Loan Parties than, those applicable to the 2002 Senior Notes (including without limitation covenants restricting the Borrower and its Subsidiaries from making dividend payments or other "restricted payments" (contained in Section 1007 of the 2002 Supplemental Indenture) and from incurring liens (contained in Section 1012 of the 2002 Supplemental Indenture)).
Covenants and Events of Default. The Indenture will include the following covenants, in addition to customary covenants, taking into account the Agreed Terms: · Continuing existence of both Parent and the Company for the life of the Exchangeable Senior Notes. · Customary covenant for the Company to provide and maintain current information required for the resale of the Exchangeable Senior Notes pursuant to Rule 144A. · Prohibition on Parent forming any direct or indirect subsidiaries, other than (i) direct or indirect subsidiaries of the Company and (ii) direct or indirect subsidiaries of Parent that are guarantors under the Indenture. · Prohibition on the transfer by the Company and its subsidiaries to Parent of any assets other than (i) pro rata distributions to Parent concurrently with tax distributions to the other members of the Company, (ii) cash used to pay dividends on the Class A common stock for which the exchange rate of the Exchangeable Senior Notes will be adjusted pursuant to the terms of the Indenture, (iii) issuances of Class A common units of the Company to maintain the same number of shares of Class A common stock as Class A common units, (iv) repayments of any amounts loaned from Parent to the Company and any interest thereon or (v) cash distributions or loans to Parent for purposes of satisfying customary operating expenses, with categories and/or amounts to be agreed. · Prohibition on intercompany indebtedness between Parent, on the one hand, and the Company or any of its subsidiaries, on the other hand, other than loans from the Parent, the repayment of which is to be subordinated, and loans, from the Company or its subsidiaries, constituting transfers for the permitted uses set forth in the foregoing paragraph. Events of default will be customary, taking into account the Agreed Terms.
Covenants and Events of Default in Credit Agreement 16 Section 5.02 Delivery of Instruments, Certificated Securities and Chattel Paper 16 Section 5.03 Maintenance of Insurance 16 Section 5.04 Payment of Obligations 16 Section 5.05 Maintenance of Perfected Security Interest; Further Documentation 16 Section 5.06 Notices 17 Section 5.07 Investment Property 17 Section 5.08 Receivables 19 Section 5.09 Intellectual Property 19 Section 5.10 Commercial Tort Claims 21
Covenants and Events of Default. The New Securities shall have additional affirmative and negative covenants, events of default and other terms customary for restructured debt of Brazilian issuers, to be acceptable to the Company Parties and the Term Sheet Creditors, and which shall be consistent with and not be 4 For the purpose of this Term Sheet, it is assumed that the Closing Date – Local Securities will occur before the Closing Date – DTC Securities. If that is not the case, corresponding adjustments may be necessary.
Covenants and Events of Default. BY TXDOT 54
Covenants and Events of Default. 43 16.3 Remedies................................................................................. 44 16.4
Covenants and Events of Default. IN ADDITION TO THOSE MATTERS SET FORTH IN SECTION 16.1, THE OCCURRENCE OF ANY OF THE FOLLOWING EVENTS SHALL CONSTITUTE AN EVENT OF DEFAULT:
(a) If, based on a quarterly test, Tenant's Consolidated Net Worth (net of Approved Pre-Opening Expenses pursuant to Section 32.7) shall be less than the below stated amount in the applicable period: Year Consolidated Net Worth ---- ---------------------- 2005 12,500,000 2006 11,000,000 2007 9,000,000 2008 9,000,000 2009 12,000,000 2010 and after 15,000,000
(b) If EBITDAR Total Fixed Charge Coverage shall be less than the amount calculated per applicable period as provided below:
Covenants and Events of Default. Sections 7.2.5, 7.2.6, 7.2.13, 8.1.5 and 8.1.7 are hereby amended by:
(i) deleting the Dollar Amount "$250,000" whenever it appears in:
(A) clause (b) and clause (b)(i) of Section 7.2.5;
(B) clause (c) and clause (d) of Section 7.2.6;
(C) clause (b) and clause (c) of Section 7.2.13;
(D) clauses (a), (b) and (c) of Section 8.1.5; and
(E) Section 8.1.7; and
(ii) by substituting in place of the Dollar amount "$250,000", wherever so deleted, the Dollar amount "$400,000".
Covenants and Events of Default. In addition to those matters set forth in Section 16.1, the occurrence of any of the following events shall constitute an Event of Default:
(a) If, based on a quarterly test, Tenant's Consolidated Net Worth shall be less than the below stated amount in the applicable period: Year Consolidated Net Worth ---- ---------------------- 2005 12,500,000 2006 11,000,000 2007 9,000,000 2008 9,000,000 2009 12,000,000 2010 and after 15,000,000
(b) If EBITDAR Total Fixed Charge Coverage shall be less than the amount calculated per applicable period as provided below:
