– Defined Terms (New) Clause Samples
The Defined Terms clause establishes specific meanings for key words or phrases used throughout the contract. It typically lists these terms at the beginning or in a dedicated section, ensuring that whenever a defined term appears, it carries the same precise meaning. This approach eliminates ambiguity and promotes consistency, helping all parties understand their rights and obligations clearly.
– Defined Terms (New). The following defined terms are hereby added to Section 1.1 in the appropriate alphabetical place:
– Defined Terms (New). Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in appropriate alphabetical order:
– Defined Terms (New). The following defined terms are hereby added to Section 1.1 of the Credit Agreement as follows:
– Defined Terms (New). Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in appropriate alphabetical order: “Permitted Preferred Dividend shall mean that certain equity distribution to Weston Energy LLC and Royal Energy Resources, Inc. pursuant to the Preferred Dividend Documents in an aggregate amount not to exceed $300,000.”
– Defined Terms (New). Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in proper alphabetical order: Capital Expenditures shall mean for any period, the aggregate of all expenditures by Loan Parties for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a consolidated balance sheet of such Person. Covered Entity shall mean (a) the Borrower, each of Borrower’s Subsidiaries, all Guarantors and all pledgors of Collateral, and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. Extension Conditions shall mean the occurrence of the following:
i. The delivery of a quarterly compliance certificate for the applicable Testing Period in accordance with the terms and conditions set forth in Section 8.3.3. of the Credit Agreement that demonstrates compliance with the Credit Agreement;
ii. The Leverage Ratio for such Testing Period shall be less than or equal to 2.75 to 1.00; and
iii. The Borrower shall demonstrate Liquidity during such fiscal period of greater than or equal to $15,000,000. The Borrower and Loan Parties may elect to satisfy the Extension Conditions at either fiscal period of the Testing Period. For the avoidance of doubt, the Borrower acknowledges that it must comply with all of the Extension Conditions simultaneously during a singular Testing Period. If the Extension Conditions are not simultaneously met at one of the two Testing Periods, the Reversion will take effect. FATCA shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code...
– Defined Terms (New). Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in proper alphabetical order: Capital Expenditures shall mean for any period, the aggregate of all expenditures by Loan Parties for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a consolidated balance sheet of such Person. Covered Entity shall mean (a) the Borrower, each of Borrower’s Subsidiaries, all Guarantors and all pledgors of Collateral, and
– Defined Terms (New). Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in appropriate alphabetical order: “Cash Collateralize shall mean the cash deposited in accordance with this Agreement with the Administrative Agent, for the benefit of the applicable Issuing Lender, as collateral for any Obligations arising under any Letter of Credit.”