Common use of Equity Cure Right Clause in Contracts

Equity Cure Right. (a) Subject to paragraph (b) below, if any Compliance Certificate delivered by the Company demonstrated that the Bank Group is in breach of any of the financial covenants set out in paragraphs (a), (b) or (c) of Clause 23.2 (Ratios) as at the relevant Quarter Date to which such Compliance Certificate relates, then the Company may, at its option, within 5 Business Days of delivery of such Compliance Certificate and without prejudice to the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an “Equity Cure Right”) by procuring that the proceeds of any New Equity be contributed into the Bank Group and either: (i) applied towards the prepayment of the Term Facilities; or (ii) added back to the calculation of Consolidated Operating Cashflow, in each case, in an amount which, if such test(s) were to be recalculated as at such Quarter Date but giving effect to such application or add-back, such test(s) would have been satisfied. (b) The Equity Cure Right shall be subject to the following conditions: (i) subject to sub-paragraph (ii) below, such Equity Cure Right may not be used on more than three occasions over the life of the Facilities; (ii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be tested; and (iv) such Equity Cure Right may not be used for any two consecutive Quarter Dates. (c) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 6 contracts

Samples: Senior Facilities Agreement (Virgin Media Inc.), Senior Facilities Agreement (Virgin Media Inc.), Senior Facilities Agreement (Virgin Media Investment Holdings LTD)

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Equity Cure Right. (a) Subject to paragraph (b) below, if any Compliance Certificate delivered by In the Company demonstrated event that the Bank Group is in breach Borrowers fail to comply with the requirements of Section 6.5(a) (without giving effect to any of the financial covenants set out in paragraphs (aGrace Period), until the fifth (b5th) Business Day after such failure, GPM shall have the right to issue Qualified Equity Interests for cash or otherwise receive cash contributions to its capital (c) of Clause 23.2 (Ratios) as at the relevant Quarter Date to which such Compliance Certificate relates, then the Company may, at its option, within 5 Business Days of delivery of such Compliance Certificate and without prejudice to the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an “Equity Cure Right”) by procuring that the proceeds of any New Equity be contributed into thereof being the Bank Group and either: (i) applied towards the prepayment of the Term Facilities; or (ii) added back to the calculation of Consolidated Operating Cashflow“Cure Proceeds”), and, in each case, to contribute any such cash to the capital of GPM and apply the amount of the proceeds thereof to increase Undrawn Availability in an amount whichthe case of a breach of Section 6.5(a) (the “Cure Right”); provided that, if (i) such test(sproceeds are (x) were actually received by GPM no later than five (5) Business Days after the first date on which the failure to maintain the requisite minimum Undrawn Availability occurred and (y) remitted to Agent for application to the Obligations as required under Section 2.20(b) (it being understood and agreed that any equity proceeds received by GPM in excess of the Cure Amount are not required to be recalculated as at so remitted to Agent), (ii) such Quarter Date but proceeds do not exceed the aggregate amount necessary to add to Undrawn Availability in the case of a breach of Section 6.5(a) (the “Cure Amount”) to cure the Event of Default arising from failure to comply with Section 6.5(a) (without giving effect to such application or add-backany Grace Period), such test(s(iii) would have been satisfied. (b) The Equity the Cure Right shall not be subject exercised more than three (3) times during the Term, and (iv) in each period of twelve (12) consecutive fiscal months, there shall be at least eleven fiscal (11) months during which the Cure Right is not exercised. If, after giving effect to the following conditions: addition of the Cure Amount to Undrawn Availability in the case of a breach of Section 6.5(a), the Borrowers are in compliance with the financial covenant set forth in Section 6.5(a) (iwithout giving effect to any Grace Period), the Borrowers shall be deemed to have satisfied the requirements of Section 6.5(a) subject with the same effect as though there had been no such failure to sub-paragraph (ii) belowcomply with Section 6.5(a), such Equity and the applicable Default and Event of Default arising therefrom shall be deemed not to have occurred for purposes of this Agreement. The parties hereby acknowledge that the exercise of the Cure Right may not be used relied on more for purposes of calculating any financial performance calculation or other financial test specified in this Agreement or any Other Document other than three occasions over compliance with Section 6.5(a). Upon receipt by Agent of notice, prior to the life expiration of the Facilities; five (ii5) in Business Day period referred to above (the case “Cure Deadline”), that the Borrowers intend to exercise the Cure Right, Agent and the Lenders shall not be permitted to accelerate the Obligations or to exercise remedies against the Collateral on the basis of an add-back a failure to comply with the requirements of this Section 6.5(a) (without giving effect to any Grace Period) until such failure is not cured pursuant to the calculation exercise of Consolidated Operating Cashflow, such Equity the Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back or prior to the calculation of Consolidated Operating CashflowCure Deadline; provided, such add-back may not that, a Default shall be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are deemed to be tested; and (iv) such Equity exist under this Agreement for all other purposes until the Cure Right may is exercised on or prior to the Cure Deadline. For the avoidance of doubt, the forgiveness of antecedent debt (of any form) shall not be used constitute Cure Proceeds for any two consecutive Quarter Datespurposes of exercising the Cure Right. (c) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 5 contracts

Samples: Revolving Credit and Security Agreement (ARKO Corp.), Revolving Credit and Security Agreement (ARKO Corp.), Revolving Credit and Security Agreement (ARKO Corp.)

Equity Cure Right. (a) Subject to paragraph (b) below, if any Compliance Certificate delivered by the Company demonstrated that the Bank Group is in breach of any of the financial covenants set out in paragraphs (a), (b) or (cb) of Clause 23.2 (Ratios) as at the relevant Quarter Date to which such Compliance Certificate relates, then the Company may, at its option, within 5 15 Business Days of delivery of such Compliance Certificate and without prejudice to the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an “Equity Cure Right”) by procuring that the proceeds of any New Equity be contributed into the Bank Group and either: (i) applied towards the prepayment of the Term Facilities; or (ii) added back to the calculation of Consolidated Operating Cashflow, in each caseand, in an amount whichfor the purpose of ascertaining compliance with paragraphs (a) or (b) of Clause 23.2 (Ratios), if such test(s) were to will be recalculated tested or, as at such Quarter Date but applicable, retested giving effect to such application or add-back, such test(s) would have been satisfied. (b) If, after giving effect to the adjustment or add-back (as applicable) referred to in paragraph (a) above, the requirements of paragraphs (a) and/or (b) of Clause 23.2 (Ratios) are met, then the requirements of paragraphs (a) and (b) of Clause 23.2 (Ratios) shall be deemed to have been satisfied as at the relevant original date of determination. (c) The Equity Cure Right shall be subject to the following conditions: (i) subject to sub-paragraph (ii) below, such Equity Cure Right may not be used on more than three occasions over the life of the Facilities; (ii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be tested; and (iv) such Equity Cure Right may not be used for any two consecutive Quarter Dates. (cd) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 4 contracts

Samples: Senior Facilities Agreement (VMWH LTD), Senior Facilities Agreement (Virgin Media Inc.), Senior Facilities Agreement (Virgin Media Inc.)

Equity Cure Right. (a) Subject to paragraph (b) below, if any Compliance Certificate delivered by the Company demonstrated that the Bank Group is in breach of any of the financial covenants set out in paragraphs (a), (b) or (c) of Clause 23.2 (Ratios) as at the relevant Quarter Date to which such Compliance Certificate relates, then the Company may, at its option, within 5 Business Days of delivery of such Compliance Certificate and without prejudice to the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an Equity Cure Right) by procuring that the proceeds of any New Equity be contributed into the Bank Group and either: (i) applied towards the prepayment of the Term Facilities; or (ii) added back to the calculation of Consolidated Operating Cashflow, in each case, in an amount which, if such test(s) were to be recalculated as at such Quarter Date but giving effect to such application or add-back, such test(s) would have been satisfied. (b) The Equity Cure Right shall be subject to the following conditions: (i) subject to sub-paragraph (ii) below, such Equity Cure Right may not be used on more than three occasions over the life of the Facilities; (ii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be tested; and (iv) such Equity Cure Right may not be used for any two consecutive Quarter Dates. (c) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 1 contract

Samples: Senior Facilities Agreement (Virgin Media Inc.)

Equity Cure Right. In the event that an Event of Default would otherwise arise in respect of any financial covenant set forth in Section 8.01(i), but not, for the avoidance of doubt, any financial covenant set forth in Section 8.01(t) or Section 8.01(u), until the expiration of the fifth (5th) Business Day after the date on which financial statements are required to be delivered with respect to the applicable calendar month hereunder, the Parent shall have the right to issue Equity Interests for cash or otherwise receive cash contributions to the capital of the Parent, contribute the proceeds thereof to SmileDirect, which shall be further contributed to the Borrower and the amount of the proceeds thereof will be applied by the Borrower to either (i) prepay the Loans in accordance with Section 2.03(a) hereof or (ii) remain on deposit in the Cash Reserve Account and, in each case the Permitted Loan Balance shall be recalculated after giving effect to the foregoing clauses (i) or (ii), as applicable to compliance with Section 8.01(i) hereof at such time (and thereafter as necessary) (the “Cure Right”); provided that (a) Subject to paragraph such proceeds are actually received by SmileDirect no later than five (b5) below, if any Compliance Certificate delivered by Business Days after such date on which the Company demonstrated that Loan Amount first exceeded the Bank Group is in breach of any of the financial covenants set out in paragraphs (a)Permitted Loan Balance, (b) or no amounts in excess of the amounts necessary to cure the Event(s) of Default that would otherwise have arisen shall be permitted to be taken into account for purposes of determining compliance with Section 8.01(i), but nothing in this Section 8.03 limits the right of any Credit Party to receive a contribution of additional cash that does not conflict with any other provision of the Transaction Documents; (c) the Cure Right shall not be exercised more than four (4) times during the term of Clause 23.2 this Agreement; and (Ratiosd) as at the relevant Quarter Date to which such Compliance Certificate relates, then aggregate amount of all Cure Right proceeds during the Company may, at its option, within 5 Business Days term of delivery this Agreement shall not exceed $25,000,000. Notwithstanding any provision of such Compliance Certificate and without prejudice this Agreement to the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an “Equity Cure Right”) by procuring that the proceeds of any New Equity be contributed into the Bank Group and either: (i) applied towards the prepayment of the Term Facilities; or (ii) added back to the calculation of Consolidated Operating Cashflowcontrary, in each caseif, in an amount which, if such test(s) were to be recalculated as at such Quarter Date but after giving effect to the foregoing, there shall be no non‑compliance with Section 8.01(i) for the applicable calendar month, no Event of Default shall be deemed to have arisen under such application or add-backSection as of the relevant date of determination, with the same effect as though there had been no failure to comply on such test(s) date, and the applicable Event of Default that otherwise would have been satisfied. (b) The Equity Cure Right occurred shall be subject to the following conditions: (i) subject to sub-paragraph (ii) below, such Equity Cure Right may not be used on more than three occasions over the life deemed cured for purposes of the Facilities; (ii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be tested; and (iv) such Equity Cure Right may not be used for any two consecutive Quarter Datesthis Agreement. (c) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 1 contract

Samples: Loan Agreement (SmileDirectClub, Inc.)

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Equity Cure Right. (a) Subject to paragraph (b) below, if any Compliance Certificate delivered by In the Company demonstrated event that the Bank Group is Loan Parties fail to comply with any financial covenant contained in breach of any of the financial covenants set out in paragraphs Section 11.14.1 or Section 11.14.2 (aa “Financial Covenant Default”), (b) or (c) of Clause 23.2 (Ratios) as at the relevant Quarter Date to which such Compliance Certificate relates, then the Company may, at its option, within 5 Business Days of delivery of such Compliance Certificate and without prejudice notwithstanding anything herein to the rights of contrary, the Lenders under Clause 27 (Events of Default) Loan Parties shall have the right to cure such breach Event of Default on the following terms and conditions (an the “Equity Cure Right”): (a) by procuring In the event the Loan Parties desire to cure the Financial Covenant Default, the Borrower shall deliver to the Administrative Agent irrevocable written notice of the Borrower’s intent to cure (a “Cure Notice”) no later than ten (10) days after the date on which financial statements and a Compliance Certificate as of and for the period ending on the last day of the Fiscal Quarter as of which such Financial Covenant Default occurred (the “Testing Dates”) are required to be delivered; provided, however, that the proceeds of any New Equity be contributed into Cure Right is subject to the Bank Group and either: following limitations: (i) applied towards the prepayment aggregate amount paid during the term of this Agreement with respect to the Term Facilities; or Equity Cure Right shall not exceed $10,000,000, (ii) added back to the calculation Equity Cure Right may not be exercised on more than four (4) occasions during the term of Consolidated Operating Cashflowthis Agreement, in each case, in an amount which, if such test(sand (iii) were to the Equity Cure Right may not be recalculated as at such Quarter Date but giving effect to such application or add-back, such test(sexercised for any two (2) would have been satisfiedconsecutive Fiscal Quarters. (b) The Cure Notice shall set forth the calculation of the applicable “Financial Covenant Cure Amount” (as hereinafter defined). (c) Notwithstanding anything to the contrary contained herein, all amounts received by the Borrower or any Affiliate of the Borrower with respect to the Equity Cure Right shall be subject paid to the following conditions:Administrative Agent for the benefit of the Lenders and applied to reduce the outstanding principal amount of the Revolving Loans until paid in full on the terms set forth in Section 6.3. (id) subject In the event the Loan Parties deliver a Cure Notice, there shall be purchased Capital Securities of (or cash capital contributions to) Holdings for further contribution to sub-paragraph (ii) below, such Equity Cure Right may not be used on more than three occasions over the life of the Facilities; (ii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and Borrower for cash consideration in an amount not exceeding £100 millionless than the Financial Covenant Cure Amount no later than five (5) days after receipt by Administrative Agent of the Cure Notice (the “Required Contribution Date”) notwithstanding anything to the contrary contained herein. The Financial Covenant Cure Amount shall equal (as calculated below, the “Financial Covenant Cure Amount”): (A) if the Financial Covenant Default is the failure to comply with Section 11.14.2 (a “Leverage Default”), an amount equal to the amount which, if included in EBITDA as of the applicable Testing Date, would result in the Loan Parties being in pro forma compliance with such covenant as of such Testing Date; (iiiB) if the Financial Covenant Default is the failure to comply with Section 11.14.1 (a “Coverage Default”) an amount which, when included in EBITDA as of the applicable Testing Date, would result in the case Loan Parties being in pro forma compliance with such covenant as of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be testedTesting Date; and (ivC) such if two or more of a Leverage Default or Coverage Default exist as of a Testing Date, the Financial Covenant Cure Amount shall equal the greater of the amounts calculated pursuant to clauses (A) and (B). (e) From the effective date of delivery of a Cure Notice until the earlier to occur of the Required Contribution Date and the date on which Administrative Agent is notified that the required contribution will not be made (it being agreed that failure to pay the required contribution shall constitute a separate and distinct Event of Default hereunder), the Event of Default in respect of which the Cure Notice was delivered shall not be deemed to exist for purposes of (and neither Administrative Agent nor any Lender shall exercise rights in respect thereof) the imposition of default interest, default Letter of Credit fees, acceleration of the Obligations, termination of the Commitments or the exercise of any enforcement remedy against any Loan Party or any property of a Loan Party; provided, however, (1) any amounts paid in connection with the exercise of the Equity Cure Right may not shall be used included in the calculation of EBITDA for any two consecutive Quarter Dates. (c) Any proceeds purposes of New Equity which are contributed into determining compliance with the Bank Group financial covenants contained in Section 11.14 for the next three Fiscal Quarters thereafter but disregarded for purposes specified aboveof the calculation of EBITDA for all other purposes, including calculating basket levels, pricing (including setting the Applicable Margin) and all other items governed by reference to EBITDA, and (2) any Loans prepaid with amounts paid in connection with the exercise of the Equity Cure Right shall thereafter be retained within deemed outstanding for purposes of determining compliance with the Bank Groupfinancial covenants for the current Fiscal Quarter and the next three Fiscal Quarters thereafter. Notwithstanding anything to the contrary, nothing herein shall prevent or limit Administrative Agent from exercising any of its rights under any Subordination Agreement so long as such Financial Covenant Default exists, and until timely receipt of the Financial Covenant Cure Amount, an Event of Default shall be deemed to exist for all other purposes of this Agreement, including, without limitation, Section 12.2 hereof, and the other Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Infrastructure & Energy Alternatives, Inc.)

Equity Cure Right. Notwithstanding anything to the contrary contained in Section 8.01, in the event that the Borrower fails to comply with the Financial Covenant, after the end of the applicable fiscal quarter and on or prior to the day that is ten (10) Business Days after the day on which the Compliance Certificate is required to be delivered pursuant to Section 6.02(a), the Borrower shall have the right to apply the amount of the proceeds of any common equity contributions made to the Borrower to increase Revenues with respect to the applicable fiscal quarter of the Borrower (the “Cure Right”); provided that (a) Subject such proceeds are actually received by the Borrower after the end of the applicable fiscal quarter and on or prior to paragraph the day which is ten (b10) below, if any Business Days after the date on which the Compliance Certificate is required to be delivered by the Company demonstrated that the Bank Group is in breach of any of the financial covenants set out in paragraphs (apursuant to Section 6.02(a), (b) or such proceeds do not exceed the aggregate amount necessary to cure (by addition to Revenues) (the “Cure Amount”) the breach of the Financial Covenant for the applicable period, (c) of Clause 23.2 (Ratios) as at the relevant Quarter Date to which such Compliance Certificate relates, then the Company may, at its option, within 5 Business Days of delivery of such Compliance Certificate and without prejudice to the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an “Equity Cure Right”) by procuring that the proceeds of any New Equity be contributed into the Bank Group and either: (i) applied towards the prepayment of the Term Facilities; or (ii) added back to the calculation of Consolidated Operating Cashflow, in each case, in an amount which, if such test(s) were to be recalculated as at such Quarter Date but giving effect to such application or add-back, such test(s) would have been satisfied. (b) The Equity Cure Right shall not be subject to exercised more than three (3) times in the following conditions: aggregate during the term of this Agreement and (id) subject to sub-paragraph in each period of four consecutive fiscal quarters of the Borrower there shall be at least two (ii2) below, such Equity fiscal quarters during which the Cure Right is not exercised. The parties hereby acknowledge that this Section may not be used relied on more for purposes of calculating any financial ratios other than three occasions over as applicable to the life Financial Covenant and shall not result in any adjustments to any amounts, other than the amount of the Facilities; (ii) Revenues referred to in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be tested; and (iv) such Equity Cure Right may not be used for any two consecutive Quarter Datesimmediately preceding sentence. (c) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 1 contract

Samples: Credit Agreement (Navigator Holdings Ltd.)

Equity Cure Right. (a) Subject to paragraph Notwithstanding Section 16.1(j) and (b) below, if any Compliance Certificate delivered by the Company demonstrated that the Bank Group is in breach of any of the financial covenants set out in paragraphs (ak), in the event that Lessee fails (bor, but for the operation of this Section 16.6, would fail) to comply with the requirements of Section 16.1(j) or (ck), until the thirtieth (30th) day subsequent to the earlier of Clause 23.2 (Ratiosi) as at the relevant Quarter Date to which date Lessee becomes aware of such Compliance Certificate relates, then noncompliance or (ii) the Company may, at its option, within 5 Business Days date of delivery of written notice from Lessor to Lessee relating to such Compliance Certificate and without prejudice failure (the “Equity Cure Expiration Date”), Xxxxxxx Health shall have the right to issue its equity interests for cash or to receive an equity contribution in respect of its equity interests (the rights of the Lenders under Clause 27 (Events of Default) cure such breach (an “Equity Cure Right”), and upon the receipt by Xxxxxxx Health of such cash (the “Specified Equity Contribution”) by procuring that EBITDAR shall be recalculated giving effect to the proceeds of any New Equity be contributed into the Bank Group and eitherfollowing pro forma adjustments: (i) applied towards EBITDAR for the prepayment applicable calendar quarter (and any four-quarter period that contains such quarter) shall be increased, solely for the purpose of determining compliance with Section 16.1(j) and (k), by an amount equal to the Term FacilitiesSpecified Equity Contribution; orand (ii) added back to the calculation of Consolidated Operating Cashflowif, in each case, in an amount which, if such test(s) were to be recalculated as at such Quarter Date but after giving effect to the foregoing recalculations, Lessee shall then be in compliance with the requirements of Section 16.1(j) and (k), Lessee shall be deemed to have satisfied the requirements of such application or add-backSection 16.1(j) and (k) as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, such test(s) would have been satisfiedand the applicable Event of Default that had occurred shall be deemed cured for purposes of this Lease. (b) The Notwithstanding anything in this Lease to the contrary, after the failure to comply with the requirements of Section 16.1(j) and (k), if Lessee has given Lessor notice that Lessee intends to cure such failure with the proceeds of a Specified Equity Contribution, Lessor shall not exercise any rights or remedies under Section 16 available during the continuance of any 4834-1440-2281v12 Event of Default on the basis of any actual or purported failure to comply with Section 16.1(j) or (k) until such failure is not cured on or prior to the Equity Cure Right shall be subject to the following conditions: (i) subject to sub-paragraph (ii) below, such Equity Cure Right may not be used on more than three occasions over the life of the Facilities; (ii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such Equity Cure Right may only be used on one occasion over the life of the Facilities, and in an amount not exceeding £100 million; (iii) in the case of an add-back to the calculation of Consolidated Operating Cashflow, such add-back may not be rolled forward or otherwise taken into account on any subsequent Quarter Date on which such financial covenants are to be tested; and (iv) such Equity Cure Right may not be used for any two consecutive Quarter DatesExpiration Date. (c) Any proceeds of New Equity which are contributed into the Bank Group for the purposes specified above, shall thereafter be retained within the Bank Group.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

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