Adjusted Payment Conditions means, at the time of determination with respect to a specified transaction or payment, that (a) no Specified Default then exists or would arise as a result of the entering into of such transaction or the making of such payment, (b) after giving effect to such transaction or payment, the Pro Forma Availability Condition has been satisfied, and (c) either (i) the Consolidated Fixed Charge Coverage Ratio, as calculated on a trailing twelve months basis after giving effect to such transaction or payment, is greater than 1.1:1.0, or (ii) after giving effect to such transaction or payment, the Pro Forma Availability for each of the six Fiscal Months following, and after giving effect to, such transaction or payment, will be greater than twenty-five percent (25%) of the Line Cap. Prior to undertaking any transaction or payment which is subject to the Adjusted Payment Conditions, the Loan Parties shall deliver to the Administrative Agent evidence of satisfaction of the conditions contained in clauses (b) and (c) above on a basis reasonably satisfactory to the Administrative Agent, provided that no such evidence shall be required to be delivered if, at the time of such transaction or payment, no Loans are outstanding hereunder.
Adjusted Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that (a) no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment, (b) the specified transaction or payment shall be funded solely with cash on hand (and not, for the avoidance of doubt, with the proceeds of any Loans), (c) immediately after giving effect to such transaction or payment, Pro Forma Excess Availability will be greater than $10,000,000, (d) no Loans shall have been outstanding during the twelve (12) months immediately preceding the date of such transaction or the making of such payment, and (e) no Loans are projected to be outstanding during the twelve (12) months immediately following the date of such transaction or the making of such payment.
Adjusted Payment Conditions means, at the time of determination with respect to any transaction or payment to which the Adjusted Payment Conditions applies, that (a) no Default or Event of Default has occurred and is continuing or would arise as a result of such transaction or payment, and (b) at least five (5) days prior to the consummation of such transaction or the making of such payment, the Lead Borrower shall have provided to the Administrative Agent a certificate signed by a Responsible Officer of the Lead Borrower, in form and substance reasonably satisfactory to the Administrative Agent, certifying that (i) ABL Excess Availability immediately prior to, and projected pro forma ABL Excess Availability (measured as of the end of each Fiscal Month) for the twelve Fiscal Months immediately following, and after giving effect to, such transaction or payment shall be equal to or greater than thirty (30%) percent of the ABL Loan Cap, and (ii) the Loan Parties, on a Consolidated basis, are, and will continue to be, Solvent after giving effect to such transaction or payment.
More Definitions of Adjusted Payment Conditions
Adjusted Payment Conditions means, at the time of determination with respect to any transaction or payment to which the Adjusted Payment Conditions apply, that:
Adjusted Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that (a) no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment, and (b) either (x)(i) before and after giving effect to such transaction or payment, the Excess Availability Percentage will be equal to or greater than twelve and a half percent (12.5%) as at such date and on a pro forma basis for the preceding ninety (90) calendar day period, and (ii) the pro forma Consolidated Fixed Charge Coverage Ratio calculated for the most recently ended trailing thirteen (13) four (4) week Accounting Period for which financial statements were required to be delivered pursuant to Section 6.01 hereof, after giving effect to such transaction or payment shall be greater than 1.00:1.00 or (y) before and after giving effect to such transaction or payment, the Excess Availability Percentage will be equal to or greater than seventeen and a half percent (17.5%) as at such date and on a pro forma basis for the preceding ninety (90) calendar day period. Prior to undertaking any transaction or payment which is subject to the Adjusted Payment Conditions, the Loan Parties shall deliver to the Administrative Agent an officer’s certificate (1) confirming that no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment and (2) setting forth calculations showing satisfaction of the conditions contained in clause (b) above which shall be reasonably satisfactory to the Administrative Agent.
Adjusted Payment Conditions means, at the time of determination with respect to a specified transaction or payment, that (a) no Specified Default then exists or would arise as a result of the entering into of such transaction or the making of such payment and (b) after giving effect to such transaction or payment, the Pro Forma Availability Condition has been satisfied and the Consolidated Fixed Charge Coverage Ratio, as calculated on a trailing twelve months basis after giving effect to such transaction or payment, is greater than 1.1:1.0. Prior to undertaking any transaction or payment which is subject to the Adjusted Payment Conditions, the Loan Parties shall deliver to the Administrative Agent evidence of satisfaction of the conditions contained in clause (b) above on a basis reasonably satisfactory to the Administrative Agent.
Adjusted Payment Conditions means, at the time of determination with respect to a specified transaction or payment (or declaration of payment), that (a) no Default then exists or would arise as a result of the entering into of such transaction or the making of such payment, (b) the Adjusted Conditions Availability is equal to or greater than 17.5% of the Line Cap and (c) the Adjusted Fixed Charge Coverage Ratio of the Lead Borrower and its Restricted Subsidiaries, as calculated on a trailing twelve months basis after giving effect to such transaction or payment, is equal to or greater than 1.1:1.0. Prior to undertaking any transaction or payment which is subject to the Adjusted Payment Conditions, the Credit Parties shall deliver to the Administrative Agent either a certificate of an Authorized Officer of the Lead Borrower (with reasonable detailed calculations) certifying satisfaction of the conditions contained in clauses (b) and (c) above or other evidence of the same reasonably satisfactory to the Administrative Agent.
Adjusted Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that (a) no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment, and (b) either (x) (i) before and after giving effect to such transaction or payment, the Excess Availability Percentage will be equal to or greater than twelve and a half percent (12.5%) as at such date and on a pro forma basis for the preceding thirty (30) calendar day period, and (ii) the pro forma Consolidated Fixed Charge Coverage Ratio calculated for the most recently ended trailing thirteen (13) four (4) week Accounting Period for which financial statements were required to be delivered pursuant to Section 6.01 hereof, after giving effect to such transaction or payment shall be greater than 1.00:1.00 or (y) before and after giving effect to such transaction or payment, the Excess Availability Percentage will be equal to or greater than fifteen percent (15.0%) as at such date and on a pro forma basis for the preceding thirty (30) calendar day period. Subject to Section 1.06(e), prior to consummating any transaction or making a payment which is subject to the Adjusted Payment Conditions, the Loan Parties shall deliver to the Administrative Agent an officer’s certificate (1) confirming that no Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment and (2) setting forth calculations showing satisfaction of the conditions contained in clause (b) above which shall be in detail reasonably satisfactory to the Administrative Agent; provided that no certificate shall be required to be delivered to the Administrative Agent with respect to (i) any transaction or payment or series of related transactions or payments involving consideration of less than $25,000,000 or (ii) if the Excess Availability Percentage condition set forth in clause (b)(y) of the previous sentence would be satisfied substituting thirty percent (30%) for fifteen percent (15.0%), any transaction or payment involving consideration of less than $200,000,000.
Adjusted Payment Conditions means, at the time of determination with respect to any transaction or payment to which the Adjusted Payment Conditions applies, that (a) no Default or Event of Default has occurred and is continuing or would arise as a result of such transaction or payment, and
Adjusted Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that (a) no Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment (in the case, of a Permitted Acquisition, determined as of the date the definitive agreement relating to such Permitted Acquisition is entered into), and (b) (i) before and after giving effect to such transaction or payment, the Excess Availability Percentage will be equal to or greater than seventeen and a half percent (17.5%), (ii) after giving effect to such transaction or payment, the Excess Availability Percentage is projected to be equal to or greater than seventeen and a half percent (17.5%) for the subsequent thirteen (13) four (4) week Accounting Periods, and (iii) the pro forma Consolidated Fixed Charge Coverage Ratio calculated for the most recently ended trailing thirteen (13) four (4) week Accounting Periods for which financial statements were required to be delivered pursuant to Section 6.01 hereof, after giving effect to such transaction or payment, shall be greater than 1.00:1.00; provided that clause (iii) above shall not be applicable if (x) before and after