Adjusted Percentage means (x) at a time when no Bank Default exists, for each Bank, such Bank's Percentage and (y) at a time when a Bank Default exists (i) for each Bank that is a Defaulting Bank, zero and (ii) for each Bank that is a Non-Defaulting Bank, the percentage determined by dividing such Bank's Revolving Loan Commitment at such time by the Adjusted Total Revolving Loan Commitment at such time, it being understood that all references herein to Revolving Loan Commitments and the Adjusted Total Revolving Loan Commitment at a time when the Total Revolving Loan Commitment or Adjusted Total Revolving Loan Commitment, as the case may be, has been terminated shall be references to the Revolving Loan Commitments or Adjusted Total Revolving Loan Commitment, as the case may be, in effect immediately prior to such termination, provided that (A) no Bank's Adjusted Percentage shall change upon the occurrence of a Bank Default from that in effect immediately prior to such Bank Default, to the extent such change after giving effect to such Bank Default, and any repayment of Revolving Loans and Swingline Loans at such time pursuant to Section 4.02(a) or otherwise, would cause the sum of (i) the aggregate outstanding principal amount of Revolving Loans of all Non-Defaulting Banks plus (ii) the aggregate outstanding principal amount of Swingline Loans plus (iii) the Letter of Credit Outstandings, to exceed the Adjusted Total Revolving Loan Commitment; (B) any changes to the Adjusted Percentage that would have become effective upon the occurrence of a Bank Default but that did not become effective as a result of the preceding clause (A) shall become effective on the first date after the occurrence of the relevant Bank Default on which the sum of (i) the aggregate outstanding principal amount of the Revolving Loans of all Non-Defaulting Banks plus (ii) the aggregate outstanding principal amount of Swingline Loans plus (iii) the Letter of Credit Outstandings is equal to or less than the Adjusted Total Revolving Loan Commitment; and (C) if (i) a Non- Defaulting Bank's Adjusted Percentage is changed pursuant to the preceding clause (B) and (ii) any repayment of such Bank's Revolving Loans, or of Unpaid Drawings with respect to Letters of Credit or of Swingline Loans, that were made during the period commencing after the date of the relevant Bank Default and ending on the date of such change to its Adjusted Percentage must be returned to the Borrowers as a preferential or similar payment in...
Adjusted Percentage means (x) at a time when no Bank Default exists, for each Bank such Bank's Percentage and (y) at a time when a Bank Default exists (i) for each Bank that is a Defaulting Bank, zero and (ii) for each Bank that is a Non-Defaulting Bank, the percentage determined by dividing such Bank's Commitment at such time by the Adjusted Total Commitment at such time, it being understood that all references herein to Commitments at a time when the Total Commitment has been terminated shall be references to the Commitments in effect immediately prior to such termination.
Adjusted Percentage means (x) at a time when no Bank Default exists, for each Bank such Bank's Percentage and (y) at a time when an Bank Default exists (i) for each Bank that is a Defaulting Bank, zero and (ii) for each Bank that is a Non-Defaulting Bank, the percentage determined by dividing such Bank's Revolving Commitment at such time by the Adjusted Total Revolving Commitment at such time, it being understood that all references herein to Revolving Commitments at a time when the Total Revolving Commitment has been terminated shall be references to the Revolving Commitments in effect immediately prior to such termination, provided that (A) an increase in a Bank's Adjusted Percentage pursuant to the foregoing upon the occurrence of a Bank Default will only be effected to the extent that after giving effect to such increase, and any repayment of Revolving Loans pursuant to Section 4.02(A)(a) or otherwise, the sum of (x) such Bank's new Adjusted Percentage of L/C Outstandings and Swingline Loans plus (y) the outstanding principal amount of such Bank's Revolving Loans equals its Revolving Commitment and (B) any changes to the Adjusted Percentages not effected as a result of the preceding clause (A) shall become effective on the first date or dates thereafter on which the Revolving Outstandings are reduced, in each case to the extent permitted at such time pursuant to clause (A).
Examples of Adjusted Percentage in a sentence
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Adjusted Percentage of the aggregate amount available to be drawn under such Letter of Credit.
In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Adjusted Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the U.S. Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the U.S. Borrower for any reason.
In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Adjusted Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Revolving Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Revolving Borrower for any reason.
After any Participant has paid its respective Percentage times the Protective Advance to BNPPLC, BNPPLC must pay to such Participant an amount equal to its Adjusted Percentage (as defined below) times any subsequent Excess Reimbursement (as defined below) or interest thereon actually received by BNPPLC for such Protective Advance.
The Tranche 1 Applicable Adjusted Percentage of each Tranche 1 Revolving Credit Lender shall adjust automatically whenever a Lender Default occurs or ceases to exist.
More Definitions of Adjusted Percentage
Adjusted Percentage means the percentage equal to the product of (1) the sum of "R" plus "P," multiplied by (2) twenty-five hundredths (0.25), where "R" is the percentage increase, if any, from the previous fiscal year in XXXX'x consolidated revenues, as shown on the Financial Statements; and "P" is the percentage increase, if any, from the previous fiscal year in XXXX'x consolidated net earnings, as shown on the Financial Statements.
Adjusted Percentage is defined in Section 11.6 of the Participation Agreement.
Adjusted Percentage means (a) ten percent (10%) if the Retail Value is greater than or equal to $91,000,000; (b) ten and one-half percent (10.5%), if the Retail Value is less than $91,000,000 and greater than or equal to $86,450,000; and (c) eleven and two-tenths percent (11.2%), if the Retail Value is less than $86,450,000 and greater than or equal to $82,000,000.
Adjusted Percentage is defined in clause (b) of Section 2.2.3.
Adjusted Percentage shall initially mean seventy percent (70%); provided, that such percentage shall be adjusted and readjusted, as of the date of any demand by Buyers for such adjustment or readjustment, as follows: (A) if it is discovered that the Company or ecom had, as of the Closing, any contractual obligation to make cash payments or other distributions based on the value of the Company and/or ecom (including, without limitation, any obligation to redeem capital stock and any obligation under outstanding stock appreciation, phantom stock or similar rights granted by the Company or ecom), then the Adjusted Percentage shall be adjusted or readjusted, as the case may be, to equal a percentage equivalent to a fraction, (I) the numerator of which is equal to seventy percent (70%) of the combined net book value of the Company and ecom, ignoring the effect of such payments or distributions, and (II) the denominator of which is equal to the combined net book value of the Company and ecom reduced by the amount of all such payments or distributions (assuming such payments or distributions are made as of the date of such adjustment or readjustment); and (B) if it is discovered that the Company does not own all of the issued and outstanding capital stock ecom, on a fully-diluted basis, then the Adjusted Percentage shall be adjusted to equal a percentage equivalent to a fraction, (I) the numerator of which is equal to the Adjusted Percentage (following any adjustment required pursuant to clause (A) above), and (II) the denominator of which is equal to the actual percentage of the issued and outstanding capital stock of ecom owned by the Company as of the Closing, on a fully-diluted basis.
Adjusted Percentage means that percentage set forth under the heading "Adjusted Percentage" on the table set forth on Schedule 1.10 that corresponds to the Average Closing Price (as defined in Section 1.10(e) below) set forth under the heading "Average Closing Price" on such table, provided that if the Average Closing Price falls between two entries on the table, the Adjusted Percentage shall be determined by a straight-line interpolation between the two entries in the "Adjusted Percentage" column that correspond to the next lowest and next highest entries in the "Average Closing Price" column, rounded to the nearest 0.00000001 %.
Adjusted Percentage is defined in Section 11.7 of the Participation ------------------- Agreement.