Maximum Permitted Outstanding Amount definition

Maximum Permitted Outstanding Amount at any time, an amount that is equal to the Applicable Percentage of the sum of:

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Maximum Permitted Outstanding Amount at any time, an amount that is equal to (x) during the period from and after the Closing Date and prior to the Initial Revolving Termination Date, 100% and (y) during the period from and after the Initial Revolving Termination Date when the Borrower has exercised an Extension Option, 90%, in each case, of the sum of:

Maximum Permitted Outstanding Amount means, at any time: (a) prior to, and including, the Specified Payment Date (as defined in clause 5.2 below) an amount of R122 000 000; and (b) following the Specified Payment Date, an amount of R92 997 875.

Examples of Maximum Permitted Outstanding Amount in a sentence

• Permit the Total Revolving Extensions of Credit at any time to exceed the Maximum Permitted Outstanding Amount at such time.

• The Parent Borrower shall determine the Adjusted Net Book Value of each Investment Asset included in the Maximum Permitted Outstanding Amount on a quarterly basis, consistent with the Parent Borrower’s valuation policy as of the Closing Date.

• The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the applicable Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.7. Notwithstanding anything to the contrary in this Agreement, in no event shall the Total Revolving Extensions of Credit exceed the Maximum Permitted Outstanding Amount.

• For the avoidance of doubt, in no event shall any Other Merger Party Excluded Subsidiary or its assets contribute to the Maximum Permitted Outstanding Amount.

• Notwithstanding the foregoing, the Merger Loan Parties shall have until the Merger Party Compliance Date to comply with this Section 6.14(a) (it being understood, for the avoidance of doubt, that no Fee-Related Earnings of any such Merger Loan Party shall contribute to the Maximum Permitted Outstanding Amount during such period).

• The Borrower shall determine the Adjusted Net Book Value of each Investment Asset included in the Maximum Permitted Outstanding Amount on a quarterly basis, consistent with the Borrower’s valuation policy as of the Closing Date.

• The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.7. Notwithstanding anything to the contrary in this Agreement, in no event shall the Total Revolving Extensions of Credit exceed the Maximum Permitted Outstanding Amount.

• Notwithstanding the foregoing, with respect of any New Subsidiary that becomes a party to the Guarantee and Collateral Agreement pursuant to this Section 6.10(c), but does not directly or indirectly own Investment Assets that in any way contribute to the Maximum Permitted Outstanding Amount, clause (iv) above shall not apply unless otherwise reasonably requested by the Administrative Agent.

• Permit the Total Revolving Extensions of Credit (or, on or after the Revolving Termination Date, the aggregate principal amount of outstanding Converted Term Loans) at any time to exceed the Maximum Permitted Outstanding Amount at such time.

• Any such adjustments to the calculation of the Maximum Permitted Outstanding Amount shall be provided by the Administrative Agent to the REIT within five (5) Business Days after the Administrative Agent’s and Lenders’ receipt of the Facility Outstandings Compliance Certificate delivered pursuant to Section 2.15(c)(i) above (whereupon, the Borrowers shall, on or prior to the consummation of such Joint Venture Investment, deliver an updated certificate reflecting such adjustments).

More Definitions of Maximum Permitted Outstanding Amount

Maximum Permitted Outstanding Amount in Section 1.1 of the Credit Agreement, including subclauses (x) and (y) thereof, is hereby amended and restated in its entirety as follows:

Maximum Permitted Outstanding Amount means, at any time an amount of ZAR334,000,000 (Three Hundred and Thirty Four Million Rand).

Maximum Permitted Outstanding Amount means, at any time, an amount equal to the lesser of (i) Annualized Consolidated Cash Income determined as of the last day of the then most recently ended fiscal quarter of the REIT for which financial statements have been delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b), multiplied by 3.5 and (ii) 40% of the aggregate book value (determined in accordance with GAAP) of all Investment Assets that at such time contribute positive Cash Income to the calculation of the Annualized Consolidated Cash Income.

Maximum Permitted Outstanding Amount means, at any time, an amount of R90 000 000.

Maximum Permitted Outstanding Amount at any time, an amount that is equal to (x) during the period from and after the Closing Date and prior to the Initial Revolving Termination Date, 100% and (y) during the period from and after the Initial Revolving Termination Date when the Parent Borrower has exercised an Extension Option, 90%, in each case, of the sum of (it being understood that in no event shall any Investment Asset contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount pursuant to more than one lettered clause below);