Maximum Restricted Payment Amount means, for any four Fiscal Quarter period, (1) $24,000,000, if Consolidated Adjusted EBITDA is greater than or equal to $30,000,000 and less than or equal to $40,000,000 for the Test Period, (2) $12,000,000, if Consolidated Adjusted EBITDA is greater than or equal to $27,000,000 but less than $30,000,000 for the Test Period, (3) $8,000,000, if Consolidated Adjusted EBITDA is greater than or equal to $25,000,000 but less than $27,000,000 for the Test Period, and (4) $0, if Consolidated Adjusted EBITDA is less than $25,000,000 for the Test Period.
Maximum Restricted Payment Amount in Section 1.1 of the Credit Agreement shall be amended to read in its entirety as follows:
Maximum Restricted Payment Amount means, as measured at the time of any Restricted Payment permitted by Section 7.09, the sum of $30,000,000 in each fiscal year of SEI (without carrying forward any unused amounts in one fiscal year to any later fiscal year) plus the Additional Restricted Payment Amount in effect on such date (if positive), it being understood that the first amounts used each fiscal year will be the annual $30,000,000 limit and the Additional Restricted Payment Amount will only be utilized after such annual amount is exhausted for such fiscal year.
Examples of Maximum Restricted Payment Amount in a sentence
The Borrower will not permit any Consolidated Party to make directly or indirectly any Restricted Payment that would cause the aggregate of all Restricted Payments made by the Borrower during the term of this Agreement to exceed the Maximum Restricted Payment Amount.
Section 1.1 of the Existing Credit Agreement is amended by deleting in their entirety each of the following definitions which are no longer used in the Existing Credit Agreement: "Maximum Restricted Payment Amount" and "Rate Adjustment Ratio".
More Definitions of Maximum Restricted Payment Amount
Maximum Restricted Payment Amount means, with respect to any fiscal year of the Borrower, $25,000,000 plus 50% of Consolidated Net Income for the immediately preceding fiscal year (without carrying forward any amount from a prior fiscal year).
Maximum Restricted Payment Amount means, as of any date of determination thereof, (i) with respect to fiscal year 2005, $0, and (ii) with respect to any fiscal year thereafter, the sum of the Allowable Restricted Payment Amounts for the current fiscal year and for each of the preceding fiscal years, commencing with fiscal year 2006, less the aggregate amount of Restricted Payments made on and after the Effective Date, but immediately prior to and without giving effect to the proposed Restricted Payment to repurchase capital stock of the Borrower pursuant to the proviso to Section 6.5 hereof. For purposes hereof, "Allowable Restricted Payment Amount" for each fiscal year shall mean $5,000,000.
Maximum Restricted Payment Amount and "Minimum Consolidated Net Worth" (the "Letter Amendments"). The Original Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and the Letter Amendments shall be referred to as the "Existing Credit Agreement".
Maximum Restricted Payment Amount means the sum of (i) $99,210,000, plus (ii) 50% of the Consolidated Net Income from and after March 31, 1998 until any relevant measurement date, plus (iii) the Net Cash Proceeds received by the Borrower from the exercise of stock warrants or options by employees or former employees of the Borrower in respect of Capital Stock of the Borrower from and after March 31, 1998, plus (iv) $21,790,978 (representing the Net Cash Proceeds received by Alamac Sub Holdings Inc. from the sale of its facility located in Whitmire, South Carolina), and (v) beginning with the fiscal quarter ending nearest December 31, 1998, minus the lesser of $65,000,000 or 50% of the Consolidated Net Income from and after October 1, 1998 until any relevant measurement date. By their signatures below, the Borrower, the Foreign Borrowers and the Required Banks hereby agree that Section 7.11(a) be amended to read in its entirety as follows: Minimum Consolidated Net Worth. Have a Consolidated Net Worth as of the last day of each fiscal quarter of not less than (i) $190,000,000, (ii) increased on a cumulative basis as of the end of each fiscal quarter of the Consolidated Parties, commencing with the fiscal quarter ending June 30, 1998, by an amount equal to forty percent (40%) of Consolidated Net Income (to the extent positive) for the fiscal quarter then ended, and (iii) further increased on a cumulative basis as of the end of each fiscal quarter of the Consolidated Parties beginning with the fiscal quarter ending nearest December 31, 1998 by an amount equal to the lesser of (A) fifty percent (50%) of Consolidated Net Income (to the extent positive) for each such fiscal quarter or (B) $65,000,000. By their signatures below, each of the Subsidiary Guarantors acknowledges and consents to this revision in the definition of "Maximum Restricted Payment Amount" and each Subsidiary Guarantor agrees that this revision does not operate to reduce or discharge any of such Subsidiary's obligations under any of the Collateral Documents. Until this letter agreement shall have been executed by the Borrower, the Foreign Borrowers, the Subsidiary Guarantors, and the Required Banks, it shall not be effective in revising either the definition of "Maximum Restricted Payment Amount" or Section 7.11(a). Except for the revision to the definition of "Maximum Restricted Payment Amount" and the revision of Section 7.11(a) effected hereby upon the execution of this letter agreement by the Borrower, the Foreign Borrower...
Maximum Restricted Payment Amount means the sum of (i) $251,374,000, plus (ii) 50% of the Consolidated Net Income from and after September 30, 1999 until any relevant measurement date, plus (iii) the Net Cash Proceeds received by the Borrower from the exercise of stock warrants or options by current or former employees or directors of the Borrower in respect of Capital Stock of the Borrower from and after June 30, 1999. By their signatures below, the Borrower, the Foreign Borrowers and the Required Banks hereby agree that Section 7.11(a) be amended to read in its entirety as follows: Minimum Consolidated Net Worth. Have a Consolidated Net Worth as of the last day of each fiscal quarter of not less than (i) $90,000,000, (ii) increased on a cumulative basis as of the end of each fiscal quarter of the Consolidated Parties, commencing with the fiscal quarter ending June 30, 1998, by an amount equal to forty percent (40%) of Consolidated Net Income (to the extent positive) for the fiscal quarter then ended, and (iii) further increased on a cumulative basis by fifty percent (50%) of Consolidated Net Income (to the extent positive) for the period October 1, 1998 through September 30, 1999.
Maximum Restricted Payment Amount means the sum of (i) $9,210,000, plus (ii) 50% of the Consolidated Net Income from and after March 31, 1998 until any relevant measurement date, plus (iii) the Net Cash Proceeds received by the Borrower from the exercise of stock warrants or options by employees or former employees of the Borrower in respect of Capital Stock of the Borrower from and after March 31, 1998, plus (iv) the Net Cash Proceeds received by Alamac Sub Holdings Inc. from the sale of its facility located in Whitmire, South Carolina to the Borrower after March 31, 1998 in an amount equal to $21,790,978.
Maximum Restricted Payment Amount means the sum of (i) $358,874,000, plus (ii) 50% of the Consolidated Net Income from and after September 30, 1999 until any relevant measurement date, plus (iii) the Net Cash Proceeds received by the Borrower from the exercise of stock warrants or options by current or former employees or directors of the Borrower in respect of Capital Stock of the Borrower from and after June 30, 1999.