Permitted Ratio Debt definition
Permitted Ratio Debt means Indebtedness (including Acquired Indebtedness) incurred or shares of Disqualified Equity Interests issued by the Parent Borrower and any Restricted Subsidiary or shares of Preferred Stock issued by any Restricted Subsidiary, if the Fixed Charge Coverage Ratio of the Parent Borrower for the Parent Borrower’s most recently ended Test Period preceding the date on which such Indebtedness is incurred or such Disqualified Equity Interests or Preferred Stock is issued (or, in the case of Indebtedness under Designated Commitments, on the date such Designated Commitments are established after giving Pro Forma Effect to the incurrence of the entire committed amount of Indebtedness thereunder, in which case such committed amount under such Designated Commitments may thereafter be borrowed (and, with respect to Designated Commitments consisting of commitments to make loans or extend credit on a revolving basis, reborrowed), in whole or in part, from time to time, without further compliance with Section 7.03) would have been at least 2.00 to 1.00, determined on a Pro Forma Basis; provided, that Restricted Subsidiaries that are Non-Loan Parties may not incur Indebtedness or issue Disqualified Equity Interests or Preferred Stock pursuant to this definition if, after giving Pro Forma Effect to such incurrence or issuance, the aggregate amount of Indebtedness, Disqualified Equity Interests and Preferred Stock in each case of Non-Loan Parties incurred or issued pursuant to this paragraph then outstanding would exceed the greater of (x) $600 million and (y) 20% of Consolidated EBITDA at such time.
Permitted Ratio Debt has the meaning specified in Section 7.02(a).
Permitted Ratio Debt means Indebtedness of the Albertson’s Group, provided that immediately after giving pro forma effect thereto and to the use of the proceeds thereof, (i) no Event of Default shall be continuing or result therefrom, (ii) the Total Leverage Ratio on a Pro Forma Basis is no greater than 5.00:1.00, (iii) if such Indebtedness is secured by Liens ranking pari passu with the Term Loans, the Loan-to-Value Ratio is no greater than 0.65:1.00, (iv) if such Indebtedness is secured by Liens ranking junior to the Liens securing the Term Loans, the Loan-to-Value Ratio is no greater than 0.75:1.00, (v) such Indebtedness does not mature prior to the date that is ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is incurred, (vi) such Indebtedness shall not have any financial maintenance covenants, (vii) if such Indebtedness is incurred or guaranteed on a secured basis by a Loan Party, the Liens securing such Indebtedness are subject to the Intercreditor Agreements or another intercreditor agreement in form and substance reasonably satisfactory to the Agent, (viii) if such Indebtedness is subordinated in right of payment with the Term Loans, such Indebtedness shall contain subordination provisions reasonably satisfactory to the Agent and (ix) the aggregate amount of any such Indebtedness incurred or guaranteed by a Restricted Subsidiary that is not a Loan Party does not exceed the greater of $500,000,000 and 2.25% of Total Assets at such time.
Examples of Permitted Ratio Debt in a sentence
The Lenders acknowledge and agree (and each Lender Counterparty shall be deemed to hereby acknowledge and agree) that Administrative Agent may also act as the collateral agent for lenders under the Other Term Loans, the Term Loan Exchange Notes, the Incremental Equivalent Debt, Permitted Ratio Debt, Credit Agreement Refinancing Indebtedness and the Refinancing Notes.
More Definitions of Permitted Ratio Debt
Permitted Ratio Debt means Indebtedness of the Borrower and/or any Subsidiary; provided that:
Permitted Ratio Debt means secured or unsecured debt issued by the Company or its Subsidiaries, (i) if secured by the Collateral, the Liens with respect to which are subordinated to the Liens securing the Obligations pursuant to an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, (ii) the terms of which do not provide for a stated maturity date prior to the date that is 91 days after the Latest Maturity Date and (iii) the covenants, events of default, Subsidiary guarantees and other terms of which (other than interest rate and redemption premiums), taken as a whole, either (x) are not more restrictive to the Company and its Subsidiaries than the terms of the Senior Unsecured Notes Documents, or (y) if more restrictive, the Loan Documents are amended to contain such more restrictive terms (which amendments shall automatically occur); provided that Indebtedness constituting Permitted Ratio Debt when incurred shall not cease to constitute Permitted Ratio Debt as a result of the subsequent extension of the Latest Maturity Date.
Permitted Ratio Debt means Indebtedness of the Borrower and/or any one or more Subsidiaries; provided that:
Permitted Ratio Debt means Indebtedness; provided that, at the time of incurrence thereof:
Permitted Ratio Debt means Permitted Secured Ratio Debt and Permitted Unsecured Ratio Debt.
Permitted Ratio Debt means Debt of the Obligors, or any of them; provided that:
Permitted Ratio Debt means Indebtedness of the Borrower or any Restricted Subsidiary; provided that (a) such Indebtedness is either (x) senior unsecured or (y) subordinated in right of payment to the Obligations and unsecured, (b) such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (c) such Indebtedness has no scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control, asset sale or casualty event and customary acceleration rights after an event of default) prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, and (d) immediately after giving effect thereto and to the use of the proceeds thereof, (i) no Event of Default shall exist or result therefrom (other than in connection with a Permitted Acquisition or other permitted Investment made pursuant to a legally binding commitment entered into at a time when no Event of Default exists or would result therefrom) and (ii) on a Pro Forma Basis giving effect to the incurrence of such Indebtedness, the Total Net Leverage Ratio is less than or equal to 5.50:1.00 as of the last day of the most recently ended Calculation Period prior to the incurrence of such Indebtedness (with such ratio being calculated without including the cash proceeds of any such Indebtedness in the amount of Unrestricted cash and Cash Equivalents to be netted in calculating such ratio) and (e) such Indebtedness contains covenants and events of default that are not materially more restrictive taken as a whole to the Borrower and its Restricted Subsidiaries than those contained in this Agreement, unless (1) the Lenders under the Initial Term Loans also receive the benefit of such more restrictive terms, (2) such provisions apply after the maturity date of the Latest Maturity Date or (3) such terms are reasonably Table of Contents satisfactory to the Administrative Agent; provided that a certificate of the Borrower as to the satisfaction of the conditions described in clause (e) above (other than subclause (3)) delivered at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material covenants and events of default of such Indebtedness or drafts of documentation relating thereto, stating that ...