Permitted Restricted Payment Limit definition
Permitted Restricted Payment Limit means, as of the date of any Restricted Payment, an aggregate amount for the Fiscal Year in which such Restricted Payment is made equal to the following (with no unutilized portion being carried forward to, or used in, any subsequent Fiscal Year):
Permitted Restricted Payment Limit means, with respect to any Fiscal Year, an amount equal to the sum of (a) $20,000,000 plus (b) amounts available to, but not utilized by, the Borrower pursuant to clause (a) in the Fiscal Year in which the Second Amendment Effective Date occurs and each ensuing Fiscal Year; provided that if the Consolidated Net Leverage Ratio, determined on a pro forma basis (as provided in Section 1.3) as of the date of any Restricted Payment, is less than 2.25 to 1.00, the amount of such Restricted Payment shall be deemed to be within the Permitted Restricted Payment Limit but not constitute usage of the dollar amounts in clauses (a) and (b).” (b) adding the following proviso to the end of Section 8.3 of the Credit Agreement: “; provided that notwithstanding the foregoing, during the period from October 1, 2017 through and including December 31, 2017, the foregoing clause (c) shall be limited solely to the payment of dividends (and not any other distribution, including any repurchase of Equity Interests) in an aggregate amount not to exceed $2,750,000 (and for the avoidance of doubt, the requirements of clauses (a) and (b) of the definition of Permitted Restricted Payment shall be required to be satisfied in connection with any Restricted Payment made during such period pursuant to the foregoing clause (c))”. The parties hereto agree and understand that the amendments provided by this Section 2 shall be deemed effective once all of the conditions in Section 5 of this Amendment have been satisfied (such date, the “Third Amendment Effective Date”).
Permitted Restricted Payment Limit in its entirety as follows:
More Definitions of Permitted Restricted Payment Limit
Permitted Restricted Payment Limit means, as of the date of any Restricted Payment, an aggregate amount for the Fiscal Year in which such Restricted Payment is made equal to the following (with no unutilized portion being carried forward to, or used in, any subsequent Fiscal Year): (a) if the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of making of such Restricted Payment is greater than or equal to 3.25 to 1.00, (i) with respect to Restricted Payments consisting of dividends or other distributions (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any Subsidiary, the lesser of (x) $0.30 per unit of such Equity Interests and (y) $13,000,000, (ii) with respect to Restricted Payments consisting of payments in cash on account of the purchase of any such Equity Interests in the ordinary course of business from any employee of the issuer of such Equity Interests, $1,500,000, and (iii) with respect to any other Restricted Payments, $0; (b) if the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of making of such Restricted Payment is greater than or equal to 2.50 to 1.00 but less than 3.25 to 1.00, $50,000,000; and (c) if the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of making of such Restricted Payment is less than 2.50 to 1.00, an unlimited amount. “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 32 130164155_5
Permitted Restricted Payment Limit means, with respect to any Fiscal Year, an amount equal to $50,000,000 (with no carryover to any subsequent Fiscal Year of any portion of such amount not utilized by the Borrower in any Fiscal Year); provided that if the Consolidated Net Leverage Ratio, determined on a pro forma basis (as provided in Section 1.3) as of the date of any Restricted Payment, is less than 2.50
Permitted Restricted Payment Limit means, as of the date of any Restricted Payment, an aggregate amount for the Fiscal Year in which such Restricted Payment is made equal to the following (with no unutilized portion being carried forward to, or used in, any subsequent Fiscal Year): (a) if the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of making of such Restricted Payment is greater than or equal to 3.25 to 1.00, (i) with respect to Restricted Payments consisting of dividends or other distributions (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any Subsidiary, the lesser of (x) $0.30 per unit of such Equity Interests and (y) $13,000,000, (ii) with respect to Restricted Payments consisting of payments in cash on account of the purchase of any such Equity Interests in the ordinary course of business from any employee of the issuer of such Equity Interests, $1,500,000, and (iii) with respect to any other Restricted Payments, $0; (b) if the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of making of such Restricted Payment is greater than or equal to 2.50 to 1.00 but less than 3.25 to 1.00, $50,000,000; and (c) if the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of making of such Restricted Payment is less than 2.50 to 1.00, an unlimited amount; provided that on and after the Amendment No. 11 Effective Date, the Permitted Restricted Payment Limit for each Fiscal Year (including the Fiscal Year ending December 31, 2021) shall be limited to Restricted Payments consisting of dividends or other distributions (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any Subsidiary in an amount equal to the lesser of (x) $0.30 per unit of such Equity Interests and (y) $13,000,000. “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. “Platform” has the meaning assigned thereto in Section 11.1(d). 33 130164155_5