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):
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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
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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
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More Definitions of Permitted Restricted Payment Limit

Permitted Restricted Payment Limit in its entirety as follows:
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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”). 3.
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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
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Related to Permitted Restricted Payment Limit

  • Permitted Restricted Payments means any of the following Restricted Payments made by:

  • Restricted Payments as defined in Section 7.6.

  • Permitted Payment as defined in Subsection 8.2(b).

  • Restricted Payment means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the Borrower’s stockholders, partners or members (or the equivalent Person thereof).

  • Restricted Payment Conditions is defined in Section 10.9.

  • Permitted Payments has the meaning specified in Section 7.06(b).

  • Excluded Payments means (i) indemnity payments paid or payable by Lessee to or in respect of the Owner Participant or the Owner Trustee in its individual capacity, their respective Affiliates, successors and permitted assigns and their directors, officers, employees, servants and agents (collectively, the "Owner Indemnitees") pursuant to Sections 7(b), 7(c), 16 and 17 of the Participation Agreement, (ii) proceeds of public liability insurance in respect of the Aircraft payable as a result of insurance claims made, or losses suffered, by the Owner Trustee or the Indenture Trustee in their respective individual capacities or by any of the Owner Indemnitees, (iii) proceeds of insurance maintained with respect to the Aircraft by the Owner Participant (whether directly or through the Owner Trustee) or any other Owner Indemnitee and permitted under Section 11(e) of the Lease, (iv) all payments required to be made under the Tax Indemnity Agreement by Lessee and all payments of Supplemental Rent by Lessee in respect of any amounts payable under the Tax Indemnity Agreement, (v) fees payable to the Owner Trustee or the Indenture Trustee pursuant to the last sentence of Section 7(c) of the Participation Agreement, (vi) provided that the Secured Certificates shall have been duly assumed by Lessee pursuant to Section 2.13 hereof, the amounts payable to the Owner Trustee pursuant to the third sentence of Section 19(d) of the Lease plus all reasonable expenses incurred by the Owner Trustee and the Owner Participant in connection with such assumption, as applicable, (vii) any payment of the foregoing under the Guarantee, (viii) interest accrued on any of the above, and (ix) any right to enforce the payment of any amount described in clauses (i) through (viii) above and the right to declare an Event of Default in respect of any of the foregoing amounts.

  • Permitted Acquisition Indebtedness means Indebtedness (including Disqualified Stock) of the Company or any of the Restricted Subsidiaries to the extent such Indebtedness was Indebtedness:

  • Permitted Payments to Parent means, without duplication as to amounts:

  • Permitted Debt means any Financial Indebtedness:

  • Restricted Debt Payment has the meaning set forth in Section 6.04(b).

  • Restricted Payment Transaction means any Restricted Payment permitted pursuant to Section 409, any Permitted Payment, any Permitted Investment, or any transaction specifically excluded from the definition of the term “Restricted Payment” (including pursuant to the exception contained in clause (i) and the parenthetical exclusions contained in clauses (ii) and (iii) of such definition).

  • Permitted Financial Indebtedness means Financial Indebtedness:

  • Restricted Debt Payments has the meaning set forth in Section 6.04(b).

  • Other Permitted Indebtedness means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any Obligor’s business which are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings, (b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of any Obligor’s business in connection with its purchasing of securities, derivatives transactions, reverse repurchase agreements or dollar rolls to the extent such transactions are permitted under the Investment Company Act and the Investment Policies, provided that such Indebtedness does not arise in connection with the purchase of Portfolio Investments other than Cash Equivalents and U.S. Government Securities and (c) Indebtedness in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an Event of Default under clause (l) of Article VII.

  • Total Consolidated Indebtedness means, as of any date of determination, an amount equal to the aggregate amount of all Indebtedness of the Company and its Restricted Subsidiaries, determined on a Consolidated basis in accordance with GAAP, outstanding as of such date of determination, after giving effect to any Incurrence of Indebtedness and the application of the proceeds therefrom giving rise to such determination.

  • Restricted Debt has the meaning set forth in Section 6.04(b).

  • Consolidated Senior Secured Indebtedness means, as of any date of determination, Consolidated Total Indebtedness as of such date that is not subordinated in right of payment to the Secured Obligations and is secured by a Lien on the Collateral securing the Loan Document Obligations.

  • Unrestricted Subsidiary Indebtedness of any Unrestricted Subsidiary means Indebtedness of such Unrestricted Subsidiary

  • Permitted Indebtedness means, without duplication, each of the following:

  • Permitted Convertible Indebtedness means senior, unsecured Indebtedness of the Borrower or any Restricted Subsidiary that is convertible into shares of common stock of the Borrower (or other securities or property following a merger event, reclassification or other change of the common stock of the Borrower), cash or a combination thereof (such amount of cash determined by reference to the price of the Borrower’s common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Borrower.

  • Permitted Unsecured Indebtedness means Indebtedness of the Borrower or any Restricted Subsidiary (a) that is not (and any Guarantees thereof by the Borrower or Restricted Subsidiaries are not) secured by any collateral (including the Collateral), (b) that does not mature earlier than the date that is 91 days after the latest maturity date under this Agreement then in effect, and has a weighted average life to maturity no shorter than the Class of Term Loans with the latest maturity date in effect at the time of incurrence of such Indebtedness, (c) that, in the case of such Indebtedness in the form of bonds, debentures, notes or similar instrument, does not provide for any amortization, mandatory prepayment, redemption or repurchase (other than upon a change of control, fundamental change, customary asset sale or event of loss mandatory offers to purchase and customary acceleration rights after an event of default and, for the avoidance of doubt, rights to convert or exchange in the case of convertible or exchangeable Indebtedness) prior to the date that is the latest maturity date in effect at the time of incurrence of such Indebtedness, (d) that contains covenants, events of default, guarantees and other terms that are customary for similar Indebtedness in light of then-prevailing market conditions and, when taken as a whole (other than interest rates, rate floors, fees and optional prepayment or optional redemption terms), are not more favorable to the lenders or investors providing such Permitted Unsecured Indebtedness, as the case may be, than those set forth in the Loan Documents are with respect to the Lenders (other than covenants or other provisions applicable only to periods after the latest maturity date under this Agreement then in effect); provided that a certificate of a Financial Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness or the modification, refinancing, refunding, renewal or extension thereof (or such shorter period of time as may reasonably be agreed by the Administrative Agent), together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the material definitive documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements shall be conclusive, and (e) that is not guaranteed by any Person other than on an unsecured basis by Loan Parties.

  • Total Funded Indebtedness means, at any date, the aggregate principal amount of all Funded Indebtedness of Holdings and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

  • Consolidated Senior Secured Debt means, at any date of determination, the aggregate principal amount of Total Funded Debt outstanding on such date that is secured by a Lien on any asset or property of the Borrower or the Restricted Subsidiaries, which Total Funded Debt is not, by its terms, subordinated in right of payment to the Obligations.

  • Permitted Subsidiary Indebtedness means any of the following:

  • Permitted Acquired Debt shall have the meaning set forth in Section 9.04(d).