Restricted Payment Condition definition

Restricted Payment Condition means, on any Business Day, a condition that is satisfied if (i) no Default or Event of Default has occurred and is continuing, (ii) there are more than 25 un-Affiliated Obligors in respect of the Collateral Assets of the Borrower, (iii) the Diversity Score is greater than 15 and (iv) each Collateral Quality Test is satisfied.
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Restricted Payment Condition means each of the conditions in Paragraph 31 (Restricted Payments) of Part 3 (General Covenants) Schedule 2 (Covenants) to the Common Terms Agreement which must be satisfied or waived by the Borrower Security Trustee before a Restricted Payment may be made by the Issuer or an Obligor.
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Restricted Payment Condition shall be deemed to be satisfied in connection with a Restricted Payment (including, without limitation, payments under the Tax Receivable Agreement that do not constitute Permitted Tax Distributions), voluntary prepayment of Indebtedness or payment of the Effective Date Earn-out if:
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Examples of Restricted Payment Condition in a sentence

  • Subject to Paragraph 32 (Permitted Inter-Company and Non-Migrated Bond Distributions) below, no Obligor will make a Restricted Payment unless the Restricted Payment Condition is satisfied.

  • If the Restricted Payment Condition was not satisfied as at any Financial Quarter Date, but is subsequently satisfied on any following Financial Quarter Date, an Obligor may make a Restricted Payment in the following Financial Quarter but only to the extent the Further Restricted Payment Maximum would not be less than zero following the making of such Restricted Payment until the Restricted Payment Condition has been satisfied on six consecutive Financial Quarter Dates.

  • A breach of the Restricted Payment Condition, provided that in any case where such breach is capable of remedy, such breach is not remedied within a period of 20 days following receipt of a notification by an Obligor of a breach from the Borrower Security Trustee or (if earlier) the date on which the relevant Obligor becomes aware of that default.

  • The net proceeds of any Further Advances to be made on any Further Closing Date must be deposited in the Loan Payments Account and may be applied by the Borrower for its general corporate purposes or for making a Restricted Payment provided that the Restricted Payment Condition is satisfied and subject to Clause 14.2.4 (Restricted Payments).

  • When discussing poverty in Erie County, many refer to the lack of accessibility to pre-existing resources.


More Definitions of Restricted Payment Condition

Restricted Payment Condition means the conditions set out in Clause 15.9.2 (Criteria for Restricted Payment Condition);
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Restricted Payment Condition. “Specified Transaction Conditions”, “Pro Forma Excess Availability”, “Senior Secured Debt”, “Senior Secured Debt Liens” or “Specified Incurrence Conditions”, in each case, in a way that would be more favorable to the Loan Parties;
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Restricted Payment Condition has the meaning given to such term in Clause 15.11 (Definitions) of the Issuer/Borrower Facility Agreement;
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Restricted Payment Condition shall be deemed to be satisfied in connection with a Restricted Payment or voluntary prepayment of Indebtedness if:
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Restricted Payment Condition means each of the conditions in paragraph 34 (Restricted Payments) of Part 3 (General Covenants) Schedule 4 (Covenants) to the CTA which must be satisfied or waived by the Security Trustee before a Restricted Payment may be made by the Issuer or WWU.
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Restricted Payment Condition has the meaning specified in the last paragraph of Section 7.03.
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Restricted Payment Condition means, as of any date, with respect to any Restricted Payment described in clause (a) or (c) above: the condition that (A) the sum of (i) the amount of such Restricted Payment, plus (ii) the aggregate amount of all other such Restricted Payments made during the most recently completed twelve month period of the Company, plus (iii) the aggregate amount of all other such Restricted Payments made since the end of such twelve-month period, and on or prior to the date of the applicable Restricted Payment, shall not exceed (B) the sum of (i) consolidated net income of the Company and its Subsidiaries for such twelve-month period plus (ii) the noncash charges related to the cooperative resource fee owed by FR Holdings as described in the Audited Financial Statements for such twelve-month period less
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