Document ID: 16318

Text:
Payment Conditions means, at the time of determination with respect to any specified transaction or payment (including a Restricted Payment), that (a) no Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment, and (b) either (i)(A) before and after giving effect to such transaction or payment, Excess Availability equals or exceeds the greater of (x) fifteen percent (15.0%) of the Loan Cap and (y) $17,500,000 (or in the case of a Restricted Payment, the greater of (xx) seventeen and a half percent (1 7.5% ) of the Loan Cap and (yy) $20,000,000 ) as at such date and on a pro forma basis for the preceding ninety (90) calendar day period, and (B) the pro forma Consolidated Fixed Charge Coverage Ratio calculated for the most recently ended Measurement Period hereof, after giving effect to such transaction or payment equals or exceeds 1.00:1.00 or (ii) after the earlier of twelve (12) months from the Effective Date and such time as the Consolidated Fixed Charge Coverage Ratio at the end of any two consecutive Measurement Periods following the Effective Date has been at least 1.00:1.00, Excess Availability equals or exceeds the greater of (x) 20% of the Loan Cap and (y) $26,250,000 (or, in the case of a Restricted Payment, the greater of (xx) 22.5% of the Loan Cap and (yy) $30,000,000) as at such date and on a pro forma basis for the preceding ninety (90) calendar day period. Prior to undertaking any transaction or payment which is subject to the Payment Conditions, the Loan Parties shall deliver to the Administrative Agent an officers certificate (1) confirming that no Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment and (2) setting forth calculations showing satisfaction of the conditions contained in clause (b) above which shall be reasonably satisfactory to the Administrative Agent.

Named Entities:
88
91
Percentage
101
106
Principal
123
127
Percentage
129
133
Percentage
143
148
Principal
204
210
Percentage
274
275
Percentage
284
289
Principal
307
310
Percentage
319
324
Principal

Tokenized Text:
Payment
Conditions
means
,
at
the
time
of
determination
with
respect
to
any
specified
transaction
or
payment
(
including
a
Restricted
Payment
)
,
that
(
a
)
no
Event
of
Default
then
exists
or
would
arise
as
a
result
of
entering
into
such
transaction
or
the
making
of
such
payment
,
and
(
b
)
either
(
i
)
(
A
)
before
and
after
giving
effect
to
such
transaction
or
payment
,
Excess
Availability
equals
or
exceeds
the
greater
of
(
x
)
fifteen
percent
(
15
.
0
%
)
of
the
Loan
Cap
and
(
y
)
$
17
,
500
,
000
(
or
in
the
case
of
a
Restricted
Payment
,
the
greater
of
(
xx
)
seventeen
and
a
half
percent
(
1
7
.
5
%
)
of
the
Loan
Cap
and
(
yy
)
$
20
,
000
,
000
)
as
at
such
date
and
on
a
pro
forma
basis
for
the
preceding
ninety
(
90
)
calendar
day
period
,
and
(
B
)
the
pro
forma
Consolidated
Fixed
Charge
Coverage
Ratio
calculated
for
the
most
recently
ended
Measurement
Period
hereof
,
after
giving
effect
to
such
transaction
or
payment
equals
or
exceeds
1
.
00
:
1
.
00
or
(
ii
)
after
the
earlier
of
twelve
(
12
)
months
from
the
Effective
Date
and
such
time
as
the
Consolidated
Fixed
Charge
Coverage
Ratio
at
the
end
of
any
two
consecutive
Measurement
Periods
following
the
Effective
Date
has
been
at
least
1
.
00
:
1
.
00
,
Excess
Availability
equals
or
exceeds
the
greater
of
(
x
)
20
%
of
the
Loan
Cap
and
(
y
)
$
26
,
250
,
000
(
or
,
in
the
case
of
a
Restricted
Payment
,
the
greater
of
(
xx
)
22
.
5
%
of
the
Loan
Cap
and
(
yy
)
$
30
,
000
,
000
)
as
at
such
date
and
on
a
pro
forma
basis
for
the
preceding
ninety
(
90
)
calendar
day
period
.
Prior
to
undertaking
any
transaction
or
payment
which
is
subject
to
the
Payment
Conditions
,
the
Loan
Parties
shall
deliver
to
the
Administrative
Agent
an
officers
certificate
(
1
)
confirming
that
no
Event
of
Default
then
exists
or
would
arise
as
a
result
of
entering
into
such
transaction
or
the
making
of
such
payment
and
(
2
)
setting
forth
calculations
showing
satisfaction
of
the
conditions
contained
in
clause
(
b
)
above
which
shall
be
reasonably
satisfactory
to
the
Administrative
Agent
.