Covenant Book
Deterministic · 59 citations
ARIS MINING 8.000% 2029 · Indenture dated October 31, 2024 · As-of 2025-12-31 · Generated 2026-04-23 10:08 UTC

Aris Mining 8.000% 2029 $450M 8.000% Senior Notes Due 2029

S&P
Moody's
Fitch
B+
B1
B+
How close are we to breach?
1.12× vs <= 3.25×
0.0×1.0×2.0×3.25×
65% cushion · breach at +$0.98B debt or −65% EBITDA
Where's the capacity?
$1.25 B
$981M ratio $270M baskets
Breaks if …
EBITDA falls 65%
or
Debt grows by +$980M
Covenant quality
3.2 / 5
median HY
§ I

Executive Summary All three maintenance-equivalent covenants are running with meaningful cushion.

3 covenants · 0 breaches · 0 warnings
Covenant Headline Current Threshold Cushion Status
Debt Incurrence
§ 4.09
65% cushion to the leverage ceiling 1.12× <= 3.25× 65% In Compliance
Permitted Liens
§ 4.12
1 computable · Plus 31 qualitative lien carve-outs (unlimited / existing / refinancing) — standard HY patterns. $138M cap In Compliance
Restricted Payments
§ 4.07
Ratio-conditional gate — currently open (unlimited RP) ≤ 1.50× In Compliance
Running at 1.12x against a 3.25x ceiling, with ~65% cushion. $0.98B additional debt OR 65% EBITDA drop triggers breach. Covenant Quality scored 3.2/5 (debt 4, liens 1, RPs 4).
§ II

Covenant EBITDA Build-Up Bottom-up from audited Net Income to the §1.01 defined figure. Every basket cap and ratio test downstream depends on this number.

FY2025

Waterfall — Indenture §1.01 'Consolidated EBITDA'

§1.01 Clause Component Sign Amount ($K) Running
start Consolidated Net Income Income Statement — Net income for the yearFY2025 net income per Consolidated Statements of Income and Comprehensive Income. = 79,366 79,366
§1.01 Consolidated EBITDA 1(a) Consolidated Interest Expense Income Statement — Interest expense line only (Note 20). Pure interest component; the three accretion items within Finance Costs are added back separately under clauses 1(h)/(i)/(j) and are NOT included here to avoid double-counting.Capitalized interest of $24,956K (Cash Flow, investing) is NOT included — capitalized to mining assets, not expensed. Prior revisions used the $40,691K Finance Costs total, which double-counted the three accretion items against clauses 1(h)/(i)/(j). + 36,895 116,261
§1.01 Consolidated EBITDA 1(b) Income Taxes Income Statement — Income tax expense (current $136,697K less deferred recovery $8,972K)Covenant adds back both current and deferred taxes; net figure = $127,725K. + 127,725 243,986
§1.01 Consolidated EBITDA 1(c) Depreciation and Amortization Cash Flow Statement — Depreciation and amortization (consolidated)Includes D&A on all PP&E and intangibles consolidated. + 54,084 298,070
§1.01 Consolidated EBITDA 1(d) Impairments Not separately disclosed in FY2025 financialsZero for this period. + 0 298,070
§1.01 Consolidated EBITDA 1(e) Share-Based Compensation Note 14(g) — Share-based compensation expense + 42,080 340,150
§1.01 Consolidated EBITDA 1(f)/(g) M&A / Restructuring Expenses Not separately disclosedSoto Norte acquisition closed Dec 12, 2025; any integration costs are not separately disclosed in the public audited financials. + 0 340,150
§1.01 Consolidated EBITDA 1(h) Accretion of Asset Retirement Obligations Note 20 — Accretion of provisionsNon-cash accretion. + 2,074 342,224
§1.01 Consolidated EBITDA 1(i) Non-cash Accretion of Lease Obligations Note 20 — Accretion of lease obligations + 241 342,465
§1.01 Consolidated EBITDA 1(j) Accretion of Senior Notes Note 20 — Accretion of Senior NotesNon-cash amortization of issue discount. + 1,481 343,946
§1.01 Consolidated EBITDA 1(k) Non-cash FV Loss on Financial Instruments Note 21 — $66.5M from ARIS.WT.A warrants + $24.1M from Gold Notes, net of $13.8M financial-asset gainsNon-cash mark-to-market; required add-back per clause 1(k). + 76,808 420,754
§1.01 Consolidated EBITDA (2) Amortization of Deferred Revenue (reversal) Cash Flow Statement — Amortization of deferred revenueSubtracted per clause (2) — non-cash gain reversed out. - (6,307) 414,447
§1.01 Consolidated EBITDA 3(a) FX Loss (Gain) — eliminate Income Statement — Foreign exchange lossNon-operating FX eliminated per clause 3(a). + 39,187 453,634
§1.01 Consolidated EBITDA 3(b) Loss on Disposal of Juby Income Statement — Loss on disposalNon-operating disposal loss added back. + 3,200 456,834
§1.01 Consolidated EBITDA 3(b) Loss on Termination of Soto Norte Precious Metals Purchase Agreement Income Statement — Loss on contract terminationOne-time contract-termination loss added back per clause 3(b). + 4,990 461,824
TOTAL Covenant EBITDA = 461,824

Reconciliation

Indenture §1.01 'Consolidated EBITDA' (this page) $461.82M
Management-reported EBITDA
per investor presentation
$464.40M
Δ $-2.58M
Our bottom-up §1.01 buildup yields $461.82M; Aris management-reported EBITDA in the 2025 investor presentation is $464.4M. 99% of analysts use the reported figure as a shortcut; the covenant-defined figure is what actually governs incurrence tests. Delta of $2.58M is within measurement noise; materially the same number.
Filing source
Aris Mining Corporation Consolidated Financial Statements, year ended December 31, 2025 (KPMG-audited, Board-approved 2026-03-11)
§ 4.09

Debt Incurrence Limitation on Indebtedness

In Compliance 5 computable baskets
Definitional caveat Indebtedness per the indenture is broader than company-reported debt (includes Disqualified Stock, Attributable Indebtedness, guarantees, hedging, securitization). Consolidated EBITDA per §1.01 may differ from reported or "adjusted" EBITDA — see the build-up above. True covenant leverage can shift modestly when reconciled to defined terms.
Effective Headroom $1.25 B
$981MRatio headroom
+
$270MComputable baskets
=
$1,251MTotal capacity
Ratio Tests § 4.09(a)
Test Current Threshold Cushion Capacity gauge Status
Consolidated Coverage Ratio Test
§ 4.09(a)(1) [6]§ 4.09(a)(1)(1) the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is at least 2.00 to 1.00; or
12.52× >= 2.00× 84%
In Compliance
Consolidated Leverage Ratio Test
§ 4.09(a)(2) [8]§ 4.09(a)(2)(2) the Consolidated Leverage Ratio for the Company and its Restricted Subsidiaries is no greater than 3.25 to 1.00; and
1.12× <= 3.25× 65%
In Compliance
Permitted Baskets — Computable § 4.09(b) · 5 dollar-quantified
Clause Basket Resolved Cap Formula Capacity Section
(1) Debt Facility $100M the greater of (A) $75.0 million and (B) 4.0% of Consolidated Total Assets
$100M cap
4.09(b)(1) [11]§ 4.09(b)(1)in an aggregate amount not to exceed the greater of (A) $75.0 million and (B) 4.0% of Consolidated Total Assets at any time outstanding;
(8) Purchase money and similar obligations $44M the greater of (A) $30.0 million and (B) 1.75% of Consolidated Total Assets
$44M cap
4.09(b)(8) [34]§ 4.09(b)(8)in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (8) and then outstanding, shall not exceed the greater of (A) $30.0 million and (B) 1.75% of Consolidated Total Assets at any time outstanding;
(19) JV Guarantees $13M the greater of (A) $10.0 million and (B) 0.5% of Consolidated Total Assets
$13M cap
4.09(b)(19) [21]§ 4.09(b)(19)in an aggregate principal amount under this clause (19) at any one time outstanding not to exceed the greater of (A) $10.0 million and (B) 0.5% of Consolidated Total Assets;
(20) Sale/Leaseback Transactions $13M the greater of (x) $10.0 million and (y) 0.5% of Consolidated Total Assets
$13M cap
4.09(b)(20) [23]§ 4.09(b)(20)at any one time outstanding not to exceed the greater of (x) $10.0 million and (y) 0.5% of Consolidated Total Assets;
(22) General Indebtedness Basket $100M the greater of (A) $75.0 million and (B) 4.0% of Consolidated Total Assets
$100M cap
4.09(b)(22) [27]§ 4.09(b)(22)shall not exceed the greater of (A) $75.0 million and (B) 4.0% of Consolidated Total Assets, in the aggregate outstanding at the time of Incurrence.
Σ Computable basket capacity $270M sum of 5 dollar-quantified clauses
Plus 17 qualitative baskets (unlimited / existing / refinancing / ratio-test) — not dollar-quantified here.
§ 4.12

Permitted Liens Limitation on Liens

In Compliance 1 computable
Permitted Baskets — Computable
Clause Basket Resolved Cap Formula Capacity Section
(26) General Liens Basket $138M the greater of (x) $100 million and (y) 5.5% of Consolidated Total Assets
$138M cap
Permitted Liens (26) [39]Permitted Liens (26)(26) Liens securing Indebtedness (other than Subordinated Obligations and Guarantor Subordinated Obligations) in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $100 million and (y) 5.5% of Consolidated Total Assets;
Plus 31 qualitative lien carve-outs (unlimited / existing / refinancing) — standard HY patterns.
§ 4.07

Restricted Payments Limitation on Restricted Payments

In Compliance 3 computable
Permitted Baskets — Computable
Clause Basket Resolved Cap Formula Capacity Section
(7) Repurchase of Capital Stock from employees, directors, etc. $5M None
$5M
4.07(b)(7) [55]§ 4.07(b)(7)redemptions or repurchases pursuant to this clause (7) shall not exceed $5.0 million in the aggregate during any calendar year
(15) General Restricted Payments Basket $75M the greater of (x) $50.0 million and (y) 3.0% of Consolidated Total Assets
$75M
4.07(b)(15) [44]§ 4.07(b)(15)(15) other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (15), not to exceed the greater of (x) $50.0 million and (y) 3.0% of Consolidated Total Assets;
(16) Advances or loans for stock purchase plans $2M None
$2M
4.07(b)(16) [46]§ 4.07(b)(16)provided that the total aggregate amount of Restricted Payments made under this clause (16) does not exceed $2.0 million in any calendar year; and
Builder Basket § 4.07(a)(C) · cumulative capacity since Issue Date
(i) 50.0% of Consolidated Net Income since Issue Date $40M
(iii) Fixed starter amount $35M
Total gross capacity $35M
Ratio-Conditional Gates unlimited if gate is open
Clause (17) · Leverage-based Restricted Payments
the Consolidated Leverage Ratio does not exceed 1.50 to 1.00 on a pro forma basis
1.12× current <= 1.50× gate In Compliance — Unlimited RP
§ III

Pro Forma Scenarios Leverage ratio under joint EBITDA × debt shocks. Green = open, amber = tight, red = warn/breach.

Sensitivity grid · 5×5
EBITDA ↓ / Debt → Base +25% debt
+$32M
+50% debt
+$64M
+100% debt
+$128M
+190% debt
+$242M
Base EBITDA
$461.8M
0.28×91% cushion 0.35×89% cushion 0.41×87% cushion 0.55×83% cushion 0.80×75% cushion
−10% EBITDA
$415.6M
0.31×91% cushion 0.38×88% cushion 0.46×86% cushion 0.61×81% cushion 0.89×73% cushion
−20% EBITDA
$369.5M
0.35×89% cushion 0.43×87% cushion 0.52×84% cushion 0.69×79% cushion 1.00×69% cushion
−50% EBITDA
$230.9M
0.55×83% cushion 0.69×79% cushion 0.83×74% cushion 1.11×66% cushion 1.60×51% cushion
−80% EBITDA
$92.4M
1.38×57% cushion 1.73×47% cushion 2.07×36% cushion 2.76×15% cushion 4.01×BREACH
Open · ≥30% cushion Tight · 15–30% Warn · 0–15% Breach EBITDA gets us first. Solo EBITDA shock of −65% trips leverage; solo debt shock requires +$980M.
§ IV

Sources & Verbatim Citations Every computed figure traces to a specific clause and page in the source indenture.

59 citations · 1 source PDF
SOURCE   2024-10-31__8pct-2029__indenture-v2.pdf EXTRACTED   2026-04-23 10:08 UTC
  1. 4.07(a)(C)(i) · p. 70
    (i) 50.0% of Consolidated Net Income for the period (treated as one accounting period) from October 1, 2024 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which financial statements are available (or, in case such Consolidated Net Income is a deficit, minus 100.0% of such deficit); plus
  2. 4.07(a)(C)(ii) · p. 70
    (ii) 100.0% of the aggregate Net Cash Proceeds, or Fair Market Value of assets, received by the Company from the issue or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Issue Date
  3. 4.07 · p. 69
    Section 4.07 Limitation on Restricted Payments.
  4. 4.07(a)(C)(v) · p. 71
    (v) $35.0 million.
  5. 4.09(a)(1) · p. 77
    (1) the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is at least 2.00 to 1.00; or
  6. 4.09(a)(1) · p. 77
    (1) the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is at least 2.00 to 1.00; or
  7. 4.09(a)(2) · p. 77
    (2) the Consolidated Leverage Ratio for the Company and its Restricted Subsidiaries is no greater than 3.25 to 1.00; and
  8. 4.09(a)(2) · p. 77
    (2) the Consolidated Leverage Ratio for the Company and its Restricted Subsidiaries is no greater than 3.25 to 1.00; and
  9. None · p. 1
    Dated as of October 31, 2024
  10. None · p. 1
    ARIS MINING CORPORATION ... 8.000% SENIOR NOTES DUE 2029
  11. 4.09(b)(1) · p. 78
    in an aggregate amount not to exceed the greater of (A) $75.0 million and (B) 4.0% of Consolidated Total Assets at any time outstanding;
  12. 4.09(b)(1) · p. 78
    (1) Indebtedness of the Company or any Guarantor Incurred under a Debt Facility and the issuance and creation of letters of credit, bankers’ acceptances, performance or surety bonds and other similar instruments thereunder
  13. 4.09(b)(11) · p. 80
    (11) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business;
  14. 4.09(b)(12) · p. 80
    (12) Indebtedness in the form of letters of credit and reimbursement obligations relating to letters of credit that are satisfied within 30 days of being drawn;
  15. 4.09(b)(13) · p. 80
    (13) the Incurrence or issuance by the Company or any of its Restricted Subsidiaries of Refinancing Indebtedness that serves (or will serve) to refund or refinance any Indebtedness Incurred as permitted under Section 4.09(a) and clauses (2), (3) and (6) and this clause (13) of this Section 4.09(b)
  16. 4.09(b)(14) · p. 80
    (14) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of the financing of insurance premiums incurred in the ordinary course of business;
  17. 4.09(b)(15) · p. 81
    (15) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of take-or-pay obligations contained in supply arrangements incurred in the ordinary course of business;
  18. 4.09(b)(16) · p. 81
    (16) Indebtedness of the Company or any of its Restricted Subsidiaries in respect of Cash Management Agreements entered into in the ordinary course of business;
  19. 4.09(b)(17) · p. 81
    (17) Non-Recourse Debt;
  20. 4.09(b)(18) · p. 81
    (18) Indebtedness of the Company, to the extent the net proceeds thereof are promptly: (A) used to purchase the Notes tendered in connection with a Change of Control Offer; or (B) deposited to defease the Notes pursuant to Article 8 or satisfy and discharge the Notes pursuant to Article 11;
  21. 4.09(b)(19) · p. 81
    in an aggregate principal amount under this clause (19) at any one time outstanding not to exceed the greater of (A) $10.0 million and (B) 0.5% of Consolidated Total Assets;
  22. 4.09(b)(19) · p. 81
    (19) Indebtedness of the Company or any of its Restricted Subsidiaries with respect to Guarantees of Indebtedness of joint ventures, or Indebtedness of any joint venture of which the Company or any of its Restricted Subsidiaries is a general partner
  23. 4.09(b)(20) · p. 81
    at any one time outstanding not to exceed the greater of (x) $10.0 million and (y) 0.5% of Consolidated Total Assets;
  24. 4.09(b)(20) · p. 81
    (20) Indebtedness incurred in connection with any Sale/Leaseback Transaction
  25. 4.09(b)(2) · p. 78
    (2) Indebtedness represented by the Notes (including any Note Guarantee) (other than any Additional Notes);
  26. 4.09(b)(21) · p. 81
    (21) Project Debt and any Project Guarantees; and
  27. 4.09(b)(22) · p. 81
    shall not exceed the greater of (A) $75.0 million and (B) 4.0% of Consolidated Total Assets, in the aggregate outstanding at the time of Incurrence.
  28. 4.09(b)(22) · p. 81
    (22) in addition to the items referred to in clauses (1) through (21) above, Indebtedness of the Company and its Restricted Subsidiaries
  29. 4.09(b)(3) · p. 78
    (3) Indebtedness of the Company and any of its Restricted Subsidiaries in existence on the Issue Date (including the Existing Notes but other than Indebtedness described in clauses (1) and (2) of this Section 4.09(b));
  30. 4.09(b)(4) · p. 78
    (4) Guarantees by (a) the Company or Guarantors of Indebtedness permitted to be Incurred by the Company or a Guarantor in accordance with the provisions of this Indenture;
  31. 4.09(b)(5) · p. 78
    (5) Indebtedness of the Company owing to and held by any of its Restricted Subsidiaries or Indebtedness of a Restricted Subsidiary of the Company owing to and held by the Company or any other Restricted Subsidiary of the Company;
  32. 4.09(b)(6) · p. 79
    (6) Indebtedness of (a) any Person Incurred and outstanding on the date on which such Person became a Restricted Subsidiary of the Company or was acquired by, or merged into or amalgamated, arranged or consolidated with, the Company or any of its Restricted Subsidiaries
  33. 4.09(b)(7) · p. 79
    (7) Indebtedness under Hedging Obligations that are not Incurred for speculative purposes;
  34. 4.09(b)(8) · p. 80
    in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (8) and then outstanding, shall not exceed the greater of (A) $30.0 million and (B) 1.75% of Consolidated Total Assets at any time outstanding;
  35. 4.09(b)(8) · p. 79
    (8) Indebtedness (including Capitalized Lease Obligations) of the Company or any of its Restricted Subsidiaries Incurred to finance the purchase, design, lease, construction, repair, replacement or improvement of any property (real or personal), plant or equipment used or to be used in a Similar Business
  36. 4.09(b)(9) · p. 80
    (9) Indebtedness Incurred by the Company or any of its Restricted Subsidiaries in respect of (a) workers’ compensation claims, health, disability or other employee benefits; (b) property, casualty, liability or other insurance or self-insurance obligations; and (c) statutory, appeal, completion, export, import, customs, revenue, performance, bid, surety, reclamation, remediation and similar bonds and completion Guarantees (not for borrowed money) provided in the ordinary course of business;
  37. 4.09(b)(10) · p. 80
    (10) Indebtedness arising from agreements of the Company or any of its Restricted Subsidiaries providing for indemnification, adjustment of purchase price, earnout or similar obligations, in each case, Incurred or assumed in connection with the disposition of any business or assets of the Company or any business, assets or Capital Stock of any of its Restricted Subsidiaries
  38. Permitted Liens (1) · p. 31
    (1) Liens securing Indebtedness and other obligations permitted to be Incurred under clause (1) of Section 4.09(b)
  39. Permitted Liens (26) · p. 34
    (26) Liens securing Indebtedness (other than Subordinated Obligations and Guarantor Subordinated Obligations) in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $100 million and (y) 5.5% of Consolidated Total Assets;
  40. Permitted Liens (26) · p. 34
    (26) Liens securing Indebtedness (other than Subordinated Obligations and Guarantor Subordinated Obligations) in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $100 million and (y) 5.5% of Consolidated Total Assets;
  41. 4.07(b)(1) · p. 71
    (1) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock or Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Company
  42. 4.07(b)(12) · p. 73
    (12) payments or distributions to holders of the Capital Stock of the Company or any of its Restricted Subsidiaries pursuant to appraisal or dissenter rights required under applicable law or pursuant to a court order in connection with any merger, amalgamation, arrangement, consolidation or sale, assignment, conveyance, transfer, lease or other disposition of assets;
  43. 4.07(b)(14) · p. 73
    (14) payments or distributions of Capital Stock or assets of an Unrestricted Subsidiary;
  44. 4.07(b)(15) · p. 74
    (15) other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (15), not to exceed the greater of (x) $50.0 million and (y) 3.0% of Consolidated Total Assets;
  45. 4.07(b)(15) · p. 74
    (15) other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (15), not to exceed the greater of (x) $50.0 million and (y) 3.0% of Consolidated Total Assets;
  46. 4.07(b)(16) · p. 74
    provided that the total aggregate amount of Restricted Payments made under this clause (16) does not exceed $2.0 million in any calendar year; and
  47. 4.07(b)(16) · p. 74
    (16) advances or loans to (a) any future, present or former officer, director, employee or consultant of the Company or a Restricted Subsidiary to pay for the purchase or other acquisition for value of Capital Stock of the Company (other than Disqualified Stock)
  48. 4.07(b)(17) · p. 74
    (17) any Restricted Payment; provided that the Consolidated Leverage Ratio does not exceed 1.50 to 1.00 on a pro forma basis after giving effect to any such Restricted Payment;
  49. 4.07(b)(17) · p. 74
    (17) any Restricted Payment; provided that the Consolidated Leverage Ratio does not exceed 1.50 to 1.00 on a pro forma basis after giving effect to any such Restricted Payment;
  50. 4.07(b)(2) · p. 71
    (2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Company
  51. 4.07(b)(3) · p. 72
    (3) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Company or any of its Restricted Subsidiaries made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Company or such Restricted Subsidiary
  52. 4.07(b)(4) · p. 72
    (4) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Obligation (A) at a purchase price not greater than 101.0% of the principal amount of such Subordinated Obligation in the event of a Change of Control in accordance with provisions similar to Section 4.14 or (B) at a purchase price not greater than 100.0% of the principal amount thereof in accordance with provisions similar to Section 4.10
  53. 4.07(b)(5) · p. 72
    (5) any purchase or redemption of Subordinated Obligations or Guarantor Subordinated Obligations from Net Available Cash to the extent permitted under Section 4.10;
  54. 4.07(b)(6) · p. 72
    (6) (a) dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have complied with this Section 4.07
  55. 4.07(b)(7) · p. 73
    redemptions or repurchases pursuant to this clause (7) shall not exceed $5.0 million in the aggregate during any calendar year
  56. 4.07(b)(7) · p. 72
    (7) the purchase, redemption or other acquisition, cancellation or retirement for value of Capital Stock or equity appreciation rights of the Company held by any existing or former employees or directors of the Company or any Subsidiary of the Company or their assigns, estates or heirs
  57. 4.07(b)(8) · p. 73
    (8) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company issued in accordance with the terms of this Indenture to the extent such dividends are included in the definition of “Consolidated Interest Expense”;
  58. 4.07(b)(10) · p. 73
    (10) repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants, other rights to purchase Capital Stock or other convertible securities or similar securities if such Capital Stock represents a portion of the exercise price thereof
  59. 4.07(b)(11) · p. 73
    (11) payments in lieu of the issuance of fractional shares of Capital Stock in connection with any transaction otherwise permitted under this Section 4.07;
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