Incremental Cap definition
Incremental Cap means, as of any date of determination, the sum of (a) the greater of (i) $130,000,000 and (ii) 100% of Consolidated EBITDA for the Test Period then last ended (less the aggregate principal amount of Second Lien Incremental Facilities and Second Lien Incremental Equivalent Debt then outstanding in reliance on the Second Lien Incremental Base Amount) plus (b) the aggregate principal amount of all voluntary prepayments of the Loans pursuant to Section 2.11(a) (other than in respect of (i) Revolving Loans unless there is an equivalent permanent reduction in Revolving Commitments and (ii) the aggregate principal amount of Second Lien Incremental Facilities and Second Lien Incremental Equivalent Debt incurred pursuant to clause (b) of the definition of “Incremental Cap” as defined in the Second Lien Credit Agreement), or purchases of Term Loans pursuant to Section 9.04(g) made prior to such date (other than, in each case, any such prepayments with the proceeds of long-term Indebtedness); provided that, for the avoidance of doubt, in the case of any purchase or prepayment made pursuant to Section 9.04(g), the amount included in the calculation of the Incremental Cap pursuant to this clause (b) shall be the par principal amount of Loans retired in connection with such purchase or prepayment, plus (c) the maximum aggregate principal amount that can be incurred without causing the First Lien Leverage Ratio, after giving effect to the incurrence or establishment, as applicable, of any Incremental Facilities or Incremental Equivalent Debt (which shall assume that all such Indebtedness is Consolidated First Lien Debt and the full amounts of any Incremental Revolving Commitment Increase and Additional/Replacement Revolving Commitments established at such time are fully drawn) and the use of proceeds thereof, on a Pro Forma Basis (but without giving effect to any substantially simultaneous incurrence of any Incremental Facility, Incremental Equivalent Debt, Second Lien Incremental Facility or Second Lien Incremental Equivalent Debt made pursuant to the foregoing clauses (a) and (b) or clause (d) below (or under the corresponding provisions of the Second Lien Credit Agreement) or under the Revolving Credit Facility in connection therewith), to exceed either (i) 4.75 to 1.00 for the most recent Test Period then ended or (ii) if incurred in connection with a Permitted Acquisition or other Investment, the First Lien Leverage Ratio immediately prior to the incurrence of such...
Incremental Cap has the meaning assigned to such term in Section 2.21(a).
Incremental Cap means, as of any date of determination:
Examples of Incremental Cap in a sentence
For the avoidance of doubt, (i) such increased commitments and new loans maybe incurred under clause (2) of the immediately preceding sentence in Borrower’sBorrower’s sole discretion prior to being allocated by the Borrower to the amount allowed under clause (1) from the immediately preceding sentence and (ii) the 2017 Incremental Term Loans shall not reduce clause (1) of the Incremental Cap.
More Definitions of Incremental Cap
Incremental Cap means, as of any date of determination, the sum of:
Incremental Cap is defined in Section 2.14(b) herein.
Incremental Cap means, at any time, (a) the excess, if any, of (x) $425,000,000 over (y) the aggregate principal amount of all Increased Commitments, Incremental Term Loans (other than Refinancing Term Loans and Refinancing Revolving Commitments) and Incremental Equivalent Indebtedness previously incurred prior to such time in reliance on this clause (a), plus (b) the maximum aggregate principal amount that can be incurred without causing the First Lien Net Leverage Ratio, after giving effect to the contemplated incurrence or establishment, as applicable, of any Incremental Term Loans, Increased Commitments or Incremental Equivalent Indebtedness (which shall assume solely for purposes of this definition that all such Indebtedness is First Lien Indebtedness, that the full amounts of any Increased Commitments established at such time are fully drawn and that any cash proceeds thereof are excluded from cash and Cash Equivalents) and the use of proceeds thereof, on a Pro Forma Basis (but without giving effect to any substantially simultaneous incurrence of any Incremental Term Loans, Increased Commitment or Incremental Equivalent Indebtedness made in reliance on clause (a) or any increase in cash and Cash Equivalents as a result thereof), to exceed 1.80 to 1.00 as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements have been delivered pursuant to Section 5.01(a) or (b) of this Agreement (or, prior to the initial delivery under this Agreement, of the Original Credit Agreement); provided that, in calculating the First Lien Net Leverage Ratio for purposes of this clause (b), such First Lien Net Leverage shall disregard the $100,000,000 cap contained in clause (ii)(y) of the definition of “First Lien Indebtedness.” The Borrower shall be deemed to have utilized capacity under clause (b) above (to the extent compliant therewith) prior to utilizing capacity under clause (a) above; provided further that the aggregate principal amount of Incremental Term A Loans permitted to be incurred hereunder shall not exceed $150,000,000. For the avoidance of doubt, no capacity under clause (a) above has been utilized on or prior to the Restatement Effective Date.
Incremental Cap shall have the meaning given to such term in Section 2.13(b).
Incremental Cap at any time, the sum of (A) the Voluntary Prepayment Amount and (B) an unlimited additional amount so long as (x) in respect of any Permitted Additional Junior Lien Indebtedness, the Consolidated Secured Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis as of the date of incurrence thereof (but excluding from Unrestricted Cash in making such pro forma calculation the Net Cash Proceeds of such Indebtedness), is not in excess of 3.75 to 1.00 (or if such Indebtedness is incurred in connection with an Investment permitted hereunder, such Consolidated Secured Leverage Ratio is less than or equal to the Consolidated Secured Leverage Ratio immediately prior to such transaction) or (y) in respect of Permitted Unsecured Indebtedness, (1) the Consolidated Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis as of the date of incurrence thereof (but excluding from Unrestricted Cash in making such pro forma calculation the Net Cash Proceeds of such Indebtedness), is not in excess of 4.25 to 1.00 (or if such Indebtedness is incurred in connection with an Investment permitted hereunder, such Consolidated Leverage Ratio is less than or equal to the Consolidated Leverage Ratio immediately prior to such transaction) or (2) the Consolidated Coverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis as of the date of incurrence thereof, is no less than 2.00:1.00 (it being understood that (i) the Borrower shall be deemed to have utilized amounts under clause (B) above prior to utilization of amounts under clauses (A) above or the Base Incremental Amount and (ii) the proceeds from any incurrence under such clauses and under the Base Incremental Amount may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) above and any incurrence utilizing the Base Incremental Amount); provided that in no event shall any Incremental Equivalent Indebtedness consisting of Permitted Additional Junior Lien Indebtedness be incurred as a result of any Voluntary Prepayment Amount attributable to prepayments of Permitted Unsecured Indebtedness.
Incremental Cap means, on any date, the sum of the following:
Incremental Cap means (without duplication):