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 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 shall have the meaning given to such term in Section 2.13(b).
Incremental Cap means, on any date, the sum of the following:
Incremental Cap has the meaning specified in Section 2.16(a)(i).
Incremental Cap means, after giving effect to the effectiveness of the principal amount of any proposed Incremental Facility (including any unused amount thereof, in the case of any proposed Incremental Revolving Credit Facility or Incremental Revolving Increase), an amount not to exceed the sum of (a) (i) the greater of (A) $300,000,000 and (B) the Consolidated EBITDA of the Company and its Restricted Subsidiaries for the Computation Period most recently ended for which financial statements have been delivered under Section 6.01 plus (ii) the aggregate amount of all voluntary prepayments and repurchases of Term Loans made prior to the date of any such incurrence (other than prepayments, repurchases and commitment reductions made with the proceeds of Indebtedness under this Agreement or any other Indebtedness with a maturity date of more than one (1) year) minus (iii) the aggregate principal amount of all Incremental Facilities and Incremental Equivalent Debt theretofore incurred in reliance of clauses (i) and (ii) of this clause (a), and (b) the maximum aggregate principal amount (if any) of the Incremental Facilities that could be established or incurred without causing the Consolidated First Lien Net Leverage Ratio as of the last day of the most recently ended Computation Period, on a Pro Forma Basis, to exceed 2.50:1.00 (treating any proposed Incremental Revolving Credit Facility or proposed Incremental Revolving Increase as fully drawn); provided that any loans under such Incremental Facility that rank junior to the Liens securing the Credit Facilities or that are unsecured shall be considered Consolidated First Lien Indebtedness for purposes of calculating the Consolidated First Lien Net Leverage Ratio to determine whether such Incremental Facility may be incurred and for all other Consolidated First Lien Net Leverage Ratio and Consolidated Secured Net Leverage Ratio (other than in the case of any such unsecured Indebtedness, the Consolidated Secured Net Leverage Ratio financial covenant) calculations from and after the date of effectiveness of such Incremental Facility; provided further, that solely for the purposes of calculating the Consolidated First Lien Net Leverage Ratio to determine whether an Incremental Facility may be incurred pursuant to this clause (b), such calculation shall be made without giving effect to any amount incurred simultaneously under clause (a).