Maximum Incremental Term Loan Amount definition
Maximum Incremental Term Loan Amount means, at any date of determination, a principal amount of not greater than (a) $500 million plus (b) additional amounts, so long as on a Pro Forma Basis after giving effect to the incurrence of any such Incremental Term Loan or any Permitted Debt Offering (and after giving effect to any acquisition consummated concurrently therewith), the Consolidated Secured Net Leverage Ratio is equal to or less than 2.50 to 1.00 for the most recently ended Test Period for which Required Financial Statements have been delivered; provided, that the principal amount of any Incremental Facilities incurred pursuant to Section 2.13 or any Permitted Debt Offerings incurred pursuant to Section 7.02(b)(xxi), in each case shall reduce the amount in clause (a) on a dollar for dollar basis until reduced to zero.
Maximum Incremental Term Loan Amount means, at any date of determination, a principal amount of not greater than (a) $350 million plus (b) additional amounts, so long as on a Pro Forma Basis after giving effect to the incurrence of any such Incremental Term Loan or any Permitted Debt Offering (and after giving effect to any acquisition consummated concurrently therewith), the Consolidated Secured Net Leverage Ratio is equal to or less than 2.50 to 1.00 for the most recently ended Test Period for which Required Financial Statements have been delivered; provided, that the principal amount of any Incremental Facilities incurred pursuant to Section 2.13 or any Permitted Debt Offerings incurred pursuant to Section 7.02(b)(xxi), in each case shall reduce the amount in clause (a) on a dollar for dollar basis until reduced to zero. In calculating the Maximum Incremental Term Loan Amount, the Borrower may utilize capacity available under both clauses (a) and (b) of the preceding sentence in the same transaction and under such circumstances amounts incurred under clause (a) will be disregarded for purposes of calculating the ratio set forth in clause (b); provided that absent direction from the Borrower, if amounts are available under both clauses (a) and (b), the Borrower will be deemed to have first utilized amounts permitted under clause (b) to the extent compliant therewith before any utilization under clause (a).
Maximum Incremental Term Loan Amount means an unlimited amount so long as, on a pro forma basis after giving effect to the proposed Incremental Term Loan and the use of proceeds thereof, (x) with respect to any Incremental Term Loan funded prior to the effective date of the Conversion Option, the Recurring Revenue Leverage Ratio (calculated using (A) Recurring Revenue of Parent and its Subsidiaries for the three (3) consecutive fiscal month period ended as of the last day of the most recent fiscal month for which financial statements have been delivered to Agent in accordance with Section 5.1 multiplied by four (4) and (B) Total Indebtedness calculated as of the date of funding of such Incremental Term Loan) does not exceed the lesser of 2.00:1.00 and the Recurring Revenue Leverage Ratio financial covenant level set forth in Section 7.1(a) for the fiscal quarter ending on, or most recently prior to, the date of funding of such Incremental Term Loan (provided for purposes of this clause (x) the Recurring Revenue Leverage Ratio covenant level used at all times from and after the Restatement Date but prior to September 30, 2018 shall be 2.25:1.00) and (y) with respect to any Incremental Term Loan funded on or after the effective date of the Conversion Option, the Total Leverage Ratio (calculated using (A) Adjusted EBITDA of Parent and its Subsidiaries for the twelve (12) consecutive fiscal month period ended as of the last day of the most recent fiscal month for which financial statements have been delivered to Agent in accordance with Section 5.1 and (B) Total Indebtedness calculated as of the date of funding of such Incremental Term Loan) does not exceed the lesser of 6.50:1.00 and the Total Leverage Ratio financial covenant level set forth in Section 7.1(c) for the fiscal quarter ending on, or most recently prior to, the date of funding of such Incremental Term Loan. SCHEDULE 1.1 – PAGE 18
Examples of Maximum Incremental Term Loan Amount in a sentence
Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Term Loans (other than, for the avoidance of doubt, those established in respect of Extended Term Loans pursuant to Section 2.15) shall not exceed the Maximum Incremental Term Loan Amount.