Incremental Cap has the meaning assigned to such term in Section 2.21(a).
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 means the sum of (x)(i) $50,000,000 (the “Fixed Incremental Amount”), plus (ii) all voluntary prepayments and commitment reductions of any Loans (including Incremental Term Loans and Incremental Revolving Loans) (in the case of any prepayment of Revolving Loans and/or Incremental Revolving Loans, to the extent accompanied by a corresponding permanent reduction in the relevant commitment) (other than to the extent financed with Cure Amounts or the proceeds of long-term indebtedness), provided that the foregoing subclauses (i) and (ii) shall be reduced by the amount of Permitted Incremental Equivalent Debt issued in lieu thereof, plus (y) an unlimited additional amount so long as, on a Pro Forma Basis as of the last day of the most recently ended Test Period (and assuming in the case of any Revolving Commitment Increase, that any such commitments are drawn in full and that all such Incremental Term Loans, Revolving Commitment Increases or Permitted Incremental Equivalent Debt is secured on a first priority basis, whether or not so secured and excluding the cash proceeds of any such Incremental Term Loans, Revolving Commitment Increases or Permitted Incremental Equivalent Debt) and after giving effect to any Permitted Acquisition or other Investment consummated in connection therewith, (A) with respect to any Incremental Borrowing that is secured by a Lien that is pari passu with the Liens securing the Loans, the First Lien Leverage Ratio shall not exceed 4.75 to 1.00 and (B) with respect to any Incremental Borrowing that is secured by a Lien that is subordinated to the Liens securing the Loans, or unsecured, the Total Leverage Ratio shall not exceed 5.75 to 1.00; provided, for the avoidance of doubt, that Incremental Term Loans, Revolving Commitment Increases and Permitted Incremental Equivalent Debt may be incurred pursuant to this clause (y) prior to utilization of the amount set forth in clause (x) above or in combination with utilization of the amount set forth in clause (x) above, and, if both clauses (x) and (y) are available and the Borrower does not make an election, the Borrower will be deemed to have elected to use clause (y) first.
Examples of Incremental Cap in a sentence
Subject to the terms and conditions of this Agreement, Borrowers may, during the Availability Period, on one or more occasions, by written notice to Administrative Agent (which shall promptly notify each Lender), elect to enter into an Incremental Facility Amendment and request additional commitments to make Advances hereunder in an amount not in excess of the Incremental Cap (such requested additional commitments, “Proposed Incremental Commitments”).
More Definitions of Incremental Cap
Incremental Cap is defined in Section 2.14(b) herein.
Incremental Cap means, as of any date of determination, the sum of:
Incremental Cap means, as of any date of determination,
Incremental Cap means, as of any date of determination:
Incremental Cap means (without duplication):
Incremental Cap means, as of any date of determination, the sum of
Incremental Cap means, on any date, the sum of the following: