Common use of Effectiveness of Incremental Amendment Clause in Contracts

Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f)); (ii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below); (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”); and (iv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1.

Appears in 2 contracts

Samples: Credit Agreement (New Media Investment Group Inc.), Credit Agreement (New Media Investment Group Inc.)

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Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment Amendment, and the Incremental Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Tranche Closing Date”) of each of the following conditions: (i) (A) no Default or Event of Default under exists or shall exist immediately before or after giving effect to such Incremental Commitments Amendment and (except in connection with any Permitted AcquisitionB) to the extent subject to testing, in which case this condition the Borrower shall be limited in compliance on a Pro Forma Basis with the Financial Performance Covenants after giving effect to an Event of Default under Section 7.1(a) or (f))such Incremental Amendment; (ii) [Reserved]; (iii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 25.0 million and shall be in an increment of $500,000 5.0 million (provided that such amount may be less than $5,000,000 25.0 million and not in an increment of $5.0 million if such amount represents all remaining availability under the limit set forth in clause (iiiiv) below) ), and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 25.0 million and shall be in an increment of $500,000 5.0 million (provided that such amount may be less than $5,000,000 25.0 million and not in an increment of $5.0 million if such amount represents all remaining availability under the limit set forth in clause (iiiiv) below); (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”); and (iv) the Total Leverage Ratio after giving effect to aggregate amount of the Incremental Commitments shall not exceed the Incremental Amount (at the time of incurrence or establishment of such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1Commitment).

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Lannett Co Inc), Credit and Guaranty Agreement (Lannett Co Inc)

Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f)); (ii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below); (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 75,000,000 in the aggregate ( the “Available Incremental Amount”); and (iv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1.

Appears in 1 contract

Samples: Credit Agreement (New Media Investment Group Inc.)

Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment Amendment, and the Incremental Revolving Credit Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Revolving Credit Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f))and Incremental Revolving Loans made pursuant thereto on the Incremental Facility Closing Date; (ii) each after giving effect to such Incremental Term Commitment Revolving Credit Commitments, the conditions of Section 4.02(i) shall be satisfied (it being understood that all references to “the date of such Credit Extension” or similar language in an aggregate principal amount that is not less than $5,000,000 and such Section 4.02(i) shall be in an increment deemed to refer to the effective date of $500,000 (such Incremental Amendment); provided that for purposes of satisfying Section 4.02(i), only the Specified Representations shall be required to be true and correct to the extent the proceeds of such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause Incremental Revolving Loans are used to consummate a Permitted Acquisition; (iii) below[reserved]; (iv) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and 7,500,000 and, if greater than $7,500,000, shall be in an increment of $500,000 1,000,000 (provided that such amount may be less than $5,000,000 7,500,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below); (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”next sentence); and (ivv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as aggregate amount of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1Incremental Revolving Credit Commitments shall not exceed $100,000,000.

Appears in 1 contract

Samples: Abl Credit Agreement (Prestige Brands Holdings, Inc.)

Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f)); (ii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below); (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 75,000,000225,000,000 in the aggregate ( the “Available Incremental Amount”); and (iv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1.

Appears in 1 contract

Samples: Credit Agreement (New Media Investment Group Inc.)

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Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment Amendment, and the Incremental Revolving Credit Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Revolving Credit Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f))and Incremental Revolving Loans made pursuant thereto on the Incremental Facility Closing Date; (ii) each after giving effect to such Incremental Term Commitment Revolving Credit Commitments, the conditions of Section 4.02(i) shall be satisfied (it being understood that all references to “the date of such Credit Extension” or similar language in an aggregate principal amount that is not less than $5,000,000 and such Section 4.02(i) shall be in an increment deemed to refer to the effective date of $500,000 (such Incremental Amendment); provided that for purposes of satisfying Section 4.02(i), only the Specified Representations shall be required to be true and correct to the extent the proceeds of such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause Incremental Revolving Loans are used to consummate a Permitted Acquisition; (iii) below[reserved]; (iv) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and 7,500,000 and, if greater than $7,500,000, shall be in an increment of $500,000 1,000,000 (provided that such amount may be less than $5,000,000 7,500,000 if such amount represents all remaining availability under the limit set forth in clause (iii) belowthe next sentence);; and (iiiv) the aggregate principal amount of Incremental Term Loans and the Incremental Revolving Credit Commitments incurred after the Amendment No. 2 69 Effective Date Date, shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”); and (iv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1100,000,000.

Appears in 1 contract

Samples: Abl Credit Agreement (Prestige Consumer Healthcare Inc.)

Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment Amendment, and the Incremental Revolving Credit Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: : (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Revolving Credit Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f)); and Incremental Revolving Loans made pursuant thereto on the Incremental Facility Closing Date; (ii) each after giving effect to such Incremental Term Commitment Revolving Credit Commitments, the conditions of Section 4.02(i) shall be satisfied (it being understood that all references to “the date of such Credit Extension” or similar language in an aggregate principal amount that is not less than $5,000,000 and such Section 4.02(i) shall be in an increment deemed to refer to the effective date of $500,000 (such Incremental Amendment); provided that for purposes of satisfying Section 4.02(i), only the Specified Representations shall be required to be true and correct to the extent the proceeds of such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause Incremental Revolving Loans are used to consummate a Permitted Acquisition; (iii) below[reserved]; (iv) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and 7,500,000 and, if greater than $7,500,000, shall be in an increment of $500,000 1,000,000 (provided that such amount may be less than $5,000,000 7,500,000 if such amount represents all remaining availability under the limit set forth in clause the next sentence); and (iii) below); (iiiv) the aggregate principal amount of Incremental Term Loans and the Incremental Revolving Credit Commitments incurred after the Amendment No. 2 6 Effective Date Date, shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”100,000,000 (e); and (iv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1.

Appears in 1 contract

Samples: Abl Credit Agreement (Prestige Consumer Healthcare Inc.)

Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment Amendment, and the Incremental Revolving Credit Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: (i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Revolving Credit Commitments (except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f))and Incremental Revolving Loans made pursuant thereto on the Incremental Facility Closing Date; (ii) each after giving effect to such Incremental Term Commitment Revolving Credit Commitments, the conditions of Section 4.02(i) shall be satisfied (it being understood that all references to “the date of such Credit Extension” or similar language in an aggregate principal amount that is not less than $5,000,000 and such Section 4.02(i) shall be in an increment deemed to refer to the effective date of $500,000 (such Incremental Amendment); provided that for purposes of satisfying Section 4.02(i), only the Specified Representations shall be required to be true and correct to the extent the proceeds of such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause Incremental Revolving Loans are used to consummate a Permitted Acquisition; (iii) below[reserved]; (iv) and each Incremental Revolving Credit Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and 7,500,000 and, if greater than $7,500,000, shall be in an increment of $500,000 1,000,000 (provided that such amount may be less than $5,000,000 7,500,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below); (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”next sentence); and (ivv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as aggregate amount of the end of Incremental Revolving Credit Commitments incurred after the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1September 2014 Amendment ClosingNo. 6 Effective Date, shall not exceed $100,000,000.

Appears in 1 contract

Samples: Abl Credit Agreement (Prestige Brands Holdings, Inc.)

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