DIP Cap definition

DIP Cap has the meaning assigned to such term in Section 6.01.
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DIP Cap means, on any date of determination, the sum of the aggregate outstanding principal amount of loans (including any advances or overadvances permitted by the Revolving Facility Credit Agreement), letter of credit accommodations (including the undrawn amount of any letter of credit) and other financial accommodations made, issued or incurred under the Revolving Facility Documents and Bank Product Obligations up to an aggregate maximum amount equal to the sum of (x) the then outstanding Revolving Facility Obligations Cap, minus any permanent reductions of the revolving loan commitment under the Revolving Facility Documents (other than as a result of Permitted Refinancing) and (y) $2,000,000; provided that the DIP Cap shall not exceed, (i) prior to the consummation of a Qualifying IPO, $40,000,000, and (ii) after the consummation of a Qualifying IPO, $50,000,000.
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DIP Cap means, with respect to any DIP Financing, (a) $[ ]1,000,000 plus (b) an aggregate principal amount equal to the amount of any incremental facilities (or Additional First 1 To include 15% cushion. Priority Debt in lieu thereof) and any other secured Indebtedness secured on a pari passu to the First Priority Debt Obligations that would, at the time of incurrence, be permitted to be incurred and secured on a pari passu basis with the First Priority Debt Obligations under the terms of the Initial First Priority Credit Agreement plus (c) any additional principal amount of Indebtedness in connection with any refinancing of the foregoing to the extent permitted under the Initial First Priority Credit Agreement, but only to the extent the amount of such refinancing exceeds the refinanced Indebtedness plus (d) an amount equal to 100% of the aggregate commitments (whether drawn or undrawn) under revolving credit facilities under the Initial First Priority Credit Agreement existing at the time of such DIP Financing.
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Examples of DIP Cap in a sentence

  • Notwithstanding the foregoing, the applicable provisions of this Section 7.01 shall only be binding on the Second Priority Secured Parties with respect to any DIP Financing to the extent the principal amount of such DIP Financing (together with the principal amount of any remaining pre-petition First Priority Debt Obligations) does not exceed the DIP Cap.

  • The Second Lien Claimholders will subordinate their respective liens in the Collateral to the liens securing such DIP Financing, subject to the DIP Cap, to the extent the liens securing the First Lien Priority Obligations are subordinated or are pari passu with such DIP Financing.

  • Subject to Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred and, following the occurrence of a DIP Cap Election, the Discharge of Excess Senior Obligations shall have occurred.


More Definitions of DIP Cap

DIP Cap means, as of any date, an amount equal to the lesser of (a)(i) 20% of the aggregate principal amount of all outstanding Indebtedness incurred under clause (i) of the “Priority Debt Cap” definition in accordance with (and not in violation of) [Section 3.2(b)(1)] of the Second Lien Indebtedness Documents (as in effect on the date hereof) plus (ii) any interest and expenses (but excluding any premium, fees and other amounts) with respect to the applicable Indebtedness and (b)(i) 20% of the aggregate principal amount of all outstanding Indebtedness incurred under the “Priority Debt Cap” in accordance with (and not in violation of) [Section 3.2(b)(1)] of the Second Lien Indebtedness Documents (as in effect on the date hereof) plus (ii) any interest and expenses (but excluding any premium, fees and other amounts) with respect to the applicable Indebtedness 2.
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DIP Cap sum of (a) the greater of (i) the difference of (x) 5% of the principal amount of the combined Last-Out Term Loan and First Out Obligations outstanding at the time of the occurrence of an Insolvency Proceeding (with all Letter of Credit Usage being deemed included in the calculation of such principal amount) minus (y) the amount of any Overadvances (as defined in the Credit Agreement) outstanding on the date of the occurrence of such Insolvency Proceeding that do not constitute Excluded Overadvances and (ii) the difference of (x) $10,000,000 minus (y) the amount of any Overadvances outstanding on the date of the occurrence of an Insolvency Proceeding that do not constitute Excluded Overadvances (the amount under this clause (a) being referred to as the “Cushion Amount”) (provided that, for the avoidance of doubt, the Cushion Amount shall be a one-time increase to the principal amount of the Loans and not be applicable until after the occurrence of an Insolvency Proceeding) plus, (b) in each case, the principal amount of any portion of the Last-Out Term Loan and/or First Out Obligations which is to be refinanced by such DIP Financing plus (c) all interest, fees, costs, charges, expenses, indemnities, and other amounts accrued or charged with respect to the First Out Obligations and/or the Last-Out Term Loan as and when the same accrues or becomes due and payable, irrespective of whether the same is added to the principal amount of the First Out Obligations or Last-Out Term Loan and including the same as would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such amounts are allowed or allowable, in whole or in part, in any such Insolvency Proceeding.
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DIP Cap means, with respect to any DIP Financing, the product of (a) the outstanding amount of the pre-petition Senior Obligations constituting Capped Obligations (provided that such outstanding amount shall not exceed an amount equal to the Senior Cap Amount), and (b) an amount equal to 5% of such outstanding amount described in clause (a).
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DIP Cap shall have the meaning set forth in Section 4(b).
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DIP Cap means, with respect to any DIP Financing, (a) $[ ]1,000,000 plus (b) an aggregate principal amount equal to the amount of any incremental facilities (or Additional First 1 To include 15% cushion.
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DIP Cap means an amount equal to (x) the greater of (i) 120% of the First Lien Priority Obligations outstanding at the time of determination and (ii) 115% of the First Lien Priority Cap Amount plus (y) $15.0 million solely to pay the costs and expenses incurred in connection with the retention of professionals and the payment of adequate protection in respect of First Lien Obligations.
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Related to DIP Cap

  • WAC Cap With respect to the Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • First Lien Leverage Ratio means the ratio, as of any date, of (a) Consolidated First Lien Debt as of the last day of the Test Period then most recently ended to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case of the Borrower and its Restricted Subsidiaries on a consolidated basis.

  • Average Revolver Usage means, with respect to any period, the sum of the aggregate amount of Revolver Usage for each day in such period (calculated as of the end of each respective day) divided by the number of days in such period.

  • Make-Whole Amount is defined in Section 8.6.

  • Available Funds Cap Any of the Class A-1 Available Funds Cap, the Class A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Indebtedness as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • priority date means the date of the earlier application that serves as the basis for the right of priority provided for in the Paris Convention;

  • Non-Availability Charges has the meaning set forth in the CAISO Tariff.

  • Quarterly Excess Available Funds Percentage means, with respect to the March 2008 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

  • Cumulative Excess Cash Flow means the amount equal to the sum of Excess Cash Flow (but not less than zero for any Fiscal Year) for the Fiscal Year ending on December 31, 2022 and Excess Cash Flow (but not less than zero in any Fiscal Year) for each succeeding and completed Fiscal Year.

  • Restructuring Maturity Limitation Date means, with respect to a Valuation Obligation, the Limitation Date occurring on or immediately following the Credit Observation End Date. Notwithstanding the foregoing, if the final maturity date of the Restructured Bond or Loan with the latest final maturity date of any Restructured Bond or Loan occurs prior to the 2.5-year Limitation Date (such Restructured Bond or Loan, a "Latest Maturity Restructured Bond or Loan") and the Credit Observation End Date occurs prior to the final maturity date of such Latest Maturity Restructured Bond or Loan, then the Restructuring Maturity Limitation Date will be the final maturity date of such Latest Maturity Restructured Bond or Loan.

  • Loan Cap means, at any time of determination, the lesser of (a) the Aggregate Commitments or (b) the Borrowing Base.

  • Refinancing Date The date on which a Current Mortgage Loan or Mortgage Loan is refinanced by Seller or an affiliate thereof.

  • Specified Refinancing Debt has the meaning specified in Section 2.18(a).

  • Modified Restructuring Maturity Limitation Date means with respect to a Reference Obligation, the date that is the later of (x) the Scheduled Maturity Date of the Notes and (y) 60 months following the Restructuring Date in the case of a Restructured Bond or Loan, or 30 months following the Restructuring Date in the case of all other Reference Obligations.

  • Reference Amount In relation to (a) any Term Obligation, the Outstanding Principal Amount thereof and (b) any Committed Obligation, the Commitment Amount thereof. Utilization Amount: In relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period. Maximum Portfolio Notional Amount: USD750,000,000, or such greater amount as the parties may agree to in writing. Minimum Portfolio Notional Amount: 80% of the Maximum Portfolio Notional Amount. Business Day: New York Business Day Convention: Following (which shall apply to any date specified herein for the making of any payment or determination or the taking of any action which falls on a day that is not a Business Day). If any anniversary date specified herein would fall on a day on which there is no corresponding day in the relevant calendar month, then such anniversary date shall be the last day of such calendar month. Floating Rate Index: Whenever in this Confirmation reference is made to any Floating Rate Option (including any floating rate index specified in any Reference Obligation Credit Agreement) or to USD-LIBOR-BBA (each, a "Floating Rate Index"), in no event may such Floating Rate Index be less than zero. In addition, with respect to any Counterparty First Floating Amount, if payment of interest on a Reference Obligation (or any portion thereof) is subject to the payment of a specified minimum rate regardless of the level of the relevant Floating Rate Index, then, without limiting the effect of the preceding sentence, such Floating Rate Index will be determined without regard to such specified minimum rate. Monthly Period: Each period from and including the 12th day of any calendar month to but excluding the same day of the immediately succeeding calendar month. Calculation Agent: Citibank; provided that, if an Event of Default described in Section 5(a)(vii) occurs with respect to Citibank as Defaulting Party and no Event of Default has occurred with respect to Counterparty as Defaulting Party, then Counterparty may designate any of Bank of America, NA, The Bank of Montreal, Barclays Bank plc, Canadian Imperial Bank of Commerce, Credit Suisse, Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Xxxxx Fargo Bank, National Association as Calculation Agent, which designation shall be effective only (a) if such designated entity accepts such appointment and agrees to perform the duties of the Calculation Agent hereunder and (b) so long as such Event of Default with respect to Citibank as Defaulting Party continues. Unless otherwise specified, the Calculation Agent shall make all determinations, calculation s and adjustments required pursuant to this Confirmation in good faith and on a commercially reasonable basis. Calculation Agent City: New York Initial Price: In relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I. The Initial Price will be determined as of the related Obligation Trade Date exclusive of accrued interest and will be expressed as a percentage of the Reference Amount. The Initial Price will be determined exclusive of Costs of Assignment that would be incurred by a buyer in connection with any purchase of the Reference Obligation and exclusive of any Delay Compensation.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Consolidated First Lien Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date that is secured on a first lien basis by assets or properties of Holdings or any Subsidiaries to (b) Consolidated EBITDA of Holdings and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period.

  • Net WAC Cap Rate With respect to any Distribution Date, the product of (i) a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.

  • Refinancing Debt means Debt that refunds, refinances, renews, replaces or extends any Debt permitted to be Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent that:

  • Availability Block means $15,000,000.

  • Maximum Incremental Facilities Amount means, at any date of determination, (a) the sum of (i) $500,000,000, plus (ii) an amount such that the Borrower is in Pro Forma Compliance with the Senior Secured Leverage Test (for the avoidance of doubt without netting any cash from the proceeds of any Indebtedness being incurred in reliance on such test and, if applicable, assuming the full amount of any New Revolving Credit Commitments are drawn), plus (iii) amounts used to incur Indebtedness the Net Cash Proceeds of which are substantially concurrently used to refinance or replace Revolving Credit Commitments and/or Term Loans (including any fees, accrued interest or other amounts owing in respect thereof), plus (iv) from and after the 2012 Extension Effective Date, the aggregate principal amount of 2014 Term Loans outstanding as of such date of determination, provided that such additional amounts pursuant to this clause (iv) are only available to the extent such amounts are used to incur Indebtedness the Net Cash Proceeds of which are substantially concurrently used to prepay 2014 Term Loans in accordance with Section 5.1 of this Agreement (such prepaid 2014 Term Loans, “Incremental Facility Prepaid 2014 Term Loans”) plus (v) the Dollar Equivalent principal amount of Term Loans (other than New Term Loans, Incremental Facility Prepaid 2014 Term Loans or Term Loans refinanced or replaced pursuant to clause (iii) above) voluntarily prepaid pursuant to Section 5.1 prior to such date, plus (vi) the amount of all Revolving Credit Commitments that have either been permanently reduced pursuant to Section 4.2 or have otherwise terminated in accordance with the terms of this Agreement after the 2012 Extension Effective Date (without duplication of the amounts incurred pursuant to clause (iii) above) minus (b) the sum of (i) the aggregate principal amount of New Loan Commitments incurred pursuant to Section 2.14(a) prior to such date and (ii) the aggregate principal amount of Permitted Other Indebtedness issued or incurred pursuant to Section 10.1(bb)(i)(a) prior to such date.

  • Make-Whole Redemption Margin means the margin specified as such in the relevant Final Terms.