Incremental Facility Cap definition

Incremental Facility Cap means an amount equal to the Fixed Incremental Amount plus the Ratio Incremental Amount. “LTM Consolidated Adjusted EBITDA” means, as of any date of determination, the Consolidated Adjusted EBITDA of the Borrower and its restricted subsidiaries, determined on a pro forma basis, for the four consecutive fiscal quarters most recently ended prior to such date for which financial statements are internally available. “Ratio Incremental Amount” means such amount as would not result in: (i) with respect to any Incremental Term Facilities or Incremental Equivalent Debt secured on a pari passu basis with the First Lien Term Loans, the Borrower’s First Lien Net Leverage Ratio (to be defined in a manner consistent with the First Lien Documentation Principles) for the applicable Test Period (to be defined in a manner consistent with the First Lien Documentation Principles) exceeding (I) the Closing Date First Lien Net Leverage Ratio or (II) the First Lien Net Leverage Ratio immediately prior to such incurrence; (ii) with respect to any Incremental Term Facilities or Incremental Equivalent Debt secured on a junior basis to the First Lien Term Loans, either the Borrower’s Secured Net Leverage Ratio (to be defined in a manner consistent with the First Lien Documentation Principles) exceeding (I) the Closing Date Secured Net Leverage Ratio or (II) the Secured Net Leverage Ratio immediately prior to such incurrence; or
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Incremental Facility Cap means an amount equal to the Incremental Fixed Amount plus the Incremental Ratio Amount. “Incremental Fixed Amount” means the sum of (a) the greater of (i) $641 million and (ii) 100% of the Borrower’s Consolidated EBITDA for the most recently ended period of four fiscal quarters for which
Sample 1
Incremental Facility Cap means $250,000,000.
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Examples of Incremental Facility Cap in a sentence

  • Unless the Borrower elects otherwise, each Incremental Facility shall be deemed incurred first under the Available Incremental Term Loan Facility Amount to the extent permitted, with the balance incurred under the Non-Ratio Based Incremental Facility Cap.

  • If the Borrower incurs indebtedness under the Non-Ratio Based Incremental Facility Cap on the same date that it incurs indebtedness under the Available Incremental Term Loan Facility Amount, then the Senior Secured First Lien Net Leverage Ratio or the Total Net Leverage Ratio, as applicable, with respect to the amounts incurred under the Available Incremental Term Loan Facility Amount will be calculated without including any incurrence under the Non-Ratio Based Incremental Facility Cap.

  • Unless the Borrowers elect otherwise, each Incremental Facility shall be deemed incurred first under the Available Incremental Term Loan Facility Amount to the extent permitted, with the balance incurred under the Non-Ratio Based Incremental Facility Cap.

  • If the Borrower incurs indebtedness under the Non-Ratio Based Incremental Facility Cap on the same date that it incurs indebtedness under the Available Incremental Term Loan Facility Amount, then the Senior Secured First Lien Net Leverage Ratio or the Total Net Leverage Ratio, as applicable, with respect to the amounts incurred under the Available Incremental Term Loan Facility Amount will be calculated without including any incurrence under the Non- Ratio Based Incremental Facility Cap.

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  • The Borrower may redesignate any Indebtedness originally incurred under the Non-Ratio Based Incremental Facility Cap as having been incurred under the Ratio Based Incremental Facility Amount, so long as at the time of such redesignation, the Borrower would be permitted to incur under the Ratio Based Incremental Facility Amount the aggregate principal amount of Indebtedness being so redesignated.

  • Unless the Borrower elects otherwise, each Incremental Facility shall be deemed incurred first under the Ratio Based Incremental Facility Amount to the extent permitted, with the balance incurred under the Non-Ratio Based Incremental Facility Cap.

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  • The aggregate principal amount of an Incremental Term Facility outstanding on the first date it is incurred or commitments with respect thereto are made, may not exceed the Incremental Facility Cap.


More Definitions of Incremental Facility Cap

Incremental Facility Cap means $300,000,000; provided that, upon the occurrence of the PNG Acquisition Closing Date, the Incremental Facility Cap shall automatically be increased by $150,000,000 to a total of $450,000,000.
Sample 1
Incremental Facility Cap means an amount equal to the Fixed Incremental Amount plus the Ratio Incremental Amount plus the Voluntary Prepayment Incremental Amount.
Sample 1

Related to Incremental Facility Cap

  • Incremental Facility has the meaning specified in Section 2.16(a).

  • Incremental Facility Amendment has the meaning specified in Section 2.14(d).

  • Incremental Facilities has the meaning assigned to such term in Section 2.22(a).

  • 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.

  • Incremental Facility Closing Date has the meaning set forth in Section 2.14(d).

  • Incremental Facility Agreement means an Incremental Facility Agreement, in form and substance reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Lenders, establishing Incremental Term Loan Commitments of any Series or Incremental Revolving Commitments and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.20.

  • Incremental Revolving Facility Commitment means the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Revolving Loans to the Borrower.

  • Incremental Revolving Increase has the meaning set forth in Section 2.16(a).

  • Incremental Revolving Facility has the meaning assigned to such term in Section 2.22(a).

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • Term Facility Commitment means the commitment of a Term Lender to make Term Loans, including Initial Term Loans and/or Other Term Loans.

  • Incremental Loan Commitments has the meaning assigned thereto in Section 5.13(a)(ii).

  • Incremental Loan Commitment shall have the meaning ascribed to such term in Section 2.22(a).

  • Incremental Revolving Commitments has the meaning specified in Section 2.14(a).

  • Incremental Term Loan Facility has the meaning set forth in Section 2.16(a).

  • Incremental Loans has the meaning assigned to such term in Section 2.22(a).

  • Incremental Revolving Loans has the meaning assigned to such term in Section 2.22(a).

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Closing Date Term Loan Commitment means, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) as such Lender’s Closing Date Term Loan Commitment. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $820,000,000.

  • Incremental Revolving Credit Commitment means the commitment of any Lender, established pursuant to the Credit Agreement, to make available certain revolving credit loans to one or more Borrowers.

  • Revolving Facility Commitment means, with respect to each Revolving Facility Lender, the commitment of such Revolving Facility Lender to make Revolving Facility Loans pursuant to Section 2.01(b), expressed as an amount representing the maximum aggregate permitted amount of such Revolving Facility Lender’s Revolving Facility Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender under Section 9.04, and (c) increased (or replaced) as provided under Section 2.21. The initial amount of each Lender’s Revolving Facility Commitment is set forth on Schedule 2.01 or in the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Revolving Facility Commitment, as applicable. The aggregate amount of the Lenders’ Revolving Facility Commitments on the Closing Date is $500,000,000. On the Closing Date, there is only one Class of Revolving Facility Commitments. After the Closing Date, additional Classes of Revolving Facility Commitments may be added or created pursuant to Incremental Assumption Agreements.

  • Incremental Term Loan Commitments has the meaning set forth in Section 2.24.

  • Incremental Term Facility has the meaning assigned to such term in Section 2.22(a).

  • Total Facility A Commitments means the aggregate of the Facility A Commitments, being €300,000,000 at the date of this Agreement.