Incremental Limit shall have the meaning provided in Section 2.14(b).
Incremental Limit has the meaning assigned to such term in Section 2.20(b).
Incremental Limit means the sum of (a) $750,000,000 plus (b) an aggregate additional amount of Indebtedness, such that, after giving pro forma effect to such Incurrence (and after giving effect to any transaction to be consummated in connection therewith and assuming that all Incremental Revolving Commitments then outstanding were fully drawn), the Borrower would be in compliance with a Senior Secured Leverage Ratio as of the last day of the Test Period most recently ended on or prior to the Incurrence of any such Incremental Revolving Commitments or Incremental Term Loans, calculated on a pro forma basis, as if such Incurrence (and transaction) had occurred on the first day of such Test Period, that is no greater than 3.50:1.0.
Examples of Incremental Limit in a sentence
If the new, increased Aggregate Estimated Value remains within the monetary threshold of the original approval authority, approval for the increase must be sought from that same authority or, if the increase is within the Incremental Limit, the Responsible Executive or their delegate, provided that the Responsible Executive must report the approval to the original approval authority at the next reasonable opportunity.
If the new (increased) Aggregate Estimated Value remains within the monetary threshold of the original approval authority, approval must be sought from that same authority or, if the increase is within the Incremental Limit, their delegate.
Each approval of a Capital Project includes the authorization to delegate authority to approve budget increases that do not exceed the Incremental Limit.
More Definitions of Incremental Limit
Incremental Limit means, with respect to any proposed incurrence of additional Indebtedness under Section 2.15 and any Incremental Equivalent Indebtedness, an amount equal to the sum of:
Incremental Limit shall have the meaning provided in Section 2.14(b)(y)(B). “Incremental Ratio Debt Amount” shall have the meaning provided in Section 2.14(b)(y)(B). “Incremental Revolving Credit Commitment Increase” shall have the meaning provided in Section 2.14(a)(ii). “Incremental Revolving Credit Commitment Increase Lender” shall have the meaning provided in Section 2.14(f)(ii). “Incremental Term Loan Commitment” shall mean the Commitment of any Lender to make Incremental Term Loans of a particular Class pursuant to Section 2.14(a), which shall include the 2022 Incremental Term Loan Commitments. “Incremental Term Loan Facility” shall mean each Class of Incremental Term Loans made pursuant to Section 2.14, which shall include the 2022 Incremental Term Loan Facility. “Incremental Term Loan Maturity Date” shall mean, with respect to any Class of Incremental Term Loans made pursuant to Section 2.14, the final maturity date thereof. The Incremental Term Loan Maturity Date for the 2022 Incremental Term Loans shall be the 2022 Incremental Term Loan Maturity Date. “Incremental Term Loans” shall have the meaning provided in Section 2.14(a)(i), which shall include the 2022 Incremental Term Loan Loans. “Incremental/Refinancing Maturity Limitation Excluded Amount” shall mean an amount equal to the greater of (x) $55.0 and (y) 50.0% of Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the Test Period most recently ended on or prior to such date of determination (measured as of such date) based upon the Internal Financial Statements most recently available on or prior to such date minus the sum of (w) the aggregate amount of Indebtedness Incurred pursuant to a Permitted Debt Exchange without regard to clause (w) of the second proviso to Section 2.17(a), (x) the aggregate amount of Incremental Term Loans Incurred without regard to clause (B) or (C) of Section 2.14(c), and (y) the aggregate amount of Credit Agreement Refinancing Indebtedness Incurred without regard to the requirements under clause (ii) of the definition of “Credit Agreement Refinancing Indebtedness” pursuant to subclause (y) of such clause (ii) and (z) the aggregate amount of Permitted Refinancing Indebtedness Incurred without regard to the requirements under clause (C) of the definition of “Permitted Refinancing Indebtedness” pursuant to the proviso to such clause (C). “Incur” shall mean create, issue, assume, guarantee, incur or otherwise become directly or indirectly liable for any Indebtednes...
Incremental Limit shall have the meaning provided in Section 2.14(b). 38 LPL – Conformed A&R Credit Agreement
Incremental Limit means, as of any date of determination, for the purpose of determining the availability to incur an Incremental Facility pursuant to Section 2.16 or Section 2.17 or Incremental Equivalent Indebtedness pursuant to Section 8.03(l)(i), an amount equal to the sum of (a) (i) $200,000,000, minus the sum of (A) the aggregate amount of Revolving Commitment Increases, (B) the aggregate amount of Incremental Term Commitments and (C) the aggregate amount of Incremental Equivalent Indebtedness, in each case established or incurred prior to such date in reliance on this clause (a)(i), plus (ii) in the case of any Incremental Facility or Incremental Equivalent Indebtedness incurred to finance a Permitted Acquisition or Permitted Investment, $150,000,000, minus the sum of (A) the aggregate amount of Revolving Commitment Increases, (B) the aggregate amount of Incremental Term Commitments and (C) the aggregate amount of Incremental Equivalent Indebtedness, in each case established or incurred prior to such date in reliance on this clause (a)(ii), plus (iii) in the case of any HCOM Incremental Term Facility or HCOM Incremental Equivalent Indebtedness, the HCOM Incremental Amount, minus the sum of (A) the aggregate amount of any HCOM Incremental Term Facility and (B) the aggregate amount of HCOM Incremental Equivalent Indebtedness, in each case established or incurred prior to such date in reliance on this clause (a)(iii); (b) such additional amounts as would not cause the Consolidated Secured Leverage Ratio to exceed 1.80 to 1.00 (or, if any HCOM Incremental Term Facility is established pursuant to Section 2.17(f) and the net cash proceeds thereof are or will be used to fund a portion of the HCOM Acquisition, 2.60 to 1.00), calculated on a Pro Forma Basis after giving effect to any such incurrence (determined without giving effect to the cash proceeds from any such incurrence or any amount incurred simultaneously under clause (a) and assuming for purposes of such calculation that any Revolving Commitment Increase is fully drawn) and the application of proceeds therefrom (and after giving effect to any related Acquisition, Disposition, incurrence or retirement of Indebtedness or other appropriate pro forma event); provided, that it is understood and agreed that amounts under clause (b) may be used prior to using any amounts available under clause (a); and (c) all voluntary prepayments of the Tranche B Term Loans and any Incremental Term Facility originally incurred under cla...
Incremental Limit as defined in Section 2.23(a).
Incremental Limit means the sum of the Incremental Base Amount and the Incremental Ratio Debt Amount.