Incurrence Limitation definition

Incurrence Limitation means, on any date of determination, the product of (x) 3.00 multiplied by (y) the EBITDA of the Borrower for the four (4) most recently completed fiscal quarters for which financial statements have been delivered pursuant to Section 5.8. Notwithstanding the foregoing, (x) from the date hereof to the date on which the certificate of the Borrower is delivered pursuant to Section 5.8 for the Borrower's fiscal quarter ending September 30, 2000 (or, if earlier, the date on which the Borrower delivers a certificate pursuant to clause (x) of the definition of "Applicable Margin" for the fiscal quarter ending September 30, 2000), the Incurrence Limitation shall be the product of (i) 3.00 multiplied by (ii) the EBITDA of the Borrower for the two (2) fiscal quarters ended September 30, 2000 multiplied by (iii) two, and (y) from the date on which the certificate referred to in clause (x) above is delivered to the date on which the certificate of the Borrower is delivered pursuant to Section 5.8 for the Borrower's fiscal quarter ending December 31, 2000 (or, if earlier, the date on which the Borrower delivers a certificate pursuant to clause (x) of the definition of "Applicable Margin" for the fiscal quarter ending December 31, 2000), the Incurrence Limitation shall be the product of (i) 3.00 multiplied by (ii) the EBITDA of the Borrower for the three (3) fiscal quarters ended December 31, 2000 multiplied by (iii) four-thirds.
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Incurrence Limitation. (a) on any date of determination prior to May 30, 1997, the greater of (i) $250,000,000 and (ii) the product of (x) 3.25 multiplied by (y) the Annualized EBITDA on such date of determination, and (b) from and after May 30, 1997, an amount not to exceed the product of (i) 3.25 multiplied by (ii) the Consolidated EBITDA for the most recently ended Calculation Period for which financial statements have been delivered pursuant to subsection 7.1.
Sample 1
Incurrence Limitation on any date of determination, the product of (x) 5.35 (or, from and after the Equity Adjustment Date, 5.00) multiplied by (y) the Consolidated EBITDA for the most recently ended Calculation Period for which financial statements have been delivered pursuant to subsection 7.1. Notwithstanding the foregoing, from the Closing Date to the date on which the certificate of a Responsible Officer of the Borrower is delivered pursuant to subsection 7.2(b) for the Borrower's fiscal quarter ending June 30, 1999 (or, if earlier, the date on which a Responsible Officer of the Borrower delivers a certificate pursuant to clause (x) of the definition of "Applicable Margin" for the fiscal quarter ending June 30, 1999), the Incurrence Limitation shall be the product of (i) 5.35 multipled by (ii) Consolidated EBITDA for the Calculation Period ended March 31, 1999, it being agreed that for such purposes Consolidated EBITDA for each of the second, third and fourth quarters of fiscal year 1998 and the first quarter of fiscal year 1999 shall be deemed to be $23,500,000 and Consolidated EBITDA for the second quarter of fiscal year 1999 shall be calculated in accordance with the definiton thereof.
Sample 1

Examples of Incurrence Limitation in a sentence

  • CHARITY WALKS Much of the detail contained in Chapter 11, Athletics events can be applied to charity walks, and organisers should carefully consider the detail contained in these chapters.

  • In addition to teaching at the CICA/Tax Foundation tax specialist program, Mr. Edwards became a Certified Financial Planner (CFP) in 1996.

  • If on any date (including any date on which a certificate of the Borrower is delivered pursuant to Section 5.8) the sum of the Aggregate Outstandings exceeds the lesser of (i) the maximum amount of the Revolving Credit [as it may be reduced pursuant to Subsection 2.1(d)] or (ii) the then applicable Incurrence Limitation, then, without notice or demand, the Borrower shall, no later than fifteen (15) days following such date, prepay the Loans in an amount equal to such excess.

  • Each of the Administrative Agent, the Co-Arranger and the Lenders hereby waives compliance by the Borrower with the requirements of subsections 2.4, 3.1(a), 4.1(c) and 7.2(b)(ii)(y) during the period beginning the Amendment Effective Date through and including January 31, 1999 to the extent and only to the extent that such subsections relate to the Incurrence Limitation.


More Definitions of Incurrence Limitation

Incurrence Limitation on any date of determination, the product of (x) 5.35 (or, from and after the Equity Adjustment Date, 5.00) multiplied by (y) the Consolidated EBITDA for the most recently ended Calculation Period for which financial statements have been delivered pursuant to subsection 7.1.
Sample 1

Related to Incurrence Limitation

  • Required Availability means Excess Availability and unrestricted cash and Cash Equivalents in an amount of not less than $5,000,000.

  • Applicable Reserve Requirement means, at any time, for any Eurodollar Rate Loan, the maximum rate, expressed as a decimal, at which reserves (including, without limitation, any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against "Eurocurrency liabilities" (as such term is defined in Regulation D) under regulations issued from time to time by the Board of Governors of the Federal Reserve System or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the applicable Adjusted Eurodollar Rate or any other interest rate of a Loan is to be determined, or (ii) any category of extensions of credit or other assets which include Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

  • Revolver Usage means, as of any date of determination, the sum of (a) the amount of outstanding Advances, plus (b) the amount of the Letter of Credit Usage.

  • Available Equity Amount means a cumulative amount equal to (without duplication):

  • Consolidated Coverage Ratio means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements are in existence to (y) Consolidated Interest Expense for such four fiscal quarters, provided, however, that:

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Availability Block means $15,000,000.

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the Value of total assets of the Borrower and its Subsidiaries, less all liabilities (other than Indebtedness, including Indebtedness hereunder) of the Borrower and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries.

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • Revolving Availability means, at the time of determination, (a) the sum of all Revolving Commitments at such time less (b) the sum of (i) the principal amount of Revolving Loans and Swing Loans made and outstanding at such time and (ii) the LC Outstandings at such time.

  • Excess Additional Book Basis has the meaning given such term in the definition of “Additional Book Basis Derivative Items.”

  • Defined Contribution Dollar Limitation means, for any Limitation Year, $46,000, as adjusted for increases in the cost-of-living under Code section 415(d). If a short Limitation Year is created because of a Plan amendment changing the Limitation Year to a different 12-consecutive month period, the Defined Contribution Dollar Limitation for the short Limitation Year will not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12.

  • Excess Availability means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables of Borrower and its Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of Borrower and its Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion.

  • Incurrence-Based Amounts has the meaning assigned to such term in Section 1.07(b).

  • Interest Coverage Ratio means, as at any date, the ratio of (a) EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior to such date to (b) Interest Expense for such period.

  • Facility Usage means, at the time in question, the aggregate amount of outstanding Loans and LC Obligations at such time.

  • Adjusted Borrowing Value means, on any date of determination, for any Eligible Loan Asset, an amount equal to the lower of (a) the Outstanding Balance of such Eligible Loan Asset at such time and (b) the Assigned Value of such Eligible Loan Asset at such time, multiplied by the Outstanding Balance of such Eligible Loan Asset at such time. Notwithstanding the foregoing, the Adjusted Borrowing Value of any Loan Asset that is no longer an Eligible Loan Asset at such time shall be zero.

  • Capital Account Limitation has the meaning set forth in Section 4.05(b) hereof.

  • Effective Leverage Ratio has the meaning set forth in the Statement.

  • Availability Amount is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base minus (b) the outstanding principal balance of any Advances.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Reference Value means the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given.

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Lender from time to time reasonably determines as being appropriate (a) to reflect the impediments to the Lender’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Lender determines will need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, but are not limited to, as the Lender reasonably determines, reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Lender in the Collateral; (iv) salaries, wages and benefits due to employees of the Borrower, (v) Customer Credit Liabilities; (vi) customer deposits; (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals; (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Lender in the Collateral; (ix) amounts due to vendors on account of consigned goods, if any (x) Cash Management Reserves, (xi) Bank Product Reserves, and (xii) royalties payable in respect of licensed merchandise.