Incurrence Ratio definition

Incurrence Ratio shall have the meaning assigned to such term in the definition of “Maximum Incremental Facilities Amount”.

Incurrence Ratio as at the last day of any period of four consecutive fiscal quarters, the maximum permitted Consolidated Leverage Ratio for such period as set forth in Section 7.1(a), with the numerator of such ratio decreased by 0.25.

Incurrence Ratio means, as of any date of determination, the maximum Adjusted Leverage Ratio permitted under Section 14.01 as of the end of the most recently ended Reference Period for which the Borrowers have delivered a Compliance Certificate, less 0.25.

Examples of Incurrence Ratio in a sentence

• Notwithstanding the foregoing payment to the Collateral Account, the related LIBOR Loan shall remain outstanding for all purposes of this Agreement, including, without limitation, the accrual of interest and fees and the calculation of the Consolidated Leverage Ratio and the Incurrence Ratio, until such time as such LIBOR Loan has been paid in full or converted or continued in accordance with the terms hereof.

• Notwithstanding the foregoing payment to the Collateral Account, the related SOFR Loan shall remain outstanding for all purposes of this Agreement, including, without limitation, the accrual of interest and fees and the calculation of the Consolidated Leverage Ratio and the Incurrence Ratio, until such time as such SOFR Loan has been paid in full or converted or continued in accordance with the terms hereof.

• In addition and without limiting the foregoing, no Borrower shall, nor shall any Borrower permit any Subsidiary to, at any time, directly or indirectly (a) become legally obligated to make any Growth Capital Expenditures, or (b) make any Growth Capital Expenditures which any Borrower or any such Subsidiary was not previously legally obligated to make, if, in either case, after giving effect thereto, the Adjusted Leverage Ratio is, or would be, greater than the Incurrence Ratio.

• The Term Loans are being incurred pursuant to, and in full compliance with, the 1997 Senior Unsecured Indenture, and the Term Loans are classified as Indebtedness incurred under the "Debt Incurrence Ratio".

• The Issuer and the Guarantors shall not, and shall not permit any of their Subsidiaries to, individually or collectively, directly or indirectly, make any Restricted Payment if, after giving effect to such Restricted Payment on a pro forma basis, (i) a Default or an Event of Default shall have occurred and be continuing or (ii) Xxxxxxx International is not permitted to incur at least $1.00 of additional Indebtedness pursuant to the Debt Incurrence Ratio contained in Section 4.10.

More Definitions of Incurrence Ratio

Incurrence Ratio means, as of any date of determination, the maximum Consolidated Leverage Ratio permitted under Section 7.10(a) for such date, less 0.25.

Incurrence Ratio means, as at any date of determination, the ratio of (a) Consolidated Total Debt less (i) any NMTC Indebtedness included therein and (ii) the Loan Parties’ unrestricted Cash and Cash Equivalents on hand, in each case as of such date (and after giving effect to the incurrence or repayment of any Indebtedness and the disposition of any assets or the making of any Restricted Junior Payment on such date) to (b) Consolidated Adjusted EBITDA for the most recently ended period of four consecutive Fiscal Quarters of Parent for which quarterly unaudited or annual audited financial statements have been delivered pursuant to Section 5.1(b) or (c), as applicable.

Incurrence Ratio means, at any date of determination, the maximum Consolidated Total Leverage Ratio permitted. under Section 5.9(a) of the Senior Credit Agreement as in effect on the date hereof as at the end of the most recently ended fiscal quarter for which the Borrowers have delivered a compliance certificate pursuant to Section 5.2(b), less 0.125.

Incurrence Ratio means, as of any date of determination, the maximum Adjusted Leverage Ratio permitted under Section 14.01 as of the end of the most recently ended Reference Period for which the Borrowers have delivered a Compliance Certificate, less 0.15.

Incurrence Ratio has the meaning assigned to such term in the definition of “Maximum Incremental Facilities Amount.” “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person excluding trade accounts payable in the ordinary course of business, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (i) current accounts payable and other accrued obligations, in each case incurred in the ordinary course of business, (ii) deferred compensation payable to directors, officers or employees of the Borrower or any Subsidiary in the form of Qualified Equity Interests and (iii) any purchase price adjustment or earn out incurred in connection with an acquisition except to the extent such amount is or becomes a liability on the balance sheet in accordance with GAAP), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person (but only to the extent of the lesser of (x) the amount of such Indebtedness and (y) the fair market value of such property if such Indebtedness has not been assumed by such Person), (f) all Guarantees by such Person of Indebtedness of others of the types set forth in clauses (a) through (e) above and clauses (g) through (i) below, (g) the principal portion of all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (j) [reserved], (k) any other Off-Balance Sheet Liability and (l) any obligations with respect to any Swap Agreements to the extent required to be reflected as a liability on a balance sheet of such Person under GAAP (in an amount equal to the swap termination or closeout value thereof). The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person i...

Incurrence Ratio shall have the meaning assigned to such term in the definition of “Maximum Incremental Facilities Amount”. “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such person for borrowed money or advances; (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such person under conditional sale or other title retention agreements relating to property purchased by such person; (d) all obligations of such person issued or assumed as the deferred purchase price of property or services; (e) all Indebtedness of others (excluding prepaid interest thereon) secured by any Lien on property owned or acquired by such person, whether or not the obligations secured thereby have been assumed by such person, but limited to, to the extent that such Indebtedness is recourse only to such property (and not to such person), the lower of (x) fair market value of such property as determined by such person in good faith and (y) the amount of Indebtedness secured by such Lien; (f) all Capital Lease Obligations, Purchase Money Obligations and synthetic lease

Incurrence Ratio means, as of any date of determination, the maximum Consolidated Leverage Ratio permitted under Section 7.10 (a) for such date, less 0.25.