Extract to table

No pro forma financial covenant compliance is required to draw on the Free-and-Clear Basket — the capacity is available solely upon satisfaction of certain non-financial conditions (described in Section III

Each incremental lender must qualify as an "eligible assignee" under the Credit Agreement — that is, it must not be a "disqualified lender" as defined in Section 1

Unsecured Incremental Equivalent Debt does not require an intercreditor agreement, though its terms must comply with the conditions described in Section VI

This "pre-authorization" provision is essential to the practical functionality of the Incremental Equivalent Debt framework, as it eliminates the need for the Borrower to solicit lender-by-lender consent each time an intercreditor arrangement must be executed in connection with an incurrence of Incremental Equivalent Debt

The Incremental Equivalent Debt must be incurred in reliance on, and in compliance with, either the Free-and-Clear Basket (Section 2

No Event of Default or Default shall exist at the time of incurrence or result therefrom