Closing Leverage. The aggregate outstanding balance of the ABL Obligations and the Term A Loans funded on the Closing Date, minus unrestricted cash in which the ABL Agent and the Administrative Agent have perfected security interests (in an aggregate amount not to exceed $1,000,000), shall not be greater than 3.00 multiplied by Consolidated EBITDA.
Closing Leverage. See SECTION 3.01. ----------------
Closing Leverage. After giving effect to such Loans, the ratio of (i) ---------------- Total Funded Debt as of the Closing Date to (ii) Operating Cash Flow for the three months ended July 31, 1998 multiplied by four ("Closing Leverage") shall ---------------- be less than or equal to 6.00:1.00 and the Agent shall have received satisfactory evidence (including detailed calculations) to such effect.
Closing Leverage. Immediately after giving effect to the Closing Date Transactions, (i) the ARR Total Leverage Ratio does not exceed 0.67:1.00, calculated on a Pro Forma Basis as of the end of the most recent Test Period, (ii) the ARR Net Leverage Ratio does not exceed 0.00:1.00, calculated on a Pro Forma Basis as of the end of the most recent Test Period and (iii) Liquidity is not less than $175,000,000. For purposes of determining compliance with the conditions specified in this Section 5.1, (i) each Lender that has executed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent (or made available) by the Administrative Agent to such Lender for consent, approval, acceptance or satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to such Lender, unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the Closing Date specifying such Xxxxxx’s objection thereto and either such objection shall not have been withdrawn by notice to the Administrative Agent to that effect on or prior to the Closing Date or, if any extension of credit on the Closing Date has been requested, such Lender shall not have made available to the Administrative Agent on or prior to the Closing Date such Lender’s Term Percentage of such requested extension of credit and (ii) the Closing Date Transactions and the other transactions occurring (or to occur) on the Closing Date in accordance with, and as expressly set forth in, the funds flow memorandum delivered to (and approved by) the Administrative Agent shall be deemed to occur and have occurred substantially simultaneously with the Initial Credit Extension.
