Consolidated Adjusted EBITDA. The Consolidated Adjusted EBITDA, as of the last day of each Test Period set forth below, to be less than the amount set forth below opposite such measurement date: Test Period Consolidated Adjusted EBITDA 4 quarters ending March 31, 2022 $10,500,000 4 quarters ending June 30, 2022 $11,000,000 4 quarters ending September 30, 2022 $13,000,000 4 quarters ending December 31, 2022 and each fiscal quarter thereafter $14,500,000
Consolidated Adjusted EBITDA. Holdings shall not permit Consolidated Adjusted EBITDA as at the end of any Fiscal Quarter, beginning with the Fiscal Quarter ending March 31, 2017, for the four Fiscal Quarter period then ended to be less than the correlative amount indicated: Fiscal Quarter Consolidated Adjusted EBITDA March 31, 2017 $ 13,250,000 June 30, 2017 $ 13,250,000 September 30, 2017 $ 13,250,000 December 31, 2017 $ 13,250,000 March 31, 2018 $ 13,500,000 June 30, 2018 $ 13,500,000 September 30, 2018 $ 14,000,000 December 31, 2018 $ 14,000,000 March 31, 2019 $ 14,500,000 June 30, 2019 $ 14,500,000 September 30, 2019 $ 15,000,000 December 31, 2019 $ 15,000,000 March 31, 2020 $ 15,000,000 June 30, 2020 $ 15,000,000 September 30, 2020 and each Fiscal Quarter ending thereafter $ 15,000,000
Consolidated Adjusted EBITDA. Company shall not permit Consolidated Adjusted EBITDA as at the end of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2019, for the four Fiscal Quarter period then ended to be less than the correlative amount indicated below: September 30, 2019 -$17,250,000 December 31, 2019 -$24,000,000 March 31, 2020 -$28,500,000 June 30, 2020 -$23,750,000 September 30, 2020 -$16,500,000 December 31, 2020 -$7,750,000 March 31, 2021 $0 June 30, 2021 $10,000,000 September 30, 2021 $15,000,000 December 31, 2021 until the Maturity Date $20,000,000 For the purposes of determining compliance with the covenant set forth in this Section 6.8(d) following consummation of a Permitted Acquisition each of the minimum Consolidated Adjusted EBITDA amounts set forth in this Section 6.8(d), following the consummation date, shall be increased by 100% of Consolidated Adjusted EBITDA of the entity or assets being acquired for the four Fiscal Quarter period most recently ended prior to the consummation of such Permitted Acquisition.”
6. Section 6.8 of the Note Purchase Agreement is hereby amended by replacing clause (h) thereof in its entirety with the following:
Consolidated Adjusted EBITDA. Holdings shall not permit Consolidated Adjusted EBITDA as at the end of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2015, to be less than the correlative number below: For the Fiscal Quarter ending September 30, 2015 $250,000 For the Fiscal Quarter ending December 31, 2015 $1,500,000 For the Fiscal Quarter ending March 31, 2016 $4,250,000 For the Fiscal Quarter ending June 30, 2016 $7,250,000 For the Fiscal Quarter ending September 30, 2016 and each Fiscal Quarter ending thereafter $9,500,000 For the purposes of determining compliance with this Section 6.8(c), Consolidated Adjusted EBITDA as at the end of any Fiscal Quarter shall be equal to (i) with respect to the Fiscal Quarter ending on September 30, 2015, Consolidated Adjusted EBITDA for the Fiscal Quarter ending on such date, (ii) with respect to the Fiscal Quarter ending on December 31, 2015, Consolidated Adjusted EBITDA for the two Fiscal Quarter Period ending on such date, (iii) with respect to the Fiscal Quarter ending on March 31, 2016, Consolidated Adjusted EBITDA for the three Fiscal Quarter period ending on such date, and (iv) with respect to any other Fiscal Quarter, Consolidated Adjusted EBITDA for the period of four consecutive Fiscal Quarters ending on such date. For purposes of clarity, the minimum Consolidated Adjusted EBITDA covenant set forth above is not tested on June 30, 2015.
11. Section F(1) of the Second Amendment is hereby amended by replacing such Section with the following: “Reserved”.
Consolidated Adjusted EBITDA. Holdings shall not permit Consolidated Adjusted EBITDA as at the end of the most-recently-ended Fiscal Month for the trailing twelve-month period then ended (or in the case of any period ended on or prior to May 2, 2009, for the period from May 4, 2008 through the date of determination) to be less than the correlative amount indicated below:
Consolidated Adjusted EBITDA. Permit the Consolidated Adjusted EBITDA of the Borrower and its consolidated Subsidiaries, as of the last day of any fiscal quarter of the Borrower, on a trailing twelve month basis, to be less than the following: September 30, 2020 $0.00 December 31, 2020 $0.00 March 31, 2021 ($20,000,000) June 30, 2021 ($10,000,00) September 30, 2021 through and including December 31, 2021 $5,000,000 March 31, 2022 and each calendar quarter ending thereafter $10,000,000
Consolidated Adjusted EBITDA. Holdings shall not permit Consolidated Adjusted EBITDA as at the end of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2018, for the four Fiscal Quarter period then ended to be less than the correlative amount indicated: September 30, 2018 $ 0 December 31, 2018 $ 500,000 March 31, 2019 $ 1,000,000 June 30, 2019 $ 2,000,000 September 30, 2019 $ 3,000,000 December 31, 2019 and each Fiscal Quarter ending thereafter $ 4,000,000
Consolidated Adjusted EBITDA. The Leverage Ratio shall be calculated based upon (a) for Consolidated Total Debt, Consolidated Total Debt as of the last day of each such fiscal quarter, and (b) for Consolidated Adjusted EBITDA, the actual amount for the period of four consecutive fiscal quarters of the Borrower ending on such day.
Consolidated Adjusted EBITDA. During a Covenant Testing Period, permit the Consolidated Adjusted EBITDA of the Borrower and its consolidated Subsidiaries, as of the last day of any fiscal quarter of the Borrower, on a trailing twelve month basis, to be less than the following: September 30, 2020 $0.00 December 31, 2020 $0.00 March 31, 2021 ($20,000,000) June 30, 2021 ($20,000,000) September 30, 2021 through and including March 31, 2022 ($25,000,000) June 30, 2022 through and including December 31, 2022 ($15,000,000) March 31, 2023 ($10,000,000) June 30, 2023 and each calendar quarter ending thereafter $0
Consolidated Adjusted EBITDA. Company shall not permit the Consolidated Adjusted EBITDA as at the end of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2005, for the four Fiscal Quarter period then ended, taken as a single accounting period, to be less than the correlative amount indicated: September 30, 2005 $ 425,000,000 December 31, 2005 $ 425,000,000 March 31, 2006 $ 425,000,000 June 30, 2006 $ 425,000,000 September 30, 2006 $ 425,000,000 December 31, 2006 $ 425,000,000 March 31, 2007 $ 425,000,000 June 30, 2007 $ 425,000,000 September 30, 2007 $ 425,000,000 December 31, 2007 $ 425,000,000 March 31, 2008 $ 425,000,000 June 30, 2008 $ 425,000,000 September 30, 2008 $ 425,000,000 December 31, 2008 $ 425,000,000 March 31, 2009 $ 425,000,000 June 30, 2009 $ 425,000,000 September 30, 2009 $ 425,000,000 December 31, 2009 $ 425,000,000 March 31, 2010 $ 425,000,000 June 30, 2010 $ 425,000,000 September 30, 2010 $ 425,000,000 December 31, 2010 $ 425,000,000 March 31, 2011 $ 425,000,000 June 30, 2011 $ 425,000,000 September 30, 2011 $ 425,000,000 December 31, 2011 $ 425,000,000 Thereafter $ 425,000,000 (d) Maximum Consolidated Capital Expenditures. Company shall not make or incur any Consolidated Capital Expenditures at all after the Closing Date, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures, in any Fiscal Year indicated below, in an aggregate amount for Subsidiaries of Company in excess of the corresponding amount set forth below opposite such Fiscal Year; provided, such amount for any Fiscal Year shall be increased by an amount (up to a maximum amount of $65,000,000), equal to 50% of the excess, if any, of such amount for the previous Fiscal Year (after giving effect to any adjustment in accordance with this proviso) over the actual amount of Consolidated Capital Expenditures for such previous Fiscal Year: 2005 $ 65,000,000 2006 $ 65,000,000 2007 $ 65,000,000 2008 $ 65,000,000 2009 $ 65,000,000 2010 $ 65,000,000 2011 $ 65,000,000 Thereafter $ 65,000,000
