Consolidated Senior Secured Net Leverage Ratio. Permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower to be greater than 2.50 to 1.00; provided that, to the extent a Material Permitted Acquisition is consummated by the Borrower or any other Loan Party in any fiscal quarter, at the election of the Borrower upon written notice to the Administrative Agent no later than ten (10) Business Days prior to the date in which the financial statements and the 174721465 related Compliance Certificate are required to be delivered pursuant to Section 6.01(a) or Section 6.01(b), as applicable, and Section 6.02(b) for the fiscal quarter in which such Material Permitted Acquisition is consummated, the Consolidated Senior Secured Net Leverage Ratio shall be no greater than 3.00 to 1.00 (but solely for purposes of compliance with this Section 7.11(b) and the definition of “Permitted Acquisition” only and for no other purposes herein or in the other Loan Documents) with respect to the fiscal quarter in which the Material Permitted Acquisition is consummated and the immediately subsequent three (3) fiscal quarters thereafter (such period, the “Adjusted Covenant Period”) (it being understood and agreed that following the end of the Adjusted Covenant Period, the required Consolidated Senior Secured Net Leverage Ratio shall revert to 2.50 to 1.00 as of the end of each subsequent three (3) fiscal quarters until another Adjusted Covenant Period (if any) occurs); provided further that (i) there may only be two (2) such Adjusted Covenant Periods during the term of the Revolving Facility and (ii) there shall be at least two (2) full fiscal quarters between Adjusted Covenant Periods.
Consolidated Senior Secured Net Leverage Ratio. For any fiscal quarter ending on or after a Qualified Offering and on or after the IPO Closing Date, permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any such fiscal quarter to be greater than 3.50 to 1.00; provided that for purposes of Section 7.11(c), Section 7.11(d), Section 7.11(e) and Section 7.11(f), Consolidated EBITDA may include, at Borrower’s option, any Material Project EBITDA Adjustments.
Consolidated Senior Secured Net Leverage Ratio. As of the last day of any fiscal quarter, permit the Consolidated Senior Secured Net Leverage Ratio to be greater than 3.50 to 1.00. Notwithstanding the foregoing, upon the consummation of any Permitted Acquisition having aggregate consideration (including cash, Cash Equivalents, Equity Interests, Earn-outs, Holdbacks and other deferred payment obligations) in excess of $50,000,000, the Borrower may, at its election (in connection with such Permitted Acquisition and by not less than five (5) Business Days’ written notice to the Administrative Agent prior to delivery of financial statements pursuant to Section 8.1(a) or (b) for the fiscal quarter ended immediately after the consummation of such Permitted Acquisition), increase the required Consolidated Senior Secured Net Leverage Ratio pursuant to this Section to 3.75 to 1.00 solely for each fiscal quarter ending during the twelve (12) month period immediately following such Permitted Acquisition; provided that the Borrower shall be permitted to exercise such increase option under this sentence no more than one time during any consecutive twenty-four (24) month period.
Consolidated Senior Secured Net Leverage Ratio. The Consolidated Senior Secured Net Leverage Ratio for the Rolling Period ending on the last day of each Fiscal Quarter to be greater than 3.25 to 1.00; provided that during the four consecutive Fiscal Quarters following a Material Acquisition, the Consolidated Senior Secured Net Leverage Ratio shall be no greater than 3.50 to 1.00.
Consolidated Senior Secured Net Leverage Ratio in clause 1(a) of the definition of Consolidated Senior Secured Net Leverage Ratio, the words “on a Consolidated basis” shall be deleted and replaced with the following: “on a Consolidated basis as of such date and the Reserved Indebtedness Amount (to the extent applicable) as of such date”.
Consolidated Senior Secured Net Leverage Ratio. Upon the consummation of the first Qualified Note Offering after the Third Amendment Effective Date, the Borrower shall not permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than (i) with respect to the fiscal quarter in which such Qualified Note Offering is consummated and each of the immediately succeeding five (5) full fiscal quarters, 4.00 to 1.0 and (ii) thereafter, 3.75 to 1.0.
Consolidated Senior Secured Net Leverage Ratio. The Company shall not permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any fiscal quarter of the Company to be greater than 4.00 to 1.0.
Consolidated Senior Secured Net Leverage Ratio. The Company shall not amend, modify, or enter into a waiver of or with respect to the Credit Agreement to (A) permit its Consolidated Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) to exceed (x) from March 31, 2023 to December 31, 2024, 2.65:1.00; and (y) thereafter 2:00:1.00 or (B) amend or modify the definition of Consolidated Senior Secured Net Leverage Ratio (or any components thereof) therein; provided, however, that the Company may amend the definition of Consolidated Senior Secured Net Leverage Ratio therein so as to permit such ratio (i) to be no greater than 3.00 to 1.00 from March 31, 2023 through December 31, 2024; and (ii) to be not greater than 2.50 to 1.00, thereafter.
