Financial Maintenance Covenant. Notwithstanding anything to the contrary contained in Section 7.1, in the event that the Borrowers fail to comply with the Financial Maintenance Covenant as of the last day of any fiscal quarter for which such Financial Maintenance Covenant is tested, the Borrower shall have the right to give written notice (the “Cure Notice”), on or prior to the 10th Business Day subsequent to the Cure Specified Date for such fiscal quarter, to the applicable Administrative Agents of the intent of Parent to issue Permitted Cure Securities for cash (collectively, the “Cure Right” and the amount of such proceeds, the “Cure Amount”) after the Cure Specified Date for such fiscal quarter pursuant to the exercise by the Borrowers of such Cure Right, which exercise shall be made after such Cure Specified Date on or before the 10th Business Day subsequent to such Cure Specified Date, the Financial Maintenance Covenant shall be recalculated giving effect to the following adjustments on a Pro Forma Basis:
(i) Consolidated EBITDA shall be increased with respect to such applicable fiscal quarter and any subsequent four quarter period that contains such fiscal quarter, solely for the purpose of measuring the Financial Maintenance Covenant and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; and
(ii) if, after giving effect to the foregoing recalculations, the Borrowers shall then be in compliance with the requirements of the Financial Maintenance Covenant, the Borrowers shall be deemed to have satisfied the requirements of such Financial Maintenance Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or Default of such Financial Maintenance Covenant that had occurred shall be deemed cured for purposes of this Agreement.
Financial Maintenance Covenant. (a) Commencing with the Test Period ending March 31, 2020, but only to be tested for any Test Period to the extent that as of the last day of such Test Period, the Borrower’s Total Net Cash Leverage Ratio is greater than 5.50:1.00 (including, for the avoidance of doubt, if Consolidated Cash EBITDA is less than zero in the determination of the Total Net Cash Leverage Ratio), the Borrower shall not permit the Total Net Leverage Ratio as of the last day of any such Test Period to be greater than the levels in the table below (this Section 6.13(a), the “Total Leverage Covenant”): Commencing with the Test Period ending on March 31, 2020 through and including the Test Period ending on June 30, 2020 4.50:1.00 Commencing with the Test Period ending on September 30, 2020 through and including the Test Period ending on 4.00:1.00 December 31, 2020 Commencing with the Test Period ending on March 31, 2021 through and including the Test Period ending on DSecpt ember 3130, 2021 3.50:1.00 Commencing with the Test Period ending on March 31, 2022June 30, 2023 and for each Test Period thereafter 3.00:1.00
(b) Commencing with the Test Period ending March 31, 2020, but only to be tested for any Test Period to the extent that as of the last day of such Test Period, the Borrower’s Total Net Cash Leverage Ratio is greater than 5.50:1.00 (including, for the avoidance of doubt, if Consolidated Cash EBITDA is less than zero in the determination of the Total Net Cash Leverage Ratio), the Borrower shall not permit the LTV Ratio as of the last day of any such Test Period to be greater than the levels set forth in the table below (this Section 6.13(b), the “LTV Covenant”): Commencing with the Test Period ending on March 31, 2020 through and including the Test Period ending on June 30, 2020 2.50:1.00 Commencing with the Test Period ending on September 30, 2020 through and including the Test Period ending on December 31, 2020 2.00:1.00 For the Test Period ending on March 31, 2021 1.50:1.00 Commencing with the Test Period ending on June 30, 2021 1.25:1.00 through and including the Test Period ending on December 31, 2021 Commencing with the Test Period ending on March 31, 2022 and for each Test Period thereafter 1.00:1.00
(c) At all times, the Borrower shall not permit the Liquidity of the Borrower and its Subsidiaries to be less than $15,000,00030,000,000 ; provided, that if Liquidity is less than $15,000,00030,000,000 at any time, such occurrence shall not be deemed to be a breach or Defa...
Financial Maintenance Covenant. Parent shall ensure that the financial condition of the Group shall be such that for each Relevant Period, the aggregate amount of cash and cash equivalents (as defined under IFRS) on the relevant Quarter Date must be no less than $185,000,000 (or its equivalent in other currencies) as at each Quarter Date. The covenant set out in this Section 4.06 shall be tested only by reference to, and as at the date of, each of the financial statements and/or each Officers’ Certificate delivered pursuant to Section 4.03(a) or 4.04, respectively.
Financial Maintenance Covenant. Solely for the benefit of the RC Facility, commencing with the Test Period ending as of the second full fiscal quarter following the Closing Date and as of the last day of each Test Period occurring thereafter, in each case, only to the extent that on the last day of the applicable Test Period, the RC Facility Test Condition is satisfied, the Borrower shall not permit the First Lien Net Leverage Ratio calculated as of the last day of such Test Period to be greater than 7.80:1.00 (the “Financial Maintenance Covenant”).
Financial Maintenance Covenant. Borrower shall not permit the Consolidated First Lien Net Leverage Ratio as of the last day of any fiscal quarter to exceed (A) for the fiscal quarter of the Borrower ended March 31, 2020, 3.75 to 1.00 and (B) thereafter, following the Financial Covenant Relief Period and for as long as the Financial Covenant Increase Period is in effect (w) for the first fiscal quarter of the Financial Covenant Increase Period, 4.50 to 1.00, (x) for the second fiscal quarter of the Financial Covenant Increase Period, 4.25 to 1.00, (y) for the third fiscal quarter of the Financial Covenant Increase Period, 4.00 to 1.00 and (z) for each subsequent fiscal quarter thereafter (including from and including the first fiscal quarter during which the Financial Covenant Increase Period has been terminated by the Borrower pursuant to the definition thereof), 3.75 to 1.00.
Financial Maintenance Covenant. (a) Commencing with the Test Period ending December 31, 20232024, the Borrower shall not permit the Total Net Cash Leverage Ratio as of the last day of any such Test Period to be greater than the levels in the table below (this Section 6.13(a), the “Total Cash Leverage Covenant”): Period Total Net Cash Leverage Ratio For the Test Period ending on December 31, 20232024 3.756.75:1:001.00 For the Test Period ending on March 31, 20242025 4.506.00:1:001.00 For the Test Period ending on June 30, 2024 2025 4.75:1:001.00 216 #97964454v4 #97964454v11 Period Total Net Cash Leverage Ratio For the Test Period ending on September 30, 2024 2025 4.754.25:1:001.00 For the Test Period ending on December 31, 20242025 3.503.75:1:001.00 Commencing withFor the Test Period ending on March 31, 2025 and for each Test Period thereafter2026 2.753.50:1:001.00 For the Test Period ending on June 30, 2026 3.50:100 For the Test Period ending on September 30, 2026 and each Test Period ending thereafter 3.00:1.00 (b) Commencing with the Test Period ending MarchDecember 31, 20202024, the Borrower shall not permit the LTVContract Asset Balance Coverage Ratio as of the last day of any such Test Period to be greater than the levels set forth in the table below (this Section 6.13(b), the “LTVAsset Coverage Covenant”): Period LTVContract Asset Balance Coverage Ratio For the Test Period ending on December 31, 2024 0.625:1.00 Commencing withFor the Test Period ending on March 31, 2020 through and including the Test Period ending on June 30, 20202025 2.500.625:1.00 For the Test Period ending on June 30, 2025 0.600:1.00 Commencing withFor the Test Period ending on September 30, 2020 through and including the Test Period ending on December 31, 20202025 2.000.600:1.00 For the Test Period ending on December 31, 2025 0.600:1.00 For the Test Period ending on March 31, 20212026 1.500.550:1.00 Commencing withFor the Test Period ending on June 30, 2021 through and including the Test Period ending on December 31, 20212026 1.250.550:1.00 Commencing withFor the Test Period ending on MarchSeptember 30, 2026 1.000.550:1.00 For the Test Period ending on December 31, 20222026 and for each 0.500:1.00
Financial Maintenance Covenant. The Company will not permit the Consolidated Net Leverage Ratio, determined as of the end of each fiscal quarter (commencing with the first fully completed fiscal quarter following the Issue Date), to exceed the ratio set forth for the applicable period below: Issue Date to (but not including) the one-year anniversary of the Issue Date 6.5 to 1.0 One-year anniversary of the Issue Date to (but not including) the two-year anniversary of the Issue Date 5.5 to 1.0 Two-year anniversary of the Issue Date to (but not including) the three-year anniversary of the Issue Date 4.5 to 1.0 Three-year anniversary of the Issue Date to Stated Maturity 4.0 to 1.0
Financial Maintenance Covenant. As of the last day of each Test Period, in each case, only to the extent that the Financial Maintenance Covenant Test Period is ongoing, the Lead Borrower shall not permit the Consolidated Fixed Charge Coverage Ratio as of the last day of such Test Period to be less than 1.00:1.00 (the “Financial Maintenance Covenant”).
Financial Maintenance Covenant. The Borrower will not permit the Leverage Ratio as of any Determination Date, commencing with September 30, 2024, to be greater than 7.50:1.00.
Financial Maintenance Covenant. (a) Commencing with the Test Period ending March 31, 2020, but only to be tested for any Test Period to the extent that as of the last day of such Test Period, the Borrower’s Total Net Cash Leverage Ratio is greater than 5.50:1.00 (including, for the avoidance of doubt, if Consolidated Cash EBITDA is less than zero in the determination of the Total Net Cash Leverage Ratio), the Borrower shall not permit the Total Net Leverage Ratio as of the last day of any such Test Period to be greater than the levels in the table below (this Section 6.13(a), the “Total Leverage Covenant”):
