Financial Maintenance Covenants Sample Clauses

Financial Maintenance Covenants. Beginning with the fiscal quarter ending on March 31, 2019, except with the written consent of the Required Lenders, permit: (a) the Consolidated First Lien Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below: (b) the Consolidated Total Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below: (c) the Consolidated Fixed Charge Coverage Ratio on the last day of any fiscal quarter to be less than the ratios set forth below:

Financial Maintenance Covenants. For so long as any Revolving Commitments or any Delayed Draw Term A Loan Commitments are outstanding or any Lender has any Outstanding Revolving Credit or outstanding Delayed Draw Term A Loans: (a) the Borrower will not permit the Consolidated Net Leverage Ratio as of the last day of any fiscal quarter of the Borrower, commencing with the fiscal quarter ending June 30, 2021, to exceed 3.75 to 1.00 (the “Maximum Consolidated Net Leverage Ratio”); provided that upon the consummation of a Material Permitted Acquisition and until the completion of four fiscal quarters following such Material Permitted Acquisition (the “Increase Period”), if elected by the Borrower by written notice to the Administrative Agent given on or prior to the date of consummation of such Material Permitted Acquisition, the Maximum Consolidated Net Leverage Ratio level for purposes of this covenant shall be increased by 0.50x for the relevant Test Period above (the “Step-Up”) during such Increase Period; provided that (i) between successive Increase Periods, there must be at least two fiscal quarters during which the Borrower is in compliance, without giving effect to any Step-Up, with the Maximum Consolidated Net Leverage Ratio and (ii) there shall be a maximum of three Increase Periods in the aggregate under this Agreement; and (b) the Borrower will not permit the Interest Coverage Ratio for any Test Period, commencing with the Test Period ending June 30, 2021, to be less than 3.25 to 1.00.

Financial Maintenance Covenants. For so long as any Revolving Commitments are outstanding or any Lender has any Outstanding Revolving Credit: (a) the Borrower will not permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter of the Borrower, commencing with the fiscal quarter ending December 31, 2016 to exceed (i) with respect to any fiscal quarter ending prior to March 31, 2018, 4.50 to 1.00, (ii) with respect to any fiscal quarter ending on or after March 31, 2018 and prior to March 31, 2019, 4.25 to 1.00, (iii) with respect to any fiscal quarter ending on or after March 31, 2019 and prior to March 31, 2020, 4.00 to 1.00 and (ii) with respect to any fiscal quarter ending on or after March 31, 2020, 3.75 to 1.00; and (b) the Borrower will not permit the Interest Coverage Ratio for any Test Period, commencing with the Test Period ending December 31, 2016 to be less than (i) with respect to any Test Period ending prior to March 31, 2018, 3.00 to 1.00, (ii) with respect to any Test Period ending on or after March 31, 2018 and prior to March 31, 2019, 3.25 to 1.00 and (iii) with respect to any Test Period ending on or after March 31, 2019, 3.50 to 1.00.

Financial Maintenance Covenants. Commencing with the Closing Date and continuing until the later of (1) payment in full of the Loan and all other amounts owing to Bank under the Loan Documents or (2) termination of Bank’s obligation to make disbursements under the Loan, Borrower shall fully and timely comply with each and every one of the financial maintenance covenants set forth on Attachment 5; and Borrower acknowledges to Bank that the breach or default by Borrower of any of said financial maintenance covenants is and the same shall be material.

Financial Maintenance Covenants. The Borrower covenants that it will not permit at any time:

Financial Maintenance Covenants. Except with the written consent of the Required Lenders, permit the First Lien Senior Secured Leverage Ratio for any Test Period to be greater than 4.50:1.00; provided that the First Lien Senior Secured Leverage Ratio set forth in this Section 7.09 for any Test Period shall only be calculated if Revolving Credit Loans, undrawn Letters of Credit above $15.0 million and drawn and unreimbursed Letters of Credit are or would be outstanding in an amount exceeding 30% of the Revolving Credit Facility as of the last day of the applicable fiscal quarter of such Test Period.

Financial Maintenance Covenants. Beginning with the fiscal quarter ending on March 31, 2019, except with the written consent of the Required Lenders, permit: (a) the Consolidated First Lien Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below: Fiscal Quarter End Date Consolidated First Lien Leverage Ratio March 31, 2019 3.75:1.00 June 30, 2019 4.00:1.00 September 30, 2019 5.25:1.00 December 31, 2019 4.75:1.00 March 31, 2020 4.50:1.00 June 30, 2020 4.50:1.00 September 30, 2020 4.50:1.00 December 31, 2020 4.25:1.00 March 31, 2021 4.25:1.00 June 30, 2021 4.00:1.00 September 30, 2021 3.50:1.00 December 31, 2021 3.50:1.00 March 31, 2022 3.25:1.00 June 30, 2022 3.25:1.00 September 30, 2022 3.00:1.00 December 31, 2022 3.00:1.00 March 31, 2023 2.75:1.00 June 30, 2023 2.75:1.00 September 30, 2023 and thereafter 2.50:1.00 (b) the Consolidated Total Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below: Fiscal Quarter End Date Consolidated Total Leverage Ratio March 31, 2019 8.00:1.00 June 30, 2019 8.25:1.00 September 30, 2019 10.75:1.00 December 31, 2019 9.25:1.00 March 31, 2020 9.25:1.00 June 30, 2020 9.25:1.00 September 30, 2020 9.25:1.00 December 31, 2020 9.00:1.00 March 31, 2021 8.75:1.00 June 30, 2021 8.50:1.00 September 30, 2021 8.50:1.00 December 31, 2021 8.25:1.00 March 31, 2022 8.25:1.00 June 30, 2022 8.00:1.00 September 30, 2022 7.75:1.00 December 31, 2022 7.75:1.00 March 31, 2023 7.75:1.00 June 30, 2023 7.50:1.00 September 30, 2023 and thereafter 7.00:1.00 (c) the Consolidated Fixed Charge Coverage Ratio on the last day of any fiscal quarter to be less than the ratios set forth below: Fiscal Quarter End Date Consolidated Fixed Charge Coverage Ratio March 31, 2019 1.40:1.00 June 30, 2019 1.40:1.00 September 30, 2019 1.00:1.00 December 31, 2019 1.10:1.00 March 31, 2020 1.00:1.00 June 30, 2020 0.90:1.00 September 30, 2020 0.90:1.00 December 31, 2020 0.90:1.00 Fiscal Quarter End Date Consolidated Fixed Charge Coverage Ratio March 31, 2021 0.90:1.00 June 30, 2021 0.90:1.00 September 30, 2021 0.90:1.00 December 31, 2021 0.90:1.00 March 31, 2022 0.90:1.00 June 30, 2022 0.90:1.00 September 30, 2022 0.90:1.00 December 31, 2022 0.90:1.00 March 31, 2023 0.90:1.00 June 30, 2023 0.90:1.00 September 30, 2023 and thereafter 0.90:1.00

Financial Maintenance Covenants. (a) Permit or suffer the Fixed Charge Coverage Ratio to be less than 1.20 to 1.00 as of March 28, 2010, or as of any fiscal quarter end thereafter. (b) Permit or suffer the Excess Availability to be less than $3,000,000 at any time.

Financial Maintenance Covenants. Section 7.16 of the Financing Agreement is hereby amended in its entirety to read as follows:

Financial Maintenance Covenants. Subject to the terms and conditions of this Third Amendment and the Loan Agreement, the Lender has agreed to amend certain financial maintenance covenants. Accordingly, subsections (b) and (c) of Section 6.13 are hereby amended and restated in their entirety to read as follows: