Lease Adjusted Leverage Ratio. Permit the Lease Adjusted Leverage Ratio, as of the last day of any Test Period, to exceed (x) if such Test Period ends on or before December 31, 2014, 3.75:1.00 and (y) if such Test Period ends after December 31, 2014, 3.50:1.00.
Lease Adjusted Leverage Ratio a Lease Adjusted Leverage Ratio of not more than (i) 5.75 to 1.00 at all times during the first, second and third fiscal quarters of the Borrower’s fiscal year 2015, (ii) 5.50 to 1.00 at all times during the fourth fiscal quarter of the Borrower’s fiscal year 2015, (iii) 5.25 to 1.00 at all times during the first fiscal quarter of the Borrower’s fiscal year 2016, (iv) 5.00 to 1.00 at all times during the second fiscal quarter of the Borrower’s fiscal year 2016, and (v) 4.75 to 1.00 at all times thereafter.
Lease Adjusted Leverage Ratio. The Borrower will maintain a Lease Adjusted Leverage Ratio of not greater than the ratio set forth opposite the applicable Fiscal Quarter (or month in the case of February 29, 2020) in the table below (in each case for the period then ending and using the measurement method for Consolidated EBITDAR indicated in in the table below):
Lease Adjusted Leverage Ratio. As of the last day of each fiscal quarter of the Parent specified below, beginning with the fiscal quarter ending on or about October 3, 2021, the Lease Adjusted Leverage Ratio shall be less than or equal to the corresponding ratio set forth below: October 3, 2021 (the last day of the third fiscal quarter of the 2021 fiscal year of the Parent) 5.00 to 1.00 December 26, 2021 (the last day of the fourth fiscal quarter of the 2021 fiscal year of the Parent) 5.00 to 1.00 April 17, 2022 (the last day of the first fiscal quarter of the 2022 fiscal year of the Parent) 4.75 to 1.00 July 10, 2022 (the last day of the second fiscal quarter of the 2022 fiscal year of the Parent) 4.75 to 1.00 October 2, 2022 (the last day of the third fiscal quarter of the 2022 fiscal year of the Parent) and each fiscal quarter end thereafter 4.50 to 1.00 Notwithstanding the foregoing, the covenant in this Section 5.9(a) shall not be tested as of the end of the fiscal quarters of the Parent ending on or about April 18, 2021 and July 11, 2021 (but otherwise shall be deemed to be in effect with respect to each such fiscal quarter end for all provisions under this Agreement and the other Loan Documents that refer to compliance or pro forma compliance with Section 5.9 (it being understood and agreed that the maximum Lease Adjusted Leverage Ratio for each such fiscal quarter for such purposes shall be 5.00 to 1.00)).
Lease Adjusted Leverage Ratio. Holdings will have, as of the end of each fiscal quarter, commencing with fiscal quarter 3 of 2004, a Lease Adjusted Leverage Ratio of not greater than 5.0 to 1.0. Commencing with the earlier of fiscal quarter 3 of 2005 or the date Borrower makes a Restricted Payment under Section 7.5(iii) in excess of $1,000,000, the Lease Adjusted Leverage Ratio shall not exceed 2.75 to 1.0. Such ratio shall be calculated on a trailing four quarters basis.
Lease Adjusted Leverage Ratio. As of the last day of any fiscal quarter of the Parent ending during the periods specified below, the Lease Adjusted Leverage Ratio shall be less than or equal to the corresponding ratio set forth below: First Amendment Effective Date through October 1, 2017 (the last day of the third fiscal quarter of the 2017 fiscal year of the Parent) 5.25 to 1.00 October 2, 2017 (the first day of the fourth fiscal quarter of the 2017 fiscal year of the Parent) through July 15, 2018 (the last day of the second fiscal quarter of the 2018 fiscal year of the Parent) 5.00 to 1.00 July 16, 2018 (the first day of the third fiscal quarter of the 2018 fiscal year of the Parent) and thereafter 4.75 to 1.00 Notwithstanding the foregoing, to the extent that the Leverage Reset Date occurs prior to the first day of the fourth fiscal quarter of the 2018 fiscal year of the Parent, as of the last day of any fiscal quarter of the Parent ending on or after the Leverage Reset Date, the Lease Adjusted Leverage Ratio shall be less than or equal to 4.75 to 1.00.
Lease Adjusted Leverage Ratio. (tested on a quarterly basis). Permit the Lease Adjusted Leverage Ratio of the Loan Parties on a consolidated basis to be greater than the Applicable Ratio, said ratio to be tested on a quarterly basis for the trailing twelve (12) month period commencing with the fiscal period ending in December, 2012. “Applicable Ratio” shall mean 5.50:1.00 for calculations made on or before June 30, 2014; 5.00:1.00 for calculations made after June 30, 2014 and on or before June 30, 2015; and 4.50 to 1.00 for calculations made thereafter.
Lease Adjusted Leverage Ratio. Total Funded Debt, adjusted for New Unit Development (including pro rata advances under the Development Line of Credit Loan)
Lease Adjusted Leverage Ratio. The Borrower will have a Lease Adjusted Leverage Ratio, calculated on a trailing four quarter basis, of not greater than the following during such indicated measurement periods: Measurement Period Ratio ------------------------------------------------------------ --------------------------------------------------------- From the Closing Date through March 31, 2005 3.25 to 1.00 ------------------------------------------------------------ --------------------------------------------------------- From April 1, 2005 and thereafter 3.00 to 1.00 ------------------------------------------------------------ ---------------------------------------------------------
Lease Adjusted Leverage Ratio. (i) Prior to the Minimum Capital Event, as of the last day of any fiscal quarter of the Parent ending during the periods specified below, beginning with the fiscal quarter ending on or about October 4, 2020, the Lease Adjusted Leverage Ratio shall be less than or equal to the corresponding ratio set forth below: October 4, 2020 (the last day of the third fiscal quarter of the 2020 fiscal year of the Parent) through December 27, 2020 (the last day of the fourth fiscal quarter of the 2020 fiscal year of the Parent) 5.00 to 1.00 December 28, 2020 (the first day of the first fiscal year of the 2021 fiscal year) through December 26, 2021 (the last day of the fourth fiscal quarter of the 2021 fiscal year of the Parent) 4.75 to 1.00 December 27, 2021 (the first day of the first fiscal quarter of the 2022 fiscal year of the Parent) and thereafter 4.50 to 1.00 Notwithstanding the foregoing, the covenant in clause (i) of this Section 5.9(a) shall not be tested as of the end of the fiscal quarter of the Parent ending on or about July 12, 2020 (but otherwise shall be deemed to be in effect with respect to such fiscal quarter end for all provisions under this Agreement and the other Loan Documents that refer to compliance or pro forma compliance with Section 5.9 (it being understood and agreed that the maximum Lease Adjusted Leverage Ratio for such fiscal quarter for such purposes shall be 5.00 to 1.00)).
(ii) Following the Minimum Capital Event, as of the last day of any fiscal quarter of the Parent ending during the periods specified below, beginning with the fiscal quarter ending on or about April 18, 2021, the Lease Adjusted Leverage Ratio shall be less than or equal to the corresponding ratio set forth below: April 18, 2021 (the last day of the first fiscal quarter of the 2021 fiscal year of the Parent) 5.50 to 1.00 July 11, 2021 (the last day of the second fiscal quarter of the 2021 fiscal year of the Parent) 5.25 to 1.00 October 3, 2021 (the last day of the third fiscal quarter of the 2021 fiscal year of the Parent) 5.00 to 1.00 December 26, 2021 (the last day of the fourth fiscal quarter of the 2021 fiscal year of the Parent) 4.75 to 1.00 December 27, 2021 (the first day of the first fiscal quarter of the 2022 fiscal year of the Parent) and thereafter 4.50 to 1.00 Notwithstanding the foregoing, following the Minimum Capital Event, the covenant in clause (ii) this Section 5.9(a) shall not be tested as of the end of the fiscal quarters of the Parent ending on or ...
