Lien Net Leverage Ratio Sample Clauses
The Lien Net Leverage Ratio clause defines a financial metric used to measure a borrower's indebtedness relative to its earnings, specifically focusing on debt that is secured by liens. This ratio is typically calculated by dividing the total amount of secured debt by the borrower's net earnings (often EBITDA), and is used in loan agreements to set limits or triggers for financial covenants. Its core practical function is to help lenders monitor and control the borrower's leverage, thereby managing credit risk and ensuring the borrower's financial stability.
Lien Net Leverage Ratio. UK Holdco shall not, without the written consent of the Majority Revolving Lenders, permit the First Lien Net Leverage Ratio on a Pro Forma Basis as at the last day of any period of four consecutive fiscal quarters of UK Holdco commencing with the fiscal quarter ending March 31, 2020 (but only if the last day of such fiscal quarter constitutes a Financial Compliance Date) to exceed 7.25 to 1.00.
Lien Net Leverage Ratio. Borrower shall not permit the First Lien Net Leverage Ratio as of the last day of any Fiscal Quarter to be greater than 2.50:1.00.
Lien Net Leverage Ratio. Solely with respect to the Revolving Credit Facility, the Borrower will not permit the First Lien Net Leverage Ratio as of the last day of a Test Period (commencing with the Test Period ending June 30, 2024) to exceed 5.00 to 1.00 (the “Financial Covenant”); provided that the provisions of this Section 10.9 shall not be applicable to any such Test Period if on the last day of such Test Period the aggregate principal amount of all Revolving Credit Loans (including Swingline Loans) and Letters of Credit then outstanding (other than (i) drawn Letters of Credit that have been Cash Collateralized or reimbursed or backstopped and (ii) undrawn Letters of Credit) is equal to or less than 40% of the greater of (x) the amount of the aggregate outstanding Revolving Credit Commitments and (y) the amount of the aggregate outstanding Revolving Credit Commitments as of the Closing Date. The provisions of this Section 10.9 are for the benefit of the Revolving Credit Lenders only, and, notwithstanding anything to the contrary set forth in Section 13.1, the Required Facility Lenders under the Revolving Credit Facility may (a) amend, waive or otherwise modify this Section 10.9, or the defined terms used solely for purposes of this Section 10.9, or (b) waive any Default or Event of Default resulting from a breach of this Section 10.9, in each case under the foregoing clauses (a) and (b), without the consent of any Lenders other than the Required Facility Lenders under the Revolving Credit Facility in accordance with the provisions of Section 13.1.
Lien Net Leverage Ratio. Solely with respect to the Revolving Credit Facility, on the last day of any Test Period ending on or after the second full fiscal quarter ending after the Closing Date on which the Compliance Condition is then satisfied, the Parent Borrower will not permit the First Lien Net Leverage Ratio to be greater than 7.00 to 1.00.