Maximum Consolidated Net Leverage Ratio. As at the end of any fiscal quarter, the Borrowers shall not permit the Consolidated Net Leverage Ratio for the period of four (4) consecutive fiscal quarters then ending to exceed 4:00 to 1.00: ; provided that if a Permitted Acquisition or a series of Permitted Acquisitions with aggregate consideration (including cash deferred payments, contingent or otherwise, and the aggregate amount of all Indebtedness assumed or, in the case of an acquisition of Equity Interests, including all Indebtedness of the target company) of more $25,000,000 occurs during a fiscal quarter ending on or after the Closing Date, the Borrowers shall have the right to elect to increase the maximum permitted Consolidated Net Leverage Ratio in effect at such time by 0.50x (to no greater than 4.50x to 1.00), during such fiscal quarter and the subsequent three fiscal quarters (each such period, an “Elevated Leverage Ratio Period”); provided, that (x) there shall be no more than one Elevated Leverage Ratio Period in effect at any given time, and (y) there shall be at least one fiscal quarter during which the maximum Permittedpermitted Consolidated Net Leverage Ratio is 4.00 to 1.00 between Elevated Leverage Ratio Periods. Notwithstanding the foregoing, solely for the purposes of calculating the Consolidated Net Leverage Ratio pursuant to this Section 7.11(b), Excluded Interim Debt shall not be included in Consolidated Funded Debt during any period in which (and for so long as) such Excluded Interim Debt is properly designated as and qualifies as Excluded Interim Debt under and in accordance with Section 7.03.
Maximum Consolidated Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Parent’s (or, if the financial statements delivered pursuant to Section 6.01(a) or Section 6.01(b) for such fiscal quarter is in respect of the Public Parent, the Public Parent’s) ratio of Consolidated Net Debt as of such day to Consolidated EBITDAX for the four fiscal quarter period ending on such day to exceed 4.00 to 1.00.
Maximum Consolidated Net Leverage Ratio. The Borrower and its Subsidiaries shall not have, commencing with the Fiscal Quarter ended March 31, 2017, a Consolidated Net Leverage Ratio greater than 3.00 to 1.00 for any Fiscal Quarter ending on or subsequent to March 31, 2017 for the Test Period then-ended.
Maximum Consolidated Net Leverage Ratio. The Company shall not permit the Consolidated Net Leverage Ratio as of the last day of the most recently ended applicable period ending on the dates set forth below to exceed the correlative ratio indicated for such period (or period including such Fiscal Quarter or twelve month period): Twelve Month Period ending 11/30/18 3.75 to 1.0 Four Fiscal Quarter Period Ending 12/31/18 3.75 to 1.0 Four Fiscal Quarter Period Ending 3/31/19 2.75 to 1.0 Four Fiscal Quarter Period Ending 6/30/19 2.50 to 1.0 Four Fiscal Quarter Period Ending 9/30/19 3.50 to 1.0
Maximum Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio, as at the last day of any period of four consecutive trailing fiscal quarters of Holdings to be greater than the ratio set forth below opposite such period: June 30, 2020 through June 30, 2021 4.00:1.00 September 30, 2021 through December 31, 2021 3.50:1.00 March 31, 2022 through December 31, 2022 3.25:1.00 March 31, 2023 and each fiscal quarter ending thereafter 3.00:1.00
Maximum Consolidated Net Leverage Ratio. Commencing with the end of the first Fiscal Quarter ending after the Closing Date, permit the Consolidated Net Leverage Ratio as of the end of each Fiscal Quarter to be greater than 4.00 to 1.00. Notwithstanding the foregoing, in connection with any Permitted Acquisition (or series of Permitted Acquisitions occurring within any consecutive twelve-month period) consummated after the Closing Date having aggregate consideration (including cash, Cash Equivalents, Equity Interests and other deferred payment obligations) in excess of $200,000,000, the Parent Borrower may, at its election, in connection with such Permitted Acquisition (or series of Permitted Acquisitions) upon notice to the Administrative Agent given (x) with respect to a Permitted Acquisition that is not a Limited Condition Transaction, not less than three (3) Business Days prior to the required delivery of financial statements pursuant to Section 7.1(a) for the most recently ended Fiscal Quarter following the consummation of such Permitted Acquisition (or series of Permitted Acquisitions) or (y) with respect to a Permitted Acquisition that is a Limited Condition Transaction, at the time notice of such Permitted Acquisition (or series of Permitted Acquisitions) is given pursuant to the terms of this Agreement, increase the required Consolidated Net Leverage Ratio pursuant to this Section 9.1(a) by 0.50, which such increase shall be applicable (i) with respect to a Permitted Acquisition (or series of Permitted Acquisitions) that is not a Limited Condition Transaction, for the Fiscal Quarter in which such Permitted Acquisition (or series of Permitted Acquisitions) is consummated and the three (3) consecutive Fiscal Quarters thereafter or (ii) with respect to a Permitted Acquisition (or series of Permitted Acquisitions) that is a Limited Condition Transaction, for the purpose of determining pro forma compliance with this Section 9.1(a) at the time the definitive purchase agreement, merger agreement or other acquisition agreement governing the Permitted Acquisition (or series of Permitted Acquisitions) becomes effective, for the Fiscal Quarter in which such Permitted Acquisition (or series of Permitted Acquisitions) is consummated and for the three (3) consecutive Fiscal Quarters after which such Permitted Acquisition (or series of Permitted Acquisitions) is consummated (each, a “Leverage Ratio Increase”); provided that there shall be at least one full Fiscal Quarter following the cessation of each ...
Maximum Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio, as of the end of each fiscal quarter occurring after the Closing Date, to be greater than (i) 3.75 to 1.00, in the case of each such fiscal quarter ending on or prior to September 30, 2016 or (ii) 3.50 to 1.00, in the case of each such fiscal quarter ending after September 30, 2016, provided, however, that upon the consummation of a Material Acquisition and upon the written election of the Administrative Borrower (which may be exercised not more than two (2) times during the term of this Agreement) to the Administrative Agent (which shall promptly notify the Lenders), the Administrative Borrower may increase the maximum Consolidated Net Leverage Ratio (x) by 0.50x (but in no event to a ratio greater than (I) 4.25 to 1.00, in the case of each such fiscal quarter ending on or prior to September 30, 2016 or (II) 4.00 to 1.00, in the case of each such fiscal quarter ending after September 30, 2016) above the Consolidated Net Leverage Ratio then in effect for the next two (2) fiscal quarters that end following the date of the consummation of such Material Acquisition and (y) by 0.25x (but in no event to a ratio greater than (I) 4.00 to 1.00, in the case of each such fiscal quarter ending on or prior to September 30, 2016 or (II) 3.75 to 1.00, in the case of each such fiscal quarter ending after September 30, 2016) above the Consolidated Net Leverage Ratio then in effect for the third and fourth fiscal quarters ending following the date of the consummation of such Material Acquisition (the “Adjusted Consolidated Net Leverage Ratio”) (it being understood that, in the event an additional Material Acquisition is consummated during the period set forth in this proviso, a second such written election may be made by the Administrative Borrower, whereupon the Consolidated Net Leverage Ratio shall be increased as set forth in clauses (x) and (y) with respect to the successive four (4) fiscal quarters that end following such second Material Acquisition, but subject to the limitations set forth in clauses (i) and (II) in each of clauses (x) and (y)). The Adjusted Consolidated Net Leverage Ratio shall be effective as of the date of consummation of the applicable Material Acquisition (including, without limitation, for determining Pro Forma Compliance with the requirements of this Agreement for such Material Acquisition).
Maximum Consolidated Net Leverage Ratio. The Borrower and its Subsidiaries shall not have, commencing with the Fiscal Quarter ended December 31, 2014, a Consolidated Net Leverage Ratio greater than the maximum ratio set forth opposite the last day of any Fiscal Quarter set forth below for the Test Period then-ended:
Maximum Consolidated Net Leverage Ratio. Pursuant to Section 6.12(a) of the Credit Agreement, as of the Reporting Date, the Borrower’s Consolidated Net Leverage Ratio was to 1.00 which o satisfies o does not satisfy the requirement that such ratio be no more than to 1.00 on the Reporting Date.
Maximum Consolidated Net Leverage Ratio. Pursuant to Section 6.12(a) of the Credit Agreement, as of the Reporting Date, the Borrower’s Consolidated Net Leverage Ratio was _____ to 1.00 which ¨ satisfies ¨ does not satisfy the requirement that such ratio be no more than the applicable ratio set forth below on the Reporting Date. January 31, 2015 3.00:1.00 April 30, 2015 3.00:1.00 July 31, 2015 2.75:1.00 October 31, 2015 2.75:1.00 January 31, 2016 and the end of each Fiscal Period thereafter 2.50:1.00
