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.
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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 Permitted 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.
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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 than $25,000,000 occurs during a fiscal quarter ending on or after the Closing Amendment No. 3 Effective 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 as follows (each period during which the maximum permitted Consolidated Net Leverage Ratio may exceed 4.00 to no greater than 4.50x 1.00 pursuant to this proviso, an “Elevated Leverage Ratio Period”):
(i) if the Specified Acquisition is consummated, the Borrowers shall not permit the Consolidated Net Leverage Ratio for the period of four (4) consecutive fiscal quarters then ending to exceed (x) 5:00 to 1.00 with respect to any period ending on or before September 30, 2023, (y) 4.75 to 1.00), with respect to any period ending on or after December 31, 2023 and on or before September 30, 2024, and (z) 4.00 to 1.00 thereafter; and
(ii) in the case of any other Permitted Acquisition, the Borrowers shall not permit the Consolidated Net Leverage Ratio for the period of four (4) consecutive fiscal quarters then ending to exceed 4:50 to 1.00 during such fiscal quarter and the subsequent three fiscal quarters (each such period, an “Elevated Leverage Ratio Period”)quarters; 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 permitted Consolidated Net Leverage Ratio is 4.00 to 1.00 between Elevated Leverage Ratio Periods, and (z) if an Elevated Leverage Ratio Period is triggered with respect to the Specified Acquisition, no subsequent Elevated Leverage Ratio Period may be triggered until after December 31, 2024. 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.
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Samples: Specified Acquisition Loan Joinder (Casella Waste Systems Inc)
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 1.00the ratio set forth below opposite such fiscal quarter: ; Four Fiscal Quarters Ending Maximum Consolidated Net Leverage Ratio ;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 DateMarch 31, 2020, 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 0.25x (to no greater than 4.50x 4.25x 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 Permitted 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.
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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 than $25,000,000 occurs during a fiscal quarter ending on or after the Closing ClosingAmendment No. 3 Effective 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 periodperiodas follows (each period during which the maximum permitted Consolidated Net Leverage Ratio may exceed 4.00 to 1.00 pursuant to this proviso, an “Elevated Leverage Ratio Period”); provided:
(i) if the Specified Acquisition is consummated, that (x) there the Borrowers 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 not permit the Consolidated Net Leverage Ratio pursuant for the period of four (4) consecutive fiscal quarters then ending to this Section 7.11(b)exceed (x) 5:00 to 1.00 with respect to any period ending on or before September 30, Excluded Interim Debt 2023, (y) 4.75 to 1.00, with respect to any period ending on or after December 31, 2023 and on or before September 30, 2024, and (z) 4.00 to 1.00 thereafter; and
(ii) in the case of any other Permitted Acquisition, the Borrowers shall not be included in permit the Consolidated Funded Debt Net Leverage Ratio for the period of four (4) consecutive fiscal quarters then ending to exceed 4:50 to 1.00 during any period in which (such fiscal quarter 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.the subsequent three fiscal quarters;
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