Maximum Consolidated Secured Debt Ratio. For so long as any Revolving Commitment, U.S. Term A Loan, Canadian Term A Loan, New Term A Loan or Extended Term Loan in respect of any of the foregoing is outstanding, the U.S. Borrower shall maintain a Consolidated Secured Debt Ratio, as determined as of the last day of each fiscal quarter of the U.S. Borrower, commencing with the fiscal quarter ending June 30, 2017, not to exceed 5.125 to 1.00.
Maximum Consolidated Secured Debt Ratio. (a) For so long as any Revolving Commitment is outstanding, the U.S. Borrower shall maintain a Consolidated Secured Debt Ratio, as determined as of the last day of each fiscal quarter set forth below, of not more than the maximum ratio set forth below opposite such fiscal quarter: Fiscal Quarter Ending Maximum Secured Debt Ratio March 31, 2008 4.63 to 1.00 June 30, 2008 4.63 to 1.00 September 30, 2008 4.38 to 1.00 December 31, 2008 4.38 to 1.00 March 31, 2009 4.13 to 1.00 June 30, 2009 3.88 to 1.00 September 30, 2009 3.88 to 1.00 December 31, 2009 3.63 to 1.00 March 31, 2010 3.38 to 1.00 June 30, 2010 3.38 to 1.00 September 30, 2010 3.38 to 1.00 Fiscal Quarter Ending Maximum Secured Debt Ratio December 31, 2010 3.38 to 1.00 March 31, 2011 3.38 to 1.00 June 30, 2011 3.38 to 1.00 September 30, 2011 3.38 to 1.00 December 31, 2011 3.38 to 1.00 March 31, 2012 3.38 to 1.00 June 30, 2012 3.38 to 1.00 September 30, 2012 3.38 to 1.00 December 31, 2012 and thereafter 3.38 to 1.00
Maximum Consolidated Secured Debt Ratio. For so long as the Revolving Commitment is outstanding, the U.S. Borrower shall maintain a Consolidated Secured Debt Ratio, as determined as of the last day of each fiscal quarter set forth below, of not more than the maximum ratio set forth below opposite such fiscal quarter: Fiscal Quarter Ending Maximum Secured Debt Ratio December 31, 2013 5.75 to 1 March 31, 2014 5.75 to 1 June 30, 2014 5.50 to 1 September 30, 2014 5.50 to 1 December 31, 2014 5.50 to 1 March 31, 2015 5.50 to 1 June 30, 2015 5.25 to 1 September 30, 2015 5.25 to 1 December 31, 2015 5.25 to 1 March 31, 2016 5.25 to 1 June 30, 2016 and thereafter 5.125 to 1
Maximum Consolidated Secured Debt Ratio. The Consolidated Secured Debt Ratio shall not exceed forty percent (40%).”
Maximum Consolidated Secured Debt Ratio. For so long as any Revolving Commitment, Canadian Term A-2 Loan, Euro Term A-1 Loan, New Term A Loan or Extended Term Loan in respect of any of the foregoing is outstanding, the U.S. Borrower shall maintain a Consolidated Secured Debt Ratio, as determined as of the last day of each fiscal quarter of the U.S. Borrower, commencing with the fiscal quarter ending June 30, 2017, not to exceed 5.125 to 1.00; provided that, solely to the extent the U.S. Borrower remains compliant with the Covenant Waiver Conditions at all relevant times during the Covenant Waiver Period, the Test Periods ending October 2, 2020, January 1, 2021, April 2, 2021 and July 2, 2021 shall be exempt. For the avoidance of doubt, if the U.S. Borrower ceases to be in compliance with the Liquidity Condition, the Unrestricted Subsidiary Condition or the RP Condition at any time during the Covenant Waiver Period, then compliance with Section 6.10 will be deemed to have been applicable as of the last day of the most recently ended Test Period. Accordingly, if the U.S. Borrower would not have been in compliance with Section 6.10 as of the last day of such Test Period, then, subject to the rights and limitations set forth in Section 7.01(b), an Event of Default under Section 7.01(b) shall result from such non-compliance with the Liquidity Condition, the Unrestricted Subsidiary Condition or the RP Condition, as applicable, as of the last day of such most recently ended Test Period.
Maximum Consolidated Secured Debt Ratio. The Consolidated Secured Debt Ratio shall not exceed (i) fifty percent (50%) during the first year after the Effective Date and (ii) forty percent (40%) thereafter.”
