Maximum Consolidated Secured Leverage Ratio. As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the Consolidated Secured Leverage Ratio to be greater than 0.40 to 1.00 for each Fiscal Quarter .
Maximum Consolidated Secured Leverage Ratio. As of the last day of each Fiscal Quarter of the Borrower (commencing with the Fiscal Quarter ending September 30, 2021), the Borrower shall not permit the Consolidated Secured Leverage Ratio to be greater than 0.50 to 1.00; provided, that so long as no Default or Event of Default is then continuing, the Borrower shall have the option, exercisable not more than three (3) times during the term of this Agreement in non-consecutive periods by written notice to the Administrative Agent, to increase the limit stated above to 0.55 to 1.00 for the two (2) consecutive Fiscal Quarters following a Material Acquisition (with the first such Fiscal Quarter being the same Fiscal Quarter in which the assets acquired in such Material Acquisition are included in the calculation of the Consolidated Secured Leverage Ratio).
Maximum Consolidated Secured Leverage Ratio. Permit the Consolidated Secured Leverage Ratio, calculated on a pro forma basis, as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower (i) ending after (but not including) December 31, 2021 and on or prior to December 31, 2022, to exceed 2.50 to 1.00 and (ii) ending thereafter, to exceed 1.50 to 1.00.
Maximum Consolidated Secured Leverage Ratio. The Borrower will not permit the Consolidated Secured Leverage Ratio for any fiscal quarter of the Borrower set forth below to be greater than or equal to the ratio set forth opposite such fiscal quarter below: September 30, 2021 4.00:1.00 December 31, 2021 4.00:1.00 March 31, 2022 4.00:1.00 June 30, 2022 3.75:1.00 September 30, 2022 3.75:1.00 December 31, 2022 3.75:1.00 March 31, 2023 3.75:1.00 June 30, 2023 and each fiscal quarter thereafter 3.50:1.00
Maximum Consolidated Secured Leverage Ratio. (Section 7.10(c) of the Credit Agreement) for the Fiscal Quarter ending .
A. Consolidated Secured Funded Debt of the Company and its Subsidiaries as of the last day of such Fiscal Quarter $
B. Consolidated EBITDA of the Company and its Subsidiaries for the Measurement Period as of the last day of such Fiscal Quarter (see Item 1(A)(26) above): $
C. Ratio of Item 3(A) to Item 3(B): $
D. Shall Not Be Greater Than: For the Measurement Period ending: December 31, 2013 through December 31, 2014: 4.00:1.00 March 31, 2015 through December 31, 2016: 3.75:1.00 March 31, 2017 and thereafter: 3.50:1.00
E. Compliance Yes No
1. EBITDAPC for the Measurement Period ending immediately prior to the acquisition date of such Acquired Party:
A. Revenues of such Acquired Party for such Measurement Period: $
B. minus, recurring operating expenses which shall exclude: $
(1) income tax expense (including, without limitation, any franchise taxes imposed in lieu of income taxes and any distributions made by such Acquired Party or Person, as the case may be, to its members solely in respect of income taxes): $
(2) Interest Expense, amortization or write-off of deferred financing fees, debt discount and debt issuance costs and commissions, discounts and any other fees and charges associated with Indebtedness: $
(3) depreciation and amortization expense: $
(4) amortization (or write-downs) of intangibles (including, without limitation, goodwill) and organization costs: $
(5) any other non-cash charges or expenses or non-cash losses (including, without duplication, (a) non-cash charges arising from impairment of goodwill and intangible assets and (b) extraordinary or non-recurring non-cash charges or expenses or non-cash losses) or non-cash income: $
(6) any amounts representing xxxx-to- market losses or gains that must be recognized under Accounting Standards Codification Topic 815: Derivatives and Hedging: $
(7) 100% of the compensation, benefits and other executive perquisites paid to members, partners or owners of such Acquired Party as determined immediately prior to or as of the consummation of the related Permitted Acquisition: $
C. Total (sum of Items A and B above): $
2. Book of Business EBITDA for the most recent twelve-month period available (such period ending no earlier than six months prior to the date of the acquisition of such Book of Business):
A. Revenues in respect of such Book of Business for such period: $
B. the amount of cash compensation (if any) paid or payable ...
Maximum Consolidated Secured Leverage Ratio. Commencing with the Measurement Period ending December 31, 2013, permit the Consolidated Secured Leverage Ratio of the Company and its Subsidiaries as of the end of any Measurement Period to be greater than the ratio set forth below opposite such Measurement Period: December 31, 2013 through 4.00 : 1.00 December 31, 2014 March 31, 2015 through 3.75 : 1.00 December 31, 2016 March 31, 2017 and thereafter 3.50 : 1.00
Maximum Consolidated Secured Leverage Ratio. Commencing with the Measurement Period ending December 31, 2015, (i) to the extent that a Public Offering has been consummated as of the last day of any Measurement Period, permit the Consolidated Secured Leverage Ratio of the Company and its Subsidiaries to be greater than 4.00 to 1.00 as of last day of such Measurement Period and (ii) to the extent that a Public Offering has not been consummated as of the last day of any Measurement Period, permit the Consolidated Secured Leverage Ratio of the Company and its Subsidiaries as of the end of any Measurement Period to be greater than the ratio set forth below opposite such Measurement Period: (z) amending and restating the last sentence of Section 9.06(c) in its entirety as follows: “After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including (a) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Lenders and (b) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.”
(aa) amending Section 10.06(d) by replacing the text “acting solely for this purpose as an agent of the Borrowers” with the text “acting solely for this purpose as a non-fiduciary agent of the Borrowers”.
(bb) amending and restating Schedule 2.01 in its entirety in the form of Schedule 2.01 attached hereto.
(cc) amending and restating Exhibit D in its entirety in the form of Schedule 3 attached hereto.
Maximum Consolidated Secured Leverage Ratio. Commencing with the Measurement Period ending June 30, 2016, (i) to the extent that a Public Offering has been consummated as of the last day of any Measurement Period, permit the Consolidated Secured Leverage Ratio of the Company and its Subsidiaries to be greater than 4.00 to 1.00 as of last day of such Measurement Period and (ii) to the extent that a Public Offering has not been consummated as of the last day of any Measurement Period, permit the Consolidated Secured Leverage Ratio of the Company and its Subsidiaries as of the end of any Measurement Period to be greater than the ratio set forth below opposite such Measurement Period:
(j) adding the following as new Section 10.22 of the Credit Agreement:
Maximum Consolidated Secured Leverage Ratio. Company and its Subsidiaries shall not permit the Consolidated Secured Leverage Ratio as of the last day of any Fiscal Quarter for the immediately-preceding four Fiscal Quarter Period, beginning with the Fiscal Quarter ending December 31, 2013, to be greater than the correlative ratio indicated: The four Fiscal Quarters ending December 31, 2013 1.75:1.00 The four Fiscal Quarters ending March 31, 2014 1.75:1.00 The four Fiscal Quarters ending June 30, 2014 1.50:1.00 The four fiscal quarters ending September 30, 2014 1.45:1.00 The four Fiscal Quarters ending December 31, 2014 1.35:1.00 The four Fiscal Quarters ending March 31, 2015 and each Fiscal Quarter ending thereafter 1.00:1.00
Maximum Consolidated Secured Leverage Ratio. The Consolidated Secured Leverage Ratio shall not exceed forty percent (40%).
