Maximum Consolidated Total Net Leverage Ratio. Without the written consent of the Majority Facility Lenders under the Revolving Facility, permit the Consolidated Total Net Leverage Ratio, calculated as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower (i) ending on or prior to September 30, 2017 to exceed 4.50 to 1.00 and (ii) each fiscal quarter thereafter, to exceed 4.00 to 1.00.
Maximum Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 2021, to be greater than (a) with respect to the Fiscal Quarter ending December 31, 2021 through and including the Fiscal Quarter ending September 30, 2022, 3.75 to 1.00 and (b) with respect to the Fiscal Quarter ending December 31, 2022 and for each Fiscal Quarter ending thereafter, 3.50 to 1.00; provided that if a Material Acquisition occurs during a Fiscal Quarter, the Borrower shall have the right to elect to increase the Consolidated Total Net Leverage Ratio required to be maintained by this Section 9.13 by up to 0.50 to 1.00; provided, further, that (i) the Consolidated Total Net Leverage Ratio for any Measurement Period required to be maintained by this Section 9.13 shall be reduced by 0.50 to 1.00 on the last day of the fifth Fiscal Quarter after such increase occurs (returning to the Consolidated Total Net Leverage Ratio level required to be maintained prior to such election); (ii) following any increase in the Consolidated Total Net Leverage Ratio pursuant to this Section 9.13, there shall be at least one full Fiscal Quarter in which the required Consolidated Total Leverage Ratio is tested at the level set forth in this Section 9.13 without giving effect to the provisos herein before the Borrower may again elect to increase the Consolidated Total Net Leverage Ratio pursuant to this Section 9.13, (iii) the Consolidated Total Net Leverage Ratio shall not be increased more than two (2) times pursuant to this Section 9.13 during the term of this Agreement and (iv) such election shall be made by the delivery of a written notice by the Borrower to the Administrative Agent making reference to this Section 9.13 and notifying the Administrative Agent of the Borrower’s exercise of this right on or prior to the date of the actual or required delivery of a Compliance Certificate for the Fiscal Quarter in which the applicable Permitted Acquisition occurs.
Maximum Consolidated Total Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Effective Date, permit the Consolidated Total Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to exceed 3.50:1.00.
Maximum Consolidated Total Net Leverage Ratio. The Company shall not permit the Consolidated Total Net Leverage Ratio as of the last day of any fiscal quarter of the Company to be greater than 3.00 to 1.00.
Maximum Consolidated Total Net Leverage Ratio. Except with the written consent of the Required Revolving Loan Lenders, Holdings will not permit the Consolidated Total Net Leverage Ratio for any Test Period ending on the last day of a fiscal quarter of the U.S. Borrower described below to be greater than the ratio set forth opposite such fiscal quarter below Fiscal Quarter Ending Closest to Ratio December 31, 2010 6.75:1.00 March 31, 2011 7.25:1.00 June 30, 2011 7.25:1.00 September 30, 2011 7.25:1.00 December 31, 2011 7.25:1.00 March 31, 2012 7.25:1.00 June 30, 2012 7.25:1.00 September 30, 2012 7.25:1.00 December 31, 2012 7.25:1.00 March 31, 2013 6.75:1.00 June 30, 2013 6.75:1.00 September 30, 2013 6.75:1.00 December 31, 2013 6.75:1.00 March 31, 2014 and thereafter 6.25:1.00 Notwithstanding anything to the contrary contained in this Section 10.09, all calculations of compliance with this Section 10.09 shall be made on a Pro Forma Basis. Notwithstanding the foregoing, this Section 10.09 shall be in effect (and shall only be in effect) (x) when any Swingline Loans or Revolving Loans are then outstanding or Letter of Credit Outstandings (excluding Letter of Credit Outstandings relating to Letters of Credit that have been cash collateralized in a manner reasonably satisfactory to the Administrative Agent) at such time are greater than 15% of the Total Revolving Loan Commitment at such time and (y) if no Swingline Loans or Revolving Loans are then outstanding and Letter of Credit Outstandings (excluding Letter of Credit Outstandings relating to Letters of Credit that have been cash collateralized in a manner reasonably satisfactory to the Administrative Agent) at such time do not exceed 15% of the Total Revolving Loan Commitment at such time, when determining whether a Default or an Event of Default exists for purposes of satisfaction of the conditions precedent to an incurrence or issuance of a Swingline Loan, Letter of Credit and/or Revolving Loan (it being understood that in all cases calculation of compliance with this Section 10.09 shall be determined as of the last day of each Test Period).
Maximum Consolidated Total Net Leverage Ratio. The Consolidated Total Net Leverage Ratio shall be less than or equal to 0.50 to 1.00.
Maximum Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to exceed (a) as of any such date of calculation not during the Covenant Relief Period, 4.00:1.00, and (b) as of any such date of calculation during the Covenant Relief Period, the ratio set forth opposite such date below: March 31, 2023 4.50:1.00 June 30, 2023 4.80:1.00 September 30, 2023 4.50:1.00 December 31, 2023 4.00:1.00
(j) Article 9 of the Credit Agreement is hereby amended to insert the following new Section 9.20 immediately following Section 9.19 therein:
Maximum Consolidated Total Net Leverage Ratio. As of any fiscal quarter end, permit the Consolidated Total Net Leverage Ratio to be greater than 4.25:1.00. Notwithstanding the foregoing, at the Parent Borrower’s election, no more than twice after the 2024 Refinancing Amendment Effective Date and prior to the Revolving Credit Maturity Date, the applicable maximum Consolidated Total Net Leverage Ratio level may be increased by 0.25:1.00 in connection with the calculation of pro forma compliance for purposes of clause (e) in the definition of “Permitted Acquisition” and for a period of four (4) consecutive fiscal quarters commencing with the fiscal quarter in which the consummation of such Permitted Acquisition has occurred (a “Holiday Period”); provided that a second Holiday Period shall not commence prior to the beginning of the third fiscal quarter after the first Holiday Period has ended.
Maximum Consolidated Total Net Leverage Ratio. Holdings will not permit the Consolidated Total Net Leverage Ratio for any Test Period ending on the last day of a fiscal quarter of the U.S. Borrower described below to be greater than the ratio set forth opposite such fiscal quarter below: December 31, 2010 6.75:1.00 March 31, 2011 6.75:1.00 June 30, 2011 6.75:1.00 September 30, 2011 6.75:1.00 December 31, 2011 6.25:1.00 March 31, 2012 6.25:1.00 June 30, 2012 6.25:1.00 September 30, 2012 6.25:1.00 December 31, 2012 5.75:1.00 March 31, 2013 5.75:1.00 June 30, 2013 5.75:1.00 September 30, 2013 5.75:1.00 December 31, 2013 5.25:1.00 March 31, 2014 5.25:1.00 June 30, 2014 5.25:1.00 September 30, 2014 5.25:1.00 December 31, 2014 4.75:1.00 March 31, 2015 4.75:1.00 June 30, 2015 4.75:1.00 September 30, 2015 4.75:1.00 December 31, 2015 and thereafter 4.25:1.00 Notwithstanding anything to the contrary contained in this Section 10.09, all calculations of compliance with this Section 10.09 shall be made on a Pro Forma Basis.
Maximum Consolidated Total Net Leverage Ratio. As of any fiscal quarter end, permit the Consolidated Total Net Leverage Ratio to be greater than (a) 4.25:1.00 for any fiscal quarter ending prior to the Closing Date and (b) on and following the Closing Date, (i) 5.00:1.00 until the end of the first three (3) full fiscal quarters after the Closing Date, (ii) 4.75:1.00 for the next three (3) full fiscal quarters, (iii) 4.50:1.00 for the next three (3) full fiscal quarters and (iv) 4.25:1.00 for each full fiscal quarter thereafter. Notwithstanding the foregoing, at the Parent Borrower’s election once after the sixth (6th) full fiscal quarter after the Closing Date and prior to the Revolving Credit Maturity Date, the applicable maximum Consolidated Total Net Leverage Ratio level shall be increased by 0.25:1.00 in connection with the calculation of pro forma compliance for purposes of clause (e) in the definition of “Permitted Acquisition” and for a period of four (4) fiscal quarters following the consummation of such Permitted Acquisition. For the avoidance of doubt, if an election is made pursuant to the immediately preceding sentence during the period from the beginning of the seventh (7th) full fiscal quarter through the end of the ninth (9th) full fiscal quarter following the Closing Date, the applicable maximum Consolidated Total Net Leverage Ratio level shall be 4.75:1.00 until the end of the ninth (9th) full fiscal quarter following the Closing Date and shall decrease to 4.50:1.00 for the tenth (10th) full fiscal quarter (which is 0.25:1.00 above the maximum Consolidated Total Net Leverage Ratio level that would otherwise be applicable) and further decrease to 4.25:1.00 after the period of four (4) fiscal quarters following the consummation of such Permitted Acquisition.
