Maximum Senior Secured Net Leverage Ratio. The Borrower will not permit the Senior Secured Net Leverage Ratio, determined as of the end of each of its fiscal quarters ending on and after December 31, 2016, to be greater than 2.50 to 1.00.
Maximum Senior Secured Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Senior Secured Net Leverage Ratio on the last day of any Test Period to exceed 3.00:1.00.
Maximum Senior Secured Net Leverage Ratio. The Company shall not permit the Senior Secured Net Leverage Ratio, as of the last day of any Test Period during any period in the table below, to exceed the ratio set forth opposite such period in the table below: Restatement Effective Date - November 30, 2011 3.25 to 1.0 December 1, 2011 - November 30, 2012 3.00 to 1.0 December 1, 2012 - November 30, 2013 2.75 to 1.0 December 1, 2014 and thereafter 2.50 to 1.0
Maximum Senior Secured Net Leverage Ratio. Except during the period from the First Amendment Effective Date through and including the earlier of (a) March 31, 2022 and (b) the date upon which the Borrower provides a Designated Period Suspension Notice, Borrower shall not permit the Senior Secured Net Leverage Ratio as of the last day of any Fiscal Quarter to be greater than 3.25:1.00 (which ratio will be increased by 0.5x to 3.75:1.00 for the four (4) consecutive Fiscal Quarters following a Material Acquisition), which shall be calculated and tested on the last day of each Fiscal Quarter on a trailing four (4) Fiscal Quarter basis.
Maximum Senior Secured Net Leverage Ratio. The Borrower will not permit the Senior Secured Net Leverage Ratio, determined as of the end of each of its fiscal quarters ending on and after September 30, 2015, to be greater than 2.75 to 1.00. Notwithstanding the foregoing, the Borrower shall be permitted (such permission, the “Acquisition Holiday”) in no event on more than two (2) occasions during the term of this Agreement to allow the maximum Senior Secured Net Leverage Ratio under this Section 6.11(a) to be increased (i) to 3.25 to 1.00 for a period of two consecutive fiscal quarters in connection with an Acquisition permitted hereunder occurring during the first of such two fiscal quarters (such fiscal quarters, the “Specified Quarters”) and (ii) to 3.00 to 1.00 for the two consecutive quarters immediately following the Specified Quarters, in each case, if the aggregate consideration paid or to be paid in respect of such Acquisition exceeds $200,000,000, so long as the Borrower is in compliance on a pro forma basis with the maximum Senior Secured Net Leverage Ratio of 3.25 to 1.00 on the closing date of such Acquisition immediately after giving effect (including pro forma effect) to such Acquisition; provided that (x) the Borrower shall provide notice in writing to the Administrative Agent of such increase and a transaction description of such Acquisition (regarding the name of the Person or summary description of the assets being acquired and the approximate purchase price) and (y) at the end of such period of four consecutive fiscal quarters described above, the maximum Senior Secured Net Leverage Ratio permitted under this Section 6.11(a) shall revert to 2.75 to 1.00.
Maximum Senior Secured Net Leverage Ratio. The Borrower will not permit the ratio (the “Senior Secured Net Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after September 30, 2015, of (i) (a) Consolidated Total Funded Senior Secured Indebtedness, minus (b) the Cash Deduction Amount to (ii) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 3.00 to 1.00; provided that if any Trigger Acquisition is consummated, then the maximum Senior Secured Net Leverage Ratio permitted under this Section 6.12(b) shall increase to 3.25 to 1.00 for the Adjusted Covenant Period in respect of such Trigger Acquisition; provided, further, that it is understood and agreed that (x) a new Adjusted Covenant Period may not commence for at least two fiscal quarters following the end of an Adjusted Covenant Period and (y) at the end of an Adjusted Covenant Period, the maximum Senior Secured Net Leverage Ratio permitted under this Section 6.12(b) shall revert to 3.00 to 1.00 as of the end of such Adjusted Covenant Period and thereafter until another Adjusted Covenant Period (if any) commences pursuant to the terms and conditions described above.
Maximum Senior Secured Net Leverage Ratio. Solely in respect of the Revolving Facility, Holdings will not, and will not permit any of the Subsidiaries to, permit the Senior Secured Net Leverage Ratio at the end of any fiscal quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period below; provided that the Borrower shall be permitted at the Borrower’s election (upon written notice to the Administrative Agent) during the term of the Facilities, solely in connection with a Permitted Acquisition with Cash and Cash Equivalent consideration in excess of U.S.$50,000,000, to increase the maximum Senior Secured Net Leverage Ratio levels set forth below by up to 0.50:1.00 for the four fiscal quarters ending immediately following the closing date of such Permitted Acquisition (stepping down by 0.25:1.00 on an annual basis following the completion of such four fiscal quarters (to a level no less than Senior Secured Net Leverage Ratio of 6.00:1.00)); provided, further, that notwithstanding the foregoing proviso, in no event shall the applicable maximum Senior Secured Net Leverage Ratio level exceed 6.50:1.00: Closing Date through June 30, 2018 6.50:1.00 July 1, 2018 through June 30, 2019 6.25:1.00 July 1, 2019 and thereafter 6.00:1.00
Maximum Senior Secured Net Leverage Ratio. The Borrower will not permit the ratio (the “Senior Secured Net Leverage Ratio”), determined as of the end of each of its Fiscal Quarters, of (i)(A) Consolidated Senior Secured Indebtedness minus (B) Unrestricted Domestic Cash in excess of $15,000,000 (excluding Unrestricted Domestic Cash in excess of $175,000,000) to (ii) Consolidated EBITDA for the period of the then most-recently ended four (4) consecutive Fiscal Quarters, all calculated for the Consolidated Financial Covenant Entities on a consolidated basis, to be greater than 3.50 to 1.00.
Maximum Senior Secured Net Leverage Ratio. Solely in respect of the Revolving Facility, Holdings will not, and will not permit any of the Subsidiaries to, permit the Senior Secured Net Leverage Ratio at the end of any fiscal quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period below: Closing Date through September 30, 2014 7.75:1.00 October 1, 2014 through March 31, 2015 7.50:1.00 April 1, 2015 through September 30, 2015 7.25:1.00 October 1, 2015 through December 31, 2015 7.00:1.00 January 1, 2016 through June 30, 2016 6.75:1.00 July 1, 2016 through September 30, 2016 6.50:1.00 October 1, 2016 through December 31, 2016 6.25:1.00 January 1, 2017 through March 31, 2017 6.00:1.00 April 1, 2017 through September 30, 2017 5.75:1.00 October 1, 2017 through December 31, 2017 5.50:1.00 January 1, 2018 and thereafter 5.25:1.00
Maximum Senior Secured Net Leverage Ratio. The Borrower will not permit the ratio (the “Senior Secured Net Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after June 30, 2014, of (i) (a) Consolidated Total Funded Senior Secured Indebtedness, minus (b) the Cash Deduction Amount to (ii) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 3.00 to 1.00; provided that if any Trigger Acquisition is consummated, then the maximum Senior Secured Net Leverage Ratio permitted under this Section 6.12(b) shall (x) increase to 3.25 to 1.00 for any fiscal quarter (ending on or prior to March 31, 2015) in which such acquisition is consummated and each fiscal quarter thereafter through and including the fiscal quarter ending on or about March 31, 2015 and (y) revert to 3.00 to 1.00 for the fiscal quarter ending on or about June 30, 2015 and shall remain in effect for each fiscal quarter of the Borrower thereafter.
