Maximum Total Net Leverage Ratio. Commencing with the fiscal quarter ending December 31, 2017, the Borrower shall not permit the Total Net Leverage Ratio, calculated as of the last day of each fiscal quarter of the Borrower, to be greater than 3.25 to 1.00.
Maximum Total Net Leverage Ratio. The Borrower will not, as of the last day of any Fiscal Quarter (commencing with the Fiscal Quarter ending June 30, 2018), permit the Total Net Leverage Ratio to be greater than:
(i) with respect to each Fiscal Quarter ending during the period from June 30, 2018 through March 31, 2019, 4.50 to 1.00;
(ii) with respect to each Fiscal Quarter ending during the period from June 30, 2019 through March 31, 2020, 4.25 to 1.00; and
(iii) with respect to each Fiscal Quarter ending on or after June 30, 2020, 4.00 to 1.00.
Maximum Total Net Leverage Ratio. As of the last day of each fiscal quarter of the Lead Borrower (commencing with the first full fiscal quarter ending after the Effective Date), the Lead Borrower will not permit the Total Net Leverage Ratio of the Lead Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, to be greater than (a) for each fiscal quarter (commencing with the first full fiscal quarter ending after the Effective Date) prior to the fiscal quarter ending on or about December 31, 2022, 4.25 to 1.00 and (b) for each fiscal quarter thereafter (beginning with the fiscal quarter ending on or about December 31, 2022), 3.75 to 1.00.
Maximum Total Net Leverage Ratio. Permit the Total Net Leverage Ratio, as of the last day of any Test Period set forth in the table below, to exceed the ratio set forth opposite such Test Period in the table below:
Maximum Total Net Leverage Ratio. After giving pro forma effect to the Advances made hereunder on the Amendment and Restatement Date and the Term Loan made by Term Loan Lenders on the Amendment and Restatement Date, the Total Net Leverage Ratio for Quantum and its Subsidiaries, on a consolidated basis, for the four (4) consecutive fiscal quarters ending on or about September 30, 2018 shall be less than or equal to 8.50 to 1.00;
Maximum Total Net Leverage Ratio. Permit the Total Net Leverage Ratio, for the period of four fiscal quarters ending as of the last day of any fiscal quarter period of the Borrower (commencing with the fiscal quarter ended December 31, 2023) to exceed 3.00 to 1.00. Notwithstanding the foregoing Total Net Leverage Ratio covenant, in connection with any Permitted Acquisition whereby the total consideration for such Permitted Acquisition, including potential Earn Out Obligations and post-closing adjustments, exceeds $75,000,000, the Borrower may, at its election, in connection with such Permitted Acquisition and upon prior written notice to the Administrative Agent, increase the maximum Total Net Leverage Ratio to 3.50 to 1.00, which such increase shall be applicable (a) with respect to any such Permitted Acquisition that is not a Limited Condition Acquisition, (i) for purposes of determining compliance on a pro forma basis with the maximum Total Net Leverage Ratio covenant as described in clauses (x)(ii)-(iii) below upon the consummation of the Permitted Acquisition and (ii) for purposes of compliance with the Total Net Leverage Ratio covenant for the fiscal quarter in which such Permitted Acquisition is consummated and the three (3) consecutive quarterly test periods thereafter or (b) with respect to any such Permitted Acquisition that is a Limited Condition Acquisition, (i) for purposes of determining compliance on a pro forma basis with the maximum Total Net Leverage Ratio covenant as described in clauses (x)(ii)-(iii) below with respect to any such Limited Condition Acquisition on the LCA Test Date and (ii) for purposes of compliance with the Total Net Leverage Ratio covenant, for the fiscal quarter in which such Permitted Acquisition is consummated and for the three (3) consecutive quarterly test periods after which such Permitted Acquisition is consummated (the “Acquisition Holiday”); provided that (x) such increase shall apply solely with respect to (i) compliance with the Total Net Leverage Ratio financial covenant in this Section 7.1(b), (ii) any determination of the Total Net Leverage Ratio for purposes of the definition of Permitted Acquisition with respect to any such Permitted Acquisition and (iii) any incurrence test with respect to any Indebtedness used to finance any such Permitted Acquisition (including any indebtedness incurred under any Incremental Revolving Credit Commitment) and shall not apply to any other incurrence test set forth in this Agreement, and (y) following a...
Maximum Total Net Leverage Ratio. Holdings will not permit the Total Net Leverage Ratio as of the last day of any fiscal quarter to be greater than 3.75:1.00 (such maximum ratio, the “Maximum Total Net Leverage Ratio”). Notwithstanding the foregoing, if during any fiscal quarter any Borrower or Subsidiary consummates a Material Acquisition, then the Lead Borrower may, by delivery of a Financial Covenant Step-Up Election to the Administrative Agent on or before the date that a Compliance Certificate is required to be delivered for such fiscal quarter, increase the Maximum Total Net Leverage Ratio to 4.25:1.00 (such increase, a “Financial Covenant Step-Up”) for the four consecutive fiscal quarters commencing with such fiscal quarter (the “Financial Covenant Step-Up Period”); provided once a Financial Covenant Step-Up Election has been made, no subsequent Financial Covenant Step-Up Election may be made unless and until the Maximum Total Net Leverage Ratio is less than or equal to 3.75:1.00 as of the end of two consecutive fiscal quarters after the end of the Financial Covenant Step-Up Period.
Maximum Total Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Total Net Leverage Ratio on the last day of any Test Period to exceed the ratio set forth below opposite the last day of such Test Period: For the first through the eighth full fiscal quarters after the Closing Date: 8.00:1.00 Thereafter: 7.00:1.00
Maximum Total Net Leverage Ratio. Permit the Total Net Leverage Ratio on the last day of each Test Period ending after the Third Amendment Effective Date, to exceed 6.00:1.00; provided that, after any equity offering of the Borrower following the preferred stock offering consummated on the Third Amendment Effective Date, the Total Net Leverage Ratio shall step down to a ratio no greater than 120% of the ratio immediately after the Capital Event, with a floor of 4.50:1.00.
Maximum Total Net Leverage Ratio. (a) Subject to clause (b) of this Section 7.11, the Borrower shall maintain, as of the last day of each fiscal quarter of the Borrower ending after the Closing Date, a Total Net Leverage Ratio for the Test Period ending on such day of not more than 4.75 to 1.00, stepping down to (i) 4.25 to 1.00 beginning with the fiscal quarter ending December 31, 2023 and (ii) 4.00 to 1.00 beginning with the fiscal quarter ending December 31, 2024.
(b) Upon the consummation of a Material Acquisition, the Borrower may elect, with respect to the fiscal quarter in which such Material Acquisition is consummated and for each of the following three consecutive fiscal quarters, to increase the maximum Total Net Leverage Ratio permitted under clause (a) of this Section 7.11 with respect to each such fiscal quarter by 0.25 to 1.00 (a “Covenant Toggle”), provided that (x) the Borrower may not elect to utilize a Covenant Toggle if a Covenant Toggle has been elected to be used by the Borrower with respect to any of the two fiscal quarters immediately prior to the proposed effectiveness of such election and (y) the maximum Total Net Leverage Ratio permitted with respect to any fiscal quarter after giving effect to a Covenant Toggle shall not exceed 4.50 to 1.00.
