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. 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. 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 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. 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: Fiscal Quarter Total Net Leverage Ratio 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. The Borrower will not permit the ratio (the “Total Net Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after December 31, 2016, of (i) (a) Consolidated Total Funded 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 (x) prior to the last day of the fourth full fiscal quarter following the Effective Date, 4.50 to 1.00, and (y) on and after the last day of the fourth full fiscal quarter following the Effective Date, 4.00 to 1.00 (the “Covenant Step-Down Date”); provided that if, after the Covenant Step-Down Date, (x) any Permitted Acquisition (for the avoidance of doubt, other than the Citron Acquisition) is consummated in accordance with the terms of this Agreement and (y) the aggregate cash consideration paid in respect of such acquisition exceeds $20,000,000 (such acquisition, the “Trigger Acquisition”), then the maximum Total Net Leverage Ratio permitted under this Section 6.12(a) shall increase to 4.50 to 1.00 for the quarter in which such acquisition is consummated and the three consecutive fiscal quarters following such quarter (such four consecutive fiscal quarter period, an “Adjusted Covenant Period”); 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 Total Net Leverage Ratio permitted under this Section 6.12(a) shall revert to 4.00 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 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 the Total Net Leverage Ratio set forth opposite such day in the table below. Quarter Ended Maximum Total Net Leverage Ratio December 31, 0000 0.00x March 31, 0000 0.00x June 30, 0000 0.00x September 30, 0000 0.00x December 31, 0000 0.00x March 31, 0000 0.00x June 30, 0000 0.00x September 30, 0000 0.00x Quarter Ended Maximum Total Net Leverage Ratio December 31, 0000 0.00x March 31, 0000 0.00x June 30, 0000 0.00x September 30, 0000 0.00x December 31, 0000 0.00x March 31, 0000 0.00x June 30, 0000 0.00x September 30, 0000 0.00x December 31, 0000 0.00x March 31, 0000 0.00x June 30, 2022 and thereafter 3.25x
Maximum Total Net Leverage Ratio. Beginning with the first full fiscal quarter ending after the Effective Date, the Loan Parties will not permit the Total Net Leverage Ratio, determined for the four consecutive fiscal quarter period ending on the last day of each applicable fiscal quarter, to be more than 3.50 to 1.00; provided, at the Borrower’s sole election (a “Leverage Step-Up Election”), at any time prior to the delivery of the certification required pursuant to Section 5.01(c) with respect to the fiscal quarter (or, if applicable, fiscal year) in which the Borrower or any of its Restricted Subsidiaries consummates a Permitted Acquisition or other similar permitted investment involving aggregate consideration greater than or equal to $50 million, the maximum Total Net Leverage Ratio pursuant to this Section 6.12(a) shall “step up” to 4.00 to 1.00 with respect to the fiscal quarter in which any such acquisition or investment is consummated, and such step up shall continue for each of the three immediately subsequent fiscal quarters (such four fiscal quarter period, a “Leverage Step-Up Period”); provided, further, that the Borrower may make no more than two Leverage Step-Up Elections during the term of this Agreement.
Maximum Total Net Leverage Ratio. Company shall not permit the Total Net Leverage Ratio as of the last day of any fiscal quarter of Company commencing with the fiscal quarter ending immediately after the Closing Date to exceed 4.00 to 1.00.
