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.
Appears in 4 contracts
Samples: Credit Agreement (Franchise Group, Inc.), First Lien Credit Agreement (Franchise Group, Inc.), First Lien Credit Agreement (Franchise Group, Inc.)
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 4.40 to 1.00 and (b) for each fiscal quarter thereafter (beginning with the fiscal quarter ending on or about December 31, 2022), 3.75 3.90 to 1.00.
Appears in 2 contracts
Samples: Second Lien Credit Agreement (Franchise Group, Inc.), Second Lien Credit Agreement (Franchise Group, Inc.)
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 4.40 to 1.00 and (b) for each fiscal quarter thereafter (beginning with the fiscal quarter ending on or about December 31, 2022), 3.75 3.90 to 1.00.. -145-
Appears in 1 contract
