Maximum Total Secured Leverage Ratio. For the benefit of the Revolving Credit Lenders and the Issuing Banks only (and the Administrative Agent on their behalf), permit the Total Secured Leverage Ratio as of the last day of any fiscal quarter (calculated on a Pro Forma Basis and with respect to the period of four consecutive fiscal quarters ended on such date) to be greater than 5.00 to 1.00 if the Aggregate Revolving Credit Exposure (excluding any Revolving Credit Exposure in respect of any undrawn Letter of Credit) outstanding as of the last day of such fiscal quarter exceeds an amount equal to 35% of the aggregate Revolving Credit Commitments as of such day.
Maximum Total Secured Leverage Ratio. The Loan Parties shall not permit the Total Secured Leverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to exceed 3.25 to 1.00, with step downs (A) if an Equity Issuance has not occurred, to (i) 3.00 to 1.00 on June 30, 2019, and (ii) 2.75 to 1.00 on December 31, 2019; and (B) if an Equity Issuance has occurred, to (i) 3.00 to 1.00 upon such Equity Issuance, and (ii) 2.75 to 1.00 on June 30, 2019; provided, that if (i) the maximum Total Secured Leverage Ratio required pursuant to this Section 8.2.16 as of such date is not more than 2.75 to 1.00 and (ii) Undrawn Availability is at least $50,000,000, then the Borrower may elect, with prior written notice to the Administrative Agent, to increase the applicable maximum Total Secured Leverage Ratio to 3.00 to 1.00 during the period of four (4) consecutive fiscal quarters immediately following the consummation of a Material Acquisition (commencing with the fiscal quarter in which such Material Acquisition occurs) (a “Material Acquisition Period”); provided further, that (a) immediately after the end of a Material Acquisition Period, the Total Secured Leverage Ratio shall automatically revert to 2.75 to 1.00 and (b) there shall be not more than one (1) Material Acquisition Period during the term of this Agreement.
Maximum Total Secured Leverage Ratio. The Loan Parties shall not at any time permit the Total Secured Leverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to exceed the maximum ratio set forth below for the applicable period:
Maximum Total Secured Leverage Ratio. Section 8.2.16 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Maximum Total Secured Leverage Ratio. (Sections 8.2.16 and 8.2.6(iv)(f)(1)). The Total Secured Leverage Ratio is to 1.00 (from item (1)(C) below), on a PNC Bank, National Association, as Administrative Agent , 20 pro forma basis after giving effect to the proposed Permitted Acquisition, calculated as of the most recently ended fiscal quarter for the four fiscal quarters then ended,7 which does not exceed the permitted ratio for such period as determined by reference to Table 1: TABLE 1: Prior to the Qualified Note Issuance: Fiscal Period-End Maximum Total Secured Leverage Ratio Closing Date through but not including December 31, 2014 5.50 to 1.00 December 31, 2014 through but not including December 31, 2015 5.25 to 1.00 December 31, 2015 through but not including December 31, 2016 5.00 to 1.00 December 31, 2016 through but not including December 31, 2017 4.50 to 1.00 December 31, 2017 through but not including December 31, 2018 4.25 to 1.00 December 31, 2018 and for all periods thereafter 4.00 to 1.00 [OR] 7 For the purposes of this Certificate, in giving effect to the Permitted Acquisition:
Maximum Total Secured Leverage Ratio. The Loan Parties shall not permit the Total Secured Leverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to exceed 2.75 to 1.0; provided, that (a) during the period of four (4) consecutive fiscal quarters immediately following the consummation of a Material Acquisition (commencing with the fiscal quarter in which such Material Acquisition occurs), the Borrower may elect, with prior written notice to the Administrative Agent and subject to the condition that after giving effect to such Material Acquisition, Undrawn Availability is at least $50,000,000, to increase the preceding ratio to 3.00 to 1.00 (a "Material Acquisition Period"); and (b) immediately after the end of a Material Acquisition Period, the Total Secured Leverage Ratio shall automatically revert to 2.75 to 1.0.
Maximum Total Secured Leverage Ratio. (Section 8.2.16 and 8.2.6(iv)(f)(1)). The Total Secured Leverage Ratio is ___ to 1.00 (from item (6)(C) below), on a pro forma basis after giving effect to the Acquisition4, which does not exceed the permitted ratio permitted ratio set forth in the below table for the applicable period: If an Equity Issuance has not occurred: At the end of each fiscal quarter after the Second Amendment Closing Date until June 30, 2019 3.25 to 1.00 On June 30, 2019 and at the end of each fiscal quarter thereafter until December 31, 2019 3.00 to 1.00 On December 31, 2019 and at the end of each fiscal quarter thereafter 2.75 to 1.00
