Secured Net Leverage Ratio. (i) The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00
(ii) The Borrower may, by written notice to the Administrative Agent for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x for a period of three (3) consecutive fiscal quarters in connection with a Permitted Acquisition that involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $150,000,000 occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding the foregoing clause (i), the Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (i) for a new period of three (3) consecutive fiscal quarters.
Secured Net Leverage Ratio. The Secured Net Leverage Ratio of Borrower, as of the end of each fiscal quarter (commencing with the fiscal quarter ending March 31, 2022) with respect to the four (4) fiscal quarters then ended, shall not be greater than 2.50 to 1.00.
Secured Net Leverage Ratio. Parent and its Restricted Subsidiaries, on a consolidated basis, will maintain, as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending March 31, 2021, a Secured Net Leverage Ratio of not greater than 2.00:1.00 for each such Fiscal Quarter; provided that, upon the consummation of any Material Acquisition, such ratio shall be increased to 2.50:1.00 for the period beginning with the Fiscal Quarter in which such Material Acquisition was consummated and ending on (but including) the last day of the fourth full Fiscal Quarter after such Fiscal Quarter.
Secured Net Leverage Ratio. Not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter set forth below to exceed the corresponding ratio set forth: June 30, 2022 7.00:1.00 September 30, 2022 6.00:1.00 December 31, 2022 5.00:1.00 March 31, 2023 4.00:1.00 June 30, 2023 3.00:1.00 September 30, 2023 2.00:1.00 December 31, 2023 and thereafter 1.50:1.00
Secured Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Secured Net Leverage Ratio at the end of any fiscal quarter on which the Revolving Facility Test Condition is then satisfied to be greater than 4.25:1.00.
Secured Net Leverage Ratio. On or after the occurrence of a Qualifying Debt Issuance, US Borrower shall not suffer or permit the Secured Net Leverage Ratio as of the last day of the most recently completed fiscal quarter to exceed 3.50 to 1.00, subject to the Optional Leverage Ratio Increase.
Secured Net Leverage Ratio. On the last day of any Test Period (commencing with the Fiscal Quarter ending March 31, 2022), the Lead Borrower shall not permit the Secured Net Leverage Ratio to be greater than the 3.00 to 1.00.
Secured Net Leverage Ratio. (i) On or after the occurrence of a Qualifying Debt Issuance, during the Covenant Adjustment Period, US Borrower shall not suffer or permit the Secured Net Leverage Ratio as of the last day of the most recently completed fiscal quarter to exceed the ratio set forth below for such fiscal quarter, subject to the Optional Leverage Ratio Increase: Fiscal quarter ending September 30, 2024 5.15 to 1.00 Fiscal quarter ending December 31, 2024 5.00 to 1.00 Fiscal quarter ending March 31, 2025 4.75 to 1.00 Fiscal quarter ending June 30, 2025 4.50 to 1.00 Fiscal quarter ending September 30, 2025 4.25 to 1.00 Fiscal quarter ending December 31, 2025 4.00 to 1.00 Fiscal quarter ending March 31, 2026 and each fiscal quarter ending thereafter 3.50 to 1.00
(ii) On or after the occurrence of a Qualifying Debt Issuance, at any time after the Covenant Adjustment Period (including if the Covenant Adjustment Period is terminated pursuant 192068782_9 to clause (b) of the definition thereof prior to the date set forth in the grid in clause (i) above), US Borrower shall not suffer or permit the Secured Net Leverage Ratio as of the last day of the most recently completed fiscal quarter to exceed 3.50 to 1.00.
Secured Net Leverage Ratio. On the last day of any Test Period on which the Revolving Facility Test Condition is then satisfied (it being understood and agreed that this Section 6.15(a) shall not apply earlier than the last day of the first Fiscal Quarter ending after the Restatement Effective Date (and on such date, only to the extent the Revolving Facility Test Condition is then satisfied)), the Borrower shall not permit the Secured Net Leverage Ratio to be greater than 3.00:1.00.
Secured Net Leverage Ratio. (1) On or after the occurrence of a Qualifying Debt Issuance, during the Covenant Adjustment Period, US Borrower shall not suffer or permit the Secured Net Leverage Ratio as of the last day of the most recently completed fiscal quarter to exceed 3.50 to 1.00the ratio set forth below for such fiscal quarter, subject to the Optional Leverage Ratio Increase.:
(2) On or after the occurrence of a Qualifying Debt Issuance, at any time after the Covenant Adjustment Period (including if the Covenant Adjustment Period is terminated pursuant to clause (b) of the definition thereof prior to the date set forth in the grid in clause (i) above), US Borrower shall not suffer or permit the Secured Net Leverage Ratio as of the last day of the most recently completed fiscal quarter to exceed 3.50 to 1.00.
