Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio as of the end of any Fiscal Quarter to exceed 3.50 to 1.00.
Total Net Leverage Ratio. Maintain as of the end of each fiscal quarter set forth below, a Total Net Leverage Ratio for Quantum and its Subsidiaries, on a consolidated basis, of not greater than the ratio set forth below for each four (4) consecutive fiscal quarter period then ended set forth below and tested by reference to the financial statements with respect to such fiscal quarter delivered (or required to be delivered) to Agent pursuant to Section 9.8 hereof: Fiscal Quarter Ending Maximum Total Net Leverage Ratio June 30, 2022 6.00:1.00 September 30, 2022 6.75:1.00 December 31, 2022 6.00:1.00 March 31, 2023 4.75:1.00 June 30, 2023 5.75:1.00 September 30, 2023 6.00:1.00 December 31, 2023 Not Tested March 31, 2024 5.00:1.00 June 30, 2024 4.50:1.00 September 30, 2024 4.25:1.00 December 31, 2024 3.75:1.00 March 31, 2025 and each fiscal quarter ending thereafter 3.00:1.00
Total Net Leverage Ratio. The Total Net Leverage Ratio as of the last day of any fiscal quarter will not exceed 3.75 to 1.00.
Total Net Leverage Ratio. Holdings and its Restricted Subsidiaries, on a consolidated basis, shall not 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: Test Period End Date Maximum Total Net Leverage Ratio June 30, 2022 2.00:1.00 September 30, 2022 1.55:1.00 December 31, 2022 1.55:1.00 March 31, 2023 and thereafter 1.25:1.00
Total Net Leverage Ratio. Commencing on the last day of the first full fiscal quarter of the Company ending after the Execution Date, the Company shall not permit the Total Net Leverage Ratio to exceed 4.50 to 1.00 as of the last day of any fiscal quarter of the Company; provided that the ratio referred to in this Section 6.22 shall be reduced to 4.25 to 1.00 on December 31, 2017, further reduced to 4.00 to 1.00 on December 31, 2018, and further reduced to 3.75 to 1.00 on June 30, 2019.
Total Net Leverage Ratio. The Loan Parties shall not permit the Total Net Leverage Ratio,
Total Net Leverage Ratio. The Credit Parties shall not permit the Total Net Leverage Ratio as of the last day of any Test Period set forth below to be greater than the ratio set opposite such Test Period below: Test Period Ending Maximum Total Net Leverage Ratio June 30, 2022 5.00:1.00 September 30, 2022 5.00:1.00 December 31, 2022 5.00:1.00 March 31, 2023 5.00:1.00 June 30, 2023 5.00:1.00 September 30, 2023 5.00:1.00 December 31, 2023 and each Fiscal Quarter thereafter 4.50:1.00 Notwithstanding the foregoing, (i) upon maintaining a Total Net Leverage Ratio of 4.50:1.00 (the “Stepped Down Total Net Leverage Ratio”) for no less than one fiscal quarter after December 31, 2023 (the “Step-Up Trigger”), such Stepped Down Total Net Leverage Ratio shall be eligible for, and subject to, the Step-Up (as defined below) and (ii) upon the consummation of a Material Permitted Acquisition and until the completion of four fiscal quarters following such Material Permitted Acquisition (the “Increase Period”), if elected by the Borrower by written notice to the Agent given on or prior to the date of consummation of such Material Permitted Acquisition, the maximum Total Net Leverage Ratio level for purposes of this Section 6.1 shall be increased by 0.50x for the relevant Test Period above (the “Step-Up”) during such Increase Period; provided, that, (i) between successive Increase Periods, there must be at least one fiscal quarter during which the Credit Parties are in compliance, without giving effect to any Step-Up, with the Total Net Leverage Ratio above and (ii) there shall be a maximum of three Increase Periods in the aggregate under this Agreement. Notwithstanding the foregoing, solely in the event the Borrower consummates the Share Repurchase, until the completion of the four fiscal quarters following the consummation of the Share Repurchase, the maximum Total Net Leverage Ratio permitted by this Section 6.1 (including after giving effect to any Step-Up), shall be increased by 0.50x.
Total Net Leverage Ratio. Permit the Total Net Leverage Ratio, as of the last day of each Fiscal Quarter ending after the Effective Date, for each Measurement Period ended as of such Fiscal Quarter, to exceed 4.00:1.00; provided that, with respect to any period occurring on or after the second full Fiscal Quarter ending after the Closing Date, to the extent that (i) the Parent Borrower or any of its Subsidiaries consummates, during any period of four Fiscal Quarters for which financial statements are available, one or more acquisitions for which the aggregate consideration, including assumed Debt, for all such acquisitions, is $100,000,000 or more and (ii) within 30 days of consummating such acquisition or acquisitions referred to in clause (i) of this proviso, the Parent Borrower notifies the Administrative Agent that the Parent Borrower elects to increase the maximum Total Net Leverage Ratio threshold as a result thereof, then the maximum Total Net Leverage Ratio threshold for the Fiscal Quarter in which such election is made by the Parent Borrower and the immediately three following Fiscal Quarters (unless earlier terminated by the Parent Borrower by written notice to the Administrative Agent) (such period of four Fiscal Quarters, subject to any such earlier termination, an “Acquisition Holiday Period”) shall be increased to 4.50:1.00. The Parent Borrower may not make such election unless at least one full Fiscal Quarter has ended following the end of the most recently completed Acquisition Holiday Period (if any) and the Parent Borrower may not make more than two such elections during the term of this Agreement.
Total Net Leverage Ratio. Permit the Total Net Leverage Ratio as at such last day of such fiscal quarter ending during the relevant period set forth below to be greater than the applicable ratio set forth below. Period Ratio June 30, 2015 through December 31, 2015 4.75 to 1.00 March 31, 2016 through December 31, 2016 4.50 to 1.00 March 31, 2017 through December 31, 2017 4.25 to 1.00 March 31, 2018 through December 31, 2018 4.00 to 1.00 March 31, 2019 through December 31, 2019 3.75 to 1.00 March 31, 2020 and thereafter 3.50 to 1.00
