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. 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. 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. The Loan Parties shall not permit the Total Net Leverage Ratio,
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 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. 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: 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 Not Tested June 30, 2024 5.00:1.00 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. Maintain as of the end of each fiscal quarter, 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: Fiscal Quarter Ending Maximum Total Net Leverage Ratio September 30, 2021 4.25:1.00 December 31, 2021 4.25:1.00 March 31, 2022 Not Tested June 30, 2022 3.506.00:1.00 September 30, 2022 3.506.75:1.00 December 31, 2022 3.506.00:1.00 March 31, 2023 3.504.75:1.00 June 30, 2023 3.003.75:1.00 September 30, 2023 3.003.25:1.00 December 31, 2023 3.00:1.00 March 31, 2024 3.00:1.00 June 30, 2024 3.00:1.00 September 30, 2024 3.00:1.00 December 31, 2024 3.00:1.00 March 31, 2025 3.00:1.00 June 30, 2025 3.00:1.00 December 31, 20252023 and each fiscal quarter ending thereafter 3.00:1.00
Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio, as of the last day of each fiscal quarter (commencing with the fiscal quarter ending December 31, 2021), to be greater than the levels set forth in the following table for the applicable fiscal quarter: Fiscal QuarterTotal Net Leverage Ratio Fiscal quarters ending December 31, 2021 through and including June 30, 2022 3.25 to 1.00 Fiscal quarters ending September 30, 2022 and December 31, 2022 3.00 to 1.00 Fiscal quarter ending March 31, 2023 2.75 to 1.00 Each fiscal quarter thereafter 2.50 to 1.00
