Total Secured Net Leverage Ratio. Except with the written consent of the Required Revolving Lenders, the Borrower will not permit the Total Secured Net Leverage Ratio, calculated as of the last day of the most recent fiscal quarter of the Borrower for which financial statements were required to have been furnished to the Administrative Agents pursuant to Section 5.01, to exceed the ratio set forth below opposite the period during which such last day occurs: Date of Fiscal Quarter End Ratio March 28, 2015 3.75 to 1.00 June 27, 2015 3.50 to 1.00 September 26, 2015 3.25 to 1.00 December 31, 2015 3.00 to 1.00 March 26, 2016 3.00 to 1.00 June 25, 2016 2.75 to 1.00 September 24, 2016 2.75 to 1.00 December 31, 2016 and thereafter 2.50 to 1.00 Notwithstanding the foregoing, this Section 6.11 shall be in effect (and shall only be in effect) when the sum of the aggregate principal amount of (A) all Revolving Loans and (B) all outstanding LC Disbursements (except to the extent Cash Collateralized), in each case, outstanding as of the last day of the most recent fiscal quarter of the Borrower for which financial statements were required to have been furnished to the Administrative Agents pursuant to Section 5.01, is greater than 20% of the Revolving Commitments. 173
Total Secured Net Leverage Ratio. At any time prior to the occurrence of an Investment Grade Event, permit the Total Secured Net Leverage Ratio as of the last day of any Test Period (commencing with the Test Period ended January 27, 2024) to be greater than 3.50:1.00; provided that, in the event the Borrower consummates a Material Acquisition, the Borrower may elect by notice to the Administrative Agent (which election may be made (x) if the Borrower elects the Leverage Holiday to begin in the fiscal quarter in which such Material Acquisition is consummated, on or prior to the date of consummation of such Material Acquisition, and (y) if the Borrower elects the Leverage Holiday to begin in the fiscal quarter immediately succeeding the fiscal quarter in which such Material Acquisition is consummated, on or prior to the date that the next Compliance Certificate is delivered pursuant to Section 6.02(a)) that the Total Secured Net Leverage Ratio be (and, subject to this Section 7.17(a), the Total Secured Net Leverage Ratio shall be) with respect to the last day of the fiscal quarter for which such election is made and with respect to the last day of each of the next succeeding five (5) fiscal quarters of the Borrower, 4.00:1.00 (a “Leverage Holiday”), provided further that, (x) following any Leverage Holiday, the Borrower shall not be entitled to make another such election unless and until the Maintenance Leverage Ratio shall have been equal to or less than 3.50:1.00 on the last day of at least two fiscal quarters of the Borrower following the end of the preceding Leverage Holiday and (y) the Borrower shall be entitled to only make two such elections.
