Applicable Prepayment Event Percentage means, (a) 100%, if the Consolidated First Lien Net Leverage Ratio for the most recently ended Test Period is greater than 5.75:1.00, (b) 50%, if the Consolidated First Lien Net Leverage Ratio for the most recently ended Test Period is greater than 5.25:1.00 and equal to or less than 5.75:1.00, and (c) 0%, if the Consolidated First Lien Net Leverage Ratio for the most recently ended Test Period is equal to or less than 5.25:1.00, in each case, calculated on a pro forma basis after giving effect to the applicable Asset Sale or Recovery Event and the use of proceeds therefrom; provided that, if the applicable Consolidated First Lien Net Leverage Ratio used in calculating the foregoing prepayment percentages (after taking into account any such prepayment) would result in such percentage being reduced to 50% or 0%, then such reduced prepayment percentage shall apply after giving effect to the required prepayment amount to achieve such reduced prepayment percentage.
Applicable Prepayment Event Percentage means: (I) with respect to any Debt Incurrence Prepayment Event or New Debt Incurrence Prepayment Event, 100.0%; and (II) with respect to any Asset Sale Prepayment Event or Recovery Prepayment Event: (a) 100.0%, if at the time of receipt of Net Cash Proceeds from such Prepayment Event, the Consolidated First Lien Net Leverage Ratio is greater than 2.00:1.00, (b) 50.0%, if at the time of receipt of Net Cash Proceeds from such Prepayment Event, the Consolidated First Lien Net Leverage Ratio is greater than 1.50:1.00, but equal to or less than 2.00:1.00, and (c) 0.0%, if at the time of receipt of Net Cash Proceeds from such Prepayment Event, the Consolidated First Lien Net Leverage Ratio is equal to or less than 1.50:1.00, in each case, calculated on a Pro Forma Basis after giving effect to the applicable Prepayment Event and the use of proceeds therefrom; provided, that: (i) if the applicable Consolidated First Lien Net Leverage Ratio used in calculating the foregoing prepayment percentages (after taking into account any such prepayment) would result in such percentage being reduced to 50% or 0%, then such reduced prepayment percentage shall apply after giving effect to the required prepayment amount to achieve such reduced prepayment percentage, and (ii) if at any time prior to the end of the Reinvestment Period (or if later, then 180 days after the Borrower or any of its Restricted Subsidiaries has entered into an Acceptable Reinvestment Commitment or, with respect to any Recovery Prepayment Event, provided an Acceptable Reinvestment Commitment or a Restoration Certification), the Applicable Prepayment Event Percentage would be lower based on the