Consolidated First Lien Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated First Lien Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters of the Borrower most recently ended.
Consolidated First Lien Leverage Ratio as at the last day of any Reference Period, the ratio of (a)(i) Consolidated First Lien Debt on such day less (ii) the aggregate Unrestricted Cash of the Group Members on such day to (b) Consolidated EBITDA for such period.
Consolidated First Lien Leverage Ratio as of any date of determination, the ratio of (x) Consolidated First Lien Indebtedness as at such date (after giving effect to any Incurrence or Discharge of Indebtedness on such date) to (y) the aggregate amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which consolidated financial statements of the Borrower are available, provided that:
Examples of Consolidated First Lien Leverage Ratio in a sentence
Permit the Consolidated First Lien Leverage Ratio determined as of the last day of any fiscal quarter of the Borrower to exceed 4.0 to 1.0.
If as of the last day of any fiscal quarter the Financial Covenant Test Condition is then applicable, permit the Consolidated First Lien Leverage Ratio, for the period of four fiscal quarters ending as of the last day of any fiscal quarter period of the Borrower, to exceed 5.25:1.00.
If the Borrower incurs any amounts under such sub-clause (A) above concurrently with sub-clause (B) above, any amounts incurred under sub-clause (A) above will not count as Indebtedness for purposes of calculating the Consolidated First Lien Leverage Ratio at such time.
Except with the written consent of the Required Revolving Lenders and subject to Section 7.02, permit the Consolidated First Lien Leverage Ratio as of the last day of any fiscal quarter set forth below to be greater than 7.25:1.00.
Permit (a) at any time during a Collateral Release Period, the Consolidated Total Net Leverage Ratio as at the end of any fiscal quarter during such period to be greater than 5.50 to 1.00 and (b) at any other time, the Consolidated First Lien Leverage Ratio as at the end of any fiscal quarter (commencing with the first full fiscal quarter after the Closing Date) to be greater than 4.00 to 1.00.
More Definitions of Consolidated First Lien Leverage Ratio
Consolidated First Lien Leverage Ratio as of the last day of any period, the ratio of (a) the sum of (i) the aggregate principal amount of all Indebtedness (including L/C Obligations) outstanding under this Agreement at such date plus (ii) the aggregate principal amount of any other Indebtedness (including First Lien Notes but excluding (x) in the case of contingent obligations of the type described in clause (f) of the definition of “Indebtedness”, any such obligations not constituting L/C Obligations and (y) Indebtedness incurred pursuant to Section 7.2(g)) of the Borrower and its Subsidiaries at such date that is secured by the Collateral on a basis pari passu with the Indebtedness under this Agreement, determined on a consolidated basis in accordance with GAAP minus (iii) the aggregate amount of unrestricted cash and Cash Equivalents (in each case, free and clear of all Liens other than any Lien that is permitted under Section 7.3) included in the consolidated balance sheet of the Borrower and its Subsidiaries as of such date to (b) Annualized Operating Cash Flow determined in respect of the fiscal quarter ending on such day.
Consolidated First Lien Leverage Ratio or “Consolidated Total Leverage Ratio”).
Consolidated First Lien Leverage Ratio means, as of the last day of any fiscal quarter, the ratio of (a)(i) Consolidated First Lien Secured Debt minus (ii) unrestricted cash and Permitted Investments as reflected on the consolidated balance sheet of Holdings, the Borrower and its Restricted Subsidiaries in an amount not to exceed $400,000,000 to (b) LTM Consolidated EBITDA.
Consolidated First Lien Leverage Ratio. “Consolidated Total Assets”, “Consolidated Total Indebtedness”, “Consolidated Total Leverage Ratio”, “Consolidated Working Capital”, “Consolidation”, “Domestic Borrowing Base”, “Excess Cash Flow”, “Foreign Borrowing Base”, “Inventory” or “Receivables”, (b) all defined terms in this Agreement to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions, and (c) any other term or provision of this Agreement or the Loan Documents that, at the Borrower Representative’s election, may be specified by the Borrower Representative by written notice to the Administrative Agent from time to time.
Consolidated First Lien Leverage Ratio means as of any date of determination, the ratio of (1) (w) Consolidated Total Net Debt of the Issuer and its Subsidiaries that is secured by a Lien as of such date minus (x) the aggregate principal amount of any Indebtedness of the Issuer and its Subsidiaries at such time that is subordinated in right of payment to the Notes Obligations (except for Liens securing the ABL Obligations) and, without duplication, minus (y) the aggregate principal amount of Indebtedness of the Issuer and its Subsidiaries at such time that is secured by a Lien on the assets of the Issuer and its Subsidiaries that is junior to the Lien securing the Obligations (except for Liens securing the ABL Obligations), minus (z) up to $150.0 million of cash and Cash Equivalents (which are not Restricted Cash) that would be stated on the consolidated balance sheet of the Issuer and its Subsidiaries as of such date of determination, and in each case, calculated on a pro forma basis (giving effect to the incurrence of Indebtedness and the application of proceed thereof) to (2) the consolidated EBITDA of the Issuer and its Subsidiaries for the most recently ended four full fiscal quarters for which financial statements are available immediately preceding such date, calculated on pro forma basis (including such pro forma adjustments provisions as contemplated under the definition of “Consolidated Net Leverage Ratio”). For purposes of calculating the Consolidated First Lien Leverage Ratio with respect to any revolving Indebtedness, the Issuer may elect, at the time of the initial borrowing under such revolving Indebtedness, to either (x) give pro forma effect to the incurrence of the entire committed amount of such Indebtedness, in which case such committed amount may thereafter be borrowed or reborrowed, in whole or in part, from time to time, without further compliance with the Consolidated First Lien Leverage Ratio component of any provision hereunder, or (y) give pro forma effect to the incurrence of the actual amount drawn under such revolving Indebtedness, in which case, the ability to incur the amounts committed to under such Indebtedness will be subject to the Consolidated First Lien Leverage Ratio (to the extent being incurred pursuant to such ratio) at the time of each such incurrence.
Consolidated First Lien Leverage Ratio means, on any date, the “Consolidated First Lien Leverage Ratio” determined under the Nexstar Credit Agreement.
Consolidated First Lien Leverage Ratio as at the end of any fiscal quarter, the ratio of (a) Consolidated First Lien Debt of the Borrower and its Restricted Subsidiaries on such day to (b) Consolidated EBITDA for the most recently completed four fiscal quarters of the Borrower and its Restricted Subsidiaries for which financial statements have been furnished pursuant to Section 6.1.