Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) Consolidated Total Indebtedness that is secured by a Lien on the Collateral that is pari passu with the Liens on the Collateral securing the Notes as of such date to (y) LTM EBITDA.
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) the sum of (a) Consolidated Total Indebtedness secured by a Lien on the Collateral as of such date (other than Indebtedness secured by the Collateral by a Lien that is junior to the Lien securing the Secured Obligations) and (b) without duplication, the Reserved Indebtedness Amount secured by a Lien on the Collateral as of such date (other than Indebtedness secured by the Collateral by a Lien that is junior to the Lien securing the Secured Obligations) to (y) LTM EBITDA.
Consolidated First Lien Secured Leverage Ratio means, with respect to any Person as of any Applicable Calculation Date, the ratio of (x) Consolidated Total Indebtedness secured by a first-priority Lien on any property or asset of the Issuer or any of its Restricted Subsidiaries as of such date (irrespective of whether such Indebtedness is also secured by junior-priority Liens on any other property or assets) to (y) the aggregate amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the Applicable Calculation Date for which internal consolidated financial statements of the Issuer are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”
Examples of Consolidated First Lien Secured Leverage Ratio in a sentence
Any calculation or measure that is determined with reference to the Issuer’s financial statements (including Consolidated EBITDA, Consolidated Interest Expense, Consolidated Net Income, Fixed Charges, Consolidated First Lien Secured Leverage Ratio and Consolidated Total Leverage Ratio) may be determined with reference to the financial statements of a Parent Entity instead, so long as such Parent Entity does not hold any material assets other than, directly or indirectly, the Capital Stock of the Issuer.
There is no mandatory prepayment in respect of excess cash flow if the Company's Consolidated First Lien Secured Leverage Ratio is equal to or less than 4.5 to 1.
The amendment also set forth SOFR as the benchmark rate to succeed LIBOR and amended the financial covenant such that, commencing with the first day of the first full fiscal quarter following the amendment effective date, Shoals Holdings shall not permit its Consolidated First Lien Secured Leverage Ratio (as defined in the Senior Secured Credit Agreement) to exceed 6.50:1.00.
More Definitions of Consolidated First Lien Secured Leverage Ratio
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) Consolidated Total Indebtedness that is secured by a Lien (other than a lien that is pari passu with or is junior to the Liens securing the Notes) as of 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 internal consolidated financial statements of the Issuer are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) the Consolidated Total Indebtedness that is secured by a Lien (other than (i) a Lien that is junior to the Lien securing the Notes and (ii) any Consolidated Total Indebtedness secured by assets that do not constitute Collateral) as of such date to (y) LTM EBITDA. For the avoidance of doubt, Consolidated Total Indebtedness shall exclude Indebtedness of Permitted Receivables Financing or Securitization Facility.
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) the sum of (a) Consolidated Total Indebtedness secured by a Lien on the Collateral as of such date (other than Indebtedness secured by the Collateral with a Junior Lien Priority relative to the Notes and the Note Guarantees) and (b) without duplication, the Reserved Indebtedness Amount secured by a Lien on the Collateral as of such date (other than the Indebtedness secured by the Collateral with a Junior Lien Priority relative to the Notes and the Note Guarantees) to (y) LTM EBITDA.
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) the sum of (a) Consolidated Total Indebtedness secured by a Lien on the Collateral as of such date (other than the Second Lien Obligations and Indebtedness that is secured by the Collateral with Pari Passu Lien Priority relative to the Notes and Note Guarantees or is secured by the Collateral with a Junior Lien Priority relative to the Existing Second Lien Notes and the Second Lien Note Guarantees and (b) without duplication, the Reserved Indebtedness Amount secured by a Lien on the Collateral as of such date (other than the Second Lien Obligations and Indebtedness that is secured by the Collateral with Pari Passu Lien Priority relative to the Notes and the Note Guarantees or is secured by the Collateral with a Junior Lien Priority relative to the Notes and the Note Guarantees) to (y) LTM EBITDA.
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) the sum, without duplication, of (a) Consolidated Total Indebtedness that is secured by a Lien (other than a Lien that is junior to the Lien securing the Notes) as of such date and (b) the Reserved Indebtedness Amount secured (or to be secured) by a Lien (other than a Lien that is junior to the Lien securing the Notes) as of 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 internal consolidated financial statements of the Issuer are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.” For the avoidance of doubt, Consolidated Total Indebtedness shall exclude Indebtedness under any Permitted Receivables Financing or Securitization Facility.
Consolidated First Lien Secured Leverage Ratio means, as of any date of determination, the ratio of (x) the sum of (a) Consolidated Total Indebtedness secured by a Lien (other than Junior Priority Obligations or any other Lien that is junior to the Lien securing the Notes) as of such date and (b) the Reserved Indebtedness Amount as of such date to (y) LTM EBITDA, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio”; provided that, solely for the purpose of Consolidated First Lien Secured Leverage Ratio in Section 3.2(b)(1), all Indebtedness incurred in reliance on such clause shall be deemed to be Consolidated Total Indebtedness secured by a Lien (other than a Junior Priority Obligation or any Lien that is junior to the Lien securing the Notes) as of such date and shall be included in clause (a) above.
Consolidated First Lien Secured Leverage Ratio means, with respect to any specified Person, at any date of determination, the ratio of (x) Consolidated Indebtedness of such Person outstanding as of such date that is secured by a Lien as of such date (other than (i) a Lien that is junior to the Lien securing the First Lien Obligations and (ii) any Consolidated Indebtedness secured by assets that do not constitute Collateral) to (y) Consolidated EBITDA of such Person for the most recently ended four full fiscal quarters of such Person; provided that Consolidated EBITDA of such Person will be calculated in the manner contemplated by, and subject to the adjustments provided in, the definition of “Fixed Charge Coverage Ratio.”