Consolidated Net Secured Leverage definition

Consolidated Net Secured Leverage means at any date, (a) the aggregate principal amount of all Indebtedness described under clauses (1), (2), (3), (5)(ii) and (9) of the definition of “Indebtedness,” and to the extent related to Indebtedness of the types described in the preceding clauses, clause (6) of the definition of “Indebtedness,” of the Company and its Restricted Subsidiaries outstanding on such date pursuant to clauses (1)(b), (2), (3), (7), (9), (10), (13) or (15) of the definition of “Permitted Indebtedness” or, to the extent related to any of the foregoing, clause (12), that are secured by a Lien, minus (b) the aggregate amount of cash and Cash Equivalents included in the cash accounts that would be listed on the consolidated balance sheet of the Company and its Restricted Subsidiaries as at such date, to the extent such cash and Cash Equivalents are not (a) subject to a Lien securing any Indebtedness other than Liens permitted under clause (2) of the definition of “Permitted Liens” or (b) classified as “restricted” (unless so classified solely because of any provision in an agreement governing Indebtedness of the Company or its Restricted Subsidiaries).
View Source
Consolidated Net Secured Leverage at any date, (a) the aggregate principal amount of all senior secured Funded Debt of the Borrower and its Restricted Subsidiaries on such date, minus (b) Unrestricted Cash on such date, in each case determined on a consolidated basis in accordance with GAAP.
View Source
Consolidated Net Secured Leverage means at any date, (a) the aggregate principal amount of all Indebtedness described under clauses (1), (2) and (3) of the definition of “Indebtedness,” and to the extent related to Indebtedness of the types described in the preceding clauses, clause (6) of the definition of “Indebtedness,” of the Issuer and its Restricted Subsidiaries outstanding on such date pursuant to clauses (2), (3), (7), (9), (10), (13) or (14) of the definition of “Permitted Indebtedness” or Section 4.04(a), or, to the extent related to any of the foregoing, clause (12) of the definition of “Permitted Indebtedness,” that are secured by a Lien (other than Indebtedness under Receivables Facilities), minus (b) the aggregate amount of cash and Cash Equivalents included in the cash accounts that would be listed on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries as at such date, to the extent such cash and Cash Equivalents are not classified as “restricted” (unless so classified solely because of any provision in an agreement governing Indebtedness of the Issuer or its Restricted Subsidiaries).
View Source

Examples of Consolidated Net Secured Leverage in a sentence

  • The Borrower shall not permit the Consolidated Net Secured Leverage Ratio as of the last day of any Test Period to be higher than 2.50 to 1.00 and the Consolidated Interest Coverage Ratio to be less than 3.0 to 1.00.

  • As long as any Revolving Credit Commitment remains outstanding, Parent shall not permit the Consolidated Net Secured Leverage Ratio as of the last day of any Test Period to be higher than 3.50 to 1.00 (such ratio, the “Maximum Consolidated Net Secured Leverage Ratio”); provided, that the Maximum Consolidated Net Secured Leverage Ratio will be increased to 4.00 to 1.00 upon the occurrence of the REIT Election.

  • As long as any Revolving Credit Commitment remains outstanding, Parent shall not permit the Consolidated Net Secured Leverage Ratio as of the last day of any Test Period to be higher than 4.00 to 1.00 (such ratio, the “Maximum Consolidated Net Secured Leverage Ratio”).

  • Permit the Consolidated Net Secured Leverage Ratio as of the end of each fiscal quarter of the Borrower to be greater than (i) 3.50 to 1:00 for any fiscal quarter ending on or prior to ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, (▇▇) 3.25 to 1:00 for any fiscal quarter ending after December 31, 2015, but on or prior to December 31, 2016 and (iii) 3.00 to 1:00 for any fiscal quarter ending after December 31, 2016.

  • Notwithstanding anything herein to the contrary, with respect to determining the permissibility of the incurrence of any Indebtedness, the proceeds of such Indebtedness shall not be counted as “unrestricted cash” for purposes of clause (a)(ii) of the definition of Consolidated Net Leverage Ratio or clause (a)(ii) of the definition of Consolidated Net Secured Leverage Ratio.

  • As long as any Revolving Credit Commitment remains outstanding, Parent shall not permit the Consolidated Net Secured Leverage Ratio as of the last day of any Test Period to be higher than 4.50 to 1.00 (such ratio, the “Maximum Consolidated Net Secured Leverage Ratio”).


More Definitions of Consolidated Net Secured Leverage

Consolidated Net Secured Leverage means at any date, (a) the aggregate principal amount of all Indebtedness described under clauses (1), (2), (3), (5)(ii) and (9) of the definition of “Indebtedness,” and to the extent related to Indebtedness of the types described in the preceding
View Source