Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of the last day of the most recently ended Measurement Period, plus Consolidated Adjusted Cash Rental Expense for such Measurement Period plus to the extent not included in Consolidated Funded Indebtedness, L/C Obligations as at the last day of such Measurement Period to (b) Consolidated EBITDAR for such Measurement Period; provided, however, that for purposes of any calculation of the Consolidated Total Lease Adjusted Leverage Ratio pursuant to this Agreement, the Borrower may, in connection such calculation, be permitted to net up to $10,000,000 in the aggregate of unrestricted cash.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) (i) Consolidated Total Outstanding Indebtedness (excluding (v) Indebtedness under the New Vehicle Floorplan Facility, (w) Permitted Silo Indebtedness for New Vehicle or Used Vehicle inventory, (x) Indebtedness under the Used Vehicle Floorplan Facility, (y) Temporary Indebtedness and (z) Permitted Third Party Service Loaner Indebtedness) as of such date minus (ii) the aggregate amount as of the date of determination of unrestricted domestic cash held in (x) accounts on the consolidated balance sheet of the applicable Person and its Restricted Subsidiaries as of such date to the extent the use thereof for application to payment of Indebtedness is not prohibited by law or any contract to which any such Person is a party and such cash is not subject to any Lien and (y) accounts established with Silo Lenders, if any, as an offset to floor plan notes payable that are reflected on the consolidated balance sheet of the applicable Person and its Restricted Subsidiaries as of such date to the extent the use thereof is not prohibited or restricted by law or any contract to which any such Person is a party and is not subject to any Lien; provided that the aggregate amount of cash under clauses (x) and (y) for purposes of this calculation shall in no event exceed $50,000,000 at any time, plus (iii) eight (8) times Consolidated Rental Expense for the period of four fiscal quarters most recently ended (excluding Consolidated Rental Expense relating to any real property acquired during the period of four fiscal quarters most recently ended but including as Consolidated Rental Expense the “rental payments” for any real property Disposed of and leased back to the Company or its Subsidiaries during the period of four fiscal quarters most recently ended as if such sale-leaseback transaction had occurred on and such “rental payments” began on the first day of such applicable four fiscal quarter period) to (b) Consolidated EBITDAR for the period of four fiscal quarters most recently ended.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of the last day of the most recently ended Measurement Period, plus Consolidated Adjusted Cash Rental Expense for such Measurement Period plus to the extent not included in Consolidated Funded Indebtedness, L/C Obligations as at the last day of such Measurement Period to (b) Consolidated EBITDAR for such Measurement Period; provided that if any Permitted Acquisition shall have been consummated during such Measurement Period, the Consolidated Total Lease Adjusted Leverage Ratio shall be calculated on a Pro Forma Basis.
Examples of Consolidated Total Lease Adjusted Leverage Ratio in a sentence
Permit the Consolidated Total Lease Adjusted Leverage Ratio at any time to be greater than 5.75 to 1.00.
Permit the Consolidated Total Lease Adjusted Leverage Ratio at any time to be greater than 5.50 to 1.00.
If in connection with any Material Acquisition, the Company or any Subsidiary acquires associated real estate, eliminating any leases on the real estate being acquired or any leases of a Subsidiary being acquired, then the rent associated with those leases will not be included in the numerator of the Consolidated Total Lease Adjusted Leverage Ratio.
Permit the Consolidated Total Lease Adjusted Leverage Ratio, as of the end of any fiscal quarter, to be more than 5.75 to 1.00.
The foregoing Consolidated Total Lease Adjusted Leverage Ratio restriction shall not apply to the extent the Consolidated Total Lease Adjusted Leverage Ratio required pursuant to Section 7.11(a) for the most recently ended Measurement Period is 4.00 to 1.00 or less.
More Definitions of Consolidated Total Lease Adjusted Leverage Ratio
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) (i) Consolidated Total Outstanding Indebtedness (excluding (w) Indebtedness under the New Vehicle Floorplan Facility, (x) Permitted Silo Indebtedness for New Vehicle or Used Vehicle inventory, (y) Indebtedness under the Used Vehicle Floorplan Facility and (z) Temporary Indebtedness) as of such date plus (ii) eight (8) times Consolidated Rental Expense for the period of four fiscal quarters most recently ended (excluding Consolidated Rental Expense relating to any real property acquired during the period of four fiscal quarters most recently ended but including as Consolidated Rental Expense the “rental payments” for any real property Disposed of and leased back to the Company or its Subsidiaries during the period of four fiscal quarters most recently ended as if such sale-leaseback transaction had occurred on and such “rental payments” began on the first day of such applicable four fiscal quarter period) to (b) Consolidated EBITDAR for the period of four fiscal quarters most recently ended.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of: (a) the sum of (i) Consolidated Adjusted Funded Indebtedness as of the date of determination, minus (ii) the sum of (x) the aggregate amount as of the date of determination of cash on the consolidated balance sheet of the applicable Person and its Restricted Subsidiaries as of such date (to the extent the use thereof for application to payment of Indebtedness is not prohibited by law or any contract to which any such Person is a party) which cash is held in deposit accounts subject to Blocked Account Agreements or in deposit accounts maintained with Bank of America, which ensure, in either case, that the Administrative Agent has a first priority, perfected Lien in such accounts and (y) the Floorplan Offset Amount (if any) as of such date; plus (iii) six (6) times Consolidated Rental Expense during the Applicable Four-Quarter Period (excluding Consolidated Rental Expense relating to any real property acquired during such period to the extent any lease on such property is terminated prior to or simultaneously with such acquisition, but including as Consolidated Rental Expense the “rental payments” for any real property disposed of and leased back to the Company or its Subsidiaries during such period as if such sale-leaseback transaction had occurred on and such “rental payments” began on the first day of such applicable four fiscal quarter period) to (b) Consolidated EBITDAR for the Applicable Four-Quarter Period.
Consolidated Total Lease Adjusted Leverage Ratio means, with respect to any Person as of any date, the ratio of (i) the sum of Consolidated Total Debt of such Person outstanding as of such date plus the product of (a) Consolidated Rent Expense of such Person for the most recent period of four consecutive Fiscal Quarters ending on or before such date, multiplied by (b) 6.00 to (ii) Consolidated EBITDAR of such Person for the most recent period of four consecutive Fiscal Quarters ending on or before such date; provided, that Consolidated EBITDAR shall be determined on a Pro Forma Basis.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated Funded Indebtedness as of such date plus (ii) the product of Consolidated Rental Expense for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date multiplied by eight (8) to (b) Consolidated EBITDAR for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) (i) Consolidated Total Outstanding Indebtedness (excluding (v) Indebtedness under the New Vehicle Floorplan Facility, (w) Permitted Silo Indebtedness for New Vehicle or Used Vehicle inventory, (x) Indebtedness under the Used Vehicle Floorplan Facility, (y) Temporary Indebtedness, (z) Permitted Third Party Service Loaner Indebtedness and (aa) Permitted Powersports Indebtedness for Powersports Inventory) as of such date (in each case of clause (a), without giving effect to any Loan Repayments From Offset (as defined as the Revolving and Floorplan Facility Credit Agreement) or the Floorplan Offset Account (as defined as the Revolving and Floorplan Facility Credit Agreement)) minus (ii) the aggregate amount as of the date of determination of unrestricted domestic cash held in (x) accounts on the consolidated balance sheet of the applicable Person and its Restricted Subsidiaries as of such date to the extent the use thereof for application to payment of Indebtedness is not prohibited by law or any contract to which any such Person is a party and such cash is not subject to any Lien, (y) accounts established with Silo Lenders or Powersports Lenders, if any, as an offset to floor plan notes payable that are reflected on the consolidated balance sheet of the applicable Person and its Restricted Subsidiaries as of such date to the extent the use thereof is not prohibited or restricted by law or any contract to which any such Person is a party and is not subject to any Lien, and (z) the Floorplan Offset Amount (as defined as the Revolving and Floorplan Facility Credit Agreement) (if any) as of such date; plus (iii) six (6) times Consolidated Rental Expense for the period of four fiscal quarters most recently ended (excluding Consolidated Rental Expense relating to any real property acquired during the period of four fiscal quarters most recently ended but including as Consolidated Rental Expense the “rental payments” for any real property Disposed of and leased back to the Company or its Subsidiaries during the period of four fiscal quarters most recently ended as if such sale-leaseback transaction had occurred on and such “rental payments” began on the first day of such applicable four fiscal quarter period) to (b) Consolidated EBITDAR for the period of four fiscal quarters most recently ended.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) the result of (x) Consolidated Funded Indebtedness minus (y) the aggregate amount of unrestricted cash and Cash Equivalents (not subject to any Liens other than Liens in favor of the Administrative Agent) of the Borrower and its Subsidiaries in excess of $3,000,000 but in an amount not to exceed $5,000,000, in each case as of the last day of the most recently ended Measurement Period plus (ii) Consolidated Adjusted Cash Rental Expense for such Measurement Period to (b) Consolidated EBITDAR of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period.
Consolidated Total Lease Adjusted Leverage Ratio means, as of any date of determination, the ratio of (a) (i) Consolidated Total Outstanding Indebtedness (excluding(w) Indebtedness under the New Vehicle Floorplan Facility, (x) Permitted Silo Indebtedness for New Vehicle or Used Vehicle inventory, (y) Indebtedness under the Used Vehicle Floorplan Facility and (z) Temporary Indebtedness) as of such dateplus (ii) eight (8) times Consolidated Rental Expense for the period of four fiscal quarters most recently ended (excluding Consolidated Rental Expense relating to any real property acquired during the period of four fiscal quarters most recently ended but including as Consolidated Rental Expense the “rental payments” for any real property Disposed of and leased back to the Company or its Subsidiaries during the period of four fiscal quarters most recently ended as if such sale-leaseback transaction had occurred on and such “rental payments” began on the first day of such applicable four fiscal quarter period) to (b) Consolidated EBITDAR for the period of four fiscal quarters most recently ended.