First Lien Net Leverage Ratio means, as of any date of determination, the ratio, on a Pro Forma Basis, of (a) Consolidated First Lien Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Test Period.
First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Net Debt (other than any portion of Consolidated Net Debt that is unsecured or is secured solely by a Lien that is expressly subordinated to the Liens securing the Obligations pursuant to an Intercreditor Agreement) as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower for such Test Period.
First Lien Net Leverage Ratio means, on any date of determination, with respect to the Borrower Parties on a consolidated basis, the ratio of (a) Consolidated Funded First Lien Indebtedness (less the unrestricted cash and Cash Equivalents of the Borrower Parties as of such date) of the Borrower Parties on such date to (b) Consolidated EBITDA of the Borrower Parties for the four fiscal quarter period most recently then ended for which financial statements have been delivered pursuant to Section 6.01(a) or (b), as applicable.
Examples of First Lien Net Leverage Ratio in a sentence
With respect to any period during which the Transactions or any Specified Transaction occurs, with respect to the calculation of the Total Net Leverage Ratio, Senior Secured Net Leverage Ratio, the First Lien Net Leverage Ratio, Consolidated Interest Coverage Ratio and any other applicable provision of this Agreement or any other Loan Document, as of any time, such calculations shall be determined on a Pro Forma Basis.
More Definitions of First Lien Net Leverage Ratio
First Lien Net Leverage Ratio means, with respect to any specified Person for any period, the ratio of (i) Consolidated First Lien Debt of such Person (net of any unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries, excluding any cash proceeds from an incurrence of Indebtedness on the First Lien Net Leverage Ratio Calculation Date (as defined below)) on such date to (ii) Consolidated EBITDA for the period of four consecutive fiscal quarters for which internal financial statements are available immediately preceding the date of the event for which the calculation of the First Lien Net Leverage Ratio is made (for purposes of this definition, the “First Lien Net Leverage Ratio Reference Period”); provided that the aggregate amount of all unrestricted cash and Cash Equivalents to be “netted” for all purposes hereunder with respect to the definition of “First Lien Net Leverage Ratio” shall not (i) exceed $250.0 million, (ii) include any cash or Cash Equivalents that are subject to a Lien (other than any Lien in favor of the Notes Collateral Agent or in favor of the institution holding such cash or Cash Equivalents so long as not securing Indebtedness for borrowed money) or (iii) include any cash or Cash Equivalents that are restricted by contract, law or material adverse tax consequences from being applied to repay any funded Indebtedness. For the avoidance of doubt, any Indebtedness that is (i) secured on a junior basis with respect to security to the Obligations under the notes and the Note Guarantees and (ii) has been incurred pursuant to clause (39) of the definition of “Permitted Liens” shall be deemed ranking pari passu with the liens securing the notes and the Note Guarantees at all times for any purpose of the calculation of the First Lien Net Leverage Ratio. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any funded Indebtedness for borrowed money (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock, in each case, subsequent to the commencement of the First Lien Net Leverage Ratio Reference Period and on or prior to the date of the event for which the calculation of the First Lien Net Leverage Ratio is made (for purposes of this definition, the “First Lien Net Leverage Ratio Calculation Date”), then the First Lien Net Leverage Ratio shall be calculated giving pro forma effect to such ...
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of (i) Consolidated First Lien Secured Debt as of such date of determination, minus cash and Cash Equivalents (in each case, free and clear of all Liens other than Permitted Liens) of the Borrower and the Restricted Subsidiaries (other than the proceeds of any Indebtedness then being incurred and giving rise to the need to calculate the First Lien Net Leverage Ratio) to (ii) Consolidated EBITDA for the Test Period then last ended.
First Lien Net Leverage Ratio. (or any of its component definitions (as used in such Section 7.11 but not as used in other Sections of this Agreement and for purposes of Section 7.11 only)) shall only require the consent of the Required Revolving Lenders), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: (a) waive any condition set forth in Section 4.01 (or, in the case of the initial Credit Extension, Section 4.02), without the written consent of each Lender; (b) without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 as to any Credit Extension under a particular Facility without the written consent of the Required Revolving Lenders or the Required Term Lenders, as the case may be; (c) extend or increase the Commitment of a Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender whose Commitment is being extended or increased (it being understood and agreed that an amendment, modification or waiver of any condition precedent set forth in Section 4.02, waiver of any Default or Event of Default or waiver of any mandatory prepayment is not considered an extension or increase in Commitments of any Lender); (d) postpone any date fixed by this Agreement or any other Loan Document for any payment (it being understood that a waiver of any condition precedent or the waiver of any Default, Event of Default or mandatory prepayment will not constitute an extension or postponement of a date for payment) of principal, interest, fees or other amounts due to the Lenders (or any of them, including without limitation, date of maturity) hereunder or under such other Loan Document without the written consent of each Lender entitled to receive such payment; (e) reduce the principal (it being understood that a waiver of any condition precedent or the waiver of any Default, Event of Default or mandatory prepayment will not constitute a reduction in principal) of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the proviso below to this Section 11.01 in connection with the Fee Letter) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such amount; provided, however, that only the consent of the Required Lenders shall be nece...
First Lien Net Leverage Ratio at any date, the ratio of (a) Consolidated First Lien Indebtedness as of such date minus up to the aggregate amount of the unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries as of such date to (b) Consolidated EBITDA as of the last day of the Reference Period then most recently ended.
First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.
First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) the Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower for such Test Period.
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of