First Lien Secured Net Leverage Ratio definition

First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (a) the remainder of (x) Consolidated Secured Net Debt as of such date minus (y) amounts included in clause (i) of the definition of Consolidated Secured Net Debt (and not described in the last sentence of the definition of Consolidated Secured Net Debt, unless excluded by the proviso thereto) which are secured only by Liens on the Collateral securing the Obligations on a junior and subordinated (as to liens and related rights and remedies only) basis and which are subject to an intercreditor agreement entered into with the Collateral Agent for the benefit of the holders of the Obligations which is in form and substance reasonably satisfactory to the Administrative Agent, to (b) Adjusted Consolidated EBITDA for the most recently ended Test Period for which financial statements of the Borrower have been delivered as required by this Agreement, all determined on a consolidated basis in accordance with GAAP; provided that Adjusted Consolidated EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis. All Indebtedness described in the last sentence of the definition of Consolidated Secured Net Debt (and not excluded by the proviso thereto) shall also be deemed to constitute Indebtedness included pursuant to the preceding clause (a)(x) and which is not deducted pursuant to the preceding clause (a)(y).

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First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (a)(i) Consolidated First Lien Debt as of such date minus (ii) Unrestricted Cash as of such date to (b) Consolidated EBITDA for the most recently ended Test Period.

First Lien Secured Net Leverage Ratio means, on any date, the ratio of (A) (i) the sum of, without duplication, (x) the aggregate principal amount of any Consolidated Debt consisting of Loan Obligations outstanding as of the last day of the Test Period most recently ended as of such date that are then secured by first-priority Liens on the Collateral and (y) the aggregate principal amount of any other Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of such Test Period that is then secured by Liens on the Collateral that are Other First Liens less (ii) without duplication, the Unrestricted Cash Amount as of the last day of such Test Period, to (B) Adjusted Consolidated EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the First Lien Secured Net Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.

Examples of First Lien Secured Net Leverage Ratio in a sentence

Upon the expiration of the Step-Up Election, the maximum First Lien Secured Net Leverage Ratio permitted under the Financial Covenant shall revert to applicable First Lien Secured Net Leverage Ratio for such Test Period set forth above.after the Amendment No. 3 Effective Date only two Step-Up Elections prior to the applicable Maturity Date.
Upon the expiration of the Financial Covenant Increase (or prior to such expiration upon written notice by the Borrower to the Administrative Agent rescinding the Financial Covenant Increase then in effect), the maximum First Lien Secured Net Leverage Ratio permitted under this Section 6.10 shall revert to 4.00 to 1.00 (this sentence, the “Financial Covenant”).
Upon the expiration of the Step-Up Election, the maximum First Lien Secured Net Leverage Ratio permitted under the Financial Covenant shall revert to applicable First Lien Secured Net Leverage Ratio for such Test Period set forth above.

More Definitions of First Lien Secured Net Leverage Ratio

First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (a) the remainder of (x) Consolidated Secured Net Debt as of such date minus (y) amounts included in clause (i) of the definition of Consolidated Secured Net Debt (and not described in the last sentence of the definition of Consolidated Secured Net Debt, unless excluded by the proviso thereto) which are secured only by Liens on the Collateral securing the Obligations on a junior and subordinated (as to Liens and related rights and remedies only) basis and which are subject to an intercreditor agreement entered into with the Administrative Agent for the benefit of the holders of the Obligations which is in form and substance reasonably satisfactory to the Administrative Agent, to (b) Adjusted Consolidated EBITDA for the most recently ended Test Period for which financial statements of Parent have been delivered as required by this Agreement, all determined on a consolidated basis in accordance with GAAP; provided that Adjusted Consolidated EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis. All Indebtedness described in the last sentence of the definition of Consolidated Secured Net Debt (and not excluded by the proviso thereto) shall also be deemed to constitute Indebtedness included pursuant to preceding clause (a)(x) and which is not deducted pursuant to preceding clause (a)(y).

First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (A) (i) the sum of, without duplication, (x) the aggregate principal amount of any Consolidated Debt of the Borrower and its Restricted Subsidiaries secured by assets of the Borrower or its Restricted Subsidiaries on a first lien basis and (y) the aggregate principal amount of any other Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of such Test Period that is then secured by Liens on the Collateral that are Other First Liens, less (ii) the Unrestricted Cash Amount as of the last day of such Test Period, to (B) Adjusted Consolidated EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP.

First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (A) (i) the sum of, without duplication, (x) the aggregate principal amount of any Consolidated Debt consisting of Loan Obligations outstanding as of the last day of the Test Period most recently ended as of such date that are then secured by Liens on the Collateral ranking equal in priority to the Liens on the Collateral securing the Initial Term Loans and (y) the aggregate principal amount of any other Consolidated Debt of BGI and its Subsidiaries outstanding as of the last day of such Test Period that is then secured by Liens on the Collateral that are Other First Liens, less (ii) without duplication, the Unrestricted Cash Amount as of the last day of such Test Period, to (B) LTM Adjusted Consolidated EBITDA, all determined on a consolidated basis in accordance with GAAP; provided, that the First Lien Secured Net Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.

First Lien Secured Net Leverage Ratio means (a) (x) all Consolidated Debt of Holdings and its Restricted Subsidiaries that is secured by a Lien on any Property of Holdings or any of its Restricted Subsidiaries minus all Consolidated Debt of Holdings and its Restricted Subsidiaries that is secured by a Lien on any Property of Holdings or any of its Restricted Subsidiaries that is junior to the Lien securing the Notes less (y) the amount, not to exceed $1,400 million, of Unrestricted Cash of Holdings and its Restricted Subsidiaries, to (b) Adjusted Consolidated EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date, calculated on a Pro Forma Basis.

First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (A) (i) the sum of, without duplication, (x) the aggregate principal amount of any Consolidated Debt of the Borrower and its Restricted Subsidiaries secured by assets of the Borrower or its Restricted Subsidiaries on a first lien basis and (y) the aggregate principal amount of any other Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of the Test Period most recently ended as of such date that is then secured by Liens on the Collateral that are Other First Liens, less (ii) the Unrestricted Cash Amount as of the last day of such Test Period, to (B) Adjusted Consolidated EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP.

First Lien Secured Net Leverage Ratio means, as of any date of determination, the ratio of (1) (x) Priority Lien Debt plus Parity Lien Debt of the Issuer and its Restricted Subsidiaries as of such date minus (y) unrestricted cash and Cash Equivalents (but excluding in all cases cash proceeds from Debt incurred on the date of determination) that would be stated on the balance sheet of the Issuer and its Restricted Subsidiaries for which internal financial statements are available immediately preceding such date and held by the Issuer and its Restricted Subsidiaries as of such date of determination, and in each case, calculated on a Pro Forma Basis to (2) the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended. If the First Lien Secured Net Leverage Ratio is being determined for the Reference Period most recently ended, Debt of the Issuer and its Restricted Subsidiaries shall be measured on the last day of such Reference Period, with Consolidated EBITDA being determined for such Reference Period.