First Lien Senior Secured Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt (other than any portion of Consolidated Total Debt that is unsecured or is secured solely by a Lien that is junior to the Liens securing the Obligations) as of the last day of such Test Period to (b) Consolidated EBITDA of the Parent Borrower for such Test Period.
First Lien Senior Secured Leverage Ratio means, with respect to any date of determination, the ratio of (a) Consolidated Total Debt (including the Loans hereunder) secured by first priority Liens as of the last day of the Test Period most recently ended on or prior to the date of determination to (b) Consolidated EBITDA for such Test Period.
First Lien Senior Secured Leverage Ratio means, on any date, the ratio of (a) Consolidated First Lien Senior Secured Debt as of such date to (b) EBITDA for the relevant Test Period; provided that if any Asset Disposition, any Asset Acquisition (or any similar transaction or transactions that require a waiver or consent by the Required Lenders under Section 6.04 or 6.05), any Investment the aggregate amount of which exceeds $15.0 million or incurrence or repayment of Indebtedness (excluding normal fluctuations in revolving Indebtedness incurred for working capital purposes and excluding any Indebtedness permitted to be incurred by Section 6.01 (other than Section 6.01(1)) and incurred on (but not prior to) the date of determination) has occurred, or any part of the business of Holdings and its Subsidiaries is designated as a discontinued operation to the extent the aggregate fair market value of all such designations exceeds $15.0 million, or any Subsidiary has been designated as an Unrestricted Subsidiary or any Subsidiary Redesignation has occurred, in each case during the relevant Test Period or in the case of any Asset Acquisition, after the last day of the Test Period and on or prior to the date as of which such ratio is being calculated (the period from the first day of the Test Period to and including such date of determination being the “Calculation Period”), Consolidated First Lien Senior Secured Debt and EBITDA shall be determined for the respective Test Period on a Pro Forma Basis for such occurrences and designations.
Examples of First Lien Senior Secured Leverage Ratio in a sentence
Except with the written consent of the Required Revolving Credit Lenders, permit the First Lien Senior Secured Leverage Ratio as of the last day of any Test Period (commencing with the last day of the first full fiscal quarter of the Parent Borrower commencing after the Closing Date) to be greater than 6.50:1.00.
The Commitment Fee shall be reduced to 0.375% per annum if the First Lien Senior Secured Leverage Ratio for any fiscal quarter (as evidenced by financial statements delivered pursuant to Section 6.01 and covering such period) shall be less than or equal to 2.75:1.00.
Permit the First Lien Senior Secured Leverage Ratio as of the last day of any Test Period, beginning with the Test Period ending March 31, 2008, to be greater than 3.75:1.00.
During a Borrowing Base Trigger Period, the Borrower will not permit the First Lien Senior Secured Leverage Ratio as of the last day of each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending March 31, 2017 to be greater than 2.25 to 1:00.
The Excess Cash Flow Percentage could be 0% if the First Lien Senior Secured Leverage Ratio as of the last day of the fiscal year is less than 3.25:1.No Excess Cash Flow payment is due in 2019 since the First Lien Senior Secured Leverage ratio was less than 3.25:1 as of December 28, 2018.(c)Revolving Line of Credit—The Company has a $40,000,000 revolving line of credit available through its senior credit facility.
More Definitions of First Lien Senior Secured Leverage Ratio
First Lien Senior Secured Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt secured by the Collateral on a pari passu basis with the Facility, plus, the principal amount of ABL Obligations, as of the last day of such Test Period to (b) Consolidated EBITDA of the Parents, the Borrower and the Restricted Subsidiaries for such Test Period.
First Lien Senior Secured Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt (other than any portion of Consolidated Total Debt that is unsecured or is secured solely by a Lien that is junior to the Liens securing the Obligations) as of the last day of such Test Period to (b) Consolidated EBITDA of the Parent Borrower for such Test Period; provided that at the option of the Parent Borrower, solely for purposes of determining compliance with the Financial Covenant, in lieu of using Consolidated EBITDA for any Test Period ending on or after September 30, 2021 and on or prior to December 31, 2021 for purposes of this clause (b), the Parent Borrower may instead use (i) for the fiscal quarter ending September 30, 2021, Consolidated EBITDA for such fiscal quarter multiplied by four and/or (ii) for the fiscal quarter ending December 31, 2021, Consolidated EBITDA for the two fiscal quarter period ending December 31, 2021 multiplied by two.
First Lien Senior Secured Leverage Ratio means, for any test period, the ratio of (a) Consolidated Total Funded Indebtedness, other than indebtedness that is unsecured or that is secured on a junior basis to the Credit Facilities, less Holdings’ and its restricted subsidiaries’ unrestricted cash and cash equivalents, as of the applicable date of determination, to (b) Consolidated EBITDA for such test period.
First Lien Senior Secured Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt (other than any portion of Consolidated Total Debt that is unsecured or is secured by a Lien that is expressly junior to the Liens securing the Obligations; provided that for purposes of calculating compliance with the First Lien Senior Secured Leverage Ratio set forth in the definition of “Ratio Amount”, such indebtedness shall be treated as if secured on a pari passu basis with the Liens securing the Obligations, whether or not secured) as of the last day of such Test Period to (b) Consolidated EBITDA of Holdings for such Test Period.
First Lien Senior Secured Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt secured by the Collateral on a pari passu basis with the First Lien Facility, plus, the principal amount of Obligations, as of the last day of such Test Period to (b) Consolidated EBITDA of the Parents, the Borrowers and the Restricted Subsidiaries for such Test Period. “Fixed Amounts” has the meaning specified in Section 1.09(b). “Fixed Charge Coverage Ratio” means, for any Test Period, the ratio of (a) Consolidated EBITDA of the Parents, the Borrowers and the Restricted Subsidiaries for such period minus taxes based on income, profits or capital, including federal, foreign, state, franchise, excise and similar taxes (including in respect of repatriated funds), net of cash refunds received, of the Parents, the Borrowers and the Restricted Subsidiaries paid in cash during such Test Period minus Unfinanced Capital Expenditures made by the Parents, the Borrowers and the Restricted Subsidiaries during such Test Period, to (b) the Fixed Charges of the Parents, the Borrowers and the Restricted Subsidiaries for such period. “Fixed Charges” means, for any Test Period, the sum, determined on a consolidated basis, of (a) the Consolidated Cash Interest Charges of the Parents, the Borrowers and the Restricted Subsidiaries for such period plus (b) scheduled amortization of the principal amount of Indebtedness for borrowed money of the Parents, the Borrowers and the Restricted Subsidiaries (other than payments by any Parent, any Borrower or any of the Restricted Subsidiaries to any Parent, any Borrower or to any Restricted Subsidiaries) due and payable in cash during such period plus (c) solely for purposes of testing the Payment Conditions, amounts paid during such period pursuant to (x) Section 7.06(p) and (y) solely to the extent funded with proceeds of a Borrowing, Section 7.06(q). “Foreign Holding Company” means any Subsidiary that owns no material assets (directly or through one or more disregarded entities) other than capital stock or Indebtedness of one or more 39
First Lien Senior Secured Leverage Ratio means the ratio of (a) Consolidated First Lien Senior Secured Debt minus the aggregate amount (not to exceed $250,000,000) of unrestricted and unencumbered (other than pursuant to the Collateral Documents or Liens permitted by clauses (b), (t), (u), (v) or (w) of Section 6.02) cash and Permitted Investments maintained by the Borrower and the Loan Parties in the United States to (b) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending as of the most recently completed fiscal quarter of the Borrower, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis.
First Lien Senior Secured Leverage Ratio means the ratio of (a) Consolidated Total Funded Indebtedness, other than indebtedness that is unsecured or that is secured on a junior basis to the First Lien Facilities, less Holdings’ and its restricted subsidiaries’ unrestricted cash and cash equivalents, as of the applicable date of determination, to (b) Consolidated EBITDA for such test period. “Senior Secured Leverage Ratio” means the ratio of (a) Consolidated Total Funded Indebtedness, other than unsecured indebtedness, less Holdings’ and its restricted