Maximum Total Leverage Ratio definition
Maximum Total Leverage Ratio means 3.75:1.00; provided that (a) for the two consecutive fiscal quarters ended immediately following the consummation of any Qualified Acquisition (including the fiscal quarter in which such Qualified Acquisition occurs), the Maximum Total Leverage Ratio shall be 4.75:1.00; (b) for the fiscal quarter ended immediately after such two fiscal quarters referred to in clause (a), the Maximum Total Leverage Ratio shall be 4.50:1.00; (c) for the fiscal quarter ended immediately after the fiscal quarter referred to in clause (b), the Maximum Total Leverage Ratio shall be 4.25:1.00 and (d) for the fiscal quarter ended immediately after the fiscal quarter referred to in clause (c), the Maximum Total Leverage Ratio shall be 4.00:1.00.
Maximum Total Leverage Ratio means, for any Computation Period, the ratio of (a) the total Debt outstanding less the amount of Unrestricted Cash that is Excess Cash, in each case as of the last date of such Computation Period to (b) the total for such Computation Period of EBITDA.
Maximum Total Leverage Ratio has the meaning assigned to such term in Section 6.11(a).
Examples of Maximum Total Leverage Ratio in a sentence
In the event that the applicable Retroactive Effect Deposit is deposited into the Sinking Fund Account and the inclusion of the Retroactive Effect Deposit in the calculation of, as applicable, EBITDA, the Maximum Total Leverage Ratio or Net Sales for the Reference Computation Period results in compliance with, respectively, Section 7.13.1, Section 7.13.2 or Section 7.13.3 for the Reference Computation Period, the applicable Curable Default shall be deemed waived.
The Credit Facility provides for, among other things: (i) no scheduled payments of principal until maturity; (ii) a maximum Secured Leverage Ratio of 3.75x trailing twelve months ("TTM") Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") and a Maximum Total Leverage Ratio of 4.50x TTM Adjusted EBITDA, each with no step downs; and (iii) a Minimum Interest Expense Coverage Ratio of 3.25x TTM Adjusted EBITDA.
The Borrower will not permit the Total Leverage Ratio as of the last day of any Testing Period of the Borrower, beginning with the fiscal quarter ending January 31, 2022, to exceed the Maximum Total Leverage Ratio.
The Borrower will not permit the ratio of Consolidated Total Indebtedness to Consolidated Total Adjusted Asset Value (expressed as a percentage) to be greater than the Maximum Total Leverage Ratio as of the last day of any fiscal quarter of the Borrower.
FINANCIAL COVENANTS: Financial covenants shall include, but not be limited to, Asset Coverage Test (as defined below); Maximum Total Leverage Ratio; Minimum Fixed Charge Coverage and Maximum Capital Expenditures.
More Definitions of Maximum Total Leverage Ratio
Maximum Total Leverage Ratio means sixty percent (60.0%); provided that the Borrower shall have the option, exercisable no more than three (3) times during the term of this Agreement, to elect that the Maximum Total Leverage Ratio may exceed sixty percent (60%) (but in no event, greater than sixty-five percent (65%)) for any fiscal quarter in which the Borrower or any of its Subsidiaries completes a Material Acquisition and the two immediately succeeding fiscal quarters so long as the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this proviso.
Maximum Total Leverage Ratio has the meaning given that term in Section 10.1(a).
Maximum Total Leverage Ratio. Total Net Debt to Consolidated EBITDA Total Net Debt for the four quarter period ended [ ], 20[ ] ________________ Consolidated EBITDA ________________ Calculation of Consolidated EBITDA: Consolidated Net Income for such period,
(1) plus, in each case only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income:
(a) Consolidated Interest Expense and interest expense on the Subordinated Notes for such period, calculation: total consolidated interest expense under GAAP, plus or less, without duplication. plus imputed interest on Capital Lease Obligations and Attributable Indebtedness of Borrower and its Subsidiaries for such period; plus commissions, discounts and other fees and charges owed by Borrower or any of its Subsidiaries with respect to letters of credit securing financial obligations, bankers' acceptance financing and receivables financings for such period; plus amortization of debt issuance costs, debt discount or premium and other financing fees and expenses incurred by Borrower or any of its Subsidiaries for such period; plus cash contributions to any employee stock ownership plan or similar trust made by Borrower or any of its Subsidiaries to the extent such contributions are used by such plan or trust to pay interest or fees to any person (other than Borrower or a Wholly Owned Subsidiary) in connection with Indebtedness incurred by such plan or trust for such period; plus all interest paid or payable with respect to discontinued operations of Borrower or any of its Subsidiaries for such period; plus the interest portion of any deferred payment obligations of Borrower or any of its Subsidiaries for such period; plus all interest on any Indebtedness of Borrower or any of its Subsidiaries of the type described in clause (f) or (k) of the definition of "Indebtedness" for such period; less debt issuance costs, debt discount or premium and other financing fees and expenses directly related to the Transactions; less unrealized gains and losses with respect to Hedging Agreements; and less interest expense on the Subordinated Notes for such period. subtotal of Consolidated Interest Expense ________________
(b) plus interest expense on the Subordinated Notes for such period, ________________
(c) plus the amortization expense of Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, ________________
(d) plus the depreciation expense of Borrower and its Subsidiarie...
Maximum Total Leverage Ratio means (i) 3.50 to 1.00 for each fiscal quarter ending prior to the Special Dividend Election Period, (ii) 4.00 to 1.00 for each of the four fiscal quarters ending during the Special Dividend Election Period and (iii) 3.50 to 1.00 for each fiscal quarter ending after the Special Dividend Election Period (provided that, for any such fiscal quarter ending during the Collateral Period, the Maximum Total Leverage Ratio shall be 4.00 to 1.00).
Maximum Total Leverage Ratio means a ratio of Borrower's (x) Funded Debt as of the last day of such fiscal quarter during the term hereof to (y) its trailing twelve month EBITDA.
Maximum Total Leverage Ratio. Maintain at all times a Leverage Ratio of not more than 60%.
Maximum Total Leverage Ratio. As of any fiscal quarter end, permit the ratio (the "Total Leverage Ratio") of (a) the sum of (i) Debt less (ii) the outstanding amount of all Performance Based Letters of Credit, in each case as of such date to (b) EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date to be greater than the corresponding ratio set forth in Table A below; provided, however, that if the Borrower consummates an equity issuance in a minimum amount of $40,000,000 (a "Qualifying Equity Issuance"), the ratios set forth in Table B shall apply. For purposes of calculating the Total Leverage Ratio, any prepayment of Debt with the proceeds of a Qualifying Equity Issuance occurring within five (5) Business Days following any fiscal quarter end shall be deemed to have been made as of the last day of such fiscal quarter. TABLE A Period Ratio ------ ----- Fiscal quarter ending 3.50 to 1.00 12/31/01 Fiscal quarters ending 3.25 to 1.00 3/31/02 and 6/30/02 Fiscal quarters ending 3.00 to 1.00 9/30/02 and 12/31/02 Fiscal quarters ending 2.75 to 1.00 3/31/03, 6/30/03, 9/30/03 and 12/31/03 Fiscal quarters ending 2.50 to 1.00 3/31/04 and thereafter TABLE B Period Ratio ------ ----- Fiscal quarter end 12/31/01 3.00 to 1.00 Fiscal quarters ending 2.75 to 1.00 3/31/02 and 6/30/02 Fiscal quarters ending 2.50 to 1.00 9/30/02 and thereafter