Net Senior Secured Leverage Ratio definition

Net Senior Secured Leverage Ratio means the ratio as of the last day of any Fiscal Quarter of (i) Consolidated Senior Secured Net Debt as of such day to (ii) Consolidated Adjusted EBITDA for the four (4)-Fiscal Quarter period ending on such date.

Net Senior Secured Leverage Ratio as of any date of determination means, the ratio of (1) Consolidated Total Debt that is secured by Liens as of such date of determination, less the aggregate amount of Unrestricted Cash as of such date of determination to (2) EBITDA for the most recently ended four full fiscal quarters for which financial statements have been delivered, with such pro forma adjustments to EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Interest Coverage Ratio; provided that for purposes of determining the Net Senior Secured Leverage Ratio, the aggregate amount of Unrestricted Cash as of such date of determination shall exclude any proceeds of Debt Incurred on such date or the Incurrence of which is being tested on such date.

Net Senior Secured Leverage Ratio means, as of any date of determination, the ratio of (a) (i) the Obligations plus (ii) all other Consolidated Funded Indebtedness that is secured (x) by a Lien on the Collateral that is pari passu with, or senior in priority to, the Liens on the Collateral that secure the Obligations or (y) by a Lien on any other asset or property of Holdings and its Relevant Subsidiaries that does not constitute Collateral, to (b) Consolidated EBITDA, in each case of or by Holdings and its Relevant Subsidiaries for the most recently completed twelve month period as of the end of the prior Fiscal Quarter of Holdings and its Relevant Subsidiaries. For the avoidance of doubt, the numerator of the Net Senior Secured Leverage Ratio shall not include Indebtedness that is unsecured and the existence of a guaranty with respect to any Indebtedness shall not cause such Indebtedness to be deemed to be secured Indebtedness for these purposes unless the obligations of such guaranty are themselves subject to a security interest.

Examples of Net Senior Secured Leverage Ratio in a sentence

• Not permit the Consolidated Net Senior Secured Leverage Ratio to be greater than 5.00:1.00 as of any Compliance Date (the “Financial Covenant”).

• Unless the Majority Revolving Credit Facility Lenders shall otherwise consent in writing, at any time that any Revolving Credit Loans are outstanding, permit the Consolidated Net Senior Secured Leverage Ratio for any period of four consecutive fiscal quarters ending with any fiscal quarter to exceed 4.25 to 1.0.

• As long as any Revolving Credit Commitment remains outstanding and unless the Requisite Revolving Credit Lenders otherwise consent in writing, commencing with the Fiscal Quarter ending on June 30, 2013, the Borrower and its Subsidiaries shall maintain on the last day of each Fiscal Quarter, a Net Senior Secured Leverage Ratio of not more than 3.25 to 1.0.

• Notwithstanding anything to the contrary herein, when calculating the Consolidated Net Senior Secured Leverage Ratio for the purposes of this Section 5.18, the events described in clauses (a) through (c) of the definition of “Pro Forma EBITDA” that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.

• As long as any Revolving Credit Commitment remains outstanding and unless the Requisite Revolving Credit Lenders otherwise consent in writing, commencing with the Fiscal Quarter ending on or around September 30, 2006, the Company and its Subsidiaries shall maintain on the last day of each Fiscal Quarter, a Net Senior Secured Leverage Ratio of not more than 3.25 to 1.0.

More Definitions of Net Senior Secured Leverage Ratio

Net Senior Secured Leverage Ratio means, at any date, the ratio of (a) the excess of (i) the aggregate outstanding principal amount of the Loans and all other Consolidated Total Indebtedness of the Loan Parties on such date that is secured on a pari passu basis by Term Loan Priority Collateral over (ii) the aggregate amount of cash and cash equivalents of the Loan Parties and their Domestic Subsidiaries (except any Excluded Domestic Subsidiary) on such date that is unrestricted and unencumbered (other than Permitted Encumbrances) to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended for which financial statements have been delivered pursuant to Section 5.01(a) or (b).

Net Senior Secured Leverage Ratio means, as of any date of determination, the ratio of (a) (i) the Obligations plus (ii) all other Consolidated Funded Indebtedness that is secured (x) by a Lien on the Collateral that is pari passu with, or senior in priority to, the Liens on the Collateral that secure the Obligations or (y) by a Lien on any other asset or property of Holdings and its Relevant Subsidiaries that does not constitute Collateral, t o

Net Senior Secured Leverage Ratio means, at any date, the ratio of (a) the excess of (i) the aggregate outstanding principal amount of the Loans and all other Consolidated Total Indebtedness of the Loan Parties on such date that is secured on a pari passu basis by Term Loan Priority Collateral over (ii) the aggregate amount of cash and cash equivalents of the Loan Parties and their Domestic Subsidiaries (except any Excluded Domestic Subsidiary) on such date that is unrestricted and unencumbered (other than Permitted Encumbrances) to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended for which financial statements have been delivered pursuant to Section 5.01(a) or (b). “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d). “NYFRB” means the Federal Reserve Bank of New York. 25

Net Senior Secured Leverage Ratio means, on any date, the ratio of (a) Total Funded Secured Indebtedness as of such date, minus an amount equal to the lesser of (i) the sum of (x) 100% of Domestic Unrestricted Cash as at such date, plus (y) 65% of the Foreignthe Borrower Calculated Dollar Equivalent amount of Unrestricted Cash as at such date, and (ii) $250,000,000, to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended on or prior to such date.

Net Senior Secured Leverage Ratio means, for any Fiscal Quarter, the ratio of

Net Senior Secured Leverage Ratio means as of any date of determination, the ratio of (A) consolidated Indebtedness of the Loan Parties and their Subsidiaries owed to the Lenders under this Credit Agreement and any other Indebtedness secured by Liens on the assets of the Loan Parties on such date, net of unrestricted domestic cash in excess of $125,000,000 to (B) Consolidated Adjusted EBITDA (i) for the four fiscal quarters then ending if such date is a fiscal quarter end or (ii) for the four fiscal quarters most recently ended if such date is not a fiscal quarter end.

Net Senior Secured Leverage Ratio of any Person means, for any period, the ratio of (1) Net Senior Secured Indebtedness of such Person and its Restricted Subsidiaries as of the date of determination to (2) Consolidated EBITDA of such Person and its Restricted Subsidiaries for the four fiscal quarters for which internal financial statements are available immediately preceding the date of determination; in each case with such pro forma adjustments to Net Senior Secured Indebtedness and Consolidated EBITDA as are appropriate and consistent with the pro forma adjustments provisions set forth in the definition of Interest Coverage Ratio.