Priority Leverage Ratio means, as of any date of determination, the ratio of:
Priority Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Priority Debt of the Borrower as of such date minus any Specified Refinancing Cash Proceeds as of such date that are reserved to be applied to Consolidated Priority Debt to (b) EBITDA of the Borrower for the most recently ended Test Period on or prior to such date, all determined on a consolidated basis in accordance with GAAP; provided, that the Priority Leverage Ratio shall be determined on a Pro Forma Basis.
Priority Leverage Ratio means, at any date, the ratio of (a) Priority Indebtedness as of the date of determination (if as of any date of incurrence of such Priority Indebtedness, after giving pro forma effect to such Priority Indebtedness and the application of any net proceeds therefrom (which application may occur within thirty-five (35) days of the date of such incurrence or later with the consent of the Administrative Agent, such consent not to be unreasonably withheld)) to (b) EBITDA for the period of four consecutive Fiscal Quarters for which financial statements have been delivered pursuant to Section 5.01 ending immediately prior to such date (or, in each case, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.11(a)).
Examples of Priority Leverage Ratio in a sentence
Such increase is effective from and after March 15, 2004, to March 14, 2005, at which point the rates of interest payable on the TCH Notes would be restored to their original levels, unless the First Priority Leverage Ratio computation for fiscal 2004 were to result in an increase.
The First Priority Leverage Ratio for the year ended December 31, 2003 resulted in an increase in the interest rates on the TCH Notes of 1.0%.
The Indenture is hereby amended by deleting the text of Section 4.07(a)(2) in its entirety and replacing it with the following: "the Total Leverage Ratio of the Company is greater than 4.0 to 1.0 or the First Priority Leverage Ratio of the Company is greater than 3.0 to 1.0; or".
The First Priority Leverage Ratio for the years December 31, 2004 and 2003 resulted in increases in the interest rates on the TCH Notes of 1.0% and 1.0% respectively.
Such increases are effective from and after March 15, 2004 to March 15, 2005 and March 15, 2005 to March 14, 2006 for the 2003 and 2004 calculations, respectively, at which point the rates of interest payable on the TCH Notes would be restored to their original levels, unless the TCH First Priority Leverage Ratio computation for 2005 results in an increase.
More Definitions of Priority Leverage Ratio
Priority Leverage Ratio means, at any date, the ratio of:
Priority Leverage Ratio means, on any date, the Consolidated Leverage Ratio on such date adjusted to exclude all Indebtedness that is unsecured or secured solely by Junior Liens on the Collateral.
Priority Leverage Ratio means, as of any date of determination, the ratio of (a) Priority Leverage, less cash on the consolidated balance sheet of the Issuer on such date (determined in good faith by the Issuer), provided any cash received in connection with the incurrence of Indebtedness for which such determination is being made shall not be included in such cash amounts used for such determination, to(b) the Consolidated EBITDA of the Issuer for the period of the most recent four quarter period for which financial statements are available, in each case with such pro forma adjustments to Indebtedness and Consolidated EBITDA as are appropriate and consistent with the pro forma provisions set forth in the definition of “Fixed Charge Coverage Ratio”;
Priority Leverage Ratio means, as of any date of determination, the ratio of (1) Priority Debt as of such date to (2) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date (the “Priority Four Quarter Period”). In the event that the Company or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Priority Debt (other than ordinary working capital borrowings) subsequent to the Priority Four Quarter Period for which the Priority Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Priority Leverage Ratio is made (the “Priority Ratio Date”), then the Priority Leverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of such Priority Debt, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable Priority Four Quarter Period. In addition, for purposes of calculating the Priority Leverage Ratio:
Priority Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Priority Debt of the Borrower as of such date minus any Specified Refinancing Cash Proceeds as of such date that are reserved to be applied to Consolidated Priority Debt to (b) EBITDA of the Borrower for the most recently ended Test Period on or prior to such date, all determined on a consolidated basis in accordance with GAAP; provided , that the Priority Leverage Ratio shall be determined on a Pro Forma Basis.
Priority Leverage Ratio means, as of any date of determination, the ratio of (i) Consolidated Priority Debt to (ii) Consolidated Adjusted EBITDA for the Four Quarter Period ending prior to the date of such determination for which financial statements have been delivered pursuant to Section 3.10 (or prior to delivery of such financial statements, with respect to which historical financial statements have been prepared), in each case, on a pro forma basis. All such pro forma computations shall be calculated after giving effect on a pro forma basis to any incurrence of Indebtedness, investment, acquisition, disposition, dividend, purchase of Equity Interests, payment in respect of Indebtedness or other transaction occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the date of determination, as if each such transaction had occurred on the first day of the applicable Four Quarter Period, and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to such Indebtedness if such Swap Agreement has a remaining term in excess of 12 months).
Priority Leverage Ratio means, at any date of determination, the ratio of: (1) the sum, without duplication, of (x) the aggregate outstanding principal amount of Priority Payment Lien Obligations and Pari Passu Lien Indebtedness of the Borrower and its Restricted Subsidiaries, (y) the aggregate outstanding principal amount of Indebtedness (other than Guarantor Subordinated Obligations) of the Subsidiary Guarantors, and (z) on and after the Pulitzer Debt Satisfaction Date, the aggregate outstanding principal amount of Pulitzer First Lien Indebtedness and Pulitzer Junior Lien Indebtedness, in each case, as of such date of determination (determined on a consolidated basis in accordance with GAAP); provided that for purposes of calculating the Priority Leverage Ratio other than for purposes of determining the permissibility of any transaction under Section 10.02, without duplication (A) Indebtedness under a revolving credit facility shall be deemed to be Incurred on the date on which commitments are provided with respect thereto and all commitments relating to such revolving credit facility shall be deemed to be fully drawn at all times until such commitments have been terminated and (B) the maximum permitted amount of Priority Payment Lien Obligations then permitted to be Incurred shall be deemed to be outstanding, to (2) Consolidated EBITDA of the Borrower for the four most recently completed fiscal quarters ending on or prior to the date of determination for which annual or quarterly financial statements are publicly available; and in each case with such pro forma adjustments as are consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Leverage Ratio; provided that, for the purpose of determining the Priority Leverage Ratio, any Indebtedness of any Pulitzer Entity and any Consolidated EBITDA of any Pulitzer Entity will not be included in the calculation of the Priority Leverage Ratio until the Pulitzer Debt Satisfaction Date.