Total Net Secured Leverage Ratio definition
Total Net Secured Leverage Ratio means, on any date, the ratio of (a) Senior Secured Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP; provided, that EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis.
Total Net Secured Leverage Ratio means, as at the last day of any Test Period, the ratio of (a) the excess of (i) Consolidated Total Debt on such day (other than any portion thereof that is unsecured) over (ii) an amount equal to the Unrestricted cash and Cash Equivalents of Holdings and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA, calculated (x) on a Pro Forma Basis and (y) subject to the currency translation provisions as provided in Section 1.3(c), for such Test Period.
Total Net Secured Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Senior Secured Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of Holdings and the Restricted Subsidiaries for such Test Period.
Examples of Total Net Secured Leverage Ratio in a sentence
For the avoidance of doubt, in the case of clause (ii), the Total Net Secured Leverage Ratio shall be calculated without including any proceeds of any Borrowing on the applicable Interim Testing Date in Unrestricted Cash.
Subject to Section 8.02(b), beginning with the Fiscal Quarter ending on December 31, 2018, if Combined Total Net Secured Debt as of the last day of any Fiscal Quarter is greater than or equal to zero, then the Borrowers shall not permit the Total Net Secured Leverage Ratio as of the last day of such Fiscal Quarter to exceed (i) 3.00 to 1.00, or (ii) following the third anniversary of the Closing Date, 2.50 to 1.00.
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Notwithstanding the foregoing, the Borrower may retain Net Proceeds pursuant to clause (b) of the definition thereof, provided, that the Total Net Secured Leverage Ratio on the last day of the Borrower's then most recently completed fiscal quarter for which financial statements are available shall be less than or equal to 3.00 to 1.00.
The Loan Parties will not, as of the last day of any fiscal quarter, beginning with the fiscal quarter ending December 31, 2014, permit the Total Net Secured Leverage Ratio to be greater than 3.50 to 1.00.
More Definitions of Total Net Secured Leverage Ratio
Total Net Secured Leverage Ratio as at the last day of any Reference Period, the ratio of (a) an amount equal to (i) Consolidated Total Debt on such day (other than any portion thereof that is unsecured or is secured by Liens on the Collateral ranking junior to the Liens securing the Secured Obligations pursuant to an intercreditor agreement, in each case, except for Incremental Equivalent Debt (as defined in the Term Loan Facility in effect as of the Third Restatement Date), which in the case of any such Incremental Equivalent Debt (as defined in the Term Loan Facility in effect as of the Third Restatement Date) shall be included) minus (ii) an amount equal to the sum of (x) unrestricted cash and cash equivalents of the Lead Borrower and its Restricted Subsidiaries on such date plus (y) the cash and cash equivalents of the Lead Borrower and its Restricted Subsidiaries restricted in favor of the Secured Parties and any Debt permitted under Section 9.2.1 that is secured by a Lien on the Collateral permitted by Section 9.2.2, (in each case determined in accordance with GAAP) to (b) EBITDA for such Reference Period.
Total Net Secured Leverage Ratio as at the last day of any period, the ratio of (a) the excess of (i) the amount of Consolidated Total Debt on such day consisting of Indebtedness (x) that is secured by the Collateral or (y) that was incurred pursuant to Section 6.1(b)(vii) over (ii) an amount equal to the lesser of (I) $75,000,000 and (II) the sum of the (x) Unrestricted cash and Cash Equivalents, (y) cash and Cash Equivalents restricted in favor of the Administrative Agent and (z) of cash and Cash Equivalents restricted in favor of the ABL Agent, in each case of the Company Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA of the Company Borrower and its Restricted Subsidiaries, calculated on a Pro Forma Basis for such period, and with such pro forma or scheduling adjustments to Consolidated Total Debt and Consolidated EBITDA as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”.
Total Net Secured Leverage Ratio means as of any date of determination the ratio of (a) Total Secured Debt minus the lesser of (i) $50,000,000 and (ii) unrestricted and unencumbered cash and Cash Equivalents on the consolidated balance sheet of the Borrower to (b) EBITDA.”
Total Net Secured Leverage Ratio means as of any date of determination, the ratio of (a) Total Funded Debt that is secured by a Lien on any Collateral as of such day to (b) EBITDAX (or, in the case of Rolling Periods ending on or prior to June 30, 2023, Annualized EBITDAX) for the Rolling Period ending on the last day of the then most recently ended Rolling Period for which financial statements are available.
Total Net Secured Leverage Ratio means as of the last day of any Fiscal Quarter, the ratio of (i) Combined Total Net Secured Debt as of such day to (ii) Combined Economic Income for the four-Fiscal Quarter period ending on such day.
Total Net Secured Leverage Ratio as at the last day of any Test Period, the ratio of (a) an amount equal to (i) Consolidated Total Debt on such day (other than any portion thereof that is unsecured or is secured by Liens on the Collateral ranking junior to the Liens securing the Secured Obligations pursuant to an intercreditor agreement, in each case, except for Incremental Equivalent Debt, which in the case of any such Incremental Equivalent Debt shall be included) minus (ii) an amount equal to the sum of (x) unrestricted cash and cash equivalents of the Borrower and its Restricted Subsidiaries on such date plus (y) the cash and cash equivalents of the Borrower and its Restricted Subsidiaries restricted in favor of the Secured Parties and any Debt permitted under Section 6.1 that is secured by a Lien on the Collateral permitted by Section 6.2 (in each case determined in accordance with GAAP) to (b) EBITDA for such Test Period.
Total Net Secured Leverage Ratio as at the last day of any period, the ratio of (a) the excess of (i) the amount of Consolidated Total Debt on such day consisting of Indebtedness (x) that is secured by the Collateral or (y) that was incurred pursuant to Section 6.1(b)(vii) over (ii) an amount equal to the sum of the (x) Unrestricted cash and Cash Equivalents, (y) cash and Cash Equivalents restricted in favor of the Administrative Agent and (z) of cash and Cash Equivalents restricted in favor of the ABL Agent, in each case of the Company Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA of the Company Borrower and its Restricted Subsidiaries, calculated on a Pro Forma Basis for such period, and with such pro forma or scheduling adjustments to Consolidated Total Debt and Consolidated EBITDA as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”. “Tower Borrower”: Onex BP Finance LP, a Delaware limited partnership. “Tower Release”: as defined in Amendment No. 2. “Transactions”: (a) the consummation of the tower transactions, (b) the execution and delivery of the ABL Documents to be entered into on the Closing Date, (c) the execution and delivery of the Loan Documents to be entered into on the Closing Date, (d) the Existing Debt Release/Repayment and (e) the payment of fees and expenses incurred in connection therewith. “Transferee”: any Assignee or Participant. “Type”: as to any Loan, its nature as an ABR Loan or a Term SOFR Loan. “UCC”: the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction. “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. “United States” and “U.S.”: the United States of America. “Unrestricted”: when referring to cash or Cash Equivalents, means that such cash or Cash Equi...