Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio as of the end of any Fiscal Quarter to exceed 3.50 to 1.00.
Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio, on the last day of any fiscal quarter, commencing with the fiscal quarter ending on December 31, 2023, to be greater than 3.00 to 1.00; provided that (x) so long as no Event of Default exists at such time or would result therefrom, the Borrower may elect to increase the maximum Total Net Leverage Ratio permitted under this Section 6.12 to 3.50 to 1.00 for a period of up to four (4) consecutive fiscal quarters, as specified by the Borrower, in connection with a Material Acquisition consummated during the first fiscal quarter of such specified period (each such specified period of consecutive fiscal quarters, an “Adjusted Covenant Period”) and (y) notwithstanding the foregoing clause (x), the Borrower may not elect a new Adjusted Covenant Period for at least one (1) full fiscal quarter following the end of another Adjusted Covenant Period. Any such election must be made in writing to the Administrative Agent within fifteen (15) Business Days of the consummation of such Material Acquisition, and shall specify the number of fiscal quarters (between one (1) and four (4)) for which the Adjusted Covenant Period will apply following the Material Acquisition; provided that to the extent the Borrower initially elects for the Adjusted Covenant Period to apply for less than four (4) fiscal quarters, the Borrower may subsequently elect to extend the Adjusted Covenant Period for additional, consecutive fiscal quarters (not to exceed four (4) fiscal quarters from the date of the Material Acquisition), by delivering written notice of such extension to the Administrative Agent at least fifteen (15) Business Days prior to the end of the initially specified Adjusted Covenant Period.
Total Net Leverage Ratio. Holdings and its Restricted Subsidiaries, on a consolidated basis, shall not permit the Total Net Leverage Ratio on the last day of any Test Period to exceed the ratio set forth below opposite the last day of such Test Period: Test Period End Date Maximum Total Net Leverage Ratio June 30, 2022 2.00:1.00 September 30, 2022 1.55:1.00 December 31, 2022 1.55:1.00 March 31, 2023 and thereafter 1.25:1.00
Total Net Leverage Ratio. The Loan Parties shall not permit the Total Net Leverage Ratio,
Total Net Leverage Ratio. Commencing on the last day of the first full fiscal quarter of the Company ending after the Execution Date, the Company shall not permit the Total Net Leverage Ratio to exceed 4.50 to 1.00 as of the last day of any fiscal quarter of the Company; provided that the ratio referred to in this Section 6.22 shall be reduced to 4.25 to 1.00 on December 31, 2017, further reduced to 4.00 to 1.00 on December 31, 2018, and further reduced to 3.75 to 1.00 on June 30, 2019.
Total Net Leverage Ratio. The Total Net Leverage Ratio as of the last day of any fiscal quarter will not exceed 3.75 to 1.00.
Total Net Leverage Ratio. Maintain as of the end of each fiscal quarter set forth below, a Total Net Leverage Ratio for Quantum and its Subsidiaries, on a consolidated basis, of not greater than the ratio set forth below for each four (4) consecutive fiscal quarter period then ended set forth below and tested by reference to the financial statements with respect to such fiscal quarter delivered (or required to be delivered) to Agent pursuant to Section 9.8 hereof: Fiscal Quarter Ending Maximum Total Net Leverage Ratio June 30, 2022 6.00:1.00 September 30, 2022 6.75:1.00 December 31, 2022 6.00:1.00 March 31, 2023 4.75:1.00 June 30, 2023 5.75:1.00 September 30, 2023 6.00:1.00 December 31, 2023 Not Tested March 31, 2024 5.00:1.00 June 30, 2024 4.50:1.00 September 30, 2024 4.25:1.00 December 31, 2024 3.75:1.00 March 31, 2025 and each fiscal quarter ending thereafter 3.00:1.00
Total Net Leverage Ratio. The Borrower and its Restricted Subsidiaries, on a consolidated basis, will maintain, as of the end of each Fiscal Quarter set forth below, a Total Net Leverage Ratio of not greater than the ratio set forth below opposite such Fiscal Quarter: Fiscal Quarter(s) Ending Total Net Leverage Ratio September 30, 2019 5.50:1.00 December 31, 2019 5.25:1.00 March 31, 2020 5.00:1.00 June 30, 2020 4.75:1.00 September 30, 2020 4.50:1.00 December 31, 2020, March 31, 2021 and June 30, 2021 4.25:1.00 September 30, 2021 and December 31, 2021 4.00:1.00 March 31, 2022 and June 30, 2022 3.75:1.00 September 30, 2022 and each Fiscal Quarter ending thereafter 3.50:1.00
Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio as of the end of any Fiscal Quarter set forth below to exceed the level set forth opposite such Fiscal Quarter in the table below: Fiscal Quarter Ending Maximum Ratio Prior to and including March 31, 2017 3.50 to 1.00 June 30, 2017 N/A September 30, 2017 6.50 to 1.00 December 31, 2017 6.50 to 1.00 March 31, 2018 5.50 to 1.00 June 30, 2018 4.50 to 1.00 September 30, 2018 4.25 to 1.00 December 31, 2018 4.00 to 1.00 March 31, 2019 and thereafter 3.50 to 1.00
