Consolidated First Lien Net Leverage Ratio. Commencing with the first full fiscal quarter after the Closing Date, without the written consent of the Required Revolving Lenders, permit the Consolidated First Lien Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of any Test Period (but only if the last day of such Test Period constitutes a Compliance Date) to be greater than 7.35:1.00.
Consolidated First Lien Net Leverage Ratio. Solely in the event that the Consolidated First Lien Net Leverage Ratio is required to be tested pursuant to Section 10.9, the Borrower shall be in Pro Forma Compliance with the Consolidated First Lien Net Leverage Ratio set forth in Section 10.9 after giving effect to the Transactions.
Consolidated First Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio on the last day of any fiscal quarter occurring during the term of this Agreement to be greater than 3.50:1.00 on such date.
Consolidated First Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter: Fiscal Quarter Ending Consolidated First Lien Leverage Ratio March 31, 2016 through June 30, 2018 3.25:1.00 September 30, 2018 through December 31, 2019 3.00:1.00 March 31, 2020 and thereafter 2.50:1.00
Consolidated First Lien Net Leverage Ratio. The Borrower shall not permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period ending during any period set forth in the table below (commencing with the first fiscal quarter completed after the Closing Date) to be greater than the ratio set forth below opposite such period: Test Period Ending Consolidated First Lien Net Ratio April 1, 2012 - December 31, 2012 4.75 to 1.0 January 1, 2013 - June 30, 2014 4.75 to 1.0 July 1, 2014 - June 30, 2015 4.50 to 1.0 July 1, 2015 2014 - and thereafter 4.254.50 to 1.0
Consolidated First Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter: Fiscal Quarter Ending Consolidated First Lien Leverage Ratio December 31, 2011 through September 30, 2012 5.50:1.00 December 31, 2012 through September 30, 2013 5.25:1.00 December 31, 2013 through September 30, 2014 4.75:1.00 December 31, 2014 through September 30, 2015 4.25:1.00 December 31, 2015 and thereafter 3.50:1.00 Solely for purposes of determining compliance with the financial covenant set forth herein, any cash equity contribution (which equity shall be common equity or other equity on terms and conditions reasonably acceptable to the Administrative Agent) made to the Borrower during the period commencing on the first day of the relevant fiscal quarter and on or prior to the day that is 10 Business Days after the day on which financial statements for the relevant fiscal quarter are required to be delivered pursuant to Section 6.1(a) or Section 6.1(b), as applicable, shall, at the request of Borrower, be included in the calculation of Consolidated EBITDA for the purposes of determining compliance with the financial covenant set forth herein for periods including such fiscal quarter (any such equity contribution so included in the calculation of Consolidated EBITDA, a “Specified Equity Contribution”); provided that (a) in each four fiscal quarter-period there shall be a period of at least two fiscal quarters in which no Specified Equity Contribution is made and there shall not be more than four Specified Equity Contributions during the term of this Agreement, (b) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the financial covenant set forth herein, (c) there shall be no pro forma reduction in Indebtedness with the proceeds of any Specified Equity Contribution for the purpose of determining compliance with the financial covenant set forth herein for any fiscal quarter ended prior to the fiscal quarter in which such Specified Equity Contribution was made and (d) upon the Administrative Agent’s receipt of any such request of Borrower to include any Specified Equity Contribution in the calculation of Consolidated EBITDA, until the 10th Business Day after the applicable day on which financial statements are requir...
Consolidated First Lien Net Leverage Ratio. The Borrower will not permit the Consolidated First Lien Net Leverage Ratio, calculated as of the last day of the most recent fiscal quarter of the Borrower for which financial statements were required to have been furnished to the Administrative Agent pursuant to Section 9.1(a) or (b) (commencing with the first fiscal quarter ending March 31, 2021), solely during any Compliance Period, to exceed 4.25 to 1.00.
Consolidated First Lien Net Leverage Ratio. With respect to the Revolving Credit Facility only, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period set forth below to be greater than the ratio set forth below opposite such last day of a Test Period below. Test Period Ended Consolidated First Lien Net Leverage Ratio September 26, 2014 5.50: 1.00 December 31, 2014 5.50: 1.00 March 27, 2015 5.50: 1.00 June 26, 2015 5.50: 1.00 September 25, 2015 5.50: 1.00 December 31, 2015 5.50: 1.00 April 1, 2016 5.50: 1.00 July 1, 2016 5.25: 1.00 5.25: 1.005.00: 1.005.00: 1.004.75: 1.004.75: 1.004.50: 1.00 Thereafter 4.50: 1.00 Notwithstanding the foregoing, this Section 7.11 shall be in effect (and shall only be in effect) as of the last day of any fiscal quarter, if the aggregate Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and/or L/C Obligations (other than (i) Letters of Credit in an aggregate Stated Amount not to exceed $5,000,000 and (ii) Letters of Credit the aggregate Stated Amount of which have been Cash Collateralized in full) at such time is greater than 25% of the Revolving Credit Commitments at such time as of the last day of such Test Period (it being understood that calculation of compliance with this Section 7.11 shall be determined as of the last day of the then most recently ended Test Period and shall not give Pro Forma Effect to any such incurrence or issuance after such date).
Consolidated First Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period ending on any date set forth below to be greater than the ratio set forth below. Last date of Test Period Consolidated First Lien Net Leverage Ratio March 31, 2017, and the last day of each fiscal quarter of the Borrower thereafter through June 30, 2019 4.25:1.00 September 30, 2019, and the last day of each fiscal quarter of the Borrower thereafter through June 30, 2020 4.00:1.00 September 30, 2020, and the last day of each fiscal quarter of the Borrower thereafter 3.75:1.00
Consolidated First Lien Net Leverage Ratio. Solely with respect to the Revolving Credit Facility, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any fiscal quarter ended during any period set forth below to be greater than the ratio set forth below opposite such period (provided that the covenant contained in this Section 7.10(a) shall not apply unless on such last day, the Total Outstandings under the Revolving Credit Facility (excluding any L/C Obligations in respect of up to $2,500,000 of undrawn Letters of Credit and Letters of Credit that have been Cash Collateralized) is greater than 30% of the amount of Revolving Credit Commitments (a “Covenant Triggering Event”). After the occurrence of a Covenant Triggering Event, the Consolidated First Lien Net Leverage Ratio shall continue to be tested on the last day of each fiscal quarter until the aggregate Revolving Credit Exposure (excluding any L/C Obligations in respect of up to $2,500,000 of undrawn Letters of Credit and Letters of Credit that have been Cash Collateralized) of all of the Lenders is equal to or less than 30% of the amount of the Revolving Credit Commitments, in which case such Covenant Triggering Event shall no longer be deemed to be continuing for purposes of this Agreement: Period Maximum Consolidated First Lien Net Leverage Ratio First full fiscal quarter after the Initial Closing Date through the fiscal quarter ending on June 30, 2020 7.50:1.00 Fiscal quarter ending on September 30, 2020 and thereafter 7.00:1.00
