Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio on the last day of any fiscal quarter occurring during any period set forth below, to be greater than the ratio set forth below opposite such period: Period Maximum Consolidated Total Net Leverage Ratio Closing Date through and including September 30, 2014 7.25:1.00 December 31, 2014 through and including September 30, 2015 6.75:1.00 December 31, 2015 and thereafter 6.50:1.00
Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio as at the last day of any Reference Period of the Borrower to exceed 6.90 to 1.00.
Consolidated Total Net Leverage Ratio. The Borrower will not permit the Consolidated Total Net Leverage Ratio as of the last day of any Reference Period commencing with the fiscal quarter ending June 30, 2020 to be greater than 3.50 to 1.00.
Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower set forth below to be greater than the ratio set forth below opposite such period: Measurement Period Ending Maximum Consolidated Total Net Leverage Ratio September 30, 2021 through and including June 30, 2022 3.00 to 1.00 September 30, 2022 3.50 to 1.00 December 31, 2022 through and including March 31, 2023 3.75 to 1.00 June 30, 2023 3.50 to 1.00 September 30, 2023 and December 31, 2023 3.25 to 1.00 March 31, 2024 and each fiscal quarter thereafter 3.00 to 1.00 provided, that, upon the occurrence of a Qualified Acquisition, for each of the four (4) fiscal quarters of the Borrower immediately following such Qualified Acquisition (including the fiscal quarter in which such Qualified Acquisition was consummated), the maximum Consolidated Total Net Leverage Ratio permitted pursuant to this Section 7.11(b) shall be increased to 3.50 to 1.00 (a “Leverage Increase Period”); provided, further, that, (i) no Leverage Increase Period may occur until the Borrower has delivered Compliance Certificates for two (2) consecutive fiscal quarters ending after the fiscal quarter ending September 31, 2023 evidencing that the Consolidated Total Net Leverage Ratio was not greater than 3.00 to 1.00 as of the end of each such fiscal quarter, (ii) following the expiration of any Leverage Increase Period, the maximum Consolidated Total Net Leverage Ratio cannot be subsequently increased again as a result of a subsequent Qualified Acquisition (and a subsequent Leverage Increase Period cannot commence) until the Borrower has delivered Compliance Certificates for two (2) consecutive fiscal quarters evidencing that the Consolidated Total Net Leverage Ratio was not greater than 3.00 to 1.00 as of the end of each such fiscal quarter, (iii) there shall be no more than three (3) Leverage Increase Periods exercised during the term of this Agreement, and (iv) each Leverage Increase Period shall only apply with respect to the calculation of this financial maintenance covenant and not for any other purpose.
Consolidated Total Net Leverage Ratio. The Credit Parties shall not permit the Consolidated Total Net Leverage Ratio as of the last day of any four Fiscal Quarter period ending on a date set forth below to be greater than the ratio set forth in the table below opposite such date: Date Maximum Consolidated Net Leverage Ratio September 30, 2017 3.50 to 1.00 December 31, 2017 3.50 to 1.00 March 31, 2018 3.50 to 1.00 June 30, 2018 3.50 to 1.00 September 30, 2018 3.25 to 1.00 Date Maximum Consolidated Net Leverage Ratio December 31, 2018 3.00 to 1.00 March 31, 2019 3.00 to 1.00 June 30, 2019 2.75 to 1.00 September 30, 2019 2.50 to 1.00 December 31, 2019 2.50 to 1.00 March 31, 2020 2.25 to 1.00 June 30, 2020 and thereafter 2.00 to 1.00
Consolidated Total Net Leverage Ratio. Subject to Section 8.04, permit the Consolidated Total Net Leverage Ratio as of the last day of any Test Period (pursuant to the terms of the Fourth Amendment, commencing with the Test Period ending on September 30, 20212023) to be greater than 6.50:1.00.
Consolidated Total Net Leverage Ratio. The Borrower will not permit the Consolidated Total Net Leverage Ratio as of the last day of any Reference Period, to be greater than:
Consolidated Total Net Leverage Ratio. A. Consolidated Total Net Debt (the sum of (i) minus (ii) below):
Consolidated Total Net Leverage Ratio. The Borrower will maintain, as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending on June 30, 2021, a Consolidated Total Net Leverage Ratio of not greater than 3.75:1.00; provided that for any Fiscal Quarter during which a Loan Party has consummated a Permitted Acquisition or Future Approved Entity Investment permitted hereunder in which the Investment Consideration payable in connection with such Permitted Acquisition or Future Approved Entity Investment was greater than $75,000,000 (a “Trigger Quarter”), the Consolidated Total Net Leverage Ratio for such Trigger Quarter and the next succeeding three Fiscal Quarters shall be increased by 0.25:1.00 to 4.00:1.00 (a “Covenant Holiday”). For the avoidance of doubt, the Consolidated Total Net Leverage Ratio shall revert to 3.75:1.00 commencing with the fourth Fiscal Quarter ending after any such initial Trigger Quarter. After the completion of any Covenant Holiday, no subsequent new Trigger Quarter shall be permitted to occur for purposes of this Section 6.1 unless and until the Borrower shall demonstrate compliance with the Consolidated Total Net Leverage Ratio (absent any Covenant Holiday) as of the end of at least one Fiscal Quarter after any such Covenant Holiday’s completion.
Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio of the Consolidated Companies as of the end of any fiscal quarter ending on or after March 31, 2016, with respect to the four fiscal quarters ending on such date, to be greater than the ratio set forth below opposite such period: Four Fiscal Quarters Ending Maximum Consolidated Total Net Leverage Ratio March 31, 2016 4.75 to 1.00 June 30, 2016 4.75 to 1.00 September 30, 2016 4.75 to 1.00 December 31, 2016 4.00 to 1.00 March 31, 2017 4.00 to 1.00 June 30, 2017 4.00 to 1.00 September 30, 2017 4.00 to 1.00 December 31, 2017 3.00 to 1.00 March 31, 2018 3.00 to 1.00 June 30, 2018 3.00 to 1.00 Four Fiscal Quarters Ending Maximum Consolidated Total Net Leverage Ratio September 30, 2018 3.00 to 1.00 December 31, 2018 2.50 to 1.00 March 31, 2019 2.50 to 1.00 June 30, 2019 2.50 to 1.00 September 30, 2019 2.50 to 1.00 December 31, 2019, and the last day of each fiscal quarter thereafter 2.00 to 1.00
