Common use of Financial Condition Covenant Clause in Contracts

Financial Condition Covenant. Permit the Secured Leverage Ratio as at the last day of any period of four (4) 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 ending on the following dates: Fiscal Quarter Secured Leverage Ratio September 30, 2011 4.25 to 1.00 December 31, 2011 4.25 to 1.00 March 31, 2012 4.00 to 1.00 June 30, 2012 3.85 to 1.00 September 30, 2012 3.85 to 1.00 December 31, 2012 3.75 to 1.00 March 31, 2013 3.50 to 1.00 June 30, 2013 3.50 to 1.00 September 30, 2013 3.25 to 1.00 December 31, 2013 3.25 to 1.00 March 31, 2014 3.25 to 1.00 June 30, 2014 3.00 to 1.00 September 30, 2014 3.00 to 1.00 December 31, 2014 2.753.00 to 1.00 March 31, 2015 2.75 to 1.00 June 30, 2015 2.75 to 1.00 September 30, 2015 2.75 to 1.00 December 31, 2015 2.50 to 1.00 March 31, 2016 2.50 to 1.00 June 30, 2016 2.50 to 1.00 September 30, 2016 2.50 to 1.00 December 31, 2016 2.50 to 1.00 March 31, 2017 2.50 to 1.00 June 30, 2017 2.50 to 1.00 September 30, 2017 2.50 to 1.00 December 31, 2017 2.50 to 1.00 March 31, 2018 2.50 to 1.00 June 30, 2018 2.50 to 1.00

Appears in 2 contracts

Samples: Credit Agreement (INC Research Holdings, Inc.), Credit Agreement (INC Research Holdings, Inc.)

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Financial Condition Covenant. Permit the Secured Consolidated Leverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below (commencing with the fiscal quarter ending September 30, 2016) to exceed the ratio set forth below opposite such fiscal quarter ending on the following datesquarter: Fiscal Quarter Secured Consolidated Leverage Ratio September 30, 2011 2016 4.75 to 1.00 December 31, 2016 4.75 to 1.00 March 31, 2017 4.75 to 1.00 June 30, 2017 4.75 to 1.00 September 30, 2017 4.50 to 1.00 December 31, 2017 4.50 to 1.00 March 31, 2018 4.50 to 1.00 June 30, 2018 4.50 to 1.00 September 30, 2018 4.50 to 1.00 December 31, 2018 4.50 to 1.00 March 31, 2019 4.50 to 1.00 June 30, 2019 4.50 to 1.00 September 30, 2019 4.25 to 1.00 December 31, 2011 2019 4.25 to 1.00 March 31, 2012 2020 4.25 to 1.00 June 30, 2020 4.25 to 1.00 September 30, 2020 4.00 to 1.00 December 31, 2020 4.00 to 1.00 March 31, 2021 4.00 to 1.00 June 30, 2012 3.85 to 1.00 September 30, 2012 3.85 to 1.00 December 31, 2012 3.75 to 1.00 March 31, 2013 3.50 to 1.00 June 30, 2013 3.50 to 1.00 September 30, 2013 3.25 to 1.00 December 31, 2013 3.25 to 1.00 March 31, 2014 3.25 to 1.00 June 30, 2014 3.00 to 1.00 September 30, 2014 3.00 to 1.00 December 31, 2014 2.753.00 to 1.00 March 31, 2015 2.75 to 1.00 June 30, 2015 2.75 to 1.00 September 30, 2015 2.75 to 1.00 December 31, 2015 2.50 to 1.00 March 31, 2016 2.50 to 1.00 June 30, 2016 2.50 to 1.00 September 30, 2016 2.50 to 1.00 December 31, 2016 2.50 to 1.00 March 31, 2017 2.50 to 1.00 June 30, 2017 2.50 to 1.00 September 30, 2017 2.50 to 1.00 December 31, 2017 2.50 to 1.00 March 31, 2018 2.50 to 1.00 June 30, 2018 2.50 2021 and thereafter 4.00 to 1.00

Appears in 2 contracts

Samples: Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.)

Financial Condition Covenant. Permit the Secured Consolidated Leverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below (commencing with the fiscal quarter ending September 30, 2014) to exceed the ratio set forth below opposite such fiscal quarter ending on the following datesquarter: Fiscal Quarter Secured Consolidated Leverage Ratio September 30, 2011 2014 4.75 to 1.00 December 31, 2014 4.75 to 1.00 March 31, 2015 4.75 to 1.00 June 30, 2015 4.75 to 1.00 September 30, 2015 4.50 to 1.00 December 31, 2015 4.50 to 1.00 March 31, 2016 4.50 to 1.00 June 30, 2016 4.50 to 1.00 September 30, 2016 4.50 to 1.00 December 31, 2016 4.50 to 1.00 March 31, 2017 4.50 to 1.00 June 30, 2017 4.50 to 1.00 September 30, 2017 4.25 to 1.00 December 31, 2011 2017 4.25 to 1.00 March 31, 2012 2018 4.25 to 1.00 June 30, 2018 4.25 to 1.00 September 30, 2018 4.00 to 1.00 December 31, 2018 4.00 to 1.00 March 31, 2019 4.00 to 1.00 June 30, 2012 3.85 to 1.00 September 30, 2012 3.85 to 1.00 December 31, 2012 3.75 to 1.00 March 31, 2013 3.50 to 1.00 June 30, 2013 3.50 to 1.00 September 30, 2013 3.25 to 1.00 December 31, 2013 3.25 to 1.00 March 31, 2014 3.25 to 1.00 June 30, 2014 3.00 to 1.00 September 30, 2014 3.00 to 1.00 December 31, 2014 2.753.00 to 1.00 March 31, 2015 2.75 to 1.00 June 30, 2015 2.75 to 1.00 September 30, 2015 2.75 to 1.00 December 31, 2015 2.50 to 1.00 March 31, 2016 2.50 to 1.00 June 30, 2016 2.50 to 1.00 September 30, 2016 2.50 to 1.00 December 31, 2016 2.50 to 1.00 March 31, 2017 2.50 to 1.00 June 30, 2017 2.50 to 1.00 September 30, 2017 2.50 to 1.00 December 31, 2017 2.50 to 1.00 March 31, 2018 2.50 to 1.00 June 30, 2018 2.50 2019 and thereafter 4.00 to 1.00

Appears in 2 contracts

Samples: Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.)

Financial Condition Covenant. Permit the Secured Leverage Ratio as at the last day of any period of four (4) 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 ending on the following dates: Fiscal Quarter Secured Leverage Ratio September 30, 2011 4.25 to 1.00 December 31, 2011 4.25 to 1.00 March 31, 2012 4.00 to 1.00 June 30, 2012 3.85 to 1.00 September 30, 2012 3.85 to 1.00 December 31, 2012 3.75 to 1.00 March 31, 2013 3.50 to 1.00 June 30, 2013 3.50 to 1.00 September 30, 2013 3.25 to 1.00 December 31, 2013 3.25 to 1.00 March 31, 2014 3.25 to 1.00 Fiscal Quarter Secured Leverage Ratio June 30, 2014 3.00 to 1.00 September 30, 2014 3.00 to 1.00 December 31, 2014 2.753.00 2.75 to 1.00 March 31, 2015 2.75 to 1.00 June 30, 2015 2.75 to 1.00 September 30, 2015 2.75 to 1.00 December 31, 2015 2.50 to 1.00 March 31, 2016 2.50 to 1.00 June 30, 2016 2.50 to 1.00 September 30, 2016 2.50 to 1.00 December 31, 2016 2.50 to 1.00 March 31, 2017 2.50 to 1.00 June 30, 2017 2.50 to 1.00 September 30, 2017 2.50 to 1.00 December 31, 2017 2.50 to 1.00 March 31, 2018 2.50 to 1.00 June 30, 2018 2.50 to 1.00

Appears in 2 contracts

Samples: Credit Agreement (INC Research Holdings, Inc.), Credit Agreement (INC Research Holdings, Inc.)

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Financial Condition Covenant. Permit the Secured Consolidated Leverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below (commencing with the fiscal quarter ending September 30, 2013) to exceed the ratio set forth below opposite such fiscal quarter ending on the following datesquarter: Fiscal Quarter Secured Consolidated Leverage Ratio September 30, 2011 2013 5.00 to 1.00 December 31, 2013 5.00 to 1.00 March 31, 2014 5.00 to 1.00 June 30, 2014 5.00 to 1.00 September 30, 2014 4.75 to 1.00 December 31, 2014 4.75 to 1.00 March 31, 2015 4.75 to 1.00 June 30, 2015 4.75 to 1.00 September 30, 2015 4.50 to 1.00 December 31, 2015 4.50 to 1.00 March 31, 2016 4.50 to 1.00 June 30, 2016 4.50 to 1.00 September 30, 2016 4.25 to 1.00 December 31, 2011 2016 4.25 to 1.00 March 31, 2012 2017 4.25 to 1.00 June 30, 2017 4.25 to 1.00 September 30, 2017 4.00 to 1.00 December 31, 2017 4.00 to 1.00 March 31, 2018 4.00 to 1.00 June 30, 2012 3.85 to 1.00 September 30, 2012 3.85 to 1.00 December 31, 2012 3.75 to 1.00 March 31, 2013 3.50 to 1.00 June 30, 2013 3.50 to 1.00 September 30, 2013 3.25 to 1.00 December 31, 2013 3.25 to 1.00 March 31, 2014 3.25 to 1.00 June 30, 2014 3.00 to 1.00 September 30, 2014 3.00 to 1.00 December 31, 2014 2.753.00 to 1.00 March 31, 2015 2.75 to 1.00 June 30, 2015 2.75 to 1.00 September 30, 2015 2.75 to 1.00 December 31, 2015 2.50 to 1.00 March 31, 2016 2.50 to 1.00 June 30, 2016 2.50 to 1.00 September 30, 2016 2.50 to 1.00 December 31, 2016 2.50 to 1.00 March 31, 2017 2.50 to 1.00 June 30, 2017 2.50 to 1.00 September 30, 2017 2.50 to 1.00 December 31, 2017 2.50 to 1.00 March 31, 2018 2.50 to 1.00 June 30, 2018 2.50 and thereafter 4.00 to 1.00

Appears in 1 contract

Samples: Credit Agreement (Avis Budget Group, Inc.)

Financial Condition Covenant. Permit the Secured Consolidated Leverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below (commencing with the fiscal quarter ending September 30, 2016) to exceed the ratio set forth below opposite such fiscal quarter ending on the following datesquarter: Fiscal Quarter Secured Consolidated Leverage Ratio September 30, 2011 2016 4.75 to 1.00 December 31, 2016 4.75 to 1.00 March 31, 2017 4.75 to 1.00 June 30, 2017 4.75 to 1.00 September 30, 2017 4.75 to 1.00 December 31, 2017 4.75 to 1.00 March 31, 2018 4.75 to 1.00 June 30, 2018 4.75 to 1.00 September 30, 2018 4.50 to 1.00 December 31, 2018 4.50 to 1.00 March 31, 2019 4.50 to 1.00 June 30, 2019 4.50 to 1.00 September 30, 2019 4.25 to 1.00 December 31, 2011 2019 4.25 to 1.00 March 31, 2012 2020 4.25 to 1.00 June 30, 2020 4.25 to 1.00 September 30, 2020 4.00 to 1.00 December 31, 2020 4.00 to 1.00 March 31, 2021 4.00 to 1.00 June 30, 2012 3.85 to 1.00 September 30, 2012 3.85 to 1.00 December 31, 2012 3.75 to 1.00 March 31, 2013 3.50 to 1.00 June 30, 2013 3.50 to 1.00 September 30, 2013 3.25 to 1.00 December 31, 2013 3.25 to 1.00 March 31, 2014 3.25 to 1.00 June 30, 2014 3.00 to 1.00 September 30, 2014 3.00 to 1.00 December 31, 2014 2.753.00 to 1.00 March 31, 2015 2.75 to 1.00 June 30, 2015 2.75 to 1.00 September 30, 2015 2.75 to 1.00 December 31, 2015 2.50 to 1.00 March 31, 2016 2.50 to 1.00 June 30, 2016 2.50 to 1.00 September 30, 2016 2.50 to 1.00 December 31, 2016 2.50 to 1.00 March 31, 2017 2.50 to 1.00 June 30, 2017 2.50 to 1.00 September 30, 2017 2.50 to 1.00 December 31, 2017 2.50 to 1.00 March 31, 2018 2.50 to 1.00 June 30, 2018 2.50 2021 and thereafter 4.00 to 1.00

Appears in 1 contract

Samples: Second Amendment (Avis Budget Group, Inc.)

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