First Lien Net Leverage Ratio. Except with the written consent of the Required Revolving Lenders, commencing with the fiscal quarter ending March 31, 2019, the Borrower will not permit the First Lien Net Leverage Ratio, calculated as of the last day of any Test Period, to exceed 8.20 to 1.00; provided that notwithstanding the foregoing, the financial covenant set forth in this Section 6.11 shall be tested as of the last day of any Test Period only in the event that, on the last day of such Test Period, the aggregate amount of the Revolving Exposures (excluding (x) up to $10,000,000 of undrawn Letters of Credit, (y) Letters of Credit which have been cash collateralized or backstopped in accordance with this Agreement and (z) prior to June 30, 2019, any outstanding Revolving Loans originally borrowed on the Closing Date to pay the Transaction Costs or fund original issue discount or upfront fees in connection with the “flex” provisions of the Fee Letter) of all of the Revolving Lenders is greater than 35% of the aggregate amount of the Revolving Commitments in effect on such date.
First Lien Net Leverage Ratio. The Borrower will not permit the First Lien Net Leverage Ratio, as of the last day of any Test Period ending on the date set forth in the table below, to be greater than the ratio set forth opposite such date below: Fiscal Quarter Ending First Lien Net Leverage Ratio December 31, 2017 8.50:1.00 March 31, 2018 7.75:1.00 June 30, 2018 7.75:1.00 September 30, 2018 6.75:1.00 December 31, 2018 5.75:1.00 March 31, 2019 5.00:1.00 June 30, 2019 4.50:1.00 September 30, 2019 4.00:1.00 December 31, 2019 and the last day of each fiscal quarter of the Borrower thereafter 3.50:1.00
First Lien Net Leverage Ratio. Not permit the First Lien Net Leverage Ratio as of the last day of any Computation Period to exceed 1.75 to 1.00, commencing with the Computation Period ending September 30, 2021. Notwithstanding anything to the contrary, at the written request of the Borrower at the time of a Permitted Acquisition (such request to be made prior the last day of the Fiscal Quarter during which the Permitted Acquisition was consummated) and subject to satisfaction of the conditions set forth below, the maximum First Lien Net Leverage Ratio will increase to 2.00 to 1.00 as of the last day of the Fiscal Quarter during which the Permitted Acquisition was consummated and for the then following two Fiscal Quarters (i.e. if a Permitted Acquisition is consummated on September 15, 2021, the maximum First Lien Net Leverage Ratio will increase to 2.00 to 1.00 for the Fiscal Quarters ending September 30, 2021, December 31, 2021 and March 31, 2022) (each such increase, a “First Lien Net Leverage Increase”), and thereafter shall decrease to 1.75 to 1.00; provided, however, the following conditions must be satisfied as a condition to the effectiveness of any First Lien Net Leverage Increase: (a) the value of the Permitted Acquisition must be greater than $25,000,000; (b) the pro forma First Lien Net Leverage Ratio at the time the Permitted Acquisition is consummated shall not exceed 1.50 to 1.00; (c) there shall only be four (4) First Lien Net Leverage Increases during the term of this Agreement; (d) the Borrower shall not be entitled to the benefit of more than one (1) First Lien Net Leverage Increase in consecutive Fiscal Quarters; and (e) the First Lien Net Leverage Ratio must not exceed 1.75 to 1.00 for at least one Fiscal Quarter between a First Lien Net Leverage Increase and the next First Lien Net Leverage Increase.
First Lien Net Leverage Ratio. Except with the written consent of the Required Revolving Lenders, the Borrower will not permit the 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 5.01 (commencing with the first full fiscal quarter ending after the Closing Date), to exceed 6.70:1.00. Notwithstanding the foregoing, this Section 6.12 shall be in effect (and shall only be in effect) when the sum of (A) the aggregate principal amount of Revolving Loans and (B) the Dollar Equivalent of all Letters of Credit (excluding cash collateralized Letters of Credit and undrawn Letters of Credit in an aggregate amount not to exceed $40,000,000), in each case, outstanding 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 5.01, is greater than 30% of the Revolving Commitments.
First Lien Net Leverage Ratio. The Borrower shall not permit the First Lien Net Leverage Ratio (i) on the last day of any Fiscal Quarter (beginning with the first full Fiscal Quarter ending immediately after the Fourth Amendment Closing Date) through and including the last day of the seventh (7th) full Fiscal Quarter ending immediately after the Fourth Amendment Closing Date (or, upon consummation of the Taurus Acquisition, the seventh (7th) full Fiscal Quarter ending immediately after the date of the consummation of the Taurus Acquisition) to exceed 4.50 to 1.00 and (ii) on the last day of the eighth (8th) full Fiscal Quarter ending immediately after the Fourth Amendment Closing Date (or, upon consummation of the Taurus Acquisition, the eighth (8th) full Fiscal Quarter ending immediately after the date of consummation of the Taurus Acquisition) and the last day of each Fiscal Quarter thereafter to exceed 4.25 to 1.00; provided that the provisions of this Section 6.2 shall not be applicable with respect to the last day of any Fiscal Quarter if on such day the Revolving Credit Exposure of all Lenders (excluding LC Exposure with respect to Letters of Credit that have not been drawn upon or, if there has been a drawing with respect to a Letter of Credit, all reimbursement obligations due with respect thereto have been fully satisfied) is zero ($0).
First Lien Net Leverage Ratio. The Borrower shall not permit the First Lien Net Leverage Ratio (i) on the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter ending immediately after the Sixth Amendment Effective Date) through and including the last day of the fifth (5th) Fiscal Quarter ending immediately after the Sixth Amendment Effective Date to exceed 4.75 to 1.00 and (ii) on the last day of the sixth (6th) Fiscal Quarter ending immediately after the Sixth Amendment Effective Date and the last day of each Fiscal Quarter thereafter to exceed 4.50 to 1.00; provided that the provisions of this Section 6.2 shall not be applicable with respect to the last day of any Fiscal Quarter if on such day the Revolving Credit Exposure of all Lenders (excluding LC Exposure with respect to Letters of Credit that have not been drawn upon or, if there has been a drawing with respect to a Letter of Credit, all reimbursement obligations due with respect thereto have been fully satisfied) is zero ($0).
First Lien Net Leverage Ratio. Except with the written consent of the Required Covenant Lenders, the Parent Borrower shall not permit the First Lien Net Leverage Ratio as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2015) to be greater than 4.00 to 1.00.
First Lien Net Leverage Ratio. Commencing with the Test Period ending on the last day of the second full fiscal quarter ended after the Closing Date, the Borrower shall not permit the First Lien Net Leverage Ratio on the last day of each Test Period to be greater than 8.00 to 1.00 if the aggregate outstanding principal amount of Revolving Loans, Swing Line Loans and Letters of Credit (but excluding undrawn amounts under any Letters of Credit and Letters of Credit that have been Cash Collateralized) exceeds (or exceeded) 35.00% of the then outstanding Revolving Commitments in effect on such date. To the extent required to be tested with respect to any Test Period pursuant to the preceding sentence, compliance with this Section 8.01 shall be tested on the date that the Compliance Certificate for the applicable Test Period is required to be delivered pursuant to Section 6.02(a) and not prior to such date.
First Lien Net Leverage Ratio. Consolidated First Lien Net Debt to Consolidated EBITDA13
First Lien Net Leverage Ratio. The Parent Borrower will not, as of the end of each Testing Period (commencing with the first full fiscal quarter after the date on which all of the Initial Term Loans cease to be outstanding) and so long as the Aggregate Revolving Facility Exposure outstanding as of the end of such fiscal quarter (excluding for such purposes (a) the aggregate Stated Amount of all outstanding Letters of Credit (to the extent not drawn) in an amount not to exceed $7,500,000, and (b) LC Outstandings, to the extent Cash Collateralized by the Borrowers in an amount at least equal to 103% of the maximum Stated Amount thereof) exceeds 35.0% of the Total Revolving Commitment, permit the First Lien Net Leverage 208 Ratio as of the end of such Testing Period to be greater than 4.00 to 1.00; provided, however, that during a Significant Acquisition Period (and in connection with calculations to determine whether such Significant Acquisition or any related Indebtedness will result in the Parent Borrower being in compliance with this Section 7.06(a) on a Pro Forma Basis), the ratio specified above shall be increased to 4.50 to 1.00.
