Common use of First Lien Net Leverage Ratio Clause in Contracts

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.