Maximum Consolidated Total Net Leverage Ratio. Without the written consent of the Majority Facility Lenders under the Revolving Facility, permit the Consolidated Total Net Leverage Ratio, calculated as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower (i) ending on or prior to September 30, 2017 to exceed 4.50 to 1.00 and (ii) each fiscal quarter thereafter, to exceed 4.00 to 1.00.
Maximum Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio of the Borrower and its Restricted Subsidiaries as of the last day of any consecutive four fiscal quarter period ending on the dates identified below to be greater than the ratio set forth below opposite such date: Four Fiscal Quarters Ending Maximum Consolidated Total Net Leverage Ratio First fiscal quarter ending after the Closing Date through December 31, 2021 5.00 to 1.00 March 31, 2022 through September 30, 2022 4.75 to 1.00 December 31, 2022 and the last day of each fiscal quarter thereafter 4.50 to 1.00 Notwithstanding the foregoing, at the election of the Borrower, up to three times during the term of this Agreement, the maximum Consolidated Total Net Leverage Ratio set forth in the grid above may be increased to accommodate (A) a Permitted Acquisition for which the aggregate consideration payable by the Borrower or a Restricted Subsidiary is in excess of an amount equal to 5% of the Consolidated Total Assets of the Borrower and its Restricted Subsidiaries and (B) one or more Permitted Acquisitions occurring during any period of four fiscal quarters for which the aggregate consideration payable by the Borrower or a Restricted Subsidiary is in excess of an amount equal to 10% of the Consolidated Total Assets of the Borrower and its Restricted Subsidiaries, in each case, as determined by the Borrower and as designated in the Compliance Certificate or earlier notice given by the Borrower in connection with such Permitted Acquisition (including for determining any ratios, baskets, representations and warranties or test any Default or Event of Default blocker pursuant to Section 1.08); provided, however, such increase will not otherwise go into effect until the closing of such Permitted Acquisition under clause (A) or the closing of the last of the group of Permitted Acquisitions that causes clause (B) to the satisfied (the “Triggering Permitted Acquisition”)); provided, further, that (i) such increase shall only apply for a period of four fiscal quarters from and after the fiscal quarter in which such Permitted Acquisition or Triggering Permitted Acquisition was consummated (for the avoidance of doubt, in either of clauses (A) or (B) above, such four fiscal quarter period shall not be extended in connection with a subsequent Permitted Acquisition whether or not such Permitted Acquisition would cause clause (A) or (B) to be satisfied, until at least one quarter has passed in which no step-up is in effect ...
Maximum Consolidated Total Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Effective Date, permit the Consolidated Total Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to exceed 3.50:1.00.
Maximum Consolidated Total Net Leverage Ratio. The Company shall not permit the Consolidated Total Net Leverage Ratio as of the last day of any fiscal quarter of the Company to be greater than 3.00 to 1.00.
Maximum Consolidated Total Net Leverage Ratio. Except with the written consent of the Required Revolving Loan Lenders, Holdings will not permit the Consolidated Total Net Leverage Ratio for any Test Period ending on the last day of a fiscal quarter of the U.S. Borrower described below to be greater than the ratio set forth opposite such fiscal quarter below Fiscal Quarter Ending Closest to Ratio December 31, 2010 6.75:1.00 March 31, 2011 7.25:1.00 June 30, 2011 7.25:1.00 September 30, 2011 7.25:1.00 December 31, 2011 7.25:1.00 March 31, 2012 7.25:1.00 June 30, 2012 7.25:1.00 September 30, 2012 7.25:1.00 December 31, 2012 7.25:1.00 March 31, 2013 6.75:1.00 June 30, 2013 6.75:1.00 September 30, 2013 6.75:1.00 December 31, 2013 6.75:1.00 -169- March 31, 2014 and thereafter 6.25:1.00 Notwithstanding anything to the contrary contained in this Section 10.09, all calculations of compliance with this Section 10.09 shall be made on a Pro Forma Basis. Notwithstanding the foregoing, this Section 10.09 shall be in effect (and shall only be in effect) (x) when any Swingline Loans or Revolving Loans are then outstanding or Letter of Credit Outstandings (excluding Letter of Credit Outstandings relating to Letters of Credit that have been cash collateralized in a manner reasonably satisfactory to the Administrative Agent) at such time are greater than 15% of the Total Revolving Loan Commitment at such time and (y) if no Swingline Loans or Revolving Loans are then outstanding and Letter of Credit Outstandings (excluding Letter of Credit Outstandings relating to Letters of Credit that have been cash collateralized in a manner reasonably satisfactory to the Administrative Agent) at such time do not exceed 15% of the Total Revolving Loan Commitment at such time, when determining whether a Default or an Event of Default exists for purposes of satisfaction of the conditions precedent to an incurrence or issuance of a Swingline Loan, Letter of Credit and/or Revolving Loan (it being understood that in all cases calculation of compliance with this Section 10.09 shall be determined as of the last day of each Test Period).
Maximum Consolidated Total Net Leverage Ratio. The Consolidated Total Net Leverage Ratio shall be less than or equal to 0.50 to 1.00.
Maximum Consolidated Total Net Leverage Ratio. As of any fiscal quarter end, permit the Consolidated Total Net Leverage Ratio to be greater than (a) 4.25:1.00 through and including the fiscal quarter ending December 31, 2018 and (b) 4.00:1.00 from and including the ninth fiscal quarter following the Restatement Date (which, for the avoidance of doubt would be March 31, 2019, and each fiscal quarter thereafter. Notwithstanding the foregoing, at the Parent Borrower’s election once prior to the Revolving Credit Maturity Date, the applicable maximum Consolidated Total Net Leverage Ratio level shall be increased by 0.25:1.00 in connection with the calculation of pro forma compliance for purposes of clause (e) in the definition of “Permitted Acquisition” and for a period of twelve months following the consummation of such Permitted Acquisition.
Maximum Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to exceed (a) as of any such date of calculation not during the Covenant Relief Period, 4.00:1.00, and (b) as of any such date of calculation during the Covenant Relief Period, the ratio set forth opposite such date below: Fiscal Quarter Ending: Maximum Consolidated Total Net Leverage Ratio March 31, 2023 4.50:1.00 June 30, 2023 4.80:1.00 September 30, 2023 4.50:1.00 December 31, 2023 4.00:1.00
Maximum Consolidated Total Net Leverage Ratio. As of any fiscal quarter end, permit the Consolidated Total Net Leverage Ratio to be greater than (a) 4.25:1.00 for any fiscal quarter ending prior to the Closing Date and (b) on and following the Closing Date, (i) 5.00:1.00 until the end of the first three (3) full fiscal quarters after the Closing Date, (ii) 4.75:1.00 for the next three (3) full fiscal quarters, (iii) 4.50:1.00 for the next three (3) full fiscal quarters and (iv) 4.25:1.00 for each full fiscal quarter thereafter. Notwithstanding the foregoing, at the Parent Borrower’s election once after the sixth (6th) full fiscal quarter after the Closing Date and prior to the Revolving Credit Maturity Date, the applicable maximum Consolidated Total Net Leverage Ratio level shall be increased by 0.25:1.00 in connection with the calculation of pro forma compliance for purposes of clause (e) in the definition of “Permitted Acquisition” and for a period of four (4) fiscal quarters following the consummation of such Permitted Acquisition. For the avoidance of doubt, if an election is made pursuant to the immediately preceding sentence during the period from the beginning of the seventh (7th) full fiscal quarter through the end of the ninth (9th) full fiscal quarter following the Closing Date, the applicable maximum Consolidated Total Net Leverage Ratio level shall be 4.75:1.00 until the end of the ninth (9th) full fiscal quarter following the Closing Date and shall decrease to 4.50:1.00 for the tenth (10th) full fiscal quarter (which is 0.25:1.00 above the maximum Consolidated Total Net Leverage Ratio level that would otherwise be applicable) and further decrease to 4.25:1.00 after the period of four (4) fiscal quarters following the consummation of such Permitted Acquisition.
Maximum Consolidated Total Net Leverage Ratio. Commencing with the fiscal quarter ending June 30, 2022, Borrower shall not permit the Consolidated Total Net Leverage Ratio as of the last day of any fiscal quarter of Borrower ending (i) on or prior to June 30, 2023, to exceed 5.00 to 1.00 and (ii) on or after September 30, 2023, to exceed 4.50 to 1.00. Notwithstanding the foregoing, upon the consummation of a Significant Acquisition and until the completion of four fiscal quarters following such Significant Acquisition (the “Increase Period”), if elected by Borrower by written notice to Administrative Agent given on or prior to the date of consummation of such Significant Acquisition, the maximum Consolidated Total Net Leverage Ratio level for purposes of this covenant shall be increased to 5.50 to 1.00 for each Test Period during such Increase Period (and for purposes of (a) testing any requirement to be in pro forma compliance with this covenant in connection with such Significant Acquisition and any related transactions, including the incurrence of Indebtedness or Liens related thereto and (b) any determination to be made pursuant to Section 1.07 on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction); provided that there shall be a maximum of two Increase Periods in the aggregate under this Agreement.
