Common use of Net Leverage Ratio Clause in Contracts

Net Leverage Ratio. The Borrower will not permit the Net Leverage Ratio at the end of any of its fiscal quarters to exceed (w) 3.875 to 1.00 for its first fiscal quarter ending after the Funding Date through and including the last day of its second fiscal quarter in 2023, (x) 3.75 to 1.00 for its third and fourth fiscal quarters in 2023, (y) 3.5 to 1.00 for its first fiscal quarter in 2024 through and including its fourth fiscal quarter in 2024, and (z) 3.25 to 1.00 for its first fiscal quarter in 2025 and thereafter; provided that if, at the end of any fiscal quarter described in the preceding clauses (y) or (z), the Net Leverage Ratio is greater than 3.25 to 1.00 or 3.5 to 1.00, as applicable, and the Borrower has entered into a Material Acquisition within the two most recently ended fiscal quarters (including such fiscal quarter) (a fiscal quarter in which all such conditions are satisfied, a “Trigger Quarter”), then the Net Leverage Ratio may be greater than 3.25 to 1.00 or 3.5 to 1.00, as applicable (but shall not exceed 3.75 to 1.00) for such Trigger Quarter and the next succeeding three fiscal quarters (such four fiscal quarter period, an “Adjusted Covenant Period”); provided that, following the occurrence of a Trigger Quarter, no subsequent Trigger Quarter shall be permitted or deemed to exist unless and until the Net Leverage Ratio has returned to less than or equal to 3.25 to 1.00 or 3.5 to 1.00, as applicable, as of the end of at least one fiscal quarter following the occurrence of such initial Trigger Quarter; provided, further that, the Borrower shall cause the Net Leverage Ratio to be less than or equal to the level otherwise required by this Section 6.12(a) by the end of a fiscal quarter no later than the fourth fiscal quarter after such initial Trigger Quarter.

Net Leverage Ratio. The Borrower will not permit the Net Leverage Ratio at the end of any of its fiscal quarters to exceed (wx) 3.875 3.50 to 1.00 for its first fiscal quarter ending after the Funding Closing Date and through and including the last day of its second the fiscal quarter in 2023ending on or about December 31, (x) 3.75 to 1.00 for its third 2024 and fourth fiscal quarters in 2023, (y) 3.5 to 1.00 for its first fiscal quarter in 2024 through and including its fourth fiscal quarter in 2024, and (z) 3.25 to 1.00 for its first each fiscal quarter in ending on or about March 31, 2025 and thereafter; provided that if, at the end of any fiscal quarter described in the preceding clauses (yx) or (zy), the Net Leverage Ratio is greater than 3.25 to 1.00 or 3.5 3.50 to 1.00, as applicable, and the Borrower has entered into a Material Acquisition within the two most recently ended fiscal quarters (including such fiscal quarter) (a fiscal quarter in which all such conditions are satisfied, a “Trigger Quarter”), then the Net Leverage Ratio may be greater than 3.25 to 1.00 or 3.5 3.50 to 1.00, as applicable (but shall not exceed 3.75 to 1.00) for such Trigger Quarter and the next succeeding three fiscal quarters (such four fiscal quarter period, an “Adjusted Covenant Period”); provided that, following the occurrence of a Trigger Quarter, no subsequent Trigger Quarter shall be permitted or deemed to exist unless and until the Net Leverage Ratio has returned to less than or equal to 3.25 to 1.00 or 3.5 3.50 to 1.00, as applicable, as of the end of at least one fiscal quarter following the occurrence of such initial Trigger Quarter; provided, further that, the Borrower shall cause the Net Leverage Ratio to be less than or equal to the level otherwise required by this Section 6.12(a) by the end of a fiscal quarter no later than the fourth fiscal quarter after such initial Trigger Quarter.

Net Leverage Ratio. The Borrower will not permit the Net Leverage Ratio at the end of any of its fiscal quarters to exceed (wx) 3.875 3.50 to 1.00 for its first fiscal quarter ending after the Funding Closing Date and through and including the last day of its second the fiscal quarter in 2023ending on or about December 31, (x) 3.75 to 1.00 for its third and fourth fiscal quarters in 20232024 and, (y) 3.5 to 1.00 for its first fiscal quarter the extent the Covenant Relief Period is not then in 2024 through and including its fourth fiscal quarter in 2024effect, and (z) 3.25 to 1.00 for its first each fiscal quarter in ending on or about March 31, 2025 and thereafter; provided that and (z) to the extent the Covenant Relief Period is then in effect, (i) 3.75 to 1.00 for the fiscal quarter ending on or about March 31, 2026, (ii) 4.00 to 1.00 for the fiscal quarters ending on or about June 30, 2026 and September 30, 2026 and (iii) 3.75 to 1.00 for the fiscal quarter ending on or about December 31, 2026; provided that, solely to the extent the Covenant Relief Period is not then in effect, if, at the end of any fiscal quarter described in the preceding clauses (yx) or (zy), the Net Leverage Ratio is greater than 3.25 to 1.00 or 3.5 3.50 to 1.00, as applicable, and the Borrower has entered into a Material Acquisition within the two most recently ended fiscal quarters (including such fiscal quarter) (a fiscal quarter in which all such conditions are satisfied, a “Trigger Quarter”), then the Net Leverage Ratio may be greater than 3.25 to 1.00 or 3.5 3.50 to 1.00, as applicable (but shall not exceed 3.75 to 1.00) for such Trigger Quarter and the next succeeding three fiscal quarters (such four fiscal quarter period, an “Adjusted Covenant Period”); provided that, following the occurrence of a Trigger Quarter, no subsequent Trigger Quarter shall be permitted or deemed to exist unless and until the Net Leverage Ratio has returned to less than or equal to 3.25 to 1.00 or 3.5 3.50 to 1.00, as applicable, as of the end of at least one fiscal quarter following the occurrence of such initial Trigger Quarter; provided, further that, the Borrower shall cause the Net Leverage Ratio to be less than or equal to the level otherwise required by this Section 6.12(a) by the end of a fiscal quarter no later than the fourth fiscal quarter after such initial Trigger Quarter.