Net Senior Secured Leverage Ratio. The Borrower will not permit the Net Senior Secured Leverage Ratio to exceed 3.500 to 1.00 determined as at the end of each fiscal quarter; provided however, the Loan Parties shall have the right, exercisable not more than two (2) times during the term of this Agreement by giving written notice to the Administrative Agent, to increase the maximum Net Leverage Ratio permitted hereunder to 4.00 to 1.0, calculated as of the end of each fiscal quarter during the twelve month period commencing on the date immediately preceding the date of a Material Acquisition. .
Net Senior Secured Leverage Ratio. So long as any Revolving Loans, any Swingline Loans or any Letters of Credit (not including Letters of Credit which have been cash collateralized by the Borrower to at least 105% of their maximum stated amount) remain outstanding as of the last day of the applicable Test Period Holdings will not permit the Net Senior Secured Leverage Ratio as of the last day of such Test Period ending on any date during any period set forth below to exceed the ratio set forth below opposite such period: First Second Third Fourth Fiscal Year Quarter Quarter Quarter Quarter 2012 6.25x 6.25x 6.25x 6.00x 2013 6.00x 6.00x 5.75x 5.50x 2014 5.25x 5.25x 5.00x 5.00x 2015 4.75x 4.75x 4.50x 4.50x 2016 4.50x 4.50x 4.50x 4.50x
Net Senior Secured Leverage Ratio. The Net Senior Secured Leverage Ratio is ___ to 1.00 (from item (8)(C) below), calculated as of the Report Date for the four fiscal quarters ended as of the Report Date.
