Secured Net Leverage Ratio. (i) The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00
Secured Net Leverage Ratio. Parent and its Restricted Subsidiaries, on a consolidated basis, will maintain, as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending March 31, 2021, a Secured Net Leverage Ratio of not greater than 2.00:1.00 for each such Fiscal Quarter; provided that, upon the consummation of any Material Acquisition, such ratio shall be increased to 2.50:1.00 for the period beginning with the Fiscal Quarter in which such Material Acquisition was consummated and ending on (but including) the last day of the fourth full Fiscal Quarter after such Fiscal Quarter.
Secured Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Secured Net Leverage Ratio at the end of any fiscal quarter on which the Revolving Facility Test Condition is then satisfied to be greater than 4.25:1.00.
Secured Net Leverage Ratio. The Secured Net Leverage Ratio of Borrower, as of the end of each fiscal quarter (commencing with the fiscal quarter ending March 31, 2022) with respect to the four (4) fiscal quarters then ended, shall not be greater than 2.50 to 1.00.
Secured Net Leverage Ratio. On the last day of any Test Period (commencing with the Fiscal Quarter ending March 31, 2022), the Lead Borrower shall not permit the Secured Net Leverage Ratio to be greater than the 3.00 to 1.00.
Secured Net Leverage Ratio. After giving effect to the incurrence of the Term B-1 Loans anticipated hereby, the First Lien Net Leverage Ratio does not exceed 4.75:1.00, calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(b) or (c), as applicable, of the Credit Agreement, and, in each case, disregarding the Cash proceeds thereof for the purposes of determining the Unrestricted Cash Amount in connection with calculating the First Lien Net Leverage Ratio.
Secured Net Leverage Ratio. As of the last day of any fiscal quarter ending during the periods specified below, permit the Secured Net Leverage Ratio to be greater than the corresponding ratio set forth below: Period Maximum Secured Net Leverage Ratio December 27, 2020 through January 1, 2022 3.00 to 1.00 January 2, 2022 through December 31, 2022 3.75 to 1.00 January 1, 2023 and thereafter 3.00 to 1.00 ; provided that, notwithstanding the foregoing, the maximum Secured Net Leverage Ratio set forth above shall be deemed to be 3.00 to 1.00 at all times for purposes of determining pro forma compliance with this Section 7.11(a) as required in connection with the utilization of the Available Amount Basket, the making of a Permitted Acquisition, the designation of an Unrestricted Subsidiary, the incurrence of Indebtedness pursuant to Section 7.02(q), the making of Investments pursuant to Section 7.03(k), the making of any Dispositions pursuant to Section 7.05(j), the making of any Restricted Payments pursuant to Section 7.06(d) or the making of any payment pursuant to Section 7.14(b) (each, a “Specified Pro Forma Financial Covenant Test”); provided, further, that solely for purposes of determining compliance with this Section 7.11(a) as of the last day of any fiscal quarter ending during the period from January 2, 2022 through December 31, 2022 (and not, for the avoidance of doubt, for purposes of determining compliance with any Specified Pro Forma Financial Covenant Test), the definition of Consolidated EBITDA shall be modified to (x) limit the aggregate amount added back pursuant to clause (vii) thereof to the greater of $30,000,000 and 10% of Consolidated EBITDA for such Measurement Period (calculated before giving effect to any such expenses to be added back pursuant to such clause (vii) for such Measurement Period), (y) limit the aggregate amount added back pursuant to clause (vii) thereof in respect of integration expenses related to the Polycom Acquisition to $30,000,000 and (z) limit the aggregate amount added back pursuant to clause (viii) thereof to the greater of $30,000,000 and 10% of Consolidated EBITDA for such Measurement Period (calculated before giving effect to any such items to be added back pursuant to such clause (viii) for such Measurement Period).”
Secured Net Leverage Ratio. On or after the occurrence of a Qualifying Debt Issuance, US Borrower shall not suffer or permit the Secured Net Leverage Ratio as of the last day of the most recently completed fiscal quarter to exceed 3.50 to 1.00, subject to the Optional Leverage Ratio Increase.
