Senior Secured Leverage Ratio Clause Samples
The Senior Secured Leverage Ratio clause sets a financial covenant that limits the amount of senior secured debt a borrower can have relative to a defined measure of earnings, typically EBITDA. In practice, this ratio is calculated by dividing the borrower’s outstanding senior secured debt by its EBITDA, and the result must not exceed a specified threshold during the term of the agreement. This clause is designed to ensure that the borrower maintains a manageable level of secured debt, thereby protecting lenders by reducing the risk of over-leverage and potential default.
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Senior Secured Leverage Ratio. The Borrowers shall not at any time permit the Senior Secured Leverage Ratio, calculated as of the end of each fiscal quarter, to exceed the maximum ratio set forth below for such fiscal quarter;
Senior Secured Leverage Ratio. The Borrower will maintain, as of the last day of each Fiscal Quarter, a Senior Secured Leverage Ratio of not greater than (a) for each Fiscal Quarter ending during the period from March 31, 2016 through September 30, 2017, 4.25:1.00 and (b) for each Fiscal Quarter ending after September 30, 2017, 4.00:1.00.
Senior Secured Leverage Ratio. As of the end of each fiscal quarter, the Borrower shall not permit the ratio of (i) Senior Secured Debt on such calculation date to (ii) Adjusted EBITDA, as of the last day of such fiscal quarter, to be greater than 3.00 to 1.00.
Senior Secured Leverage Ratio. Holdings and the Borrower will not permit the Senior Secured Leverage Ratio as of the last day of a fiscal quarter set forth below to exceed the ratio set forth opposite such date: Fiscal Quarter Ended Ratio -------------------- ----- December 31, 2003 4.75 to 1.00 March 31, 2004 4.75 to 1.00 June 30, 2004 4.75 to 1.00 September 30, 2004 4.75 to 1.00 December 31, 2004 4.50 to 1.00 March 31, 2005 4.50 to 1.00 June 30, 2005 4.25 to 1.00 September 30, 2005 4.25 to 1.00 December 31, 2005 4.00 to 1.00 March 31, 2006 4.00 to 1.00 June 30, 2006 3.75 to 1.00 September 30, 2006 3.75 to 1.00 December 31, 2006 3.25 to 1.00 March 31, 2007 3.25 to 1.00 June 30, 2007 3.00 to 1.00 September 30, 2007 3.00 to 1.00 December 31, 2007 2.75 to 1.00 March 31, 2008 2.75 to 1.00 June 30, 2008 2.75 to 1.00 September 30, 2008 2.75 to 1.00 December 31, 2008 2.50 to 1.00 March 31, 2009 2.50 to 1.00 June 30, 2009 2.50 to 1.00 September 30, 2009 2.50 to 1.00 December 31, 2009 2.25 to 1.00
Senior Secured Leverage Ratio. Unless compliance herewith is waived by the Majority Lenders under the Revolving Facility, the Borrower will not permit for any Test Period ending on the last date of any Fiscal Quarter, the Senior Secured Leverage Ratio to exceed 3.75 to 1.00.
Senior Secured Leverage Ratio. The Parent will not, as of the last day of any fiscal quarter, permit the Senior Secured Leverage Ratio as of such date, to be greater than to be greater than 3.00 to 1.00.
Senior Secured Leverage Ratio. Beginning at the end of the first fiscal quarter ending after the Closing Date, for any Test Period, permit the Senior Secured Leverage Ratio on the last day of any fiscal quarter, to be in excess of 3.75 to 1.00.
Senior Secured Leverage Ratio. Permit the Senior Secured Leverage Ratio as at the last day of any Measurement Period of the Borrower to exceed the ratio set forth opposite the applicable date:
Senior Secured Leverage Ratio. Prior to the Investment Grade Date, the Borrower will not permit its Consolidated Senior Secured Leverage Ratio to be in excess of 2.50 to 1.00 as of the last day of any Test Period.
Senior Secured Leverage Ratio. Permit the Senior Secured Leverage Ratio on the last day of any fiscal quarter to exceed 4.75 to 1.00 (the “Financial Covenant Level”); provided that for the two consecutive fiscal quarters ended immediately following the closing of a Material Acquisition (including the fiscal quarter in which such Material Acquisition occurs), the Financial Covenant Level shall be 5.25 to 1.00; provided, however, that, immediately after any such two fiscal quarter period, there shall be at least two consecutive fiscal quarters for which the Financial Covenant Level shall be 4.75:1.00, regardless of any other Material Acquisitions.