Consolidated Net Leverage definition

Consolidated Net Leverage means (A) the sum, without duplication, of the aggregate outstanding Specified Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred pursuant to Section 4.04 in an amount not to exceed the greater of (x) $1,385 million and (y) 33.3% L2QA Pro Forma EBITDA), less (B) the aggregate amount of cash and Cash Equivalents of the Issuer and the Restricted Subsidiaries on a consolidated basis.

Consolidated Net Leverage means the aggregate outstanding Indebtedness of the Parent and its Restricted Subsidiaries (excluding Hedging Obligations) as of the relevant date of calculation minus cash and cash equivalents at such date, in each case on a consolidated basis and in accordance with IFRS.

Consolidated Net Leverage means (A) the sum, without duplication, of the aggregate outstanding Specified Indebtedness of the Borrower and its Restricted Subsidiaries on a consolidated basis (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred pursuant to Section 4.04 in an amount not to exceed the greater of (x) $1,385 million and (y) 33.3% L2QA Pro Forma EBITDA), less (B) the aggregate amount of cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries on a consolidated basis.

Examples of Consolidated Net Leverage in a sentence

• Addition of a liquidity covenant, requiring minimum €40 million (cash, cash equivalents and undrawn committed financing), tested monthly from Effective Time (assuming simultaneous with provision of Second Tranche New Super Senior Notes) unless (i) the Consolidated Net Leverage Ratio is below 3.0x or (ii) the credit rating of the Notes is at B- / B3 or higher.

• Notwithstanding the foregoing, the parties hereto acknowledge and agree that all calculations of the Consolidated Interest Coverage Ratio, the Fixed Charge Coverage Ratio, the Consolidated Net Leverage Ratio and the Senior Secured Leverage Ratio (including constituent definitions thereof in each case) for purposes of determining compliance with this Agreement shall be made on a Pro Forma Basis unless the context otherwise requires.

• As of the last day of any fiscal quarter, permit the Consolidated Net Leverage Ratio to be greater than 4.00 to 1.00.

• Notwithstanding the foregoing, the parties hereto acknowledge and agree that all calculations of the Consolidated Interest Coverage Ratio, the Fixed Charge Coverage Ratio, the Consolidated Net Leverage Ratio and the Senior Secured Leverage Ratio, (including constituent definitions thereof in each case) for purposes of determining compliance with this Agreement shall be made on a Pro Forma Basis unless the context otherwise requires.

More Definitions of Consolidated Net Leverage

Consolidated Net Leverage means the sum of the aggregate outstanding Financial Indebtedness of the Company and its Restricted Subsidiaries less cash and Cash Equivalents (other than cash or Cash Equivalents in an amount equal to amounts collected by the Company and its Restricted Subsidiaries on behalf of third-party clients and held by the Company and its Restricted Subsidiaries as of such date and cash and Cash Equivalents that constitute Trust Management Assets or are held on trust for a beneficiary which is not the Company or a Restricted Subsidiary) of the Company and its Restricted Subsidiaries as of the relevant date of calculation on a consolidated basis in accordance with GAAP.

Consolidated Net Leverage means (A) the sum, without duplication, of the aggregate outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis (excluding Hedging Obligations) less (B) the aggregate amount of cash and Cash Equivalents of the Issuer and the Restricted Subsidiaries on a consolidated basis.

Consolidated Net Leverage means as at any Calculation Date, the sum of the outstanding amount of Recourse Non-subordinated Financial Debt of the Issuer and its Recourse Subsidiaries on a consolidated basis, in each case as of such Calculation Date less any recourse cash as of such Calculation Date.

Consolidated Net Leverage means (A) the sum, without duplication, of the aggregate outstanding Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred pursuant to Section 4.04(b)(1) less (B) the aggregate amount of cash and Cash Equivalents of the Company and the Restricted Subsidiaries on a consolidated basis.

Consolidated Net Leverage means Consolidated Leverage less the aggregate amount of cash and Cash Equivalents of the Company and its Restricted Subsidiaries on a consolidated basis as of such date.

Consolidated Net Leverage means at any date of determination, the ratio of Consolidated Net Debt on the last day of the most recently-ended Relevant Period to EBITDA in respect of that Relevant Period.

Consolidated Net Leverage means the sum of the aggregate outstanding Financial Indebtedness of the Company and its Restricted Subsidiaries less cash and Cash Equivalents (other than cash or Cash Equivalents in an amount equal to amounts collected by the Company and its Restricted Subsidiaries on behalf of third-party clients and held by the Company and its Restricted Subsidiaries as of such date and cash and Cash Equivalents that constitute Trust Management Assets or are held on trust for a beneficiary which is not the Company or a Restricted Subsidiary) of the Company and its Restricted Subsidiaries as of the relevant date of calculation on a consolidated basis in accordance with IFRS.