Consolidated Net Total Leverage Ratio definition

Consolidated Net Total Leverage Ratio as of any date of determination, the ratio of (a) Consolidated Net Total Leverage on such date to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period.

Consolidated Net Total Leverage Ratio means, as of any date of determination (the “Transaction Date”), the ratio of (a) Total Net Debt as of the last day of the Four-Quarter Period most recently ended as of such date to (b) the aggregate amount of Consolidated Cash Flow for the Four-Quarter Period most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP. For purposes of this definition, Consolidated Cash Flow shall be calculated after giving effect on a pro forma basis for the period of such calculation to:

Consolidated Net Total Leverage Ratio means the quotient of (a) the total consolidated amount of Indebtedness of the Company and its consolidated Subsidiaries under clauses (a), (c), (d) and (e) of such definition, minus the unrestricted cash and cash equivalents of the Company and its consolidated Subsidiaries, divided by (b) the Company’s consolidated Adjusted EBITDA for the last four (4) fiscal quarters for which internal financial statements are available.

Examples of Consolidated Net Total Leverage Ratio in a sentence

• Adjusted EBITDA is defined as EBITDA excluding actions and other losses, charges and expenses as defined in the Consolidated Net Total Leverage Ratio under its Fifth Amended and Restated Credit Agreement, dated November 19, 2021, as amended (the “Credit Agreement”).

• On an annual basis, Yankee Candle is required to prepay the term debt by 50% of excess cash flow, which percentage is reduced to 25% if the Consolidated Net Total Leverage Ratio (as defined in the Term Loan Facility) is not greater than 4.0 to 1.0. Yankee Candle is not required to make a payment if the consolidated net total leverage ratio is not greater than 3.0 to 1.0. Excess cash flow is defined in the Term Loan Facility as consolidated net income of Holding Corp.

• Adjusted EBITDA is defined as EBITDA excluding (x) restructuring charges related to the Full Potential transformation plan and other action-related charges described in more detail in Table 6-A and (y) certain other losses, charges and expenses as defined in the Consolidated Net Total Leverage Ratio under its Fifth Amended and Restated Credit Agreement, dated November 19, 2021, as amended (the “Credit Agreement”) described in more detail in Table 6-B.

• Beginning with the second quarter of 2022, we updated our definition of leverage ratio and our methods of calculating the underlying metrics (net debt and adjusted EBITDA) to align with the definition of Consolidated Net Total Leverage Ratio under our Fifth Amended and Restated Credit Agreement, dated November 19, 2021, as amended (the “Credit Agreement”).

• All adjusted EBITDA, net debt, and leverage ratio figures included in this press release are calculated consistent with the definition of Consolidated Net Total Leverage Ratio under the Credit Agreement.

More Definitions of Consolidated Net Total Leverage Ratio

Consolidated Net Total Leverage Ratio means, as of the last day of each fiscal quarter, the ratio of Consolidated Net Total Funded Debt as of such day to Post EOne Consolidated EBITDA for the Measurement Period then ended.

Consolidated Net Total Leverage Ratio means, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness as of such date, less the aggregate amount of cash and Cash Equivalents as of such date to (2) Consolidated EBITDA for the most recently ended four full fiscal quarters for which financial statements are available; provided that for purposes of determining the Consolidated Net Total Leverage Ratio, the aggregate amount of cash and Cash Equivalents as of such date of determination shall exclude any proceeds of Indebtedness Incurred on such date or the Incurrence of which is being tested on such date.

Consolidated Net Total Leverage Ratio as at any date of determination, the ratio of (a)(i) the aggregate principal amount of Consolidated Total Debt on such date less (ii) the aggregate amount of Unrestricted Cash (not to exceed $150,000,000) on such date to (b) Consolidated EBITDA of the ABL Administrative Borrower and its Restricted Subsidiaries for the Test Period most recently ended on or prior to such date.

Consolidated Net Total Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower, the ratio of (a) (i) Consolidated Total Debt on such day less (ii) the aggregate amount of Unrestricted Cash (not to exceed $150,000,000) to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

Consolidated Net Total Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Debt (net of unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries maintained in the United States in excess of $75,000,000 (but with Consolidated Funded Debt not to be reduced by more than $50,000,000)) (including the Loans and other Obligations under this Agreement) as of such date to (b) Consolidated EBITDA for the period of four (4) consecutive Fiscal Quarters ending as of such date.

Consolidated Net Total Leverage Ratio mean, as of any fiscal quarter- or year-end, the ratio of (a) Consolidated Net Total Leverage on such day to (b) Consolidated EBITDA of the Company and its consolidated Subsidiaries with respect to the twelve (12) months immediately preceding such date.

Consolidated Net Total Leverage Ratio means as of the last day of any period of four consecutive fiscal quarters of the Borrower, the ratio of (a) Consolidated Total Debt on such day, less the aggregate amount of cash and Cash Equivalents owned by the Borrower or any Restricted Subsidiary on such day (in each case, free and clear of all Liens (other than Liens permitted pursuant to (w) clause (a) of the definition of “Permitted Encumbrances”, (x) Section 6.02(b), (y) Section 6.02(f) or (z) Section 6.02(r))) to (b) Consolidated EBITDA for such period.