First Lien Net Leverage Ratio definition
First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.
First Lien Net Leverage Ratio means, on any date of determination, with respect to the Borrower Parties on a consolidated basis, the ratio of (a) Consolidated Funded First Lien Indebtedness (less the unrestricted cash and Cash Equivalents of the Borrower Parties as of such date) of the Borrower Parties on such date to (b) Consolidated EBITDA of the Borrower Parties for the four fiscal quarter period most recently then ended for which financial statements have been delivered pursuant to Section 6.01(a) or (b), as applicable.
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of (i) Consolidated First Lien Debt as of such date of determination, minus up to $250,000,000 of unrestricted cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries (other than the proceeds of any Indebtedness being incurred and giving rise to the need to calculate the First Lien Net Leverage Ratio) to (ii) EBITDA of the Borrower for the Reference Period then last ended.
Examples of First Lien Net Leverage Ratio in a sentence
For example, if the Issuer Incurs Indebtedness under the Fixed Incremental Amount on the same date that it Incurs Indebtedness under the Maximum Incremental Leverage Amount, then the First Lien Net Leverage Ratio and any other applicable ratio will be calculated with respect to such Incurrence under the Maximum Incremental Leverage Amount without regard to any Incurrence of Indebtedness under the Fixed Incremental Amount or any other non-ratio based basket.
More Definitions of First Lien Net Leverage Ratio
First Lien Net Leverage Ratio at any date, the ratio of (a) Consolidated First Lien Indebtedness as of such date minus up to the aggregate amount of the unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries as of such date to (b) Consolidated EBITDA as of the last day of the Reference Period then most recently ended.
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of
First Lien Net Leverage Ratio. “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio” in this clause (a), (i) all Revolving Credit Commitments, Additional Debt and Incremental Facilities in each case established on or prior to such date shall be assumed to be fully drawn for purposes of the calculation of “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”, (ii) the proceeds of such Indebtedness incurred under this clause are not included as unrestricted cash and Cash Equivalents in clause (i) of the definition of “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”; provided that to the extent the proceeds of such Indebtedness are to be used to prepay Indebtedness, the use of such proceeds for the prepayment of such Indebtedness may be calculated on a Pro Forma Basis; provided, further that the Required Debt Terms shall apply to all such Indebtedness incurred under this clause, mutatis mutandis, provided, further, that Non-Guarantors may not incur Indebtedness under this Section 7.03(a) if, after giving pro forma effect to such incurrence, more than an aggregate of 25% of LTM EBITDA of Indebtedness of Restricted Subsidiaries that are not Guarantors would be outstanding pursuant to this Section 7.03(a), together with any Non-Guarantor Indebtedness incurred pursuant to Section 7.03(b)(v), at such time.
First Lien Net Leverage Ratio. “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio” in this clause (b), (i) to the extent the proceeds of any Additional Debt or Incremental Facility are intended to be applied to finance a Limited Condition Acquisition, at the election of the Borrower, the First Lien Net Leverage Ratio, Total Net Leverage Ratio or Fixed Charge Coverage Ratio, as the case may be, shall instead be tested in accordance with Section 1.11; (ii) all Revolving Credit Commitments, Additional Debt and Incremental Facilities in each case established on or prior to such date shall be assumed to be fully drawn for purposes of the calculation of “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”, (iii) the proceeds of such Additional Debt or Incremental Facilities are not included as unrestricted cash and Cash Equivalents in clause (i) of the definition of “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”; provided that to the extent the proceeds of such Incremental Loans are to be used to prepay Indebtedness, the use of such proceeds for the prepayment of such Indebtedness may be calculated on a Pro Forma Basis, (iv) Additional Debt and Incremental Facilities, at the election of the Borrower, may be incurred pursuant to clause (b) above prior to utilization of amounts set forth in clause (a) above (including, for the avoidance of doubt, as part of the same transaction) and (v) amounts incurred in reliance on the Unrestricted Amount concurrently with amounts incurred in reliance on clause (b) above shall not be included as Indebtedness in the First Lien Net Leverage Ratio, Total Net Leverage Ratio or Fixed Charge Coverage Ratio, as applicable, for purposes of calculating any amounts that may be incurred pursuant to clause (b) above on the same day. In determining the Maximum Additional Debt Amount, if all or any portion of any Additional Debt or Incremental Facility was incurred or issued in reliance on the Unrestricted Amount and thereafter such amount could have been incurred pursuant to the applicable subclause of clause (b) of this definition, in the Borrower’s sole discretion such Additional Debt or Incremental Facility may be reclassified as having been incurred pursuant to clause (b) of this definition and thereafter shall not count as utilization of the Unrestricted Amount. Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issu...
First Lien Net Leverage Ratio means, as of any date, the ratio of (a) First Lien Indebtedness as of such date to (b) Annualized Operating Cash Flow determined in respect of the fiscal quarter ending on, or most recently ended prior to, such date.
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated First Lien Indebtedness as of such date minus the unrestricted cash and Cash Equivalents of the Borrowers and their Restricted Subsidiaries as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ending on such date.
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of (a) the aggregate outstanding principal amount of Indebtedness for borrowed money of the Borrower and its Restricted Subsidiaries, on a consolidated basis, that is secured on a senior or pari passu basis with the Term Loan Facilities as of such date (after giving effect to any incurrence or repayment of any such Indebtedness on such date) (excluding, in any event, Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder), minus all Unrestricted Cash and Cash Equivalents on such date to (b) Consolidated EBITDA for the Test Period ending on such date.