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
The Borrower shall not permit the First Lien Net Leverage Ratio, for the Test Period ending on, and as of, the last day of each Fiscal Quarter, commencing with the first full Fiscal Quarter after the Closing Date, to exceed 2.50:1.00.
More Definitions of First Lien Net Leverage Ratio
First Lien Net Leverage Ratio with respect to any date of determination, the ratio of (a) Consolidated First Lien Debt as of such date less Netted Cash as of such date to (b) Consolidated EBITDA of the Company and its Subsidiaries for the applicable Test Period.
First Lien Net Leverage Ratio will be defined as the ratio of consolidated debt for borrowed money, notes, bonds, debentures, purchase money indebtedness, capital leases and letters of credit that have been drawn but not reimbursed of the Borrower and its restricted subsidiaries ("Consolidated Total Debt") that are secured by any property or assets of the Borrower or any restricted subsidiary on a first-priority basis net of the sum (not to exceed $25.0 million) of (x) unrestricted cash and cash equivalents whether or not held in a pledged account and (y) cash and cash equivalents of the Borrower and its restricted subsidiaries that are restricted in favor of the Term Facility or the ABL Facility (which may also include cash and cash equivalents securing other indebtedness that is secured by a lien on the Collateral along with the Term Facility and/or the ABL Facility) (the amounts in clauses (x) and (y) , collectively, "Unrestricted Cash") all as set forth on the balance sheet of the Borrower and its consolidated restricted subsidiaries in accordance with GAAP, to (ii) Consolidated EBITDA (to be defined in a manner mutually agreed by Borrower and the Term Loan Lead Arrangers (giving due regard to the Term Loan Documentation Principles)) for the most recently ended period of four consecutive fiscal quarters for which financial statements have been delivered or are required to have been delivered. For the purposes of determining pro forma compliance with the First Lien Net Leverage Ratio in connection with any Incremental Facilities, the proceeds of which are to be used for a permitted acquisition or other permitted investment, the date of determination thereof shall, at Borrower's option, be the date of entering into the binding definitive agreement for such acquisition, in which case such indebtedness will be deemed outstanding for purposes of calculating any leverage based test.
First Lien Net Leverage Ratio means, as of any date of determination, the ratio of
First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (1) Consolidated First Lien Net Debt outstanding as of the last day of such Test Period to (2) Consolidated EBITDA of the Borrower for such Test Period.
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. “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 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.