Pro Forma Leverage Test definition
Pro Forma Leverage Test means, as of any date of determination, with respect to any Specified Transaction, a pro forma Consolidated Net Leverage Ratio that is equal to or less than the maximum Consolidated Net Leverage Ratio then permitted under Section 7.14 (whether or not the covenant set forth in Section 7.14 is then applicable), adjusted by reducing the numerator of such maximum permitted ratio by 0.50, for the most recent fiscal quarter (or fiscal year, as applicable) most recently ended prior to such date for which financial statements are required to have been delivered to the Administrative Agent pursuant to Section 4.01, 6.01(a) or 6.01(b), determined based on the financial information received for such most recently ended fiscal quarter (or fiscal year, as applicable) after giving effect to such Specified Transaction and any other Specified Transaction consummated after the date of such financial statements and on or prior to the date of such Specified Transaction.”
Pro Forma Leverage Test means, as of any date of determination, with respect to any Specified Transaction, a pro forma Consolidated Net Leverage Ratio that is equal to or less than (i) for the period from the Closing Date through December 31, 2016, 5.00 to 1.00, (ii) for the period from January 1, 2017 through December 31, 2017, 4.50 to 1.00 and (iii) any time after January 1, 2018, 4.00 to 1.00, in each case, determined based on the financial information received for the fiscal quarter (or fiscal year, as applicable) most recently ended prior to such date for which financial statements have been delivered to the Administrative Agent pursuant to Section 4.01(a)(x), 6.01(a) or 6.01(b), as applicable, after giving effect to such Specified Transaction and any other Specified Transaction consummated after the date of such financial statements and on or prior to the date of such Specified Transaction.
Pro Forma Leverage Test means, as of any date of determination, with respect to any applicable transaction, a pro forma Consolidated Net Leverage Ratio that is equal to or less than 4.00 to 1.00, in each case, determined based on the financial information received for the fiscal quarter (or fiscal year, as applicable) most recently ended prior to such date for which financial statements have been delivered to the Administrative Agent pursuant to Section 4.01(a) (x), 6.01(a) or 6.01(b), as applicable, after giving effect to such other transaction and any concurrent repayment or prepayment of Indebtedness in connection therewith.
Examples of Pro Forma Leverage Test in a sentence
The Borrowers and Guarantors will not make, and will not permit or suffer any of the Pledged Entities making, any acquisition of the Capital Stock or all, substantially all or a material portion of the assets of any Person unless (a) such acquisition is in furtherance of the Lines of Business, and (b) at the time of any such acquisition (i) there is no Default outstanding for which notice, if required, has been given, and (ii) the Pro Forma Leverage Test is satisfied.
More Definitions of Pro Forma Leverage Test
Pro Forma Leverage Test means, on any date of determination, (i) for purposes of Permitted Acquisitions, that the Pro Forma Leverage Ratio is not greater than 2.50 to 1.00 and (ii) for all other purposes, that the Pro Forma Leverage Ratio is not greater than 3.00 to 1.00.
Pro Forma Leverage Test means, as of any date of determination, with respect to any Specified Transaction, a pro forma Consolidated Net Leverage Ratio that is equal to or less than the maximum Consolidated Net Leverage Ratio set forth in the applicable fiscal quarter below for the most recent fiscal quarter (or fiscal year, as applicable) most recently ended prior to such date for which financial statements are required to have been delivered to the Administrative Agent pursuant to Section 4.01, 6.01(a) or 6.01(b), determined based on the financial information received for such most recently ended fiscal quarter (or fiscal year, as applicable) after giving effect to such Specified Transaction and any other Specified Transaction consummated after the date of such financial statements and on or prior to the date of such Specified Transaction.” March 31, 2018 6.50 to 1.00 June 30, 2018 6.25 to 1.00 September 30, 2018 6.00 to 1.00 December 31, 2018 5.75 to 1.00 March 31, 2019 5.75 to 1.00 June 30, 2019 5.75 to 1.00 September 30, 2019 5.75 to 1.00 December 31, 2019 5.50 to 1.00 March 31, 2020 5.50 to 1.00 June 30, 2020 5.50 to 1.00 September 30, 2020 and thereafter 5.25 to 1.00
Pro Forma Leverage Test means, as of any date of determination, with respect to any applicable transaction, a pro forma Consolidated Net Leverage Ratio that is equal to or less than 4.00 to 1.00, in each case, determined based on the financial information received for the fiscal quarter (or fiscal year, as applicable) most recently ended prior to such date for which financial statements have been delivered to the Administrative Agent pursuant to Section 4.01(a)(x), 6.01(a) or 6.01(b), as applicable, after giving effect to such other transaction and any concurrent repayment or prepayment of Indebtedness in connection therewith.