Consolidated Senior Secured Net Leverage Ratio. As of the last day of any fiscal quarter, permit the Consolidated Senior Secured Net Leverage Ratio to be greater than 3.75 to 1.00. Notwithstanding the foregoing, upon the consummation of any Permitted Acquisition or series of Permitted Acquisitions occurring during any nine (9) month period following the Seventh Amendment Effective Date having aggregate consideration (including cash, Cash Equivalents, Equity Interests, Earn-outs, Holdbacks and other deferred payment obligations) in excess of $150,000,000, the Borrower may, at its election (in connection with such Permitted Acquisition or series of Permitted Acquisitions and by not less than five (5) Business Days’ written notice to the Administrative Agent prior to delivery of financial statements pursuant to Section 8.1(a) or (b) for the fiscal quarter in which such Permitted Acquisition or the last of such series of Permitted Acquisitions is consummated), increase the required Consolidated Senior Secured Net Leverage Ratio pursuant to this Section to 4.25 to 1.00, which increase shall be applicable for the fiscal quarter in which such Permitted Acquisition or the last of such series of Permitted Acquisitions is consummated (applied retroactively, as of the end of such fiscal quarter, and which will prevent the occurrence of a Default or Event of Default under this Section as of the end of such fiscal quarter so long as the maximum Consolidated Senior Secured Net Leverage Ratio in effect following the exercise of such increase option is not exceeded) and the three (3) consecutive fiscal quarters thereafter; provided that the Borrower shall be permitted to exercise such increase option under this sentence no more than one time during any consecutive twenty-four (24) month period.”
Consolidated Senior Secured Net Leverage Ratio. The Consolidated Senior Secured Net Leverage Ratio for the Rolling Period ending on the last day of each Fiscal Quarter to be greater than 3.25 to 1.00; provided that during the four consecutive Fiscal Quarters following a Material Acquisition, the Consolidated Senior Secured Net Leverage Ratio shall be no greater than 3.50 to 1.00.
Consolidated Senior Secured Net Leverage Ratio. As of the last day of any fiscal quarter, permit the Consolidated Senior Secured Net Leverage Ratio to be greater than 3.50 to 1.00. Notwithstanding the foregoing, upon the consummation of any Permitted Acquisition having aggregate consideration (including cash, Cash Equivalents, Equity Interests, Earn-outs, Holdbacks and other deferred payment obligations) in excess of $50,000,000, the Borrower may, at its election (in connection with such Permitted Acquisition and by not less than five (5) Business Days’ written notice to the Administrative Agent prior to delivery of financial statements pursuant to Section 8.1(a) or (b) for the fiscal quarter ended immediately after the consummation of such Permitted Acquisition), increase the required Consolidated Senior Secured Net Leverage Ratio pursuant to this Section to 3.75 to 1.00 solely for each fiscal quarter ending during the twelve (12) month period immediately following such Permitted Acquisition; provided that the Borrower shall be permitted to exercise such increase option under this sentence no more than one time during any consecutive twenty-four (24) month period.
Consolidated Senior Secured Net Leverage Ratio. For any fiscal quarter ending on or after a Qualified Offering and on or after the IPO Closing Date, permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any such fiscal quarter to be greater than 3.50 to 1.00; provided that for purposes of Section 7.11(c), Section 7.11(d), Section 7.11(e) and Section 7.11(f), Consolidated EBITDA may include, at Borrower’s option, any Material Project EBITDA Adjustments.
Consolidated Senior Secured Net Leverage Ratio. The Company shall not permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any fiscal quarter of the Company to be greater than 4.00 to 1.0.
Consolidated Senior Secured Net Leverage Ratio. The Company shall not amend, modify, or enter into a waiver of or with respect to the Credit Agreement to (A) permit its Consolidated Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) to exceed (x) from March 31, 2023 to December 31, 2024, 2.65:1.00; and (y) thereafter 2:00:1.00 or (B) amend or modify the definition of Consolidated Senior Secured Net Leverage Ratio (or any components thereof) therein; provided, however, that the Company may amend the definition of Consolidated Senior Secured Net Leverage Ratio therein so as to permit such ratio (i) to be no greater than 3.00 to 1.00 from March 31, 2023 through December 31, 2024; and (ii) to be not greater than 2.50 to 1.00, thereafter.
Consolidated Senior Secured Net Leverage Ratio. Upon the consummation of the first Qualified Note Offering after the Third Amendment Effective Date, the Borrower shall not permit the Consolidated Senior Secured Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than (i) with respect to the fiscal quarter in which such Qualified Note Offering is consummated and each of the immediately succeeding five (5) full fiscal quarters, 4.00 to 1.0 and (ii) thereafter, 3.75 to 1.0.
Consolidated Senior Secured Net Leverage Ratio in clause 1(a) of the definition of Consolidated Senior Secured Net Leverage Ratio, the words “on a Consolidated basis” shall be deleted and replaced with the following: “on a Consolidated basis as of such date and the Reserved Indebtedness Amount (to the extent applicable) as of such date”.
