First Lien Net Leverage Ratio. The Borrower will not permit the First Lien Net Leverage Ratio, as of the last day of any Test Period (commencing with the Test Period ending on the date set forth in the table belowMarch 31, 2020), to be greater than the ratio set forth opposite such date below3.50:1.00. Fiscal Quarter Ending First Lien Net Leverage Ratio December 31, 2017 8.50:1.00 March 31, 2018 7.75:1.00 June 30, 2018 7.75:1.00 September 30, 2018 6.75:1.00 December 31, 2018 5.75:1.00 March 31, 2019 5.00:1.00 June 30, 2019 4.50:1.00 September 30, 2019 4.00:1.00 December 31, 2019 and the last day of each fiscal quarter of the Borrower thereafter 3.50:1.00
First Lien Net Leverage Ratio. Except with the written consent of the Required Revolving Lenders, commencing with the fiscal quarter ending March 31, 2019, the Borrower will not permit the First Lien Net Leverage Ratio, calculated as of the last day of any Test Period, to exceed 8.20 to 1.00; provided that notwithstanding the foregoing, the financial covenant set forth in this Section 6.11 shall be tested as of the last day of any Test Period only in the event that, on the last day of such Test Period, the aggregate amount of the Revolving Exposures (excluding (x) up to $10,000,000 of undrawn Letters of Credit, (y) Letters of Credit which have been cash collateralized or backstopped in accordance with this Agreement and (z) prior to June 30, 2019, any outstanding Revolving Loans originally borrowed on the Closing Date to pay the Transaction Costs or fund original issue discount or upfront fees in connection with the “flex” provisions of the Fee Letter) of all of the Revolving Lenders is greater than 35% of the aggregate amount of the Revolving Commitments in effect on such date.
First Lien Net Leverage Ratio. On the last day of any Test Period (commencing with the Test Period ending on March 31, 2021) the Borrower shall not permit the First Lien Net Leverage Ratio to exceed (i) prior to the SPAC Closing Date, the corresponding ratio set forth below: Test Period (ending on the date specified below) First Lien Net Leverage Ratio March 31, 2021 7.50:1.00 June 30, 2021 7.50:1.00 September 30, 2021 7.50:1.00 December 31, 2021 7.00:1.00 March 31, 2022 7.00:1.00 June 30, 2022 7.00:1.00 September 30, 2022 7.00:1.00 December 31, 2022 6.50:1.00 March 31, 2023 6.50:1.00 June 30, 2023 6.50:1.00 September 30, 2023 6.50:1.00 December 31, 2023 and each Fiscal Quarter ending thereafter until the SPAC Closing Date 5.50:1.00 and (ii) from and after the SPAC Closing Date, the Post-SPAC Financial Covenant Level; provided that from and after the SPAC Closing Date, the Financial Covenant shall only be tested if, as of the last day of a Fiscal Quarter, the sum of (i) the aggregate principal amount of Revolving Loans then outstanding plus (ii) the aggregate amount of LC Disbursements that have not been reimbursed within two (2) Business Days by or on behalf of the Borrower at such time (other than amounts that have been reimbursed, cash collateralized or backstopped within three (3) Business Days following the end of the applicable Fiscal Quarter) plus (iii) the aggregate Stated Amount of all issued and undrawn Letters of Credit (excluding (x) issued and undrawn Letters of Credit having an aggregate Stated Amount not to exceed $5,000,000 and (y) issued and undrawn Letters of Credit which have been fully cash collateralized or back-stopped in a manner reasonably satisfactory to the applicable Issuing Banks), exceeds 35% of the aggregate principal amount of Revolving Credit Commitments then in effect; provided, that to the extent Revolving Loans or other amounts under the Revolving Facility are used to pay original issue discount or upfront fees pursuant to the “market flex” provisions of the Fee Letter, then for the first two Fiscal Quarters following the Closing Date, such Revolving Loans shall be excluded from the calculation of the First Lien Net Leverage Ratio solely for purposes of this Section 6.14(a).
First Lien Net Leverage Ratio. Except with the written consent of the Required Revolving Lenders, the Borrower will not permit the First Lien Net Leverage Ratio, calculated as of the last day of the most recent fiscal quarter of the Borrower for which financial statements were required to have been furnished to the Administrative Agent pursuant to Section 5.01 (commencing with the first full fiscal quarter ending after the Closing Date), to exceed 6.70:1.00. Notwithstanding the foregoing, this Section 6.12 shall be in effect (and shall only be in effect) when the sum of (A) the aggregate principal amount of Revolving Loans and (B) the Dollar Equivalent of all Letters of Credit (excluding cash collateralized Letters of Credit and undrawn Letters of Credit in an aggregate amount not to exceed $40,000,000), in each case, outstanding as of the last day of the most recent fiscal quarter of the Borrower for which financial statements were required to have been furnished to the Administrative Agent pursuant to Section 5.01, is greater than 30% of the Revolving Commitments.
First Lien Net Leverage Ratio. Commencing with the Test Period ending on the last day of the second full fiscal quarter ended after the Closing Date, the Borrower shall not permit the First Lien Net Leverage Ratio on the last day of each Test Period to be greater than 8.00 to 1.00 if the aggregate outstanding principal amount of Revolving Loans, Swing Line Loans and Letters of Credit (but excluding undrawn amounts under any Letters of Credit and Letters of Credit that have been Cash Collateralized) exceeds (or exceeded) 35.00% of the then outstanding Revolving Commitments in effect on such date. To the extent required to be tested with respect to any Test Period pursuant to the preceding sentence, compliance with this Section 8.01 shall be tested on the date that the Compliance Certificate for the applicable Test Period is required to be delivered pursuant to Section 6.02(a) and not prior to such date.
First Lien Net Leverage Ratio. The Borrower shall not permit the First Lien Net Leverage Ratio (i) on the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter ending immediately after the Sixth Amendment Effective Date) through and including the last day of the fifth (5th) Fiscal Quarter ending immediately after the Sixth Amendment Effective Date to exceed 4.75 to 1.00 and (ii) on the last day of the sixth (6th) Fiscal Quarter ending immediately after the Sixth Amendment Effective Date and the last day of each Fiscal Quarter thereafter to exceed 4.50 to 1.00; provided that the provisions of this Section 6.2 shall not be applicable with respect to the last day of any Fiscal Quarter if on such day the Revolving Credit Exposure of all Lenders (excluding LC Exposure with respect to Letters of Credit that have not been drawn upon or, if there has been a drawing with respect to a Letter of Credit, all reimbursement obligations due with respect thereto have been fully satisfied) is zero ($0).
First Lien Net Leverage Ratio. Except with the written consent of the Required Covenant Lenders, the Parent Borrower shall not permit the First Lien Net Leverage Ratio as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2015) to be greater than 4.00 to 1.00.
First Lien Net Leverage Ratio. The Borrower shall not permit the First Lien Net Leverage Ratio (i) on the last day of any Fiscal Quarter (beginning with the first full Fiscal Quarter ending immediately after the Fourth Amendment Closing Date) through and including the last day of the seventh (7th) full Fiscal Quarter ending immediately after the Fourth Amendment Closing Date (or, upon consummation of the Taurus Acquisition, the seventh (7th) full Fiscal Quarter ending immediately after the date of the consummation of the Taurus Acquisition) to exceed 4.50 to 1.00 and (ii) on the last day of the eighth (8th) full Fiscal Quarter ending immediately after the Fourth Amendment Closing Date (or, upon consummation of the Taurus Acquisition, the eighth (8th) full Fiscal Quarter ending immediately after the date of consummation of the Taurus Acquisition) and the last day of each Fiscal Quarter thereafter to exceed 4.25 to 1.00; provided that the provisions of this Section 6.2 shall not be applicable with respect to the last day of any Fiscal Quarter if on such day the Revolving Credit Exposure of all Lenders (excluding LC Exposure with respect to Letters of Credit that have not been drawn upon or, if there has been a drawing with respect to a Letter of Credit, all reimbursement obligations due with respect thereto have been fully satisfied) is zero ($0).
First Lien Net Leverage Ratio. Consolidated First Lien Net Debt to Consolidated EBITDA13
First Lien Net Leverage Ratio. The Borrower shall not permit the First Lien Net Leverage Ratio, as of the last day of any Test Period ended closest to any date in the table below, to exceed the ratio set forth opposite such date in the table below. Test Period ended closest to: First Lien Net Leverage Ratio: January 31, 2022 5.75:1.00 April 30, 2022 5.75:1.00 July 31, 2022 5.20:1.00 October 31, 2022 5.20:1.00 January 31, 2023 5.20:1.00 April 30, 2023 4.30:1.00 July 31, 2023 and thereafter 4.05:1.00
