Maximum First Lien Net Leverage Ratio. Without the prior written consent of the Required Revolving Lenders, permit the First Lien Net Leverage Ratio (calculated on a Pro Forma Basis), as of the last day of any fiscal quarter (but only if, on the last day of such fiscal quarter, the Total Revolving 150 Credit Outstandings (exclusive of (x) all Cash Collateralized L/C Obligations and (y) the aggregate amount available to be drawn under all Letters of Credit that have not been Cash Collateralized in an amount not exceeding $2,500,000) is in excess of the Covenant Trigger Amount), to be greater than 6.60:1.00.
Maximum First Lien Net Leverage Ratio. The First Lien Net Leverage Ratio, as of the last day of each Test Period set forth below, to be greater than the First Lien Net Leverage Ratio set forth below opposite such Test Period: Test Period First Lien Net Leverage Ratio September 30, 2019 3.00:1.00 December 31, 2019 2.75:1.00 March 31, 2020 2.50:1.00 June 30, 2020 2.25:1.00 September 30, 2020 2.00:1.00 December 31, 2020 2.60:1.00 March 31, 2021 2.60:1.00 June 30, 2021 2.60:1.00 September 30, 2021 2.50:1.00 December 31, 2021 2.50:1.00 March 31, 2022 2.20:1.00 June 30, 2022 1.90:1.00 September 30, 2022 and each Test Period ended thereafter 1.75:1.00
Maximum First Lien Net Leverage Ratio. Permit the First Lien Net Leverage Ratio as of the last day of any Test Period, commencing with the Test Period ending March 31, 2021 to be greater than 4.00:1.00. Notwithstanding the foregoing, at the election of the Borrower, up to three times during the term of this Agreement, the First Lien Net Leverage Ratio set forth above may be increased to accommodate a Qualifying Material Acquisition, as determined by the Borrower and as designated in the Compliance Certificate or earlier notice given by the Borrower in connection with such Qualifying Material Acquisition; provided, however, (i) such increase will not go into effect until the closing of such Permitted Acquisition and, at the Borrower’s election, such increase shall apply either (x) for the fiscal quarter in which such Qualifying Material Acquisition is consummated and the three full fiscal quarters immediately following the consummation thereof or (y) for the four fiscal quarters immediately following the fiscal quarter in which such Qualifying Material Acquisition is consummated, and immediately upon the expiration of the applicable time period referenced in clause (x) or (y) above, the required First Lien Net Leverage Ratio shall revert to 4.00 to 1.00 for the measurement period in which such step-down occurs; and (ii) in no event shall the First Lien Net Leverage Ratio after giving effect to any such step-up exceed 4.50 to 1.00.
Maximum First Lien Net Leverage Ratio. The Borrower will not permit the First Lien Net Leverage Ratio, determined as of the last day of any fiscal quarter of the Borrower ended after the Effective Date to be greater than 1.75 to 1.00.
Maximum First Lien Net Leverage Ratio. Permit the First Lien Net Leverage Ratio as of the last day of any fiscal quarter ending during a period set forth below to be greater than the ratio set forth opposite such period below: 115 Period Ratio October 1, 2017 through June 30, 2018 5.25 to 1.00 July 1, 2018 through December 31, 2018 5.00 to 1.00 January 1, 2019 through December 31, 2019 4.75 to 1.00 January 1, 2020 through June 30, 2020 4.50 to 1.00 Thereafter 4.25 to 1.00 The provisions of this Section 6.13 are solely for the benefit of the Revolving Credit Lenders and any Lenders having Other Term A Loans and, notwithstanding the provisions of Section 9.08, the Required Covenant Lenders may (i) amend or otherwise modify Section 6.13 or, solely for the purposes of Section 6.13, the defined terms used, directly or indirectly, therein, or (ii) waive any non-compliance with Section 6.13 or any Event of Default resulting from such non-compliance, in each case without the consent of any other Lenders.
Maximum First Lien Net Leverage Ratio. Permit the First Lien Net Leverage Ratio as of the last day of any fiscal quarter ending during a period set forth below to be greater than the ratio set forth opposite such period below: Period Ratio October 1, 2017 through June 30, 2018 5.25 to 1.00 July 1, 2018 through December 31, 2018 5.00 to 1.00 January 1, 2019 through December 31, 2019 4.75 to 1.00 January 1, 2020 through June 30, 2020 4.50 to 1.00 Thereafter 4.25 to 1.00 For the purposes of this Section 6.13, the following terms shall have the meanings specified:
