Asset Sale Percentage means, as of any date of determination (a) if the First Lien Leverage Ratio is greater than 2.25:1.00, 100%, (b) if the First Lien Leverage Ratio is less than or equal to 2.25:1.00 and greater than 1.75:1.00, 50%, and (c) if the First Lien Leverage Ratio is less than or equal to 1.75:1.00, 0%.
Asset Sale Percentage. 100%; provided that the Asset Sale Percentage shall be reduced to (i) 50% if the Total First Lien Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently completed Test Period, is less than or equal to 4.50 to 1.00 but greater than 4.00 to 1.00 and (ii) 0% if the Total First Lien Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently completed Test Period, is less than or equal to 4.00 to 1.00.
Asset Sale Percentage means, as of any date of determination, (a) if the Consolidated First Lien Net Leverage Ratio is greater than 3.25:1.00, 100%, (b) if the Consolidated First Lien Net Leverage Ratio is less than or equal to 3.25:1.00 and greater than 2.75:1.00, 50% and (c) if the Consolidated First Lien Net Leverage Ratio is less than or equal to 2.75:1.00, 0%, in each case, as calculated on a Pro Forma Basis, but excluding the proceeds of such asset sale.
Examples of Asset Sale Percentage in a sentence
The Administrative Agent shall have received the certificate of a Responsible Officer (as described in the definition of Applicable Asset Sale Percentage) setting forth in reasonable detail the calculations and assumptions used in determining the Applicable Asset Sale Percentage after giving effect to the Stella Sale.
More Definitions of Asset Sale Percentage
Asset Sale Percentage means, as of any date of determination, 100%.
Asset Sale Percentage means, as of any date of determination (a) if the First Lien Leverage Ratio is greater than 4.25:1.00, 100%, (b) if the First Lien Leverage Ratio is less than or equal to 4.25:1.00 and greater than 3.75:1.00, 50%, and (c) if the First Lien Leverage Ratio is less than or equal to 3.75:1.00, 0%; provided that, to the extent the Asset Sale Percentage is being calculated in connection with a Disposition that is a REIT Conversion Transaction, if the Total Leverage Ratio is less than or equal to 5.50:1.00, the Asset Sale Percentage shall be 0%; it being understood and agreed that, for purposes of this definition as it applies to the determination of the amount of Net Cash Proceeds required to be applied to prepay the Term Loans under Section 2.05(b) for any fiscal year, the First Lien Leverage Ratio or the Total Leverage Ratio, as applicable, shall be determined on a Pro Forma Basis on the scheduled date of prepayment (after giving effect to any cash pay-down or reductions made after year-end and on or prior to the required prepayment date and the amount of Net Cash Proceeds applied as a prepayment on such date but without netting the cash proceeds of the applicable Asset Sale).
Asset Sale Percentage means, with respect to the prepayment required by Section 2.11(c), if the First Lien Net Leverage Ratio (prior to giving effect to the applicable prepayment pursuant to Section 2.11(c), but after giving effect to any voluntary prepayments made pursuant to Section 2.11(a) prior to the date of such prepayment) as of the end of the applicable reinvestment period is (a) greater than 1.75 to 1.00, 100% of such Net Proceeds, (b) greater than 1.50 to 1.00 but less than or equal to 1.75 to 1.00, 50% of such Net Proceeds and (c) less than or equal to 1.50 to 1.00, 0% of such Net Proceeds.
Asset Sale Percentage has the meaning specified in Section 2.05(b)(ii).
Asset Sale Percentage means, with respect to the most recently ended fiscal quarter of Holdings for which financial statements are available, if the First Lien Leverage Ratio as of the end of such fiscal quarter is (a) greater than 2.60:1.00, 100% and (b) less than or equal to 2.60:1.00, 50%.
Asset Sale Percentage means 100%; provided, that (a) the Asset Sale Percentage shall be reduced to 50% if the Consolidated Secured Leverage Ratio for the Applicable Reference Period calculated on a Pro Forma Basis is less than or equal to 1.50 to 1.00 but greater than 1.00 to 1.00 and (b) the Asset Sale Percentage shall be reduced to 0% if the Consolidated Secured Leverage Ratio for the Applicable Reference Period calculated on a Pro Forma Basis is less than or equal to 1.00 to 1.00.
Asset Sale Percentage means, with respect to any prepayment required by Section 2.11(c), if the Secured Net Leverage Ratio (prior to giving effect to the applicable prepayment pursuant to Section 2.11(c), but after giving effect to any voluntary prepayments made pursuant to Section 2.11(a) prior to the date of such prepayment) as of the date of such proposed prepayment is (a) greater than 3.40 to 1.00, 100%, (b) greater than 2.90 to 1.00 but less than or equal to 3.40 to 1.00, 50% and (c) less than or equal to 2.90 to 1.00, 0%.