Common use of Secured Net Leverage Ratio Clause in Contracts

Secured Net Leverage Ratio. (i) The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00 (ii) The Borrower may, by written notice to the Administrative Agent for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x for a period of three (3) consecutive fiscal quarters in connection with a Permitted Acquisition that involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $150,000,000 occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding the foregoing clause (i), the Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (i) for a new period of three (3) consecutive fiscal quarters.

Secured Net Leverage Ratio. (i) The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio December 31, 2015 4.75:1.00 December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00 (ii) The With respect to any fiscal quarter ending on or after September 30, 2016, the Borrower may, by written notice to the Administrative Agent Agents for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x for a period of three (3) consecutive fiscal quarters in connection with a Permitted Acquisition that involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $150,000,000 occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding the foregoing clause (i), the Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (i) for a new period of three (3) consecutive fiscal quarters.

Secured Net Leverage Ratio. (i) The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March December 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio 2015 4.75:1.00 December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00 (ii) The With respect to any fiscal quarter ending on or after September 30, 2016, the Borrower may, by written notice to the Administrative Agent Agents for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x for a period of three (3) consecutive fiscal quarters in connection with a Permitted Acquisition that involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $150,000,000 occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding the foregoing clause (i), the Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (i) for a new period of three (3) consecutive fiscal quarters.

Secured Net Leverage Ratio. (i) The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00 (iii) The Borrower may, by written notice to the Administrative Agent for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x for a period of three (3) consecutive fiscal quarters in connection with a Permitted Acquisition that involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $150,000,000 occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding the foregoing clause (i), the Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (i) for a new period of three (3) consecutive fiscal quarters.

Secured Net Leverage Ratio. (i) The Lead Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below: Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending Maximum Secured Net Leverage Ratio December 31, 2016 4.50:1.00 December 31, 2017 4.00:1.00 December 31, 2018 3.50:1.00 December 31, 2019 and thereafter 3.00:1.00. (ii) The Lead Borrower may, by written notice to the Administrative Agent for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x 0.50x for a period of three four (34) consecutive fiscal quarters in connection with (x) a Permitted Acquisition that involves the payment of consideration by the Lead Borrower and its Restricted Subsidiaries in excess of $150,000,000 and (y) the Breathe Acquisition, in each case, occurring during the first of such three four fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding ); provided that the foregoing clause (i), the Lead Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding this clause (iii) for a new period of three four (34) consecutive fiscal quarters.