Senior Net Leverage Ratio. The Borrower will not permit the Senior Net Leverage Ratio, at any time during the periods set forth below, to be greater than the ratio set forth below opposite the such period: fiscal quarter ending March 31, 2011 through the fiscal quarter ending December 31, 2011 4.25:1.0 fiscal quarter ending March 31, 2012 through the fiscal quarter ending September 30, 2012 4.00:1.0 fiscal quarter ending December 31, 2012 and thereafter 3.75:1.0 ; provided that as of August 1, 2012, the foregoing covenant shall be deleted in its entirety and replaced with the following: The Borrower will not permit the Senior Leverage Ratio, at any time during the periods set forth below, to be greater than the ratio set forth below opposite the such period: fiscal quarter ending September 30, 2012 4.00:1.0 fiscal quarter ending December 31, 2012 and thereafter 3.75:1.0 ; provided further, that, notwithstanding the foregoing, following a Specified Availability Increase, the foregoing covenant shall be deleted in its entirety and replaced with the following: The Borrower will not permit the Senior Leverage Ratio, at any time during the periods set forth below, to be greater than the ratio set forth below opposite the such period: From the fiscal quarter in which the Specified Availability Increase occurs through the two subsequent fiscal quarters 4.00:1.0 Thereafter 3.75:1.0 Notwithstanding anything to the contrary herein, in no event shall a revision of the financial covenant in this Section 7.1 following a Specified Availability Increase result in a higher maximum Senior Leverage Ratio at any time following such Specified Availability Increase than the maximum Senior Net Leverage Ratio or maximum Senior Leverage Ratio, as applicable, that would have otherwise been applicable absent the occurrence of such Specified Availability Increase.
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Senior Net Leverage Ratio. The Borrower will not permit the Senior Net Leverage Ratio, at any time during the periods set forth below, to be greater than the ratio set forth below opposite the such period: fiscal quarter ending March 31, 2011 through the fiscal quarter ending December 31, 2011 4.25:1.0 * fiscal quarter ending March 31, 2012 through the fiscal quarter ending September 30, 2012 4.00:1.0 * fiscal quarter ending December 31, 2012 and thereafter 3.75:1.0 * ; provided that as of August 1, 2012, the foregoing covenant shall be deleted in its entirety and replaced with the following: The Borrower will not permit the Senior Leverage Ratio, at any time during the periods set forth below, to be greater than the ratio set forth below opposite the such period: fiscal quarter ending September 30, 2012 4.00:1.0 * fiscal quarter ending December 31, 2012 and thereafter 3.75:1.0 * ; provided further, that, notwithstanding the foregoing, following a Specified Availability Increase, the foregoing covenant shall be deleted in its entirety and replaced with the following: The Borrower will not permit the Senior Leverage Ratio, at any time during the periods set forth below, to be greater than the ratio set forth below opposite the such period: From the fiscal quarter in which the Specified Availability Increase occurs through the two subsequent fiscal quarters 4.00:1.0 * Thereafter 3.75:1.0 * Notwithstanding anything to the contrary herein, in no event shall a revision of the financial covenant in this Section 7.1 following a Specified Availability Increase result in a higher maximum Senior Leverage Ratio at any time following such Specified Availability Increase than the maximum Senior Net Leverage Ratio or maximum Senior Leverage Ratio, as applicable, that would have otherwise been applicable absent the occurrence of such Specified Availability Increase. * Confidential terms omitted and provided separately to the Securities and Exchange Commission.
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