Senior Secured Net Leverage Ratio Clause Samples
The Senior Secured Net Leverage Ratio clause sets a financial covenant that limits the amount of senior secured debt a borrower can have relative to its earnings, typically measured as a ratio of debt to EBITDA. In practice, this clause requires the borrower to maintain its senior secured net leverage below a specified threshold, which is periodically tested, often quarterly, based on the company's financial statements. This ensures that the lender is protected by restricting excessive borrowing and helps maintain the borrower's financial stability, thereby reducing the lender's risk of default.
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Senior Secured Net Leverage Ratio. Permit the Senior Secured Net Leverage Ratio as of the last day of the four consecutive fiscal quarter period of the Designated Company then last ended (in each case taken as one accounting period), beginning with the four fiscal quarter period ending September 30, 2016, to be greater than 3.50 to 1.00.
Senior Secured Net Leverage Ratio. Permit the Senior Secured Net Leverage Ratio as of the last day of any Test Period to be greater than 4.00 to 1.00 (commencing with the Test Period ending on the last day of the fiscal quarter ending September 30, 2021) (such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent pursuant to Section 6.01(a) and Section 6.01(b) for such Test Period) (the “Leverage Covenant”).
Senior Secured Net Leverage Ratio. The Borrower shall not, as of the last day of any fiscal quarter, permit the Senior Secured Net Leverage Ratio to exceed 2.25 to 1.0.
Senior Secured Net Leverage Ratio. Except with the consent of the Required Revolving Credit Lenders, the Borrower Parties will not permit the Senior Secured Net Leverage Ratio as of the last day of any Test Period ending during any period set forth in the table below to be greater than the ratio set forth below opposite the last day of such Test Period: June 30, 2011-December 31, 2011 5.00 to 1.0 Thereafter 5.00 to 1.0 Notwithstanding the foregoing, this Section 7.11 shall be in effect (and shall only be in effect) when the sum of the aggregate principal amount of any Revolving Credit Loans and/or Swing Line Loans then outstanding plus the aggregate amount of any L/C Obligations then outstanding (excluding Letters of Credit that have been Cash Collateralized to at least 100% of the undrawn amount thereof) at such time exceeds 20% of the total amount of the Revolving Credit Commitments (including any Additional Revolving Credit Commitments).
Senior Secured Net Leverage Ratio. Permit the Senior Secured Net Leverage Ratio the last day of any fiscal quarter set forth below to be greater than the ratio set forth opposite such period below: The last day of the Borrower’s fiscal quarter ending June 30, 2008 through and including the day before the last day of Holdings’ fiscal quarter ending December 31, 2008 6.50:1.00 The last day of the Borrower’s fiscal quarter ending December 31, 2008 through and including the day before the last day of the Borrower’s fiscal quarter ending June 30, 2009 6.25:1.00 The last day of the Borrower’s fiscal quarter ending June 30, 2009 through and including the day before the last day of Borrower’s fiscal quarter ending June 30, 2010 6.00:1.00 The last day of the Borrower’s fiscal quarter ending June 30, 2010 through and including the day before the last day of Borrower’s fiscal quarter ending June 30, 2011 5.75:1.00 The last day of the Borrower’s fiscal quarter ending June 30, 2011 through and including the day before the last day of the Borrower’s fiscal quarter ending June 30, 2012 5.25:1.00 Thereafter 5.00:1.00
Senior Secured Net Leverage Ratio. The Borrower will not permit the Senior Secured Net Leverage Ratio for the Test Period ending on any of the dates set forth below to exceed the ratio set forth below opposite such date: Test Period Maximum Senior Secured Net Leverage Ratio March 31, 2014 7.00 to 1.00 June 30, 2014 7.00 to 1.00 September 30, 2014 7.00 to 1.00 December 31, 2014 7.00 to 1.00 March 31, 2015 6.75 to 1.00 June 30, 2015 6.75 to 1.00 September 30, 2015 6.75 to 1.00 December 31, 2015 6.75 to 1.00 March 31, 2016 6.50 to 1.00 June 30, 2016 6.50 to 1.00 September 30, 2016 6.50 to 1.00 December 31, 2016 6.50 to 1.00 March 31, 2017 6.25 to 1.00 June 30, 2017 6.25 to 1.00 September 30, 2017 6.25 to 1.00 December 31, 2017 6.25 to 1.00 March 31, 2018, and thereafter 6.00 to 1.00
Senior Secured Net Leverage Ratio. Solely with respect to the Revolving Commitments and the Revolving Exposure, the Borrower will not permit the Senior Secured Net Leverage Ratio for any period of four consecutive fiscal quarters of the Borrower ending on or about any date during any period set forth below to exceed the ratio set forth below opposite such period: October 1, 2015, through December 31, 2016 3.50 to 1.00 January 1, 2017, through June 30, 2017 3.00 to 1.00 July 1, 2017, through December 31, 2017 2.75 to 1.00 January 1, 2018, through June 30, 2018 2.50 to 1.00 July 1, 2018, through December 31, 2018 2.25 to 1.00 January 1, 2019, and thereafter 2.00 to 1.00
Senior Secured Net Leverage Ratio. The Parent will not permit the Senior Secured Net Leverage Ratio as of the last day of any fiscal quarter ending on any date during any period below to exceed the ratio set forth below opposite such period: Period Ratio Effective Date through December 31, 2014 2.50:1.00 January 1, 2015 and thereafter 2.00:1.00
Senior Secured Net Leverage Ratio. After giving pro forma effect to the borrowings to be made on the Increase Effective Date and to the consummation of any Permitted Acquisition or other Investment or application of funds made with the proceeds of such borrowings, the Senior Secured Net Leverage Ratio at such date shall be not greater than 2.5 to 1.0 (provided that in calculating the Senior Secured Net Leverage Ratio, the proceeds of the Term B-2 Loans shall be excluded from Unrestricted Cash).
Senior Secured Net Leverage Ratio. Except with the consent of the Required Revolving Credit Lenders, the Borrower Parties will not permit the Senior Secured Net Leverage Ratio as of the last day of any Test Period ending during any period set forth in the table below to be greater than the ratio set forth below opposite the last day of such Test Period: Test Period Senior Secured Net Leverage Ratio June 30, 2011-December 31, 2011 5.00 to 1.0 Thereafter 5.00 to 1.0 Notwithstanding the foregoing, this Section 7.11 shall be in effect (and shall only be in effect) (x) when any Swing Line Loans, L/C Obligations and/or Revolving Credit Loans then outstanding (excluding Letters of Credit that have been Cash Collateralized to at least 100% of the undrawn amount thereof) at such time exceed 10% of the total amount of the Revolving Credit Commitments (including any Additional Revolving Credit Commitments) and (y) if no Swing Line Loans, L/C Obligations and/or Revolving Credit Loans then outstanding (excluding Letters of Credit that have been Cash Collateralized to at least 100% of the undrawn amount thereof) at such time exceed 10% of the total amount of the Revolving Credit Commitments (including any Additional Revolving Credit Commitments), when determining whether a Default or Event of Default exists for purposes of Section 4.02 in connection with the incurrence or issuance of a Swing Line Loan, Letter of Credit and/or Revolving Credit Loan (it being understood that in all cases calculation of compliance with this Section 7.11 shall be determined as of the last day of each Test Period and shall be calculated on a Pro Forma Basis in the case of clause (y) above).