Leverage Condition definition

Leverage Condition means the condition in the Charter Holdings Indentures that Charter Holdings be able to incur an additional $1.00 of Indebtedness (as defined in the Charter Holdings Indentures) under the Leverage Ratio (as defined in the Charter Holdings Indentures) test set forth in the first paragraph of Section 4.10 of each of the Charter Holdings Indentures as in effect on the Issue Date, calculated in accordance with the terms of the Charter Holdings Indentures and Charter Holdings’ past practice (including, if applicable, review by Charter Holdings’ independent accountants) for satisfying such condition, which in any event shall be deemed satisfied if, and at any time, such condition is deemed satisfied for purposes of any CCO Credit Facility.

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Leverage Condition means the condition that for three consecutive Test Periods, the Total Leverage Ratio is less than 3.5 to 1.0.

Leverage Condition means that, as of any date of determination, the Leverage Ratio as of such date of determination (as determined in accordance with the OpCo Credit Agreement) is less than or equal to 6.0 to 1.0.

Examples of Leverage Condition in a sentence

Any period of time in which a Target Leverage Condition does not exist.
As of the date of any designation, the Lead Borrower shall have delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of the Lead Borrower certifying to such officer’s knowledge, compliance with the requirements of this Section 5.15, including the calculation to demonstrate satisfaction of the Total Leverage Condition.
Prior to the occurrence of the Guarantee and Pledge Date and the CCO Parent having complied with the provisions of Section 6.13, take any action, engage in any transaction or incur any obligation or permit any Restricted Subsidiary (as defined in the Senior Note Indenture) of Holdings to take any action, engage in any transaction or incur any obligation that Holdings or any of its Restricted Subsidiaries could not take, engage in or incur without having satisfied the Leverage Condition.
Administrative Agent has received a certificate from a Senior Officer of the Borrower Representative certifying (with reasonably detailed calculations) that on any drawing date of the Delayed Draw Term Loans the Delayed Draw Term Loan Leverage Condition is satisfied.
In addition, the maximum amount of Indebtedness that Crown Holdings or any Subsidiary may incur pursuant to Section 8.1(a)(xiii) (xiv) and (xvi) shall not be deemed exceeded solely as a result of the Leverage Condition no longer being satisfied after the incurrence of Indebtedness under such clauses (it being understood that the Debt Basket Amount shall be reduced to 7.5% for purposes of incurrences of Indebtedness thereafter).

More Definitions of Leverage Condition

Leverage Condition means the condition that for the periods set forth below, the Consolidated Leverage Ratio is less than: For the fiscal years ended December 31, 2003 and 2004 7.0 to 1.0 For the fiscal year ended December 31, 2005 6.5 to 1.0 For the fiscal year ended December 31, 2006 6.0 to 1.0 For the fiscal year ended December 31, 2007 5.5 to 1.0 For the fiscal year ended December 31, 2008 5.0 to 1.0

Leverage Condition the condition in the CCH Senior Note Indenture that permits Holdings and its Restricted Subsidiaries (as defined in the CCH Senior Note Indenture) to take any action, consummate any transaction, or suffer any condition to exist if, after giving effect to such action, transaction or condition, CCH would be permitted to incur at least $1.00 of additional Indebtedness (as defined in the CCH Senior Note Indenture) pursuant to the Leverage Ratio (as defined in the CCH Senior Note Indenture) test as set forth in the first paragraph of Section 4.10 of the CCH Senior Note Indenture. All references in this definition to the CCH Senior Note Indenture are to such Indenture as in effect on the Restatement Effective Date.

Leverage Condition means, as to any relevant action contemplated in this Agreement, after giving Pro Forma Effect to such action, satisfaction of the condition that on a Pro Forma Basis the Consolidated Total Net Leverage Ratio is equal to or less than 5.50:1.00, measured as of the last day of the most recently ended Test Period for which financial statements were delivered to the Administrative Agent pursuant to Section 6.01(a) or (b).

Leverage Condition the condition in the Senior Note Indenture that permits Holdings and its Restricted Subsidiaries (as defined in the Senior Note Indenture) to take any action, consummate any transaction, or suffer any condition to exist if, after giving effect to such action, transaction or condition, Holdings would be permitted to incur at least $1.00 of additional Indebtedness (as defined in the Senior Note Indenture) pursuant to the Leverage Ratio (as defined in the Senior Note Indenture) test as set forth in the first paragraph of Section 4.10 of the Senior Note Indenture.

Leverage Condition shall be satisfied if the Leverage Ratio as of the end of the most recently ended fiscal quarter of the Company for which consolidated financial statements of the Company have been delivered pursuant to Section 5.01(a) or 5.01(b), calculated on an annualized basis using Consolidated EBITDA for the two most recently ended fiscal quarters of the Company included in such consolidated financial statements multiplied by two, is not greater than 5.00:1.00.

Leverage Condition has the m eaning assigned to such term in the definition of “Applicable Margin.” “LIBO R ate” m eans, w ith r espect t o a ny E urodollar B orrowing f or a ny a pplicable I nterest Period, the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate for dollars) for a period equal in length to such I nterest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute p age o f s uch s creen t hat d isplays s uch r ate, o r o n t he a ppropriate p age o f s uch o ther information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that, if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.11. Notwithstanding the f oregoing, (i) w ith r espect t o the I nitial Term ▇ ▇ oans, in ▇ ▇ ▇ vent shall the L IBO R ate for a ny Interest Period be less than, 0.75% at any time and (ii) with respect to the 2020 Term A Loans, in no event shall the LIBO Rate for any Interest Period be less than 0.00% at any time. “LIBO Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate.” “Lien” m eans, w ith r espect t o a ny a sset, ( a) a ny m ortgage, d eed o f t rust, l ien, p ledge, hypothecation, encumbrance, charge in the nature of a security interest or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right o f a t ▇▇▇▇ p arty w ith r espect t o s uch s ecurities; provided t hat “Lien” s hall n ot i nclude a ny non-exclusive licenses or covenants not to assert under Intellectual Property. “Limited C ondition A cquisition” m eans a ny a cquisition b y t he B orrower o r a ny R estricted Subsidiary of all or substantially all of the Equity Interests or as...

Leverage Condition means that:

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