Total Net First Lien Leverage Ratio definition
Total Net First Lien Leverage Ratio means, on any date, the ratio of (a) First Lien Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of the Company most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP; provided, that EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis.
Total Net First Lien Leverage Ratio as at the last day of any period, the ratio of (a) the excess of (i) Consolidated Total Debt on such day consisting of Indebtedness (x) constituting the Obligations, (y) that is secured by the Collateral on a pari passu basis with the Obligations or (z) that was incurred pursuant to Section 6.1(b)(ii) or Section 6.1(b)(vii) over (ii) an amount equal to the lesser of (I) $75,000,000 and (II) the sum of the (x) Unrestricted cash and Cash Equivalents, (y) cash and Cash Equivalents restricted in favor of the Administrative Agent and (z) of cash and Cash Equivalents restricted in favor of the ABL Agent, in each case of the Company Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA, calculated on a Pro Forma Basis for such period, and with such pro forma or scheduling adjustments to Consolidated Total Debt and Consolidated EBITDA as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”.
Total Net First Lien Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower and the Restricted Subsidiaries for such Test Period.
Examples of Total Net First Lien Leverage Ratio in a sentence
Notwithstanding the foregoing, after the Bridge Term Facility Maturity Date the Borrower may retain Net Proceeds pursuant to clause (b) of the definition thereof, provided, that the Total Net First Lien Leverage Ratio on the last day of the Borrower’s then most recently completed fiscal quarter for which financial statements are available shall be less than or equal to 2.00 to 1.00.
Notwithstanding the foregoing, the Borrower may retain Net Proceeds pursuant to clause (b) of the definition thereof, provided, that the Total Net First Lien Leverage Ratio on the last day of the Borrower’s then most recently completed fiscal quarter for which financial statements are available shall be less than or equal to 2.00 to 1.00.
Permit the Total Net First Lien Leverage Ratio on the last day of any fiscal quarter (beginning with the fiscal quarter ended December 31, 2006) to exceed 3.25 to 1.00.
Commencing with the fiscal quarter ending September 30, 2006, permit the Total Net First Lien Leverage Ratio as of the end of any fiscal quarter to exceed 4.00 to 1.00.
From and after the delivery by the Borrower to the Administrative Agent of financial statements required by Section 8.1(a) or (b), as applicable, for the first full fiscal quarter or the fiscal year ending December 31, 2015, as applicable, after the Closing Date, the Commitment Fees shall be reduced to a rate per annum equal to 0.375% of the daily Unutilized Revolving Loan Commitment if the Total Net First Lien Leverage Ratio is less than or equal to 4.50 to 1.00.
More Definitions of Total Net First Lien Leverage Ratio
Total Net First Lien Leverage Ratio means on any date, the ratio of (a)(i) the aggregate principal amount of Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of the Test Period most recently ended as of such date that is then secured by Liens on Collateral that are pari passu with the Liens securing the obligations under the Term Loan Documents (and including, for purposes of this definition, the Indebtedness under the Loan Documents), less (ii) the lesser of (A) Unrestricted Cash as of the last day of such Test Period and (B) $10.0 million, to (b) EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Total Net First Lien Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.
Total Net First Lien Leverage Ratio means, on any date, the ratio of (a) First Lien Debt as of such date to
Total Net First Lien Leverage Ratio means, on any date, the ratio of (a)(i) the sum of the aggregate principal amount of any Term Loan Obligations outstanding as of the last day of the Test Period most recently ended as of such date plus the aggregate principal amount of any other Consolidated Debt of the Borrower and its Subsidiaries as of the last day of such Test Period that is (or, if any Term Loan Obligations were then outstanding, would have been) then secured by Liens on Collateral that are pari passu with the Liens securing such Term Loan Obligations (and including, for purposes of this definition, Indebtedness constituting ABL Obligations), less (ii) the lesser of (A) Unrestricted Cash as of the last day of such Test Period and (B) $10.0 million, to (b) EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided that the Total Net First Lien Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.
Total Net First Lien Leverage Ratio means, as at the last day of any Test Period, the ratio of (a) the excess of (i) Consolidated Total Debt on such day that is secured by a Lien on the assets constituting Collateral on a pari passu or senior basis with the Obligations over (ii) Consolidated Total Cash on such date, to (b) Consolidated EBITDA, calculated on a Pro Forma Basis.
Total Net First Lien Leverage Ratio. “Total Net Senior Secured Leverage Ratio,” “Total Net Leverage Ratio”, “Fixed Charge Coverage Ratio” or any other ratio used as a basis to calculate the amount of any principal or interest payment or in the component definitions thereof shall not constitute a reduction in any amount of interest or fee;
Total Net First Lien Leverage Ratio means, as at the last day of any Test Period, the ratio of (a) the excess of (i) Consolidated Total Debt on such day that is secured by a Lien on the assets constituting Collateral on a pari passu basis with the Initial Term Loans and the Initial Revolving Loans over (ii) an amount equal to (A) Unrestricted cash and Cash Equivalents of Holdings and its Restricted Subsidiaries on such date (excluding, for any Test Period ending prior to the first anniversary of the Closing Date, an amount of cash equal to the then-outstanding RSU Closing Date Funded Amount on such date) and (B) cash and Cash Equivalents Restricted in favor of the Administrative Agent (which may also include cash and Cash Equivalents securing other Indebtedness secured by a Lien on the Collateral along with the Facilities, so long as the Lien of such other Indebtedness on such cash or Cash Equivalents does not benefit from a control agreement or other steps to perfect on such cash or Cash Equivalents that the Administrative Agent has not taken on behalf of the Lenders), in each case with such Unrestricted cash and Cash Equivalents and Restricted cash and Cash Equivalents to be determined in accordance with GAAP), to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters then ending, calculated on a Pro Forma Basis.
Total Net First Lien Leverage Ratio as at the last day of any period, the ratio of (a) the excess of (i) Consolidated Total Debt on such day consisting of Indebtedness (x) constituting the Obligations, (y) that is secured by the Collateral on a pari passu basis with the Obligations or (z) that was incurred pursuant to Section 6.1(b)(ii) or Section 6.1(b)(vii) over (ii) an amount equal to the sum of the (x) Unrestricted cash and Cash Equivalents, (y) cash and Cash Equivalents restricted in favor of the Administrative Agent and (z) of cash and Cash Equivalents restricted in favor of the ABL Agent, in each case of the Company Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA, calculated on a Pro Forma Basis for such period, and with such pro forma or scheduling adjustments to Consolidated Total Debt and Consolidated EBITDA as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”. “Total Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) the amount of Consolidated Total Debt on such day over (ii) an amount equal to the sum of the (x) Unrestricted cash and Cash Equivalents, (y) cash and Cash Equivalents restricted in favor of the Administrative Agent and (z) of cash and Cash Equivalents restricted in favor of the ABL Agent, in each case of the Company Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA of the Company Borrower and its Restricted Subsidiaries, calculated on a Pro Forma Basis for such period, and with such pro forma or scheduling adjustments to Consolidated Total Debt and Consolidated EBITDA as are appropriate and consistent with the pro forma or scheduling adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”. “Total Net Secured Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) the amount of Consolidated Total Debt on such day consisting of Indebtedness (x) that is secured by the Collateral or (y) that was incurred pursuant to Section 6.1(b)(vii) over (ii) an amount equal to the sum of the (x) Unrestricted cash and Cash Equivalents, (y) cash and Cash Equivalents restricted in favor of the Administrative Agent and (z) of cash and Cash Equivalents restricted in favor of the ABL Agent, in each case of the Company Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA of the Company Borrower and its Restr...