Total Net Leverage Ratio. Commencing with the fiscal quarter ending on , the Loan Parties will not permit the Total Net Leverage Ratio, determined for the Reference Period ending on the last day of each fiscal quarter, to be more than 3.00 to 1.00.
Maximum Total Net Leverage Ratio. CommencingThe Borrower will not, as of the last day of any Fiscal Quarter (commencing with the fiscal quarterFiscal Quarter ending on ), the Loan Parties will not permit the Total Net Leverage Ratio, determined for the Reference Period ending on the last day of each fiscal quarter,Ratio to be more than 3.00 to 1.00.greater than:
Section # Consolidated Total Net Leverage Ratio. CommencingThe Borrower will maintain, as of the end of each Fiscal Quarter, commencing with the fiscal quarterFiscal Quarter ending on , the Loan Parties will not permit thea Consolidated Total Net Leverage Ratio, determinedRatio of not greater than 3.75:1.00; provided that for any Fiscal Quarter during which a Loan Party has consummated a Permitted Acquisition or Future Approved Entity Investment permitted hereunder in which the Reference Period ending onInvestment Consideration payable in connection with such Permitted Acquisition or Future Approved Entity Investment was greater than (a “Trigger Quarter”), the last day of each fiscal quarter, toConsolidated Total Net Leverage Ratio for such Trigger Quarter and the next succeeding three Fiscal Quarters shall be more than 3.increased by 0.25:1.00 to 4.00:1.00.00 (a “Covenant Holiday”). For the avoidance of doubt, the Consolidated Total Net Leverage Ratio shall revert to 3.75:1.00 commencing with the fourth Fiscal Quarter ending after any such initial Trigger Quarter. After the completion of any Covenant Holiday, no subsequent new Trigger Quarter shall be permitted to occur for purposes of this [Section 6.1] unless and until the Borrower shall demonstrate compliance with the Consolidated Total Net Leverage Ratio (absent any Covenant Holiday) as of the end of at least one Fiscal Quarter after any such Covenant Holiday’s completion.
Consolidated Total Net Leverage Ratio. Commencing withThe will not permit the fiscal quarterConsolidated Total Net Leverage Ratio as of the last day of the Test Period ending on , the Loan Parties will not permit the Total Net Leverage Ratio, determined for the Reference Period ending on and as of the last day of each fiscal quarter,any Test Period ending thereafter to be moregreater than 3.00 to 1.00.
Total NetSection # Leverage Ratio. CommencingBeginning with the fiscal quarterFiscal Quarter ending on , the Loan PartiesBorrower will not permit the Total Net Leverage Ratio, determined for the Reference Period ending onnot, as of the last day of each fiscal quarter,any Fiscal Quarter, permit its Leverage Ratio to be moregreater than 3.004.0 to 1.00.0.
Total NetMaximum Leverage Ratio. Commencing withBorrowers shall not permit the Leverage Ratio, tested quarterly based on Borrowers' internal financial statements, to be 3.50 to 1.00 or more, commencing as of the fiscal quarter ending on , the Loan Parties will not permit the Total Net Leverage Ratio, determined for the Reference Period ending on the last day of each fiscal quarter, to be more than 3.00 to 1.00..
Maximum Total Net Leverage Ratio. CommencingAs of the end of each fiscal quarter of the Borrower (commencing with the first full fiscal quarter ending on ,after the Loan Parties will notClosing Date), permit the Total Net Leverage Ratio, determinedRatio as of the end of such fiscal quarter of the Borrower to be greater than 4.00:1.00. Notwithstanding the foregoing, in connection with any Permitted Acquisition (or any other acquisition consented to by the Administrative Agent and the Required Lenders) completed after the Closing Date having aggregate cash consideration in excess of , the Borrower may in connection with such acquisition and by written notice to the Administrative Agent # to determine compliance on a Pro Forma Basis with this Section, including, without limitation, for purposes of [Section 7.02(i)(iii)] and [[Section 2.14(d)(i), or (ii)])]])] prior to or simultaneously with the delivery of financial statements pursuant to [[Sections 6.01(a) or (b)])]])], as applicable, for the Reference Periodfiscal quarter ended immediately after the consummation of such acquisition, elect to increase the required Total Net Leverage Ratio under this [Section 7.10(a)] to 4.50:1.00 solely for the fiscal quarter during which such Permitted Acquisition is consummated and the three (3) consecutive fiscal quarters ending on the last day ofthereafter; provided that there shall be at least two consecutive fiscal quarters following each fiscal quarter, tosuch increase during which no such increase shall then be more than 3.00 to 1.00.in effect.
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