Solely in respect of the Revolving Credit Facility, permit the First Lien Net Leverage Ratio as of the last day of any such fiscal quarter of Holdings to exceed # for each fiscal quarter ending in 2019 (following the Closing Date), 4.50 to 1.00, # for each fiscal quarter ending in 2020, 4.50 to 1.00, # for each fiscal quarter ending in 2021, 4.00 to 1.00 and # thereafter 3.75 to 1.00; provided that, notwithstanding the foregoing, the financial covenant set forth in this [Section 8.10] shall be tested as of the last day of any such fiscal quarter only in the event that, on the last day of such fiscal quarter, the Total Outstandings (excluding undrawn Letters of Credit up to $40,000,000) is greater than 30.0% of the Total Revolving Credit Commitments (such occurrence, a “Triggering Event”).

Each Borrower covenants and agrees that, until termination of all of the Commitments and payment in full in cash of the Obligations, such Borrower will comply with the following financial covenant:

Inclusive of any Qualified Cash amounts maintained in accordance with [Sections 7.20(b) and 7.20(c)])] from and after June 1, 2022, Borrower shall at all times maintain Qualified Cash in an amount of not less than $25,000,000; provided that, upon and after ​, Borrower shall at all times maintain Qualified Cash in an amount of not less than $20,000,000.

Financial Covenant. Borrowers shall, at all times, maintain Liquidity in an amount not less than the greater of # ​ (​) or # Monthly Burn multiplied by # ​ (​) if Borrower has not drawn a Tranche B Term Loan, or # ​ (​) if Borrower has drawn a Tranche B Term Loan.

Financial Covenant. As long as any Commitment or Obligations are outstanding, as of the last day of each Fiscal Quarter, Sponsor, Holdings, Borrower, Pledgor, InventoryCo Parent, FinCo Parent and Developer (on a consolidated basis) shall have Unencumbered Liquidity of ​.

. If on the last day of any Measurement Period (commencing with the Measurement Period ending September 30, 2021), there are outstanding Revolving Loans and Letters of Credit (excluding # undrawn Letters of Credit in an aggregate face amount up to $10,000,000 (with only such Letter of Credit amounts in excess of $10,000,000 being considered outstanding for purposes of this [Section 7.16]) and # Letters of Credit (whether drawn or undrawn) to the extent reimbursed, cash collateralized at 103% of the face amount thereof or backstopped on terms reasonably acceptable to the applicable Issuing Lender) in an aggregate principal amount exceeding 35% of the aggregate principal amount of all Revolving Commitments under all outstanding Revolving Facilities, the Borrower shall not permit the First Lien Net Leverage Ratio as of the last day of such Measurement Period to be greater than 3.50 to 1.00 (such compliance to be determined for each Measurement Period on the basis of the financial information delivered to the Administrative Agent pursuant to Section 6.1(b) and Section 6.1(c) for such Measurement Period) (the “Financial Covenant”).

. Except with the written consent of the Required Revolving Credit and Term A Lenders, permit the Consolidated First Lien Net Leverage Ratio on the last day of each fiscal quarter of Nexstar Media (commencing with the fiscal quarter ending on September 30, 2019[[Borrower:Organization]] to be greater than 4.25:1.00.

Financial Covenant. The Borrower shall not permit the Debt to Capitalization Ratio as of, and determined as of, the last day of each fiscal quarter and expressed as a percentage, to exceed 50%.

Financial Covenant. The Borrower shall ensure that the Consolidated Net Interest Coverage Ratio as at the last day of any fiscal quarter of the Borrower for each fiscal quarter ended after the Effective Date is not less than 3.0 to 1.0; provided that at any time after the definitive agreement for any Qualified Acquisition shall have been executed (or, in the case of a Qualified Acquisition in the form of a tender offer or similar transaction, after the offer shall have been launched) and prior to the consummation of such Qualified Acquisition (or termination of the definitive documentation in respect thereof (or such later date as such Debt ceases to constitute Acquisition Debt)), any Acquisition Debt (and the proceeds of such Acquisition Debt and including, for the avoidance of doubt, any Consolidated Interest Income and Consolidated Interest Expense arising from such Acquisition Debt) shall be excluded from the determination of the Consolidated Net Interest Coverage Ratio).

Financial Covenant. Parent shall achieve the following: