Adjusted Consolidated EBITDA to Fixed Charges Clause Samples
The "Adjusted Consolidated EBITDA to Fixed Charges" clause defines a financial covenant that measures a company's ability to cover its fixed financial obligations, such as interest payments, lease payments, and other recurring charges, using its adjusted consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). This clause typically requires the company to maintain a minimum ratio of adjusted EBITDA to fixed charges, ensuring that earnings are sufficient to meet these obligations. By setting this benchmark, the clause helps lenders or investors monitor the company's financial health and reduces the risk of default by ensuring ongoing ability to service debt and other fixed costs.
Adjusted Consolidated EBITDA to Fixed Charges. The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than the following: From the date of this Agreement and continuing through and including December 13, 2021 1.20 to 1 From the commencement of the Extension Term and continuing thereafter 1.25 to 1
Adjusted Consolidated EBITDA to Fixed Charges. The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than the following. Commencing November 30, 2020 and continuing thereafter 1.50 to 1 For the purposes of determining compliance with this §9.5, commencing upon November 30, 2020, the Consolidated EBITDA and Fixed Charges shall be calculated (i) [reserved], (ii) for the fiscal quarter ending December 31, 2020, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including December 31, 2020, by two (2), (iii) for the fiscal quarter ending March 31, 2021, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including March 31, 2021, by one and one-third (1.33), and (iv) for each calendar quarter thereafter, Consolidated EBITDA and Fixed Charges shall be calculated for the prior four (4) consecutive fiscal quarters most recently ended.
Adjusted Consolidated EBITDA to Fixed Charges. The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than the following.: Commencing November 30, 2020July 1, 2022 and continuing thereafter 1.50 to 1 For the purposes of determining compliance with this §9.5,9.5 (other than in connection with the occurrence of a Distribution Event), commencing upon NovemberSeptember 30, 2020,2021, the Consolidated EBITDA and Fixed Charges shall be calculated (i) [reserved]for the fiscal quarter ending September 30, 2021, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2021 through and including ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇ ▇▇▇▇ (▇), (▇▇) for the fiscal quarter ending December 31, 2020,2021, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 20202021 through and including December 31, 2020,2021, by two (2), (iii) for the fiscal quarter ending March 31, 2021,2022, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 20202021 through and including March 31, 2021,2022, by one and one-third (1.33), and (iv) for each calendar quarter thereafter, Consolidated EBITDA and Fixed Charges shall be calculated for the prior four (4) consecutive fiscal quarters most recently ended. Upon the occurrence of a Distribution Event, compliance with this §9.5 shall initially be calculated as provided in the definition of Distribution Conditions, and thereafter shall be determined for the most recently ended four (4) fiscal quarters.
Adjusted Consolidated EBITDA to Fixed Charges. The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than 1.50 to 1.the following. Commencing and ending on September 30, 2020 1.25 to 1 Commencing October 1, 2020 and continuing thereafter 1.50 to 1 For the purposes of determining compliance with this §9.5 commencing upon March 29, 2017, the Consolidated Interest Expense component of Fixed Charges shall be determined for the fiscal quarter ending March 31, 2017 (and after giving pro forma effect in a manner reasonably acceptable to Agent to any debt reductions during such quarter as a result of equity raised by REIT), and then annualized in a manner reasonably acceptable to Agent. Thereafter the Consolidated Interest Expense component of Fixed Charges shall be determined by annualizing the actual Consolidated Interest Expense (determined for the fiscal quarter ending March 31, 2017 as provided above) from and including the quarter ending March 31, 2017 until there are four (4) full fiscal quarters of results, and thereafter shall be determined based upon the9.5, commencing upon September 30, 2020, the Consolidated EBITDA and Fixed Charges shall be calculated (i) for the 127 102175686\V-9 102175686\V-9 US_Active\114487228114490487\V-17 fiscal quarter ending September 30, 2020, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇ ▇▇▇▇ (▇), (▇▇) for the fiscal quarter ending December 31, 2020, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including December 31, 2020, by two (2), (iii) for the fiscal quarter ending March 31, 2021, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including March 31, 2021, by one and one-third (1.33), and (iv) for each calendar quarter thereafter, Consolidated EBITDA and Fixed Charges shall be calculated for the prior four (4) consecutive fiscal quarters most recently ended four (4) fiscal quarters.”. Minimum Consolidated Tangible Net Worth[Intentionally Omitted] . The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than the sum of (i) $55,000,000.00, plus (ii) eighty percent (80%) of the sum of any additional Net Offering Proceeds after the date of this Agreement. Minimum...
Adjusted Consolidated EBITDA to Fixed Charges. The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than 1.50 to 1. For the purposes of determining compliance with this §9.5 commencing upon March 29, 2017, the Consolidated Interest Expense component of Fixed Charges shall be determined for the fiscal quarter ending March 31, 2017 (and after giving pro forma effect in a manner reasonably acceptable to Agent to any debt reductions during such quarter as a result of equity raised by REIT), and then annualized in a manner reasonably acceptable to Agent. Thereafter the Consolidated Interest Expense component of Fixed Charges shall be determined by annualizing the actual Consolidated Interest Expense (determined for the fiscal quarter ending March 31, 2017 as provided above) from and including the quarter ending March 31, 2017 until there are four (4) full fiscal quarters of results, and thereafter shall be determined based upon the most recently ended four (4) fiscal quarters."
(r) By deleting in its entirety Schedule 1.1 attached to the Credit Agreement, and inserting in lieu thereof Schedule 1.1 attached hereto and made a part hereof.
(s) By deleting in its entirety paragraph (b) of Schedule 5.3 to the Credit Agreement, appearing on page 1 of Schedule 5.3, and inserting in lieu thereof the following:
Adjusted Consolidated EBITDA to Fixed Charges. The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than the following: Commencing on the date of this Agreement through the first to occur of (x) December 31, 2017 and (y) the Qualified Capital Raise 1 to 1 Provided that the Qualified Capital Raise has not occurred, commencing on January 1, 2018 and continuing through the occurrence of the Qualified Capital Raise 1.10 to 1 Commencing on the occurrence of the Qualified Capital Raise and continuing thereafter 1.50 to 1
Adjusted Consolidated EBITDA to Fixed Charges. Subject to the provisions of Section 7.19(h), the Borrower will not at any time permit the ratio of (a) Adjusted Consolidated EBITDA determined for the most recent trailing twelve (12) months for which financial results of the Borrower have been reported, to (b) Fixed Charges for the for the most recent trailing twelve (12) months for which financial results of the Borrower have been reported, to be less than the following: Date of this Agreement to and including December 31, 2014 1.25 to 1 January 1, 2015 to and including December 31, 2015 1.35 to 1 January 1, 2016 and thereafter 1.40 to 1”