Canadian Consolidated Fixed Charge Coverage. The Canadian Borrowers shall not permit the ratio of Canadian EBITDA to Canadian Fixed Charges for each period of four consecutive quarters beginning December 31, 2014 to be less than 1.15:1.0 tested on the last day of each quarter.
Canadian Consolidated Fixed Charge Coverage. The Canadian Borrowers shall not permit the ratio of Canadian EBITDA to Canadian Fixed Charges for each period of four consecutive quarters to be less than 0.9:1.0 tested on the last day of each quarter. Notwithstanding the foregoing, solely for the quarterly periods ended March 31, 2017 and June 30, 2017, Canadian Consolidated Fixed Charge Coverage will only be tested to the extent Excess Availability under the Canadian Revolving Loan Commitment at such quarter end is less than $5,000,000. Further, Canadian EBITDA may be increased by the amount of the payments received by PMRL from Capital Power L.P. in connection with amending the Genesee JV Agreement (the “Accelerated Receivable Payment”) in an amount not to exceed $55,000,000 to be allocated equally as an addition to Canadian EBITDA over the subsequent six (6) quarters beginning with the first quarter of fiscal year 2017 and ending with the second quarter of fiscal year 2018; provided that such Accelerated Receivable Payment must be received by April 30, 2017.
Canadian Consolidated Fixed Charge Coverage. The Canadian Borrowers shall not permit the ratio of Canadian EBITDA to Canadian Fixed Charges for each period of four consecutive quarters to be less than 0.9:1.0 tested on the last day of each quarter. Notwithstanding the foregoing, solely for the quarterly periods ended March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, Canadian Consolidated Fixed Charge Coverage will only be tested to the extent Excess Availability under the Canadian Revolving Loan Commitment at such quarter end is less than $5,000,000. Further, Canadian EBITDA may be increased by the amount of the payments received by PMRL from Capital Power L.P. in connection with amending the Genesee JV Agreement (the “Accelerated Receivable Payment”) in an amount of $52,595,000 to be allocated as an addition to Canadian EBITDA as follows: (i) up to $44,000,000 may be allocated to Canadian EBITDA during fiscal year 2017 across such calendar quarters as the Borrowers determine in their reasonable discretion and (ii) all remaining amounts not allocated to Canadian EBITDA during fiscal year 2017 may be allocated to Canadian EBITDA during the first quarter of fiscal year 2018.
Canadian Consolidated Fixed Charge Coverage. The Canadian Borrowers shall not permit the ratio of Canadian EBITDA to Canadian Fixed Charges for each period of four consecutive quarters to be less than 0.9:1.0 tested on the last day of each quarter. Notwithstanding the foregoing, solely for the quarterly periods ended March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, Canadian Consolidated Fixed Charge Coverage will only be tested to the extent Excess Availability under the Canadian Revolving Loan Commitment at such quarter end is less than $5,000,000. Further, (i) Canadian EBITDA may be increased by the amount of the payments received by PMRL from Capital Power L.P. in connection with amending the Genesee JV Agreement (the “Accelerated Receivable Payment”) in an amount of $52,595,000 to be allocated as an addition to Canadian EBITDA as follows: (a) up to $44,000,000 may be allocated to Canadian EBITDA during fiscal year 2017 across such calendar quarters as the Borrowers determine in their reasonable discretion and (b) all remaining amounts not allocated to Canadian EBITDA during fiscal year 2017 may be allocated to Canadian EBITDA during the first quarter of fiscal year 2018 and (ii) solely to the extent the Coal Valley Purchase Agreement has been executed or PMRL has noticed the Lenders that it has commenced the discontinuance of operations of the Coal Valley Mine, for the twelve (12) month period ended September 30, 2017, the amount of Canadian EBITDA attributable to the operation of the Coal Valley Mine during such period shall be disregarded for purposes of determining Canadian EBITDA, in the aggregate not to exceed $19,000,000 in total adjustment, allocated to the quarterly period in which such Canadian EBITDA is attributable. In addition to the foregoing, solely to the extent the Coal Valley Purchase Agreement has been executed or PMRL has noticed the Lenders that it has commenced the discontinuance of operations of the Coal Valley Mine, for the twelve (12) month period ended September 30, 2017, the amount of Canadian Capital Lease Payments incurred by the Canadian Borrowers attributable to the operation of the Coal Valley Mine shall be eliminated from the calculation of Canadian Fixed Charges. Furthermore, unfinanced Capital Expenditures incurred by the Canadian Borrowers, beginning with the quarter ended December 31, 2017, which are required to be subtracted in the calculation of Canadian EBITDA, may be netted against deposits received not to exceed $17,...
