COMMERCIAL LOAN DEBT SERVICE COVERAGE RATIO Sample Clauses

COMMERCIAL LOAN DEBT SERVICE COVERAGE RATIO. A minimum Commercial Loan Debt Service Coverage Ratio of 1.25 to 1.00, which is calculated as EBITDA, less cash taxes and distributions, divided by the sum of (x) the current portion of long term debt and (y) interest expense, in each case, calculated for the immediately preceding four fiscal quarters of Borrower. This Ratio is to be reported quarterly. Calculation shall exclude the distributions of the loan proceeds of term loan #406389620 in the amount of $11,500,000.00.
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COMMERCIAL LOAN DEBT SERVICE COVERAGE RATIO. A minimum Commercial Loan Debt Service Coverage Ratio of 1.35 to 1.00, which is calculated as Adjusted EBITDA, less cash taxes and distributions, divided by the sum of (x) the current portion of long term debt and (y) interest expense, in each case, calculated for the immediately preceding four fiscal quarters of Borrower. This Ratio is to be reported quarterly. As used herein, "Adjusted EBITDA" means EBITDA (as used in accordance with GAAP) plus the following: (i) the positive difference, if any, between (A) annual salaries paid for the 2011 Stub Period (as defined below) of former officers of Borrower who were also Sellers (as defined below), provided that said sum shall not exceed $1,720,000; and (B) $500,000; (ii) the aggregate salaries and wages paid by Borrower for the 2011 Stud Period to family members of Sellers, provided that said sum shall not exceed $57,000; and (iii) personal expenses of Seller for the 2011 Stub Period paid for by Borrower, provided that said sum shall not exceed $385,000. As used herein, "Stub Period" means the period commencing January 1, 2011 and ending on July 31, 2011. As used herein, "Sellers" means the sellers of Borrower's business on July 31, 2011.
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COMMERCIAL LOAN DEBT SERVICE COVERAGE RATIO. Borrower to maintain a minimum Debt Service Coverage Ratio of *** to ***, which is calculated based on a rolling *** fiscal quarter basis, as 1) the sum of net profit plus depreciation and amortization and interest and other adjustments reasonably acceptable to Lender in its sole discretion ( *** ), less the sum of dividends and distributions divided by 2) Current Portion of Long Term Debt plus Interest. This ratio must be maintained at all times and may be evaluated quarterly. For purposes of determining whether Xxxxxxxx net profit for the financial tests set forth in this paragraph, Xxxxxx agrees that Borrower may exclude *** . All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct.
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Related to COMMERCIAL LOAN DEBT SERVICE COVERAGE RATIO

  • Debt Service Coverage Ratio Not permit the Debt Service Coverage Ratio on the last day of each Fiscal Quarter to be less than 3.50 to 1.00.

  • Minimum Debt Service Coverage Ratio As of the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, the Borrowers shall not permit the Debt Service Coverage Ratio, determined on a consolidated basis for the Consolidated Parties, to be less than 2.00 to 1.00.

  • Consolidated Debt Service Coverage Ratio Permit the Consolidated Debt Service Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 1.25:1.00.

  • Debt Service Coverage The Company will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) other than Intercompany Debt, if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period) had occurred on the first day of such period, (ii) the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition by the Company or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale or otherwise, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.

  • Minimum Debt Service Coverage The Borrower will not at any time permit the outstanding principal amount of the Unsecured Indebtedness to exceed an amount such that: (a) the Unencumbered Net Operating Income, divided by (b) Pro Forma Unsecured Debt Service Charges would be less than 1.5 for any Fiscal Quarter.

  • Collateral Coverage Ratio On the date of such Loan or the issuance of such Letter of Credit hereunder (and after giving pro forma effect thereto), the Collateral Coverage Ratio shall not be less than 1.0 to 1.0.

  • Cash Flow Coverage Ratio The ratio of (a) the Borrower's Cash Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus (ii) the Borrower's scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.0. Compliance with the ratio will be tested as of the last day of each month, with Cash Flow and Interest Expense being calculated for the twelve months then ended.

  • Minimum Unsecured Interest Coverage Ratio As of the last day of any fiscal quarter, the Unsecured Interest Coverage Ratio for the Parent, on a consolidated basis, for the fiscal quarter then ended, annualized, to be less than or equal to 1.75 to 1.00; and

  • Debt Coverage Ratio Permit, as of the close of any fiscal quarter, the ratio of (a) quarterly EBITDAX to (b) Debt Service to be less than 2.50 to 1.0.

  • Interest Coverage Ratio The Borrower will not permit the Interest Coverage Ratio to be less than 2.75 to 1.0 on the last day of any Fiscal Quarter.

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