Current Ratios. Borrower will maintain at all times a ratio of current assets to current liabilities of not less than 2.00:1l00, tested quarterly."
Current Ratios. FCX and FI shall not fail to maintain, as of the last day of each fiscal quarter, consolidated current assets (excluding Nonrestricted Subsidiaries) in an amount at least equal to the amount of its consolidated current liabilities (excluding Nonrestricted Subsidiaries). For purposes hereof, consolidated current assets and consolidated current liabilities shall be determined in accordance with GAAP, except that (i) investments in shares of corporations (other than shares which are, and which are held as, marketable securities) and advances to Nonrestricted Subsidiaries and other firms or companies in which FCX or FI has a material investment, direct or indirect, or which have a direct or indirect material investment in FCX or FI shall not be included in current assets; (ii) current assets shall be increased by the available portion of the Commitments which, under the terms of this Agreement, will, if not sooner terminated or drawn down by FI, remain outstanding for at least twelve months following the time of determination; and (iii) the current portion of long-term Debt shall not be included in current liabilities.
Current Ratios. (a) The Borrower shall not permit the ratio of, as of the end of each fiscal quarter of the Borrower, beginning with the fiscal quarter ending December 31, 2005, its current assets to its current liabilities, to be less 1.00 to 1.00. For purposes of this calculation (i) “current assets” shall include, as of the date of calculation, the aggregate Unused Commitment Amounts but shall exclude (A) any cash deposited with or at the request of a counterparty to any Hedge Contract or any other similar hedge arrangement and (B) any assets representing a valuation account arising from the application of SFAS 133 and 143, and (ii) “current liabilities” shall exclude, as of the date of calculation, the current portion of long-term Debt existing under this Agreement and any liabilities representing a valuation account arising from the application of SFAS 133 and 143; or
(b) The Borrower shall not permit the ratio of, as of the end of each fiscal quarter of the Borrower, utilizing the most recent Engineering Report delivered to the Administrative Agent and each Lender and beginning with the fiscal quarter ending December 31, 2005, its Total Reserve Value to consolidated Debt to be less than 1.50 to 1.00.
Current Ratios. Each Borrower shall not fail to maintain, as of the last day of each fiscal quarter, consolidated current assets (excluding Nonrestricted Subsidiaries) in an amount at least equal to the amount of its consolidated current liabilities (excluding Nonrestricted Subsidiaries). For purposes hereof, consolidated current assets and consolidated current liabilities shall be determined in accordance with GAAP, except that (i) investments in shares of corporations (other than shares which are, and which are held as, marketable securities) and advances to Nonrestricted Subsidiaries and other firms or companies in which such Borrower has a material investment, direct or indirect, or which have a direct or indirect material investment in such Borrower shall not be included in current assets; (ii) current assets shall be increased by the available portion of the Commitments which, under the terms of this Agreement, will, if not sooner terminated or drawn down by either Borrower, remain outstanding for at least twelve months following the time of determination; and (iii) the current portion of long- term Debt shall not be included in current liabilities.
