Debt to EBITDA ratio The ratio of Debt to EBITDA on a trailing twelve (12) month’s basis shall not at any time exceed 5.5:1.
Debt to EBITDA. If the Borrower has not submitted to the Administrative Agent the information described above as and when required under Section 5.03(c) or (d), as the case may be, the Administrative Agent may determine, in its reasonable judgment, the ratio referred to above that would have been in effect as at such date, and, consequently, the Applicable Margin in effect for the period commencing on such date until such time as the Borrower submits to the Administrative Agent the information so required, and within three (3) Business Days after receipt thereof the Applicable Margin shall be adjusted retroactively for the relevant period. Notwithstanding the above schedule, prior to the delivery to the Administrative Agent of the Borrower's financial statements for its fiscal quarter ending September 30, 1999, the Applicable Margin for a Revolving Credit Advance and a Term Loan A Advance shall be 2.75% for a Eurodollar Advance and 1.50% for a Prime Rate Advance;
Debt to EBITDA. Maintain a debt to annualized EBITDA (defined as net profit before total interest expense, taxes, depreciation and amortization) not to exceed 3.0 to 1.
Debt to EBITDA. At the last day of any fiscal quarter set forth -------------- below, permit the ratio (the "Leverage Ratio") of Consolidated Indebtedness -------------- (excluding seasonal borrowings occurring in the third fiscal quarter of the Company which shall be calculated as the lesser of (i) $85,000,000 and (ii) the amount of Revolving Credit Loans outstanding on the date of such calculation) as of such day to Consolidated EBITDA for the period of twelve months ending on such day to be greater than the ratio set forth below for such fiscal quarter; provided that, for purposes of calculating Consolidated EBITDA, any costs -------- related to employee and business terminations described in the definition of "consolidated net income" contained in the Offering Memorandum shall be excluded; and provided further that, with respect to any acquisition permitted -------- ------- by subsection 8.6(g), the last four fiscal quarters of Consolidated EBITDA (as may be adjusted for post acquisition cost savings reasonably agreed to by the Company and the Administrative Agent) of the acquired company shall be added for the purposes of calculating this ratio: Fiscal Year Fiscal Quarter Ratio ----------- -------------- ----- 2000 Fourth 6.00 to 1.00 2001 First 6.00 to 1.00 Second 5.75 to 1.00 Third 5.75 to 1.00 Fourth 5.50 to 1.00 2002 First 5.25 to 1.00 Second 5.25 to 1.00 Third 5.00 to 1.00 Fourth 4.75 to 1.00 2003 First 4.75 to 1.00 Second 4.50 to 1.00 Third 4.50 to 1.00 Fourth 4.25 to 1.00 2004 First 4.25 to 1.00 Second 4.00 to 1.00 Third 4.00 to 1.00 Fourth 3.75 to 1.00 2005 First 3.50 to 1.00 Second 3.50 to 1.00 Third 3.50 to 1.00 Fourth 3.50 to 1.00 2006 First 3.00 to 1.00 Second 3.00 to 1.00 Third 3.00 to 1.00 Fourth 3.00 to 1.00 2007 First 3.00 to 1.00 Second 3.00 to 1.00 Third 3.00 to 1.00 Fourth 3.00 to 1.00 2008 First 3.00 to 1.00
Debt to EBITDA. At the last day of any fiscal quarter set forth below, permit the ratio (the "Leverage Ratio") of Consolidated Funded Indebtedness as of such day to Consolidated EBITDA for the period of four fiscal quarters ending on such day to be greater than the ratio set forth below for such fiscal quarter; provided that, (x) with respect to any acquisition made during the respective four quarter period pursuant to, and as permitted by, subsection 9.6(g), the last four fiscal quarters of Consolidated EBITDA of the acquired company shall be added for the purposes of calculating this ratio and (y) the last four fiscal quarters of Consolidated EBITDA of each company, business or business segment sold during the respective four fiscal quarter period pursuant to one or more Asset Sales shall be subtracted for purposes of calculating this ratio: FISCAL YEAR FISCAL QUARTER RATIO 2003 Third 4.75 to 1.00 Fourth 4.75 to 1.00 2004 First 4.50 to 1.00 Second 4.50 to 1.00 Third 4.25 to 1.00 Fourth 4.25 to 1.00 2005 First 4.00 to 1.00 Second 4.00 to 1.00 Third 3.75 to 1.00 Fourth 3.50 to 1.00 2006 First 3.50 to 1.00 Second 3.50 to 1.00 Third 3.25 to 1.00 Fourth 3.00 to 1.00 2007 First 3.00 to 1.00 Second 3.00 to 1.00 Third 3.00 to 1.00 Fourth 3.00 to 1.00 2008 First 3.00 to 1.00 Second 3.00 to 1.00 Third 3.00 to 1.00 Fourth 3.00 to 1.00 2009 First 3.00 to 1.00 Second 3.00 to 1.00
Debt to EBITDA. Debtor will at all times maintain a ratio of Debt to EBITDA of not greater than 4.00 to 1.00.
Debt to EBITDA. HWDC shall ensure that the ratio of Debt as at the end of any Relevant Period to EBITDA in respect of such Relevant Period shall not exceed 4:1.
Debt to EBITDA. The Borrower shall not permit the ratio of -------------- Consolidated Total Funded Debt to Consolidated EBITDA (calculated on a trailing four quarters basis) to exceed 1.75 to 1.0, determined at the end of each Fiscal Quarter.
Debt to EBITDA. At the last day of any fiscal quarter set forth below, permit the ratio (the “Total Net Leverage Ratio”) of Consolidated Indebtedness as of such day to Consolidated EBITDA for the period of twelve months ending on such day to be greater than the ratio set forth below for such fiscal quarter under the column heading Initial Ratio; provided that, with respect to any permitted acquisition, the last four fiscal quarters of Consolidated EBITDA (as may be adjusted for post-acquisition cost-savings reasonably agreed to by the Borrower and the Administrative Agent) of the acquired company shall be added for the purposes of calculating this ratio: Fiscal Quarter ending Ratio May 28, 2006 5.75:1.00 August 27, 2006 5.75:1.00 November 26, 2006 5.75:1.00 February 25, 2007 5.75:1.00 May 27, 2007 5.60:1.00 Fiscal Quarter ending Ratio August 26, 2007 5.50:1.00 November 25, 2007 5.50:1.00 February 24, 2008 5.25:1.00 May 25, 2008 5.00:1.00 August 31, 2008 5.00:1.00 November 30, 2008 4.75:1.00 February 22, 2009 4.50:1.00 May 31, 2009 4.00:1.00 August 30, 2009 4.00:1.00 November 29, 2009 4.00:1.00 February 28, 2010 4.00:1.00 May 30, 2010 3.50:1.00 August 29, 2010 3.50:1.00 November 28, 2010 3.50:1.00 February 27, 2011 3.50:1.00 May 29, 2011 3.50:1.00 August 29, 2011 3.50:1.00 November 28, 2011 3.50:1.00 February 27, 2012 3.50:1.00 May 29, 2012 3.50:1.00
Debt to EBITDA. Permit the ratio of (A) the aggregate principal amount of Debt of the Borrower on any Covenant Compliance Date to (B) EBITDA for the period of four consecutive Fiscal Quarters prior to such Covenant Compliance Date, to exceed on any such Covenant Compliance Date occurring (i) December 31, 2004 to September 30, 2005, 9.5 to 1.0, (ii) from December 31, 2005 to September 30, 2006, 8.5 to 1.0, (iii) from December 31, 2006 to September 30, 2007, 7.5 to 1.0, (iv) from December 31, 2007 to September 30, 2008, 6.0 to 1.0, (v) from December 31, 2008 to June 30, 2009, 5.5 to 1.0, and (vi) thereafter, 5.0 to 1.0. In the Compliance Certificate delivered pursuant to Section 5.01(b)(ii) following the conclusion of the sale of any asset (other than accounts receivable) material to the Borrower and used in the Domestic Utility Business permitted by Section 5.02(g), the Borrower shall calculate the financial covenants set forth in this Section 5.02(a) on a pro forma basis. In calculating financial covenants on a pro-forma basis, the Borrower will (A) exclude income, Debt and other charges associated with the assets subject to such sale and (B) give effect to the application of the net proceeds generated by such sale; provided, that if the Borrower has not applied the net sale proceeds in the manner contemplated in the calculations made pursuant to clause (B) prior to the immediately following Covenant Compliance Date, the Borrower will not be permitted to continue to give effect to the application of such net sale proceeds.
