EBITDA; Fixed Charge Coverage Ratio. Borrower shall maintain EBITDA as of the last day of each month, for the three month period ending as of the last day of such month, of not less than the amount corresponding to the period containing such month set forth in the following chart (parentheses surrounding amounts in the chart designate negative amounts); provided that, from and after the date Borrower has maintained a Fixed Charge Coverage Ratio in excess of 1.50 to 1.00 for two consecutive fiscal quarters, thereafter Borrower shall not be required to meet the foregoing EBITDA covenant, and thereafter Borrower shall, instead, be required to maintain a Fixed Charge Coverage Ratio in excess of 1.25 to 1.00 at all times.” Period Minimum EBITDA June 1, 2012 – December 31, 2012 ($ 5,000,000 ) January 1, 2013 – March 31, 2013 ($ 4,250,000 ) April 1, 2013 – December 31, 2013 ($ 3,500,000 ) January 1, 2014 – March 31, 2014 ($ 2,750,000 ) April 1, 2014 – June 30, 2014 ($ 2,000,000 ) July 1, 2014 – September 30, 2014 ($ 1,250,000 ) October 1, 2014 – December 31, 2014 ($ 500,000 )
EBITDA; Fixed Charge Coverage Ratio. Cause GT to achieve on a consolidated basis (a) for the fiscal quarter ending June 30, 1997 only, net income from operations (determined without giving effect to extraordinary or non-recurring gains), plus, to the extent deducted in calculating such net income, the sum of (i) income tax expense, plus (ii) interest expense, plus (iii) depreciation expense, plus (iv) amortization expense at least equal to Four Million Eight Hundred Thousand Dollars ($4,8000,000) and (b) for each fiscal quarter thereafter, a Fixed Charge Coverage Ratio of at least 1.20 to 1.00. This ratio shall be calculated quarterly using the results of the most recently concluded quarterly accounting period and each of the three (3) immediately preceding quarterly accounting periods;"
EBITDA; Fixed Charge Coverage Ratio. Borrower shall maintain EBITDA as of the last day of each month, for the three month period ending as of last day of such month, of not less than Negative Two Million, Five Hundred Thousand Dollars (-$2,500,000); provided that, from and after the date Borrower has maintained a Fixed Charge Coverage Ratio in excess of 1.50 to 1.00 for two consecutive fiscal quarters, thereafter Borrower shall not be required to meet the foregoing EBITDA covenant, and thereafter Borrower shall, instead, be required to maintain a Fixed Charge Coverage Ratio in excess of 1.25 to 1.00 at all times.”
EBITDA; Fixed Charge Coverage Ratio. The EBITDA and Fixed Charge Coverage Ratio covenants set forth in Section 5(b) of the Schedule which prior to the Modification No. 3 Effective Date read as follows (italicized for ease of reference):
EBITDA; Fixed Charge Coverage Ratio. Cause GT to achieve on a consolidated basis (a) EBITDA of at least $1,600,000 for the fiscal quarter ending September 30, 1997, and EBITDA of at least $5,500,000 for the fiscal quarter ending December 31, 1997, and (b) for each fiscal quarter thereafter, a Fixed Charge Coverage Ratio of at least 1.20 to 1.00. This ratio shall be calculated quarterly using the results of the most recently concluded quarterly accounting period and each of the three (3) immediately preceding quarterly accounting periods;"
