Failure to Meet Fixed Charge Cover Ratio Sample Clauses

Failure to Meet Fixed Charge Cover Ratio. If Provider fails to meet the Fixed Charge Cover Ratio as of the end of any applicable Testing Period, the Provider shall provide security in an amount equivalent to the next twelve (12) months of payments that would be due from Owner pursuant to Section 5.01 (“the Required Amount”). The Provider may secure the Required Amount with any one of the following methods: (a) Provider shall establish an account in Provider’s name but with control arrangements in favor of Owner (the “O&M Reserve Account”) and direct Owner to make any payments due from Owner hereunder into the O&M Reserve Account, up to a maximum of the Required Amount (provided that this option will not be available to Provider in the event that a claim has been filed under the Minimum Production Insurance Policy); (b) by depositing and holding the Required Amount in the O&M Reserve Account; or (c) by delivery of an Eligible Letter of Credit with an available balance equivalent to the Required Amount. Provider shall notify Owner of its chosen method of funding O&M Reserve Account within five (5) Business Days after a mutual determination has been made that it has failed to maintain the required Fixed Charge Cover Ratio. If Provider fails to notify Owner of the selected funding method within the time required hereunder, the option under paragraph (a) above shall be deemed to be the selected method. If Provider timely notifies Owner that is has selected option (b) or (c), Provider shall have thirty (30) days from the date of such notice to effect the required funding of the O&M Reserve Account.
Sample 1
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Related to Failure to Meet Fixed Charge Cover Ratio

  • Minimum Fixed Charge Coverage Ratio As of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending on March 31, 2015, Borrowers will maintain a Fixed Charge Coverage Ratio of not less than 1.20 to 1.00.

  • Fixed Charge Coverage Ratio The Borrower will not permit the Fixed Charge Coverage Ratio, as of the last day of any fiscal quarter for the four fiscal quarters ending on that date, to be less than 1.25 to 1.0.

  • Minimum Consolidated Fixed Charge Coverage Ratio The Consolidated Fixed Charge Coverage Ratio shall not be less than 1.50 to 1.00, determined based on information for the most recent fiscal quarter annualized.

  • Consolidated Fixed Charge Coverage Ratio Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower to be less than 1.25 to 1.00.

  • Fixed Charge Ratio Maintain a Fixed Charge Ratio as determined as of each Calculation Date of not less than 1.50: 1. The Fixed Charge Ratio covenant shall be tested by the Administrative Agent as of each Calculation Date with results based upon the results for the most recent Calculation Period, such calculation and results to be verified by the Administrative Agent.

  • Minimum Fixed Charge Coverage The ratio of (a) Adjusted EBIT for any Rolling Four Quarter Period to (b) Fixed Charges for the same Rolling Four Quarter Period, to be less than 1.50 to 1.00.

  • Fixed Charge Coverage As of the last day of each calendar quarter, the ratio of (x) Annual EBITDA, less reserves for Capital Expenditures of (i) $.30 per square foot per annum for each Real Property Asset that is an office property and (ii) $.15 per square foot per annum for each Real Property Asset that is an industrial property, to (y) the sum of (i) Total Debt Service and (ii) dividends or other payments payable by the General Partner with respect to any preferred stock issued by the General Partner and distributions or other payments payable by the Borrower with respect to any preferred partnership units of the Borrower, will not be less than 1.5:1.0.

  • Total Net Leverage Ratio Holdings and its Restricted Subsidiaries, on a consolidated basis, shall not permit the Total Net Leverage Ratio on the last day of any Test Period to exceed the ratio set forth below opposite the last day of such Test Period:

  • Maximum Consolidated Leverage Ratio The Consolidated Leverage Ratio at any time may not exceed 0.75 to 1.00; and

  • Fixed Charges Coverage Ratio The Company will not permit the Consolidated Fixed Charge Coverage Ratio to be less than 2.00 to 1.00.

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