Financial Condition and Operations. The Borrower will not permit any of the events set forth below to occur. (a) The Borrower will not permit the Leverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period: Period Leverage Ratio ------ -------------- 01/01/00 through (and including) 03/31/01 5.00:1.00 04/01/01 through (and including) 06/30/01 4.75:1.00 07/01/01 through (and including) 12/31/01 4.50:1.00 01/01/02 through (and including) 06/30/02 4.25:1.00 07/01/02 through (and including) 12/31/02 3.75:1.00 01/01/03 through (and including) 06/30/03 3.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 2.50:1.00 01/01/05 and thereafter 2.00:1.00 (b) The Borrower will not permit the Interest Coverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be less than the ratio set forth opposite such period: Period Interest Coverage Ratio ------ ----------------------- 01/01/00 through (and including) 03/31/01 1.80:1.00 04/01/01 through (and including) 03/31/02 2.00:1.00 04/01/02 through (and including) 09/30/02 2.25:1.00 10/01/02 through (and including) 06/30/03 2.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 4.00:1.00 01/01/05 and thereafter 5.00:1.00 (c) The Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter of the 2000 Fiscal Year) to be less than (i) 1.25:1.00 through (and including) December 31, 2002 and (ii) 1.15:1.00 for each Fiscal Quarter thereafter. (d) The Borrower will not permit EBITDA for the period of four consecutive Fiscal Quarters ending on the last day of any Fiscal Quarter occurring during any period set forth below to be less than the amount set forth opposite such period: Period EBITDA ------ ------ 01/01/00 through (and including) 03/31/01 $95,000,000 04/01/01 through (and including) 09/30/01 $100,000,000 10/01/01 through (and including) 09/30/02 $105,000,000 10/01/02 through (and including) 06/30/03 $110,000,000 07/01/03 through (and including) 12/31/03 $115,000,000 01/01/04 through (and including) 06/30/04 $120,000,000 07/01/04 through (and including) 12/31/04 $130,000,000 01/01/05 through (and including) 12/31/05 $140,000,000 01/01/06 and thereafter $150,000,000
Appears in 1 contract
Financial Condition and Operations. The Borrower will not permit any of the events set forth below to occur.
(a) The Borrower will not permit the Leverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period: Maximum Leverage Period Leverage Ratio ------ -------------- 01/01/00 through (and including) 03/31/01 5.00:1.00 04/01/01 through (and including) 06/30/01 4.75:1.00 07/01/01 -------------------------------------------------------- -------------------------- 10/01/01 through (and including) 12/31/01 4.50:1.00 5.80:1 01/01/02 through (and including) 06/30/02 4.25:1.00 5.50:1 07/01/02 through (and including) 09/30/02 4.25:1 10/01/02 through (and including) 12/31/02 3.75:1.00 3.75:1 Maximum Leverage Period Ratio -------------------------------------------------------- -------------------------- 01/01/03 through (and including) 06/30/03 3.50:1.00 07/01/03 12/31/03 3.00:1 01/01/04 and thereafter 2.00:1
(b) The Borrower will not permit the Senior Leverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period: Maximum Senior Leverage Period Ratio -------------------------------------------------------- -------------------------- 10/01/01 through (and including) 06/30/04 3.00:1.00 07/01/04 12/31/01 2.50:1 01/01/02 through (and including) 12/31/04 2.50:1.00 01/01/05 06/30/02 2.25:1 07/01/02 through (and thereafter 2.00:1.00including) 09/30/02 1.75:1 10/01/02 through (and including) 12/31/02 1.50:1 01/01/03 through (and including) 12/31/03 1.00:1
(bc) The Borrower will not permit the Interest Coverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be less than the ratio set forth opposite such period: Minimum Interest Period Interest Coverage Ratio ------ ----------------------- 01/01/00 -------------------------------------------------------- -------------------------- 10/01/01 through (and including) 03/31/01 1.80:1.00 04/01/01 12/31/01 1.25:1 01/01/02 through (and including) 03/31/02 2.00:1.00 04/01/02 06/30/02 1.50:1 07/01/02 through (and including) 09/30/02 2.25:1.00 2.00:1 10/01/02 through (and including) 06/30/03 2.50:1.00 07/01/03 12/31/02 2.25:1 01/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 4.00:1.00 01/01/05 12/31/03 2.75:1 01/01/04 and thereafter 5.00:1.00
(c) The Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter of the 2000 Fiscal Year) to be less than (i) 1.25:1.00 through (and including) December 31, 2002 and (ii) 1.15:1.00 for each Fiscal Quarter thereafter.3.00:1
(d) The Borrower will not permit EBITDA Free Cash Flow for the period of four consecutive Fiscal Quarters ending on the last day of any Fiscal Quarter occurring during any period Year set forth below to be less than the amount set forth opposite such periodFiscal Year: Period EBITDA ------ ------ 01/01/00 through (and including) 03/31/01 Fiscal Year Minimum Free Cash Flow ----------- ---------------------- 2001 $95,000,000 04/01/01 through (and including) 09/30/01 35,000,000 2002 $100,000,000 10/01/01 through (and including) 09/30/02 35,000,000 2003 $105,000,000 10/01/02 through (and including) 06/30/03 45,000,000 2004 $110,000,000 07/01/03 through (and including) 12/31/03 $115,000,000 01/01/04 through (and including) 06/30/04 $120,000,000 07/01/04 through (and including) 12/31/04 $130,000,000 01/01/05 through (and including) 12/31/05 $140,000,000 01/01/06 and thereafter $150,000,00050,000,000
Appears in 1 contract
Financial Condition and Operations. The Borrower Borrowers will not permit any of the events set forth below to occur.
(a) The Borrower Borrowers will not permit the Leverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period: Period Leverage Ratio ------ -------------- 01/01/00 through (and including) 03/31/01 5.00:1.00 04/01/01 through (and including) 06/30/01 4.75:1.00 4.25:1 07/01/01 through (and including) 09/30/01 4.00:1 10/01/01 through (and including) 12/31/01 4.50:1.00 3.75:1 01/01/02 through (and including) 06/30/02 4.25:1.00 07/01/02 through (and including) 12/31/02 3.75:1.00 3.50:1 01/01/03 through (and including) 06/30/03 3.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 2.50:1.00 01/01/05 and thereafter 2.00:1.003.25:1
(b) The Borrower Borrowers will not permit the Interest Coverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be less than the ratio set forth opposite such period: Period Interest Coverage Ratio ------ ----------------------- 01/01/00 01/01/01 through (and including) 03/31/01 1.80:1.00 1.80:1 04/01/01 through (and including) 03/31/02 2.00:1.00 04/01/02 06/30/01 1.80:1 07/01/01 through (and including) 09/30/02 2.25:1.00 10/01/02 09/30/01 2.25:1 10/01/01 and thereafter 3.00:1
(c) The U.S. Borrower will not permit its Net Worth during any period set forth below to be less than the amount set forth opposite such period: Period Net Worth 04/01/00 through (and including) 06/30/03 2.50:1.00 07/01/03 through (6/30/00 $425,000,000 07/01/00 and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 4.00:1.00 01/01/05 and thereafter 5.00:1.00
(c) The Borrower will not permit thereafter. $425,000,000 plus 50 o/o of Net Income since the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter of the 2000 Fiscal Year) to be less than (i) 1.25:1.00 through (and including) December 31, 2002 and (ii) 1.15:1.00 Initial Effective Date without deduction for each Fiscal Quarter thereafterlosses.
(d) The Borrower Borrowers will not permit Adjusted EBITDA (i) for the twelve month period ending December 31, 2000 to be less than $115,000,000 and (ii) as of four consecutive Fiscal Quarters ending on the last day of any Fiscal Quarter occurring during any period set forth below to be less than the amount set forth opposite such period: Period Minimum Adjusted EBITDA ------ ------ 01/01/00 Amount 01/01/01 through (and including) 03/31/01 $95,000,000 105,000,000 04/01/01 through (and including) 06/30/01 $115,000,000 07/01/01 through (and including) 09/30/01 $100,000,000 115,000,000 10/01/01 through (and including) 09/30/02 12/31/01 $105,000,000 10/01/02 123,500,000 01/01/02 through (and including) 06/30/03 12/31/02 $110,000,000 07/01/03 130,000,000 01/01/03 through (and including) 12/31/03 $115,000,000 132,500,000 01/01/04 through (and including) 06/30/04 $120,000,000 07/01/04 through (and including) 12/31/04 $130,000,000 138,500,000 01/01/05 through (and including) 12/31/05 06/30/05 $140,000,000 01/01/06 145,000,000
(e) The Borrowers will not, and thereafter will not permit any of their Subsidiaries to, make or commit to make Capital Expenditures (i) during the 2001 Fiscal Year which aggregate in an amount in excess of $150,000,00060,000,000 (excluding from such calculation any Capital Expenditure made to consummate the German Acquisition) or (ii) during each Fiscal Year from the 2002 Fiscal Year to the 2005 Fiscal Year, which aggregate in an amount in excess of $60,000,000 for each such Fiscal Year; provided, however, that, to the extent the amount of Capital Expenditures permitted to be made in any Fiscal Year pursuant to this Section exceeds the aggregate amount of Capital Expenditures actually made by the U.S. Borrower and its Subsidiaries during such Fiscal Year, up to 50 o/o of such excess amount may be carried forward to (but only to) the next succeeding Fiscal Year (any such amount to be certified by the U.S. Borrower to the Administrative Agent in the Compliance Certificate delivered for the last Fiscal Quarter of such Fiscal Year), and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used following the U.S. Borrower and its Subsidiaries using the amount of Capital Expenditures permitted by this Section in such succeeding Fiscal Year, without giving effect to such carry-forward. Notwithstanding anything else to the contrary contained herein, prior to the Reduction Date, no amendment, modification or waiver of any provision of this Section 7.2.4 may be made without the consent of Lenders holding, in aggregate, greater than 75 o/o of the Total Exposure Amount.
Appears in 1 contract
Financial Condition and Operations. The Borrower will not permit any of the events set forth below to occur.
(a) The Borrower will not permit the Leverage Ratio Ratio, as of the last day of any each Fiscal Quarter, commencing with the third Fiscal Quarter occurring during any period set forth below of the 2001 Fiscal Year, to be greater than the ratio set forth in the first column opposite such period: Period Leverage Ratio ------ -------------- 01/01/00 through (and including) 03/31/01 5.00:1.00 04/01/01 through (and including) 06/30/01 4.75:1.00 07/01/01 through (and including) 12/31/01 4.50:1.00 01/01/02 through (and including) 06/30/02 4.25:1.00 07/01/02 through (and including) 12/31/02 3.75:1.00 01/01/03 through (and including) 06/30/03 3.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 2.50:1.00 01/01/05 and thereafter 2.00:1.00
(b) The Fiscal Quarter below; provided, however, that, if, on or before the last day of any such Fiscal Quarter, the Borrower shall have consummated a Qualified Subordinated Note Redemption, then the Borrower will not permit the Interest Coverage Ratio Leverage Ratio, as of the last day of any such Fiscal Quarter occurring during any period set forth below and each Fiscal Quarter thereafter, to be less greater than the ratio set forth in the second column opposite such periodFiscal Quarter below: ----------------------------------------------------------------------------------------------- Leverage Ratio Leverage Ratio Period Interest Coverage Ratio ------ ----------------------- 01/01/00 through (before Qualified (after Qualified Subordinated Note Subordinated Note Redemption Redemption ----------------------------------------------------------------------------------------------- The third and including) 03/31/01 1.80:1.00 04/01/01 through (fourth Fiscal Quarters of the 2001 Fiscal Year 4.25:1.00 3.75:1.00 ----------------------------------------------------------------------------------------------- The first and including) 03/31/02 2.00:1.00 04/01/02 through (second Fiscal Quarters of the 2002 Fiscal Year 4.00:1.00 3.75:1.00 ----------------------------------------------------------------------------------------------- The third and including) 09/30/02 2.25:1.00 10/01/02 through (fourth Fiscal Quarters of the 2002 Fiscal Year 3.75:1.00 3.50:1.00 ----------------------------------------------------------------------------------------------- Each of the Fiscal Quarters of the 2003 Fiscal Year 3.50:1.00 3.25:1.00 ----------------------------------------------------------------------------------------------- The first Fiscal Quarter of the Fiscal Year 2004 and including) 06/30/03 2.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 4.00:1.00 01/01/05 and each Fiscal Quarter thereafter 5.00:1.003.25:1.00 3.25:1.00 -----------------------------------------------------------------------------------------------
(cb) The Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter of the 2000 Fiscal Year) to be less than (i) 1.25:1.00 through (and including) December 31, 2002 and (ii) 1.15:1.00 for each Fiscal Quarter thereafter1.00:1.00.
(dc) The Borrower will not permit EBITDA for Net Worth, at any time after the period of four consecutive Fiscal Quarters ending on the last day of any Fiscal Quarter occurring during any period set forth below Effective Date, to be less than the sum of (i) $195,000,000 plus (ii) 50% of the sum of Net Income for each Fiscal Quarter ending during the period October 1, 2001 through the last day of the then most recently ended Fiscal Quarter after the Effective Date with respect to which the Borrower shall have delivered, or is obligated to then deliver, quarterly financial statements and a Compliance Certificate pursuant Section 7.1.1 excluding from such sum, however, any such Fiscal Quarter's Net Income which is negative, plus (iii) 50% of the aggregate amount set forth opposite such period: Period EBITDA ------ ------ 01/01/00 through (and including) 03/31/01 $95,000,000 04/01/01 through (and including) 09/30/01 $100,000,000 10/01/01 through (and including) 09/30/02 $105,000,000 10/01/02 through (and including) 06/30/03 $110,000,000 07/01/03 through (and including) 12/31/03 $115,000,000 01/01/04 through (and including) 06/30/04 $120,000,000 07/01/04 through (and including) 12/31/04 $130,000,000 01/01/05 through (and including) 12/31/05 $140,000,000 01/01/06 and thereafter $150,000,000of Net Equity Proceeds received by the Borrower after the Effective Date.
Appears in 1 contract
Samples: Credit Agreement (Stericycle Inc)
Financial Condition and Operations. The Borrower will not permit to occur any of the events set forth below to occurbelow.
(a) The Borrower will not permit Net Worth as of the last date of any Fiscal Quarter set forth below to be less than the amount set forth opposite such Fiscal Quarter: Fiscal Quarter Net Worth -------------- --------- March 31, 1998 $300,000,000 June 30, 1998 $310,000,000 September 30, 1998 $325,000,000 December 31, 1998 $340,000,000 March 31, 1999 $345,000,000 June 30, 1999 $350,000,000 September 30, 1999 $360,000,000 December 31, 1999 $370,000,000 March 31, 2000 $375,000,000 June 30, 2000 $380,000,000 September 30, 2000 $385,000,000 December 31, 2000 $390,000,000.
(b) The Borrower will not permit the Leverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period: Period Leverage Ratio ------ -------------- 01/01/00 through (and including) 03/31/01 5.00:1.00 04/01/01 through (and including) 06/30/01 4.75:1.00 07/01/01 through (and including) 12/31/01 4.50:1.00 01/01/02 through (and including) 06/30/02 4.25:1.00 07/01/02 through (and including) 12/31/02 3.75:1.00 01/01/03 through (and including) 06/30/03 3.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 2.50:1.00 01/01/05 and thereafter 2.00:1.00:
(bc) The Borrower will not permit the Interest Senior Leverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be greater than the ratio set forth opposite such period: Senior Period Leverage Ratio ------ -------------- 10/01/98 to (and including) 03/31/99 1.75:1 04/01/99 to (and including) 06/30/99 1.65:1 07/01/99 to (and including) 09/30/99 1.50:1 10/01/99 and thereafter 1.25:1.
(d) The Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter occurring during any period set forth below to be less than the ratio set forth opposite such period: Period Interest Coverage Ratio ------ ----------------------- 01/01/00 through (and including) 03/31/01 1.80:1.00 04/01/01 through (and including) 03/31/02 2.00:1.00 04/01/02 through (and including) 09/30/02 2.25:1.00 10/01/02 through (and including) 06/30/03 2.50:1.00 07/01/03 through (and including) 06/30/04 3.00:1.00 07/01/04 through (and including) 12/31/04 4.00:1.00 01/01/05 and thereafter 5.00:1.00:
(ce) The Borrower will not permit the Borrower Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter (beginning with the first Fiscal Quarter of the 2000 Fiscal Year) to be less than (i) 1.25:1.00 through (and including) December 31, 2002 and (ii) 1.15:1.00 for each Fiscal Quarter thereafter1.
(df) The Borrower will not permit Working Capital at any time to be less than $0. The Borrower will cause each Subsidiary to maintain such level of working capital as is necessary to satisfy the requirements of such Subsidiary's franchise agreements (if any).
(g) The Borrower will not permit EBITDA for the period of four consecutive Fiscal Quarters ending on the last day of any Fiscal Quarter occurring during any period set forth below to be less than the amount set forth opposite such period: Period EBITDA ------ ------ 01/01/00 through (and including) 03/31/01 Three months ended 03/31/98 $95,000,000 04/01/01 through (and including) 09/30/01 8,000,000 Six months ended 06/30/98 $100,000,000 10/01/01 through (and including) 09/30/02 28,000,000 Nine months ended 09/30/98 $105,000,000 10/01/02 through (and including) 06/30/03 $110,000,000 07/01/03 through (and including) 12/31/03 $115,000,000 01/01/04 through (and including) 06/30/04 $120,000,000 07/01/04 through (and including) 12/31/04 $130,000,000 01/01/05 through (and including) 12/31/05 $140,000,000 01/01/06 and thereafter $150,000,00050,000,000.
Appears in 1 contract
