Common use of Financial Ratios Clause in Contracts

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (i) beginning with the Quarterly Period ending March 31, 2002, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.00; (b) At all times, the Shareholders' Equity of Borrower, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, plus (2) eighty-five percent (85%) of the sum of (a) the aggregate amount of equity capital contributed to Borrower after December 31, 2000, plus (b) the aggregate cumulative positive net income (without deduction for any negative net income) of Borrower after December 31, 2000, all computed in accordance with GAAP. (c) At the end of each Quarterly Period beginning with the Quarterly Period ending March 31, 2001 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) Borrower's Consolidated Funded Debt less (B) Borrower's Excess Cash to (ii) Borrower's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the Surgery Center's Shareholder's Equity shall be greater than $800,000.

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (i) beginning with the Quarterly Period ending March 31, 2002, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.00; (b) At all times, the Shareholders' Equity of Borrower, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, plus (2) eighty-five percent (85%) of the sum of (a) the aggregate amount of equity capital contributed to Borrower after December 31, 2000, plus (b) the aggregate cumulative positive net income (without deduction for any negative net income) of Borrower after December 31, 2000, all computed in accordance with GAAP. (c) At the end of each Quarterly Period beginning with the Quarterly Period ending March 31, 2001 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) Borrower's Consolidated Funded Debt less (B) Borrower's Excess Cash to (ii) Borrower's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the sum of Surgery Center's Shareholder's Equity shall be greater than $800,000200,000.

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (a) for each Quarterly Period, (i) beginning with the Quarterly Period ending March December 31, 20021999, a ratio of Surgery CenterBorrower's Cash Flow to Surgery Centerthe sum of Borrower's Debt Service minus $17,857, of not less than 1.05:1.00, and (ii) beginning with the first Quarterly Period ending after the Compliance Quarter, a ratio of Borrower's Cash Flow to the sum of Borrower's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.001. 10:1. 00; (b) At all times, Borrower's cash on hand shall be greater than Borrower's Required Cash Availability. Promptly following a request from Bank, Borrower shall provide evidence reasonably satisfactory to Bank to document compliance with this covenant; (c) At all times, the sum of Borrower's Shareholder's Equity plus the outstanding principal balance of all Indebtedness for money borrowed from Guarantor by Borrower shall be greater than $400,000; (d) At all times, the Shareholders' Equity of BorrowerSymbion, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, $25,000,000 plus (2) eighty-five percent (85%) of the sum of (ai) the aggregate amount of any new equity capital contributed to Borrower raised by Symbion after December 31June 25, 1999 and (ii) the aggregate, cumulative, positive Net Income of Symbion (without any credit or deduction in the event Net Income is a negative number) after June 25, 1999; (e) At the end of each Quarterly Period, beginning with the Quarterly Period ending September 30, 1999 and continuing through and including the Quarterly Period ending September 30, 2000, the ratio of (i) the sum of (A) Symbion's Consolidated Funded Debt less (B) Symbion's Excess Cash to (ii) the sum of (X) EBITDA for such Quarterly Period, plus (bY) the aggregate cumulative positive net income lesser of (without deduction for 1) $125,000 or (2) the De Novo Losses at such date, giving Pro-Forma Effect to any negative net income) Acquisition made and any Indebtedness incurred therewith as of Borrower after December 31the date of determination, 2000, all computed in accordance with GAAP.shall be less than 3.75:1.00; and (cf) At the end of each Quarterly Period beginning with the Quarterly Period ending March December 31, 2001 2000 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) BorrowerSymbion's Consolidated Funded Debt less (B) BorrowerSymbion's Excess Cash to (ii) BorrowerSymbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00; provided, however, if the result of such ratio is greater than or equal to 3.50:1.00 and less than 3.75:1.00, the Borrower shall be in compliance with this covenant for such Quarterly Period if the ratio of (i) the sum of (A) Symbion's Consolidated Funded Debt less (B) Symbion's Excess Cash less (C) Symbion's Non-Recourse Debt to (ii) Symbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the Surgery Center's Shareholder's Equity shall be greater than $800,000."

Financial Ratios. The Borrower will maintain or mainta▇▇ ▇▇ cause to be maintained, the following financial ratios and covenants: (ia) beginning Beginning with the Quarterly Period ending March 31September 30, 20022001, a ratio of the Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to the Surgery Center's Debt Service of not less than 1.10:1.00;. (b) At all times, the Shareholders' Equity of Borrower, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, plus (2) eighty-five percent (85%) of the sum of (a) the aggregate amount of equity capital contributed to Borrower after December 31, 2000, plus (b) the aggregate cumulative positive net income (without deduction for any negative net income) of Borrower after December 31, 2000, all computed in accordance with GAAP. (c) At the end of each Quarterly Period beginning with the Quarterly Period ending March 31, 2001 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) Borrower's Consolidated Funded Debt less (B) Borrower's Excess Cash to (ii) Borrower's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the sum of the Surgery Center's Shareholder's Equity plus the outstanding principal balance of all Indebtedness for money borrowed from Guarantor by the Surgery Center shall be greater than $800,0002,000,000.

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (a) for each Quarterly Period, (i) beginning with the Quarterly Period ending March 31, 20022001, a ratio of Surgery CenterBorrower's Cash Flow to Surgery Centerthe sum of Borrower's Debt Service minus $17,857, of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods1.05:1.00, and (ii) for each beginning with the first Quarterly Period thereafterending after the Compliance Quarter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.00a 10:1. 00; (b) At all times, Borrower's cash on hand shall be greater than Borrower's Required Cash Availability. Promptly following a request from Bank, Borrower shall provide evidence reasonably satisfactory to Bank to document compliance with this covenant; (c) At all times, the sum of Borrower's Shareholder's Equity plus the outstanding principal balance of all Indebtedness for money borrowed from Guarantor by Borrower shall be greater than $400,000; (d) At all times, the Shareholders' Equity of BorrowerSymbion, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, $25,000,000 plus (2) eighty-five percent (85%) of the sum of (ai) the aggregate amount of any new equity capital contributed to Borrower raised by Symbion after December 31June 25, 2000, plus 1999 and (bii) the aggregate cumulative aggregate, cumulative, positive net income Net Income of Symbion (without any credit or deduction for any in the event Net Income is a negative net incomenumber) of Borrower after December 31June 25, 2000, all computed in accordance with GAAP.1999; and (ce) At the end of each Quarterly Period beginning with the Quarterly Period ending March December 31, 2001 2000 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) BorrowerSymbion's Consolidated Funded Debt less (B) BorrowerSymbion's Excess Cash to (ii) BorrowerSymbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the Surgery Center's Shareholder's Equity shall be greater than $800,000.

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (a) for each Quarterly Period, (i) beginning with the Quarterly Period ending March 31, 20022000, a ratio of Surgery CenterBorrower's Cash Flow to Surgery Centerthe sum of Borrower's Debt Service minus $26,786, of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.00less 10:1. 00; (b) At all times, Borrower's cash on hand shall be greater than Borrower's Required Cash Availability. Promptly following a request from Bank, Borrower shall provide evidence reasonably satisfactory to Bank to document compliance with this covenant; (c) At all times, the sum of Borrower's Shareholder's Equity plus the outstanding principal balance of all Indebtedness for money borrowed from Guarantor by Borrower shall be greater than $4,000,000; (d) At all times, the Shareholders' Equity of BorrowerSymbion, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, $25,000,000 plus (2) eighty-five percent (85%) of the sum of (ai) the aggregate amount of any new equity capital contributed to Borrower raised by Symbion after December 31June 25, 1999 and (ii) the aggregate, cumulative, positive Net Income of Symbion (without any credit or deduction in the event Net Income is a negative number) after June 25, 1999; (e) At the end of each Quarterly Period, beginning with the Quarterly Period ending September 30, 1999 and continuing through and including the Quarterly Period ending September 30, 2000, the ratio of (i) the sum of (A) Symbion's Consolidated Funded Debt less (B) Symbion's Excess Cash to (ii) the sum of (X) EBITDA for such Quarterly Period, plus (bY) the aggregate cumulative positive net income lesser of (without deduction for 1) $125,000 or (2) the De Novo Losses at such date, giving Pro-Forma Effect to any negative net income) Acquisition made and any Indebtedness incurred therewith as of Borrower after December 31the date of determination, 2000, all computed in accordance with GAAP.shall be less than 3.75:1.00; and (cf) At the end of each Quarterly Period beginning with the Quarterly Period ending March December 31, 2001 2000 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) BorrowerSymbion's Consolidated Funded Debt less (B) BorrowerSymbion's Excess Cash to (ii) BorrowerSymbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00; provided, however, if the result of such ratio is greater than or equal to 3.50:1.00 and less than 3.75:1.00, the Borrower shall be in compliance with this covenant for such Quarterly Period if the ratio of (i) the sum of (A) Symbion's Consolidated Funded Debt less (B) Symbion's Excess Cash less (C) Symbion's Non-Recourse Debt to (ii) Symbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the Surgery Center's Shareholder's Equity shall be greater than $800,000."

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (i) beginning with the Quarterly Period ending March 31, 2002, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.00; (b) At all times, the Shareholders' Equity of Borrower, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, plus (2) eighty-five percent (85%) of the sum of (a) the aggregate amount of equity capital contributed to Borrower after December 31, 2000, plus (b) the aggregate cumulative positive net income (without deduction for any negative net income) of Borrower after December 31, 2000, all computed in accordance with GAAP. (c) At the end of each Quarterly Period beginning with the Quarterly Period ending March 31, 2001 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) Borrower's Consolidated Funded Debt less (B) Borrower's Excess Cash to (ii) Borrower's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the Surgery Center's Shareholder's Equity shall be greater than $800,0001,000,000.

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (a) for each Quarterly Period, (i) beginning with the Quarterly Period ending March December 31, 20021999, a ratio of Surgery CenterBorrower's Cash Flow to Surgery Centerthe sum of Borrower's Debt Service minus $26,786, of not less than 1.05:1.00, and (ii) beginning with the first Quarterly Period ending after the Compliance Quarter, a ratio of Borrower's Cash Flow to the sum of Borrower's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.001. 10:1. 00; (b) At all times, Borrower's cash on hand shall be greater than Borrower's Required Cash Availability. Promptly following a request from Bank, Borrower shall provide evidence reasonably satisfactory to Bank to document compliance with this covenant; (c) Beginning on the date by which Borrower has closed sales of limited partnership interests in the aggregate amount of more than $500,000, and at all times thereafter, the sum of Borrower's Shareholder's Equity plus the outstanding principal balance of all Indebtedness for money borrowed from Guarantor by Borrower shall be greater than $1,000,000; (d) At all times, the Shareholders' Equity of BorrowerSymbion, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, $25,000,000 plus (2) eighty-five percent (85%) of the sum of (ai) the aggregate amount of any new equity capital contributed to Borrower raised by Symbion after December 31June 25, 1999 and (ii) the aggregate, cumulative, positive Net Income of Symbion (without any credit or deduction in the event Net Income is a negative number) after June 25, 1999; (e) At the end of each Quarterly Period, beginning with the Quarterly Period ending September 30, 1999 and continuing through and including the Quarterly Period ending September 30, 2000, the ratio of (i) the sum of (A) Symbion's Consolidated Funded Debt less (B) Symbion's Excess Cash to (ii) the sum of (X) EBITDA for such Quarterly Period, plus (bY) the aggregate cumulative positive net income lesser of (without deduction for 1) $125,000 or (2) the De Novo Losses at such date, giving Pro-Forma Effect to any negative net income) Acquisition made and any Indebtedness incurred therewith as of Borrower after December 31the date of determination, 2000, all computed in accordance with GAAP.shall be less than 3.75:1.00; and (cf) At the end of each Quarterly Period beginning with the Quarterly Period ending March December 31, 2001 2000 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) BorrowerSymbion's Consolidated Funded Debt less (B) BorrowerSymbion's Excess Cash to (ii) BorrowerSymbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00; provided, however, if the result of such ratio is greater than or equal to 3.50:1.00 and less than 3.75:1.00, the Borrower shall be in compliance with this covenant for such Quarterly Period if the ratio of (i) the sum of (A) Symbion's Consolidated Funded Debt less (B) Symbion's Excess Cash less (C) Symbion's Non-Recourse Debt to (ii) Symbion's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the Surgery Center's Shareholder's Equity shall be greater than $800,000."

Financial Ratios. The Borrower will maintain or cause to be maintained, the following financial ratios and covenants: (i) beginning with the Quarterly Period ending March 31, 2002, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.05:1.00 until such time as such ratio is greater than 1.05:1.00 for two (2) consecutive Quarterly Periods, and (ii) for each Quarterly Period thereafter, a ratio of Surgery Center's Cash Flow to Surgery Center's Debt Service of not less than 1.10:1.00; (b) At all times, the Shareholders' Equity of Borrower, calculated on a consolidated basis, shall be greater than the sum of (1) ninety percent (90%) of the shareholder's equity of Borrower at December 31, 2000, plus (2) eighty-five percent (85%) of the sum of (a) the aggregate amount of equity capital contributed to Borrower after December 31, 2000, plus (b) the aggregate cumulative positive net income (without deduction for any negative net income) of Borrower after December 31, 2000, all computed in accordance with GAAP. (c) At the end of each Quarterly Period beginning with the Quarterly Period ending March 31, 2001 and continuing through each Quarterly Period ending thereafter, the ratio of (i) the sum of (A) Borrower's Consolidated Funded Debt less (B) Borrower's Excess Cash to (ii) Borrower's consolidated EBITDA for such Quarterly Period, giving Pro-Forma Effect to any Acquisition made and any Indebtedness incurred therewith as of the date of determination, shall be less than 3.50:1.00. (d) At all times, the sum of Surgery Center's Shareholder's Equity shall be greater than $800,0001,000,000.