Financial Tests Clause Samples

Financial Tests. 40 7.4 INSPECTION....................................................40 7.5

Financial Tests. The Borrower hereby certifies and warrants to you that the following is a true and correct computation as at the Computation Date of the following ratios and/or financial restrictions contained in the Credit Agreement: A. Subsection 8.01(a)

Financial Tests. The Parent and the Borrowers shall have and maintain at all times, on a consolidated basis, tested as of the close of each calendar quarter: (a) A Total Leverage Ratio not to exceed (i) at any time prior the Collateral Termination Date, sixty-five percent (65%) and (ii) at any time from and after the Collateral Termination Date, sixty percent (60%); provided, that if the Total Leverage Ratio is greater than 60% after the occurrence of the Collateral Termination Date, then the Borrowers shall be deemed to be in compliance with this Section 5.02(a) so long as (i) the Borrowers completed a Material Acquisition during the quarter in which the Total Leverage Ratio first exceeded 60%, (ii) the Total Leverage Ratio does not exceed 60% for a period of more than four (4) fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (iii) the Total Leverage Ratio is not greater than 65% at any time, and (iv) the Borrowers have not been deemed to be in compliance with this Section 5.02(a) pursuant to this proviso (or in compliance with Section 5.02(k) pursuant to the proviso thereto) more than two (2) times (each time for up to four (4) fiscal quarters) since the Effective Date; (b) A minimum Fixed Charge Coverage Ratio of not less than (i) prior to the Collateral Termination Date 1.60:1.00 and (ii) at any time from and after the Collateral Termination Date, 1.75 to 1.0; (c) Tangible Net Worth at all times of not less than the sum of (i) $1,250,000,000, plus (ii) 80% of the net proceeds of all equity issuances of the Parent or Parent Borrower raised after the Effective Date; (d) At any time from and after the Collateral Termination Date, a Secured Leverage Ratio not to exceed forty percent (40%); provided, that if the Secured Leverage Ratio is greater than 40% after the occurrence of the Collateral Termination Date, then the Borrowers shall be deemed to be in compliance with this Section 5.02(d) so long as (i) the Borrowers completed a Material Acquisition financed principally with Secured Indebtedness during the quarter in which the Secured Leverage Ratio first exceeded 40%, (ii) the Secured Leverage Ratio does not exceed 40% for a period of more than four (4) fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (iii) the Secured Leverage Ratio is not greater than 45% at any time, and (iv) the Borrowers have not been deemed to be in compliance with this Section 5.02(d)...

Financial Tests. The Company hereby certifies and warrants to Administrative Agent, Issuing Lender and each Lender that the following is a true and correct computation as at the Computation Date of the following ratios and/or financial restrictions contained in the Credit Agreement and each of the enclosed are true and correct as at the Computation Date:

Financial Tests. (a) Have at all times a FIXED CHARGE COVERAGE RATIO of not less than 1.50 to 1.00; and (b) have at all times a LEVERAGE RATIO of not more than 3.00 to 1.00.

Financial Tests. Borrower will have and maintain (in each case, on a consolidated basis for Borrower and its Subsidiaries):

Financial Tests. The Borrower shall have and maintain, on a consolidated basis in accordance with Generally Accepted Accounting Principles: (a) a Secured Debt to Total Asset Value Ratio no greater than forty percent (40%) at all times; (b) an Interest Coverage Ratio of not less than 2.25:1.0 at all times; (c) a Fixed Charge Coverage Ratio of not less than 1.40:1.00 at all times; (d) a Tangible Net Worth of at least Three Hundred Forty Million Dollars ($340,000,000.00), plus eighty-five percent (85%) of the net proceeds (gross proceeds less reasonable and customary costs of sale and issuance paid to Persons not Affiliates of any Obligor) received by the Borrower at any time from the issuance of an ownership interest in the Borrower, at all times; (e) an Unencumbered Interest Coverage Ratio of not less than 2.25:1.00 at all times; (f) a Debt to Total Asset Value Ratio no greater than fifty-five percent (55%) at all times; and (g) a Debt Service Coverage Ratio of not less than 1.75:1.00 at all times.

Financial Tests. The Company hereby certifies and warrants to you that the financial ratios and/or financial restrictions set forth on Schedule 1 attached hereto are true and correct computations as at the Computation Date.

Financial Tests. Borrower hereby certifies and warrants to you that the following is a true and correct computation as at the Computation Date of the following ratios and/or financial restrictions contained in the Credit Agreement: A. Section 11.14(a) - Minimum Consolidated Working Capital 1. Consolidated Current Assets of the Consolidated Group $________ 2. Less: Consolidated Current Liabilities of the Consolidated Group $________ 3. Total (Consolidated Working Capital) $________ 4. Minimum required $250,000,000 1. Consolidated Net Income $________ 2. Plus: Interest Expense $________ income tax expense $________ depreciation $________ amortization $________ transaction expenses incurred in connection with the Loan Documents and incurred up to $500,000 whether paid concurrently or within thirty (30) of the Closing Date $________ non-cash expenses and losses incurred in the ordinary course of business and reasonably acceptable to Agent $________ interest payments received in cash from CFC Borrowers net of operating costs of Collateral Finance Corporation in connection with all CFC Loans $________ Less: non-cash income tax benefits or gains $________ any cancellation of Debt income $________ additions attributable to minority interests, except to the extent of cash dividends or distributions actually received by the Borrower $________ any non-cash charges previously added back pursuant to the relevant clause above to the extent that, during such period, such non-cash charges have become cash charges $________ any gains from non-ordinary course asset dispositions $________ any extraordinary gains (excluding interest income received by any Loan Party in the normal course of its business) $________ any gains from discontinued operations $________ the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of Borrower or any of its Subsidiaries or is merged into or consolidated with Borrower or any of its Subsidiaries $________ the income (or deficit) of any Person (other than a Subsidiary of Borrower) in which Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by Borrower or such Subsidiary in the form of dividends or similar distributions $________ the undistributed earnings of any Subsidiary of Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation...