Fixed Charged Coverage Ratio. The Company will have at the end of each fiscal year, a “Fixed Charge Coverage Ratio” of not less than 1.5:1, that beginning with the financial reporting period ending August 31, 2005 and thereafter. For purposes hereof, “Fixed Charge Coverage Ratio” shall mean the ratio of: (i) net income (after eliminating any gain or loss on sale of assets or other extraordinary gain or loss), interest expense, depreciation expense, amortization expense and income tax expense, minus non-cash patronage, and non-cash income from subsidiaries and/or joint ventures; to (ii) all principal payments due within the period on all “Long Term Debt” plus interest expense, and income tax expenses (all as calculated on a consolidated basis for the applicable period in accordance with GAAP consistently applied). For purposes hereof, “Long-Term Debt” shall mean the sum of (a) all indebtedness for borrowed money, (b) obligations which are evidenced by notes, bonds, debentures or similar instruments, and (c) the portion of obligations with respect to capital leases or other capitalized agreements that are properly classified as a liability on the balance sheet in conformity with GAAP, in each case having a maturity of more that one year from the date of it creation or having a maturity date within one year from such date but that is renewable or extendible, at the Company’s option, to a date more than one year from the date or that arises under a revolving credit or similar agreement that obligates the lender(s) to extend credit during a period of more than one year from such date, including all maturities in respect of such indebtedness whether or not required to be paid within one year from the date of its creation.
Fixed Charged Coverage Ratio. Maintain at all times a Fixed Charge Coverage Ratio of not less than: 0.7 : 1.0 for the fiscal quarter ending March 31, 2001, 1.0 : 1.0 for the fiscal quarter ending June 30, 2001, 1.1 : 1.0 for the fiscal quarter ending September 30, 2001, 1.2 : 1.0 for the fiscal quarter ending December 31, 2001 and 1.25 : 1 for all fiscal quarters thereafter, provided that such ratio shall at all times be calculated on a trailing four quarters basis.
Fixed Charged Coverage Ratio. Borrower and each Guarantor shall not permit the Fixed Charge Coverage Ratio for any fiscal quarter to be less than the ratio set forth opposite such fiscal quarter: Fiscal Quarter Ending Ratio March 31, 1998 1.75 to 1 June 30, 1998 .8 to 1 September 30, 1998 1.75 to 1 December 31, 1998 and each fiscal quarter thereafter 2 to 1"
Fixed Charged Coverage Ratio. Borrower shall maintain a Fixed Charge Coverage Ratio (as defined below) of not less than 1.3 to 1.0, on a rolling 3 month basis ending as of August 31, 2005 and as of each month ending thereafter (each on a rolling 3 month basis).
Fixed Charged Coverage Ratio. Permit Earnings before tax distributions, interest expense and lease expense divided by interest expense and rent
Fixed Charged Coverage Ratio. Permit Earnings before tax distributions, interest expense and lease expense (EBITR) divided by interest expense and rent expense not to be less than 2.00 to 1.00, calculated at the end of the expiration of each Fiscal Quarter on a rolling four Fiscal Quarter basis.
