Maximum Funded Debt Ratio. Each Borrower shall maintain a Funded Debt Ratio of not greater than 0.
Maximum Funded Debt Ratio. The Funded Debt Ratio shall not exceed (a) 3.00 to 1 at any time prior to March 31, 2008, or (b) 2.75 to 1 as of March 31, 2008, and all times thereafter prior to March 31, 2009, and (c) 2.50 to 1 as of March 31, 2009, or at any time thereafter.
Maximum Funded Debt Ratio. The Borrower will not permit at any time the ratio of (i) Funded Debt to (ii) EBITDA, for each period consisting of the most recently ended four consecutive fiscal quarters of the Borrower, to exceed 3.00 to 1.00.
Maximum Funded Debt Ratio. Permit the Funded Debt Ratio of Borrower as calculated for Borrower and its Subsidiaries at the end of each fiscal quarter on a rolling four quaiier basis to exceed 2.50 to 1.00.
2. In connection with item 1 above, any and all provisions or definitions related to the
Maximum Funded Debt Ratio. The Funded Debt Ratio shall not exceed 3.00 to 1 prior to December 31, 2009, and (c) 2.75 to 1 as of December 31, 2009 or at any time thereafter.
(j) Notwithstanding any provision of the Loan Agreement to the contrary, Holding Company may merge with and into the Company, with the Company as the surviving entity, provided that at the time of such merger and after giving effect thereto, no Default or Event of Default has occurred or would occur, and the Borrowers remain in compliance with all of the terms of the Loan Agreement, including, without limitation, Section 6.2 of the Loan Agreement.
(k) The IPO Issuer agrees that it shall cause the Net Cash Proceeds of any Equity Issuance in an initial public offering of its Capital Stock to be applied as provided above.
(l) Except as specifically modified by this Amendment, the terms and provisions of the Loan Agreement are ratified and confirmed by the parties hereto and remain in full force and effect.
(m) Each of the Borrowers, the Administrative Agent and the Lender agrees that each reference in the Loan Documents to the Loan Agreement shall be deemed to be a reference to the Loan Agreement as amended hereby.
Maximum Funded Debt Ratio. Not permit the ratio of Funded Debt to EBITDA to exceed the Maximum Funded Debt Ratio.”
13. A new Section 7.03 is hereby added to the Loan Agreement to read as follows:
Maximum Funded Debt Ratio. Maintain, on a consolidated basis with all subsidiaries, at all times during the term of the Loan measured quarterly beginning with the quarter ending June 30, 2001 as of the dates shown below, based on the trailing four quarters, a ratio of Funded Debt to EBITDAR of not more than that shown below:
Maximum Funded Debt Ratio. Permit the Funded Debt Ratio, measured on a quarterly basis beginning April 30, 2000, to exceed (i) 4.15:1 from April 30, 2000 through January 30, 2001; and (ii) 3:1 from and after January 31, 2001. In calculating the Funded Debt Ratio, EBITDA will be rolled up as follows:
(1) For the April 30, 2000 measurement of the maximum Funded Debt Ratio, EBITDA will be the sum of (x) $1,080,000 (which represents the deemed EBITDA of DCI alone for three (3) fiscal quarters) PLUS (y) EBITDA for ASI alone for the three (3) fiscal quarters immediately preceding the fiscal quarter beginning February 1, 2000 PLUS (z) the calculated EBITDA for DCI's and ASI's combined operations for the fiscal quarter beginning February 1, 2000.
(2) For the July 31, 2000 measurement of the maximum Funded Debt Ratio, EBITDA will be the sum of (x) $720,000 (which represents the deemed EBITDA of DCI alone for two (2) fiscal quarters) PLUS (y) EBITDA for ASI alone for the two (2) fiscal quarters immediately preceding the fiscal quarter beginning February 1, 2000 PLUS (z) the calculated EBITDA for DCI's and ASI's combined operations for the two (2) fiscal quarters beginning February 1, 2000.
(3) For the October 31, 2000 measurement of the maximum Funded Debt Ratio, EBITDA will be the sum of (x) $360,000 (which represents the deemed EBITDA of DCI alone for one (1) fiscal quarter) PLUS (y) EBITDA for ASI alone for the fiscal quarter immediately preceding the fiscal quarter beginning February 1, 2000 PLUS (z) the calculated EBITDA for DCI's and ASI's combined operations for the three (3) fiscal quarters beginning February 1, 2000.
(4) From and after the January 31, 2001 measurement of the maximum Funded Debt Ratio, EBITDA will be the calculated EBITDA for DCI's and ASI's combined operations.
Maximum Funded Debt Ratio. For the Borrower and its Subsidiaries (for each period consisting of the most recently ended four consecutive fiscal quarters of the Borrower):
1. indebtedness for borrowed money or for the deferred purchase price of property or services $__________
2. obligations as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases $__________
3. obligations under guarantees in respect of indebtedness or obligations of others of the kinds referred to in clauses (1) and (2) of this Section B $__________
4. Funded Debt [(1) plus (2) plus (3)] $__________
5. consolidated net income plus provision for taxes (excluding extraordinary, unusual, or nonrecurring gains or losses) $__________
6. interest expense $__________
7. depreciation expense and amortization of intangibles $__________
8. EBITDA [(5) plus (6) plus (7)] $__________
9. Ratio of Funded Debt to EBITDA [(4):(8)] ____:____
Maximum Funded Debt Ratio. The Borrower will not permit at any time the ratio of (i) Funded Debt to (ii) EBITDA for any four fiscal quarter period ending on the dates set forth below to be greater than the correlative ratio indicated: Date Maximum Ratio ---- ------------- September 30, 2000 and prior 3.00:1.00 December 31, 2000 3.50:1.00 March 31, 2001 3.50:1.00 June 30, 2001 3.25:1.00 Thereafter 3.00:1.00"
