Maximum Total Debt. Permit Total Debt on and as of each Applicable Financial Test Date to exceed the sum of:
(1) One hundred percent (100%) of Cash, plus (2) Ninety percent (90%) of Margins, plus (3) Ninety-seven percent (97%) of the amount of Mortgage Loans and MBS Held for Sale (including Mortgage Loans and Mortgage-Backed Securities subject to a Lien under a repurchase agreement but excluding all other Mortgage Loans and Mortgage-Backed Securities which are excluded from "Eligible Mortgage Assets" pursuant to subparagraphs (a), (b) and (c) of the definition of such term), plus (4) Ninety percent (90%) of Pool Loan Purchases and Mortgage Claims Receivable to the extent such assets represent VA and FHA Mortgage Loans repurchased by the Company from pools supporting GNMA Mortgage-Backed Securities, plus
Maximum Total Debt. Each US Borrower shall ensure that the outstanding Total Debt of SMTC Corporation and its Subsidiaries under this Agreement, the Canadian Loan Agreement and Capital Leases shall not exceed the applicable number set forth in the table below times trailing twelve (12) month EBITDA of SMTC Corporation and its Subsidiaries calculated at the end of each month in the table below on a consolidated basis in accordance with GAAP: September 2007 3.50x October 2007 3.75x November 2007 3.50x December 2007 3.50x January 2008 3.75x February 2008 3.50x March 2008 3.50x April 2008 3.75x May 2008 3.50x June 2008 3.50x September 2008 3.50x December 2008 3.50x March 2009 3.50x June 2009 3.30x September 2009 3.30x December 2009 3.00x March 2010 3.00x June 2010 3.00x September 2010 3.00x December 2010 3.00x March 2011 3.00x June 2011 3.00x September 2011 3.00x December 2011 3.00x March 2012 3.00x June 2012 3.00x For purposes of calculating the Maximum Total Debt covenant, the following amounts of EBITDA shall be used in respect of the applicable fiscal quarter: December 2006 US$ 4,485,000 March 2007 US$ 4,399,000 June 2007 US$ 3,983,000 On the first test date, the Chief Financial Officer shall certify and provide a certificate which shall provide the monthly EBITDA from September 2006 until July 2007.
Maximum Total Debt. Each US Borrower shall ensure that the outstanding Total Debt of SMTC Corporation and its Subsidiaries under this Agreement, the Canadian Loan Agreement and Capital Leases shall not exceed the applicable number set forth in the table below times trailing twelve (12) month EBITDA of SMTC Corporation and its Subsidiaries calculated at the end of each month on a consolidated basis in accordance with GAAP: For purposes of calculating the Maximum Total Debt covenant, the following amounts of EBITDA shall be used in respect of the applicable fiscal quarter: On the first test date, the Chief Financial Officer shall certify and provide a certificate which shall provide the monthly EBITDA from September 2006 until July 2007.
Maximum Total Debt. Permit Total Debt (excluding outstanding Indebtedness secured by Liens permitted pursuant to Paragraphs 10(a)(6) and 10(a)(7) above) on and as of each Applicable Financial Test Date to exceed the sum of:
(1) One hundred percent (100%) of Cash, plus (2) Ninety percent (90%) of Margins, plus (3) Ninety-seven percent (97%) of the amount of Mortgage Loans and MBS Held for Sale (including Mortgage Loans and Mortgage-Backed Securities subject to a Lien under a repurchase agreement but excluding all other Mortgage Loans and Mortgage-Backed Securities which are excluded from “Eligible Mortgage Assets” pursuant to subparagraphs (a), (b) and (c) of the definition of such term), plus (4) Ninety percent (90%) of Pool Loan Purchases and Mortgage Claims Receivable to the extent such assets represent VA and FHA Mortgage Loans repurchased by the Company from pools supporting GNMA Mortgage-Backed Securities, plus (5) Fifty percent (50%) of Deferred Commitment Fees, plus (6) Fifty percent (50%) of Property and Equipment, plus (7) Eighty percent (80%) of Mortgage Servicing Rights (excluding all Mortgage Servicing Rights consisting of Servicing Contracts subject to Liens permitted to Paragraph 10(a)(6) above as disclosed to the Lead Administrative Agent and the Lenders in the most recent report delivered pursuant to Paragraph 9(b)(1) above), plus (8) Eighty percent (80%) of Servicing Hedge Instruments (excluding all Servicing Hedge Instruments secured by Liens permitted pursuant to Paragraph 10(a)(7) above as disclosed to the Lead Administrative Agent and the Lenders in the most recent report delivered pursuant to Paragraph 9(b)(1) above), plus (9) Fifty percent (50%) of Other Assets (excluding any unsecured Advances to or Receivables of Affiliates and Servicing Pass-Through Ventures permitted under Paragraph 10(g)(5) above, but including secured Advances made to Subsidiaries and other Affiliates permitted under Paragraph 10(g) above).
Maximum Total Debt. The Canadian Borrower shall ensure that the outstanding Total Debt of SMTC Corporation and its Subsidiaries under this Agreement, the US Loan Agreement and Capital Leases shall not exceed the applicable number set forth in the table below times trailing twelve (12) month EBITDA of SMTC Corporation and its Subsidiaries calculated at the end of each fiscal quarter in the table below on a consolidated basis in accordance with GAAP: March 2009 6.3x June 2009 4.7x September 2009 3.9x December 2009 3.1x Each Fiscal Quarter thereafter 3.0x
(x) Section 8.25 “Maximum Capital Expenditures” of the Canadian Loan Agreement is deleted and replaced with:
Maximum Total Debt. Permit, at any time after the third anniversary of the Closing Date (the "Third Anniversary Date"), Total Debt to exceed the greater of (a) the sum of (i) the Aggregate Commitment under (and as defined in) the Senior Credit Agreement and (ii) the aggregate amount of Debt (other than Senior Debt) of the Borrower and its Restricted Subsidiaries determined on a Consolidated basis, in each case of (i) and (ii), on the Third Anniversary Date and (b) $400,000,000.
Maximum Total Debt. Canadian Borrower shall ensure that the ratio of outstanding Total Debt of SMTC Corporation and its Subsidiaries under this Agreement, the US Loan Agreement and Capital Leases to trailing twelve (12) month EBITDA of SMTC Corporation and its Subsidiaries calculated at the end of each fiscal quarter on a consolidated basis in accordance with GAAP shall not exceed 3:1. For purposes of calculating EBITDA for this Section 8.24 only, EBITDA may include cash payments of accounts receivable of SMTC Corporation and its Subsidiaries due before the applicable fiscal quarter end in accordance with customary procedures that are received by SMTC Corporation and its Subsidiaries within five (5) Business Days of such applicable fiscal quarter end.”.
(x) Section 8.25 “Maximum Unfunded Capital Expenditures” of the Canadian Loan Agreement is deleted and replaced with:
Maximum Total Debt. Permit Total Debt (excluding outstanding Indebtedness ------------------ secured by Liens permitted pursuant to Paragraphs 10(a)(6) and 10(a)(7) above) on and as of each Applicable Financial Test Date to exceed the sum of:
Maximum Total Debt. Canadian Borrower shall ensure that the outstanding Total Debt of SMTC Corporation and its Subsidiaries under this Agreement, the Canadian Loan Agreement and Capital Leases shall not exceed the applicable number set forth in the table below times trailing twelve (12) month EBITDA of SMTC Corporation and its Subsidiaries calculated at the end of each month on a consolidated basis in accordance with GAAP:
Maximum Total Debt. The Borrowers shall ensure that the outstanding Total Debt of SMTC Corporation and its Subsidiaries under this Agreement and Capital Leases shall not exceed the applicable number set forth in the table below times trailing twelve (12) month EBITDA of SMTC Corporation and its Subsidiaries calculated at the end of each month in the table below on a consolidated basis in accordance with GAAP:
