Common use of Maximum Total Leverage Clause in Contracts

Maximum Total Leverage. (i) The Borrower and its consolidated Subsidiaries shall not permit the ratio (the “Total Leverage Ratio”) of (i) the aggregate unpaid principal amount of Total Funded Debt as of the last day of any Fiscal Quarter ending during the periods described below to (ii) Adjusted Consolidated EBITDA for the four (4) consecutive Fiscal Quarter period ending as of such date, to exceed the corresponding ratio set forth below opposite such period: Period Ratio Closing Date through and including September 30, 2006 5.60 to 1.00 October 1, 2006 through and including December 31, 2006 5.00 to 1.00 January 1, 2007 through and including December 31, 2007 4.75 to 1.00 January 1, 2008 through and including December 31, 2008 4.50 to 1.00 January 1, 2009 through and including December 31, 2009 4.00 to 1.00 January 1, 2010 and thereafter 3.50 to 1.00

Appears in 2 contracts

Samples: Ratification and Assumption Agreement (Great Lakes Dredge & Dock CORP), Letter of Credit Agreement (Great Lakes Dredge & Dock Corp)

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Maximum Total Leverage. (i) The Borrower and its consolidated Subsidiaries shall not permit the ratio (the “Total Leverage Ratio”) of (i) the aggregate unpaid principal amount of Total Funded Debt as of the last day of any Fiscal Quarter ending during the periods described below to (ii) Adjusted Consolidated EBITDA for the four (4) consecutive Fiscal Quarter period ending as of such date, to exceed the corresponding ratio set forth below opposite such period: Period Ratio Closing Date through and including September 30, 2006 5.60 2008 6.00 to 1.00 October 1, 2006 through and including December 31, 2006 5.00 to 1.00 January 1, 2007 through and including December 31, 2007 4.75 to 1.00 January 1, 2008 through and including December 31September 30, 2008 4.50 2009 5.50 to 1.00 January October 1, 2009 through and including December 31, 2009 4.00 to 1.00 January 1, 2010 and thereafter 3.50 5.00 to 1.00

Appears in 2 contracts

Samples: Charter Agreement (Great Lakes Dredge & Dock CORP), Credit Agreement (Great Lakes Dredge & Dock CORP)

Maximum Total Leverage. (i) The Borrower and its consolidated Subsidiaries shall not permit the ratio (the “Total Leverage Ratio”) of (i) the aggregate unpaid principal amount of Total Funded Debt as of the last day of any Fiscal Quarter ending during the periods described below to (ii) Adjusted Consolidated EBITDA for the four (4) consecutive Fiscal Quarter period ending as of such date, to exceed the corresponding ratio set forth below opposite such period: Period Ratio Closing Date July 16, 2007 through and including September 30, 2006 5.60 2008 6.00 to 1.00 October 1, 2006 through and including December 31, 2006 5.00 to 1.00 January 1, 2007 through and including December 31, 2007 4.75 to 1.00 January 1, 2008 through and including December 31September 30, 2008 4.50 2009 5.50 to 1.00 January October 1, 2009 through and including December 31, 2009 4.00 to 1.00 January 1, 2010 and thereafter 3.50 5.00 to 1.00

Appears in 2 contracts

Samples: Letter of Credit Agreement (Great Lakes Dredge & Dock CORP), Credit Agreement (Great Lakes Dredge & Dock CORP)

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Maximum Total Leverage. (i) The Borrower and its consolidated Subsidiaries shall not permit the ratio (the "Total Leverage Ratio") of (iA) the aggregate unpaid principal amount of its Total Funded Debt as of the last day of any Fiscal Quarter fiscal quarter ending during the periods described below to (iiB) Adjusted Consolidated EBITDA for the four (4) consecutive Fiscal Quarter fiscal quarter period ending as of such datefiscal quarter end, to exceed the corresponding ratio set forth below opposite such period: Period Ratio ------------------------- --------------- Closing Date through and including September 30March 31, 2006 5.60 2000 4.00 to 1.00 October April 1, 2006 2000 through and including December March 31, 2006 5.00 2001 3.75 to 1.00 January April 1, 2007 through and including December 31, 2007 4.75 to 1.00 January 1, 2008 through and including December 31, 2008 4.50 to 1.00 January 1, 2009 through and including December 31, 2009 4.00 to 1.00 January 1, 2010 2001 and thereafter 3.50 to 1.00

Appears in 1 contract

Samples: Credit Agreement (Us Can Corp)

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