Minimum Debt Service Ratio. The Company will not permit the Debt Service Ratio to be, as of the end of any Measurement Period, (a) less than 2.25 to 1.00 for the Measurement Period ended October 31, 2013, and (b) less than 2.50 to 1.00 thereafter.
Minimum Debt Service Ratio. Each Borrower shall maintain a Debt Service Ratio of not less than 1.75:1.0.
Minimum Debt Service Ratio. The ratio of (i) Adjusted EBITDA of the Trust and its Subsidiaries determined on a consolidated basis for the period of two consecutive fiscal quarters of the Trust most recently ending to (ii) Debt Service for such period, to be less than 1.50 to 1.00 at any time.
Minimum Debt Service Ratio. The Obligors will not permit the Minimum Debt Service Ratio, calculated as of the end of each fiscal quarter of the Parent ending on or after the Effective Date, to be less than 1.75:1.00.
Minimum Debt Service Ratio. The ratio of (i) Adjusted EBITDA of the Parent and its Subsidiaries determined on a consolidated basis for the fiscal quarter of the Parent most recently ending to (ii) Debt Service for such period, to be less than 1.75 to 1.00 any time.
Minimum Debt Service Ratio. Fail to maintain a minimum debt service ratio for Guarantor and its subsidiaries (on a consolidated basis) of 1.25:1 based on a rolling four (4) quarter average, to be calculated as follows:
(1) the sum of: (i) Net Income before taxes, (ii) depreciation and amortization expense, (iii) interest expense, and (iv) rent and lease expense, less (v) taxes, distributions, and cash dividends paid, divided by (2) the sum of: (i) current maturity of long term debt, (ii) interest expense, and (iii) rent and lease expense. For the purposes of testing the minimum debt service ratio, "interest expense" in the denominator shall be defined as interest expense of Unsubordinated Indebtedness plus interest paid on Permitted Subordinated Indebtedness. For the purposes of testing the minimum debt service ratio, "rent and lease expense" shall mean all amounts payable to any landlords and lessors by any Borrower Entity for the use of any real or personal property.
Minimum Debt Service Ratio. 49 7.3 Minimum Consolidated Tangible Net Worth.................49
Minimum Debt Service Ratio. Borrower will maintain a ratio of EBITDA to interest expense and scheduled principal payments in respect of Debt of not less than 1.15:1.00 at all times. Compliance with the financial covenants set forth in this Article VII shall be determined based on financial statements dated as of the close of business on the last day of the related period.
Minimum Debt Service Ratio. (a) Section 9.18 of the Loan Agreement is hereby amended by deleting the second proviso of such Section and replacing it with the following: “provided, further, that, if the aggregate Adjusted Excess Availability of Borrowers is equal to or greater than $22,500,000 for each of the ten (10) consecutive days immediately preceding the last day of any such Section 9.18 Test Period, then Group and its Subsidiaries shall not be required to comply with the terms of this Section 9.18 for such Section 9.18 Test Period.”
(b) Notwithstanding anything to the contrary contained herein, in the Loan Agreement or the other Financing Agreements, Borrowers and Guarantors shall not be required to comply with the terms of Section 9.18 of the Loan Agreement for the periods ending September 30, 2005, October 31, 2005, November 30, 2005, December 31, 2005, January 31, 2006, February 28, 2006 and March 31, 2006.
Minimum Debt Service Ratio. The Debt Service Ratio must not be less than a value of 2.5 x. The calculation of the above ratios is based on the pattern agreed for UTi Worldwide Inc. in its Note Purchase Agreement dated 25 January 2013. A copy of this agreement is enclosed as Attachment 1. Terms defined therein shall be applied here mutatis mutandis. The Attachments stated above for the calculation of ratios form an integral part of the Facility Agreement. The basis of calculation shall be the quarterly accounts of UTi Worldwide Inc. as well as the group accounts of UTi Worldwide Inc. prepared in accordance with the US GAAP for the respective business year and audited by a certified public accountant, subject to consistently applied accounting and valuation methods when compared with the previous years. The Borrower shall confirm adherence to the ratios mentioned hereinabove to the Bank in writing on a quarterly basis, within 45 days from the quarterly accounts at the latest. In the event that the covenants stated above are not complied with by the Borrower and/or the ratios agreed upon above are not met or compliance with such ratios is not confirmed or not confirmed in due time by presenting the required documents, the Bank will set a time limit to the Borrower for such a breach to be remedied, provided that such a remedy appears possible according to the principles of a prudent businessman within a period of 30 days. If no time limit for remedy has been set as remedy is impossible, or if the time limit so set has expired without result, the Bank shall be entitled in a first step to demand from the Borrower the provision or increase of security acceptable in banking operations to secure the Bank’s rights under this Facility Agreement. Further rights to which the Bank is entitled under this Agreement, other agreements, its General and Special Business Conditions, or the legal provisions, shall not be affected hereby.
