Minimum Total Fixed Charge Coverage Ratio Clause Samples
Minimum Total Fixed Charge Coverage Ratio. (i) Borrower will not permit the Total Fixed Charge Coverage Ratio, as of the end of any Fiscal Quarter, to be less than 1.0:1.0; provided, however, that, subject to clauses (ii) and (iii) below, for up to four (4) consecutive Fiscal Quarters, Borrower may elect once and only once, upon not less than ten (10) Business Days’ prior written notice to Administrative Agent, to reduce such ratio to 0.90:1.0 (the “Low Fixed Charge Covenant Period”). From and after Borrower’s election to implement a Low Fixed Charge Covenant
Minimum Total Fixed Charge Coverage Ratio. If the last day of any calendar month is a FCCR Covenant Trigger Date, then subject to the following sentence, the Borrower will not permit its Total Fixed Charge Coverage Ratio as of the most recently ended fiscal quarter for which financial statements and Compliance Certificate has been delivered under Section 5.6(a) or Section 5.6(b), to be less than 1.00 to 1.00. Notwithstanding anything herein to the contrary, (i) the foregoing covenant shall cease to apply from and after the Borrowing Limit Election Date, and (ii) regardless of the occurrence of a FCCR Covenant Trigger Date, this covenant shall not be tested for a month end so long as each of the following conditions is satisfied: (A) the Borrower must deliver a Recalculation Certificate concurrently with the delivery of Monthly Financial Statements and Asset Coverage Ratio Certificate for such month end, (B) such Recalculation Certificate shall certify calculations for Eligible Assets as of the Recalculation Date described therein based on updated information reasonably acceptable to the Administrative Agent and shall demonstrate Excess Availability as of such delivery date that is equal to or greater than 25%, (C) such Monthly Financial Statements and Asset Coverage Ratio Certificate are timely delivered to the Administrative Agent as required under Section 5.6(o), (D) no more than four Recalculation Certificates may be delivered from and after the Amendment No. 1 Effective Date, and (E) no Recalculation Certificates can be delivered for two consecutive months.
Minimum Total Fixed Charge Coverage Ratio. (i) From the Closing Date through the end of calendar year 2014, Borrower will not permit the Total Fixed Charge Coverage Ratio, as of the end of any Fiscal Quarter, to be less than 1.3:1.0;
(ii) From January 1, 2015 through the end of calendar year 2015, Borrower will not permit the Total Fixed Charge Coverage Ratio, as of the end of any Fiscal Quarter, to be less than 1.4:1.0;
(iii) From January 1, 2016 until the Initial Maturity Date, Borrower will not permit the Total Fixed Charge Coverage Ratio, as of the end of any Fiscal Quarter, to be less than 1.5:1.0; and
(iv) During the Extension Term, Borrower will not permit the Total Fixed Charge Coverage Ratio, as of the end of any Fiscal Quarter, to be less than 1.5:1.0.
Minimum Total Fixed Charge Coverage Ratio. Borrower will not permit the Total Fixed Charge Coverage Ratio, as of the end of any Fiscal Quarter, to be less than 1.5:1.0.