Operating Leverage Ratio. The Borrower shall maintain on a rolling four quarter basis a ratio of [Funded Senior Debt] to [earnings before interest, taxes, depreciation and amortization] of not greater than (a) 5.25 to 1.0 as of December 31, 1998, (b) 4.9 to 1.0 as of March 31, 1999 and at all times through September 30, 1999, (c) 3.75 to 1.0 as of December 31, 1999 and at all times through September 30, 2000 and (d) 2.9 to 1.0 as of December 31, 2000 and at all times thereafter. "FUNDED SENIOR DEBT" shall mean all outstanding indebtedness of Borrower to Lender and to Jamex Xxxxxx xxx Geraxx Xxxxxx.
Operating Leverage Ratio. The Borrower will not permit the Operating Leverage Ratio at the end of any fiscal quarter for (i) HIC, on a combined statutory basis, and (ii) VIK, on a combined statutory basis, in each case to be greater than 3.00 to 1.
Operating Leverage Ratio. The Borrower will not permit the ratio of Consolidated Net Written Premiums to Statutory Surplus of RECO to be greater than 2.0 to 1.0 (or any lower ratio required under any applicable Requirement of Law) at any time from and after the Closing Date.
Operating Leverage Ratio. As of the end of any Fiscal Quarter, cause each Insurance Subsidiary to maintain an Operating Leverage Ratio of not more than 3.0 to 1.0.
Operating Leverage Ratio. Holding Company and its Subsidiaries shall have, on a consolidated basis, at the end of each Fiscal Quarter, an Operating Leverage Ratio as of the last day of such Fiscal Quarter for the 12-month period then ended, of not more than 2.50 to 1.00. ANNEX I (from Annex A - Commitments definition) TO FIFTH AMENDMENT TO CREDIT AGREEMENT COMMITMENTS AS OF OCTOBER 25, 2006 Lender(s): The Frost National Bank Revolving Loan Commitment of: $ 10,000,000 Acquisition Facility Commitment: $ 10,000,000
Operating Leverage Ratio. SNIG and the Borrower will not permit the ratio of (i) Net Premiums Written for any Test Period to (ii) Statutory Surplus as of the last day of such Test Period for PRACO and SNIC, collectively on a combined basis, to be greater than 2.50:1.00.
Operating Leverage Ratio. Holding Company and its Subsidiaries shall have, on a consolidated basis, at the end of each Fiscal Quarter, an Operating Leverage Ratio as of the last day of such Fiscal Quarter for the 12-month period then ended, of not more than 3.00 to 1.00. EXHIBIT 1.1(a)(ii) TO CREDIT AGREEMENT FORM OF REVOLVING NOTE San Antonio, Texas $ FOR VALUE RECEIVED, the undersigned, PIONEER DRILLING SERVICES, LTD., a Texas limited partnership (“Borrower”), HEREBY PROMISES TO PAY to the order of THE FROST NATIONAL BANK, a national banking association (“Lender”), at the offices of THE FROST NATIONAL BANK, a national banking association, as Agent for Lenders (“Agent”), at its address at 000 X. Xxxxxxx Street, San Antonio, Texas 78205, or at such other place as Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of DOLLARS AND CENTS ($ ) or, if less, the aggregate unpaid amount of all Revolving Credit Advances made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement or in Annex A thereto. This Revolving Note is one of the Revolving Notes issued pursuant to that certain Credit Agreement dated as of October 29, 2004, by and among Borrower, the other Persons named therein as Credit Parties, Agent, Lender and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreements and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Credit Advance made by Lenders to Borrower, the rates of interest applicable thereto and each payment made on account of the principal thereof, shall be recorded by Agent on its books; provided that the failure of Agent to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing under the Credit Agreement or this Note in respect of the Revolving Credit Advances made by Lender to Borrower. Interest on the outstanding pri...
Operating Leverage Ratio. The Borrower will cause each Insurance Subsidiary that is a Significant Subsidiary to maintain a ratio of Net Written Premiums to Statutory Surplus of not greater than 3.0 to 1.0 (or any lower ratio required under any applicable Requirement of Law) at all times from and after the Amendment Effective Date.
Operating Leverage Ratio. As of the end of the fiscal ------------------------ quarters of the Borrowing Group ending June 30 and September 30 of each year, Borrowers shall not cause or permit the Operating Leverage Ratio to be less than 3.50 to 1.00.
Operating Leverage Ratio. The Borrower will not permit, at any time from and after the Closing Date, the ratio of (i) Consolidated Net Written Premiums to Consolidated Statutory Surplus to be greater than 2.5 to 1.0 or (ii) Consolidated Gross Written Premiums to Consolidated Statutory Surplus to be greater than 5.0 to 1.0 (or, in either case, any lower ratio required under any applicable Requirement of Law).
