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. 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. 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 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. On a consolidated statutory basis, ASIC and its Subsidiaries shall not permit the Operating Leverage Ratio to exceed 3.0:1.0 as of the last day of each fiscal quarter during the term of this Agreement.
Operating Leverage Ratio. Operating Leverage Ratio as computed in accordance with Sections 1.1 and 5.14 of the Restated Revolving Credit Agreement is : 1.0. COVENANT REQUIREMENT -Cannot exceed 3.0:1.0. In the above computation, the Operating Leverage Ratio is computed as follows: Net Written Premiums (over the most recent four quarters) Capital Surplus (as of the most recent quarterly ending date)
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. 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. 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.
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).
