Ratio of EBITDA to Fixed Charges. The Parent shall not permit the ratio of (i) EBITDA of the Parent and its Consolidated Subsidiaries for the four fiscal-quarter period most recently ended to (ii) Fixed Charges for such four fiscal-quarter period to be less than 1.65 to 1.00 at the end of each fiscal quarter.
Ratio of EBITDA to Fixed Charges. The Borrower shall not permit, for any fiscal quarter, the ratio of (i) EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such fiscal quarter to (ii) Fixed Charges of the Borrower and its Subsidiaries determined on a consolidated basis for such fiscal quarter, to be less than 1.75 to 1.00 at the end of such fiscal quarter.
Ratio of EBITDA to Fixed Charges. The Borrower shall not permit, for any period of four consecutive fiscal quarters, the ratio of (i) EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such period to (ii) Fixed Charges of the Borrower and its Subsidiaries determined on a consolidated basis for such period, to be less than 1.50 to 1.00 at the end of such fiscal quarter; provided that such ratio shall be calculated on a pro forma basis on the assumption that (A) any Indebtedness incurred by the Borrower or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Indebtedness since the first day of such four-quarter period) had occurred on the first day of such period, (B) the repayment or retirement of any other Indebtedness of the Borrower or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Indebtedness during such period), and (C) in the case of any acquisition or disposition by the Borrower or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation; provided that, notwithstanding the foregoing, the amount of scheduled principal payments (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness) made that are included in clause (b) of the calculation of Fixed Charges for such period shall be determined on an actual rather than pro forma basis. If any Indebtedness incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Fixed Charges, the interest rate on such Indebtedness shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.
Ratio of EBITDA to Fixed Charges. The ratio of EBITDA to Fixed Charges of the Guarantor (on a consolidated basis) was [•]. The Guarantor (on a consolidated basis) shall ensure that the ratio of EBITDA to Fixed Charges shall be (i) 1.15:1.00 if 75% to 100% of the Fleet Vessels are on Contracted Employment for a period of twelve (12) months or more, (ii) 1.20:1.00 if 50% to 74% of the Fleet Vessels are under Contract Employment for a period of twelve (12) months or more and (iii) 1.25:1.00 at all times otherwise, in any event on a twelve (12) months rolling basis on assumptions approved by the Bank. The covenant in Clause 5.3.2(b) is thus [not] satisfied.
Ratio of EBITDA to Fixed Charges. The Borrower shall procure that the Guarantor (on a consolidated basis) shall ensure that the ratio of EBITDA to Fixed Charges shall be minimum one hundred and twenty-five per cent (125.00%) on a twelve (12) months rolling basis on assumptions approved by the Lender.
Ratio of EBITDA to Fixed Charges. The Parent shall not permit the ratio of (i) Adjusted EBITDA of the Parent and its Subsidiaries for the fiscal quarter most recently ending to (ii) Fixed Charges of the Parent and its Subsidiaries for such fiscal quarter to be less than (1) 1.25 to 1.00 as of the last day of any fiscal quarter ending on or prior to December 31, 2020 and (2) 1.50 to 1.00 as of the last day of any fiscal quarter ending thereafter.”
(d) Section 10.1(f) of the Credit Agreement is hereby amended and restated in its entirety as set forth below:
Ratio of EBITDA to Fixed Charges. The Guarantor undertakes that it shall (on a consolidated basis) ensure that the ratio of EBITDA to Fixed Charges shall be (i) 1.15:1.00 if 75% to 100% of the Fleet Vessels are on Contracted Employment for a period of twelve (12) months or more, (ii) 1.20:1.00 if 50% to 74% of the Fleet Vessels are under Contract Employment for a period of twelve (12) months or more and (iii) 1.25:1.00 at all times otherwise, in any event on a twelve (12) months rolling basis on assumptions approved by the Bank’’;
(d) in clause 5.3.2, the current wording of paragraph (d) (‘Cash and Cash Equivalents’) shall be deleted and replaced with the following new wording:
Ratio of EBITDA to Fixed Charges. The Borrower will not permit the ratio of (i) EBITDA for the four most recent fiscal quarters ended on the date set forth below to (ii) Fixed Charges for such period to be less than the ratio set forth below opposite such period: December 31, 2003 3.34 March 31, 2004 2.44 June 30, 2004 1.63 September 30, 2004 1.27 December 31, 2004 1.04 March 31, 2005 1.04 June 30, 2005 1.08 September 30, 2005 1.11 December 31, 2005 1.11 March 31, 2006 1.11 June 30, 2006 1.08 September 30, 2006 1.05 December 31, 2006 1.02 March 31, 2007 1.00 June 30, 2007 1.00 September 30, 2007 1.00 December 31, 2007 1.00 March 31, 2008 1.00 June 30, 2008 1.00 16. Amendment to Section 6.22. Section 6.22 is hereby amended by deleting it in its entirety and substituting the following in lieu thereof:
Ratio of EBITDA to Fixed Charges. The Company and its Consolidated Subsidiaries shall have as of the last day of each calendar month, a ratio of EBITDA to Fixed Charges, both for such month, of not less than (i) 1:1 for each month prior to the Extension Period and (ii) 2:1 for each month during the Extension Period.
Ratio of EBITDA to Fixed Charges. The Borrower will not -------------------------------- permit the ratio of (i) EBITDA for any of the periods set forth below to (ii) to Fixed Charges for such period, to exceed the ratio set forth below opposite such period: Fiscal year Ending Ratio ------------------ ----- December 31, 2003 1.00 December 31, 2004 1.00 December 31, 2005 1.00 December 31, 2006 1.25 December 31, 2007 1.40 Fiscal Quarter Ending Ratio --------------------- ----- March 31, 2008 1.45 June 30, 2008 1.50 September 30, 2008 1.55
