Common use of Ratio of EBITDA to Fixed Charges Clause in Contracts

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 ratio of EBITDA to Fixed Charges of Borrower shall procure that the Guarantor (on a consolidated basis) was [•]. The Corporate 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.’’;