Senior Debt Coverage. Borrower shall not permit its Senior Debt Coverage measured monthly, at the end of each fiscal month of Borrower, beginning with the Initial Test Month, to be greater than 2.50:1; where:
Senior Debt Coverage. A. Indebtedness of MFC and MBC with respect to Commercial paper $____________ B. Line I.P. plus Line II.L. $____________ C. Line A plus Line B $____________ D. Line III.A. minus Line C $____________ (if positive, amount available (subject to I, II and III); if negative, amount due) Very truly yours, MEDALLION FINANCIAL CORP. By: /s/ XXXXX XXXXXXXX ------------------------------------- Name: Xxxxx Xxxxxxxx Title: Chief Executive Officer By: /s/ XXXXXX X. XXXXX ------------------------------------- Name: Xxxxxx X. Xxxxx Title: Treasurer and Chief Financial Officer MEDALLION BUSINESS CREDIT, LLC By: /s/ XXXXX XXXXXXXX ------------------------------------- Name: Xxxxx Xxxxxxxx Title: Chief Executive Officer By: /s/ XXXXXX X. XXXXX ------------------------------------- Name: Xxxxxx X. Xxxxx Title: Chief Financial Officer EXHIBIT I ASSIGNMENT AND ACCEPTANCE ------------------------- Dated______________ Reference is hereby made to the Second Amended and Restated Loan Agreement dated as of September 22, 2000 (the "Loan Agreement") by and among MEDALLION FINANCIAL CORP., a Delaware corporation ("MFC"), MEDALLION BUSINESS CREDIT, LLC, a Delaware limited liability company ("MBC"), the banks that from time to time are signatories thereto (including Assignees (as hereinafter defined), collectively, the "Banks" and individually, a "Bank"), and FLEET NATIONAL BANK, as swing line lender (the "Swing Line Lender"), as Arranger and as Agent for the Banks (including any successor, the "Agent"). Capitalized terms used herein that are defined in the Loan Agreement that are not otherwise defined herein shall have the respective meanings ascribed thereto in the Loan Agreement. __________________________ a ______________ (the "Assignor") and ______________________________, a ______________, (the "Assignee") agree as follows:
Senior Debt Coverage. Company will not permit the ratio of (y) Consolidated Senior Debt as of any day during the period set forth below to (z) Consolidated Adjusted EBITDA for the six (6) consecutive month period ended as of such day multiplied by 2 to be greater than the correlative ratio indicated: Period Consolidated Senior Debt to Consolidated Adjusted EBITDA December 31, 1995 through July 31, 1998 2.50:1.00 August 1, 1998 and thereafter 1.75:1.00
Senior Debt Coverage. The Borrower shall not permit the ratio of (a) Consolidated Senior Debt as of the end of any fiscal quarter to (b) the sum of EBITDA for the fiscal quarter then ending and the preceding seven fiscal quarters (divided by two), to be greater than the ratio set forth opposite the relevant fiscal quarter in the following table: Fiscal Quarter Ratio Fourth Quarter, 2000 4.00 to 1.00 First Quarter 2001 6.00 to 1.00 Second Quarter 2001 9.50 to 1.00 Third Quarter 2001 8.50 to 1.00 Fourth Quarter 2001 8.00 to 1.00 First Quarter 2002 7.50 to 1.00 Second Quarter 2002 7.25 to 1.00 Third Quarter 2002 5.50 to 1.00 Fourth Quarter 2002 4.50 to 1.00 First Quarter, 2003, and thereafter 4.00 to 1.00
Senior Debt Coverage. The Borrower shall not permit the ratio of (a) Consolidated Senior Debt to (b) EBITDA, for each fiscal quarter set forth below, calculated for the fiscal quarter then ending and the preceding three fiscal quarters, to be more than the ratio set forth opposite the relevant fiscal quarter in the following table: Fiscal Quarter Ratio First Quarter, 1999 through Third Quarter, 1999 3.00 Fourth Quarter, 1999 and Thereafter 2.75 provided that, for purposes of computing the ratio as of the end of the First Quarter, 1999, EBITDA shall be EBITDA for such quarter and for the preceeding two quarters, plus $3,400,000. In the event the Agri Services Purchase Agreement has not been consummated on or before November 30, 1998, (or on or before such later date as may be designated by the Term Loan Lenders in their sole discretion, but in no event later than December 31, 1998), the applicable ratios for this clause (e) as set forth above shall be replaced with the following ratios: Fiscal Quarter Ratio First Quarter, 1999 through Third Quarter, 1999 5.25 Fourth Quarter, 1999 and Thereafter 4.25
Senior Debt Coverage. The Company shall not permit the ratio of (a) Consolidated Senior Debt as of the end of any Fiscal Quarter to (b) the sum of EBITDA for the Fiscal Quarter then ending and the preceding seven Fiscal Quarters (divided by two), to be greater than the ratio set forth opposite the relevant Fiscal Quarter in the following table: Fiscal Quarter Minimum EBITDA First Fiscal Quarter Fiscal Year 2001 6.00 to 1.00 Second Fiscal Quarter Fiscal Year 2001 9.50 to 1.00 Third Fiscal Quarter Fiscal Year 2001 8.50 to 1.00 Fourth Fiscal Quarter Fiscal Year 2001 8.00 to 1.00 First Fiscal Quarter Fiscal Year 2002 7.50 to 1.00 Second Fiscal Quarter Fiscal Year 2002 7.25 to 1.00 Third Fiscal Quarter Fiscal Year 2002 5.50 to 1.00 Fourth Fiscal Quarter Fiscal Year 2002 4.50 to 1.00 First Fiscal Quarter Fiscal Year 2003 4.00 to 1.00 Second Fiscal Quarter Fiscal Year 2003 3.50 to 1.00 Third Fiscal Quarter Fiscal Year 2003 3.50 to 1.00 Thereafter 3.00 to 1.00
Senior Debt Coverage. A. Indebtedness of MFC and MBC with respect to Commercial Paper $________ ---------- */ (if positive, amount available to NEC; if negative amount due) -
Senior Debt Coverage. The Company shall not permit the ratio of (a) Consolidated Senior Funded Debt to (b) 50% of the sum of EBITDA for the fiscal quarter then ending and the preceding seven fiscal quarters, to be greater than 3.0 to 1.0, calculated on a quarterly basis."
Senior Debt Coverage. The Borrower shall not permit the ratio of (a) Consolidated Senior Debt to (b) EBITDA, for each fiscal quarter set forth below, calculated for the fiscal quarter then ending and the preceding three fiscal quarters, to be more than the ratio set forth opposite the relevant fiscal quarter in the following table: Fiscal Quarter Ratio First Quarter, 1999 through Third Quarter, 1999 3.00 Fourth Quarter, 1999 through First Quarter, 2000 2.75 Second Quarter, 2000 through Fourth Quarter 2000 3.50 First Quarter 2001 and thereafter 3.00 provided that, for purposes of computing the ratio as of the end of the First Quarter, 1999, EBITDA shall be EBITDA for such quarter and for the preceding two quarters, plus $3,400,000."
Senior Debt Coverage. The Company shall not permit the ratio of (a) Consolidated Senior Funded Debt to (b) EBITDA, for each fiscal quarter set forth below, calculated for the fiscal quarter then ending and the preceding three fiscal quarter, to be less than the ratio set forth opposite the relevant fiscal quarter in the following table: Fiscal Quarter Ratio September 30, 1998 through March 31, 1999 3.00 June 30, 1999 through September 31, 1999 2.75 December 31, 1999 through June 30, 2000 3.50 September 30, 2000 and Thereafter 3.00 For purposes of computing the ratio as of the end of the fiscal quarter ending on September 30, 1998, EBITDA for such quarter and for the preceding two quarters shall be increased by $3,400,000.
