Senior Funded Debt Ratio. The Company shall maintain as of the last day of each of its fiscal quarters a Senior Funded Debt Ratio of not greater than 3.50 to 1.
Senior Funded Debt Ratio. Section 6.17 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
Senior Funded Debt Ratio. As of the end of each 12-month period ending on the end of each fiscal quarter of the Parent, a Senior Funded Debt Ratio of not greater than 1.50 to 1.
Senior Funded Debt Ratio. Borrower shall maintain, on a consolidated basis, a Senior Funded Debt Ratio of not more than (a) 4.00 to 1 as at the fiscal quarters ending April 30, 2000 and July 31, 2000; (b) 3.75 to 1 as at the fiscal quarters ending October 31, 2000; (c) 3.50 to 1 as at the fiscal quarters ending January 31, 2001; (d) 3.25 to 1 as at the fiscal quarters ending April 30, 2001 and July 31, 2001; and (e) 3.00 to 1 as at the fiscal quarters ending October 31, 2001 and thereafter. As used herein, "Senior Funded Debt Ratio" shall mean, as of the end of any fiscal quarter, the quotient obtained by dividing (A) Senior Funded Debt as of the end of such fiscal quarter by (B) the EBITDA for such quarter and the three immediately preceding fiscal quarters, PLUS, in the event that Borrower has acquired any Subsidiaries during such fiscal quarter or during the immediately preceding three fiscal quarters, the EBITDA of such Subsidiaries from the first day of the immediately preceding three fiscal quarters through the date of acquisition of each Subsidiary. "EBITDA" shall mean pre-tax net income (or pre-tax net loss), PLUS, the sum of (i) interest expense, (ii) depreciation expense, (iii) depletion expense, and (iv) amortization expense.
Senior Funded Debt Ratio. Permit the Senior Funded Debt Ratio, as of the last day of any Fiscal Quarter, to be greater than the ratio set forth below opposite the period during which such Fiscal Quarter ends: Period Ratio ------ ----- Closing Date through December 31, 1998 3.35 to 1.00 January 1, 1999 through June 30, 1999 3.10 to 1.00 July 1, 1999 through December 31, 1999 2.85 to 1.00 January 1, 2000 through June 30, 2000 2.60 to 1.00 July 1, 2000 and thereafter 2.50 to 1.00
Senior Funded Debt Ratio. Maintain as of the end of each fiscal quarter a Senior Funded Debt Ratio of not more than the following: Through 9/30/07 1.75 to 1 Thereafter 1.50 to 1
(e) Section 5.1(h) is amended to provide that no minimum Fixed Charge Coverage Ratio shall apply in the fiscal quarters ended June 30, 2007 and September 30, 2007.
Senior Funded Debt Ratio. Permit the Senior Funded Debt Ratio, as of the last day of any Fiscal Quarter, to be greater than 2.50 to 1.00.
Senior Funded Debt Ratio. Permit the Borrower’s Senior Funded Debt Ratio to be greater than (i) 2.50 to 1.00 from the date hereof until the fiscal quarter ending October 31, 2014, (ii) 2.25 to 1.00 from the fiscal quarter ending January 31, 2015 until the fiscal quarter ending January 31, 2016, and (iii) 2.00 to 1.00 thereafter. “Senior Funded Debt Ratio” means, at any date of determination, with respect to the Borrower and its Subsidiaries on a consolidated basis, the ratio of (a) indebtedness for (i) borrowed money plus (ii) the deferred purchase price of property not purchased on ordinary trade terms plus (iii) capitalized leases and for other liabilities evidenced by promissory notes or other instruments, but not including any indebtedness that has been subordinated to the indebtedness evidenced by Notes pursuant to a writing that has been accepted by the Bank to (b) the sum on such date of (i) EBITDA for the most recently completed Test Period prior to such date plus (ii) non-cash stock compensation (without duplication) plus (iii) deemed EBITDA of Flip Flop Shops Franchise Company, LLC of $1,000,000 for the test period ending October 31, 2015, $750,000 for the test period ending January 31, 2016, $500,000 for the test period ending April 30, 2016, and $250,000 for the test period ending July 31, 2016.”
Senior Funded Debt Ratio. The Company shall maintain, on a consolidated basis, a Senior Funded Debt Ratio of not more than (a) 3.75 to 1 as at the fiscal quarters ending April 30, 2001 and July 31, 2001, (b) 5.00 to 1 as at the fiscal quarters ending October 31, 2001, January 31, 2002 and April 30, 2002 and (c) 3.50 to 1 as at the fiscal quarters ending July 31, 2002 and thereafter."
Senior Funded Debt Ratio. Permit the Senior Funded Debt Ratio, as of the last day of any Fiscal Quarter ending after the Completion Date, to be greater than the ratio set forth below opposite such Fiscal Quarter: FISCAL QUARTER RATIO First and Second Fiscal Quarters after Completion Date 4.50 to 1.00 Third and Fourth Fiscal Quarters after Completion Date 4.25 to 1.00 Fifth and Sixth Fiscal Quarters after Completion Date 4.00 to 1.00 Seventh and Eighth Fiscal Quarters after Completion Date 3.75 to 1.00 Ninth Quarter after Completion Date 3.50 to 1.00 -57- Each Fiscal Quarter thereafter 3.25 to 1.00; PROVIDED that (a) the initial partial Fiscal Quarter shall be disregarded for this purpose and the First Fiscal Quarter after the Completion Date shall be the first full such Fiscal Quarter and (b) if both the Parent Bank Credit Facility and the Equipment Lease cease to be in effect at any time after the date that is six (6) months after the Completion Date, the maximum Senior Funded Debt Ratio under this Section 6.11 shall thereafter be 3.25 to 1.00 commencing with the last day of the first Fiscal Quarter ending after the date of such cessation.
