Springing Interest Coverage Ratio Clause Samples
Springing Interest Coverage Ratio. Fail to maintain (i) during any Covenant Testing Period that commences or is continuing during the period from the Eighth Amendment Effective Date to and including March 30, 2021, an Interest Coverage Ratio, calculated for each 12 month period ending on the first day of any such Covenant Testing Period and the last day of each fiscal month of Ultimate Parent occurring until the end of any such Covenant Testing Period (including the last day thereof), in each case of at least 1.00 to 1.00, and (ii) during any Covenant Testing Period that commences or is continuing on March 31, 2021 or thereafter, an Interest Coverage Ratio, calculated for each 12 month period ending on the first day of any such Covenant Testing Period and the last day of each fiscal month of Ultimate Parent occurring until the end of any such Covenant Testing Period (including the last day thereof), in each case of at least 1.25 to 1.00.
Springing Interest Coverage Ratio a. As of the date hereof, a Covenant Testing Period [is/is not] in effect.
b. [The Interest Coverage Ratio, measured as of the last day of the Ultimate Parent’s fiscal quarter ending _________ __, ____ is ____:1.00, which Interest Coverage Ratio [is/is not] less than or equal to the Senior Leverage Ratio permitted by Section 6.14(b) of the Credit Agreement.]1