Total Debt to Adjusted EBITDA Ratio. Borrower, on a consolidated basis, shall maintain a maximum “Total Debt to Adjusted EBITDA Ratio” of not more than 1.50 to 1.00. Total Debt to Adjusted EBITDA Ratio shall equal Total Debt divided by Adjusted EBITDA. “Total Debt” is defined as debt for borrowed money plus capitalized leases. “Adjusted EBITDA” is defined as net income before taxation plus depreciation expense plus amortization expense plus interest expense plus stock-based compensation plus non-cash/non-recurring gain or loss. Non-cash/non-recurring gains or losses shall not exceed $500,000.00 without Bank’s approval. This covenant shall be tested quarterly (as of March 31st, June 30th, September 30th, and December 31st) on a rolling four quarters basis.
Total Debt to Adjusted EBITDA Ratio. Borrower will not permit the Total Debt to EBITDA Ratio for the twelve (12) month period ending on any date set forth below to exceed the ratio set forth below opposite such date: Date Amount March 31, 2013 3.75 to 1.00 June 30, 2013 3.60 to 1.00 Date Amount September 30, 2013 3.00 to 1.00 December 31, 2013 2.50 to 1.00 March 31, 2014 2.50 to 1.00 June 30, 2014 2.50 to 1.00 September 30, 2014 2.50 to 1.00 December 31, 2014 2.50 to 1.00 March 31, 2015 2.00 to 1.00 June 30, 2015 2.00 to 1.00 September 30, 2015 1.75 to 1.00 December 31, 2015 1.75 to 1.00 March 31, 2016 1.50 to 1.00 June 30, 2016 1.25 to 1.00 September 30, 2016 1.25 to 1.00 December 31, 2016 and the last day of each calendar quarter ending thereafter 1.00 to 1.00
Total Debt to Adjusted EBITDA Ratio. Upland shall maintain, on a consolidated basis with its consolidated Subsidiaries, as of the last day of each fiscal quarter, a ratio of (i) Total Debt to (ii) Adjusted EBITDA of not more than 4.00 to 1.00.
Total Debt to Adjusted EBITDA Ratio. I hereby certify to the Lenders and the Agent that the Borrower is in compliance with Section 12.2.2
Total Debt to Adjusted EBITDA Ratio. In the event Net Borrowing Availability of the Borrowers (disregarding the Permanent Reserve in the calculation of the Borrowing Base) is equal to or less than $25,000,000 as reflected on any Borrowing Base Certificate delivered to Agent in accordance with the terms of this Agreement (or, if the Funds Administrator, on behalf of the Borrowers, shall at any time fail to timely deliver a Borrowing Base Certificate in accordance with the terms of this Agreement, and Net Borrowing Availability is determined by Agent to be equal to or less than $25,000,000 in the exercise of its reasonable credit judgment based on a calculation of Net Borrowing Availability reflected in the most recently delivered Borrowing Base Certificate, with such adjustments to the values of Eligible Billed Accounts and Eligible Unbilled Accounts as Agent deems appropriate in the exercise of its reasonable credit judgment), then commencing with the first fiscal quarter ending after delivery of such Borrowing Base Certificate (or such determination by Agent, as the case may be) and at all times thereafter, the Credit Parties shall not permit the ratio of (i) Total Debt as of the last day of each such fiscal quarter ending closest to a date set forth below to (ii) Adjusted EBITDA for the four (4) fiscal quarter period ending on such last day to exceed the ratio set forth below opposite such date: December 31, 2005 4.50 to 1.00 March 31, 2006 4.50 to 1.00 June 30, 2006 4.50 to 1.00 September 30, 2006 4.50 to 1.00 December 31, 2006 4.50 to 1.00 March 31, 2007 4.25 to 1.00 June 30, 2007 4.25 to 1.00 September 30, 2007 4.00 to 1.00 December 31, 2007 3.75 to 1.00 March 31, 2008 3.75 to 1.00 June 30, 2008 and the last day of each calendar quarter thereafter 3.50 to 1.00
Total Debt to Adjusted EBITDA Ratio maintain at all times a ratio of Total Debt to Adjusted EBITDA not exceeding:
Total Debt to Adjusted EBITDA Ratio. Not permit the Total Debt to Adjusted EBITDA Ratio as of the last day of any Computation Period to exceed (i) for any Computation Period ending prior to December 31, 2009, 2.50 to
1. 00 and (ii) for any Computation Period ending on or around December 31, 2009 and thereafter, 2.00 to 1.00.
Total Debt to Adjusted EBITDA Ratio. As of the end of each ----------------------------------- Fiscal Quarter during the periods set forth below, the Borrower shall not permit the ratio of Total Debt as of such date to Adjusted EBITDA for the four Fiscal Quarters then ended to exceed the ratio set forth opposite the applicable period below: ======================================================================== Period ------ Minimum Ratio ------------- From Through and Including ---- --------------------- ======================================================================== Closing Date March 31, 2000 3.50 to 1.00 ------------------------------------------------------------------------ April 1, 2000 June 30, 2000 3.25 to 1.00 ------------------------------------------------------------------------ July 1, 2000 December 31, 2001 3.00 to 1.00 ------------------------------------------------------------------------ January 1, 2002 December 31, 2002 2.50 to 1.00 ------------------------------------------------------------------------ January 1, 2003 the last Termination Date 2.00 to 1.00 ========================================================================
Total Debt to Adjusted EBITDA Ratio. The Credit Parties will not permit the ratio of (i) Total Debt as of the last day of the fiscal quarter ending closest to the date set forth below to (ii) Adjusted EBITDA for the four (4) fiscal quarter period ending on such last day to exceed the ratio set forth below opposite such date: Date Maximum Ratio ---- ------------- December 31, 2004 4.40 to 1.00 March 31, 2005 4.40 to 1.00 June 30, 2005 4.40 to 1.00 September 30, 2005 4.10 to 1.00 December 31, 2005 4.00 to 1.00 March 31, 2006 3.75 to 1.00 June 30, 2006 3.50 to 1.00 September 30, 2006 3.25 to 1.00 December 31, 2006 3.00 to 1.00 March 31, 2007 2.85 to 1.00 June 30, 2007 2.65 to 1.00 September 30, 2007 2.45 to 1.00 December 31, 2007 2.25 to 1.00 March 31, 2008 2.20 to 1.00 June 30, 2008 2.15 to 1.00 September 30, 2008 2.10 to 1.00 December 31, 2008 and the last day of each calendar quarter thereafter 2.00 to 1.00
Total Debt to Adjusted EBITDA Ratio. Maintain, as of the end of each ----------------------------------- fiscal quarter only, a Total Debt to Adjusted EBITDA Ratio of not more than the following amounts during the periods specified below: Period Ratio ------ ----- Effective Date through the day prior 5.50:1.0 to the end of the second fiscal quarter of fiscal year 2002 For the period from and including the 5.25:1.0 last day of the second fiscal quarter of fiscal year 2002 through and including the day prior to the end of the second fiscal quarter of fiscal year 2003 For the period from and including the 5.00:1.0 last day of the second fiscal quarter of fiscal year 2003 through and including the day prior to the end of the second fiscal quarter of fiscal year Period Ratio ------ ----- 2004 For the period from and including the 4.75:1.0 last day of the second fiscal quarter of fiscal year 2004 and as of the end of each fiscal quarter thereafter
