Total Debt to Adjusted EBITDA Ratio. Borrowers will not permit the ratio of (i) Total Debt on any date set forth below to (ii) Adjusted EBITDA for the twelve (12) month period ending on such date to exceed the ratio set forth below and measured as of such date: Date Ratio 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 4.25 to 1.00 December 31, 2006 4.25 to 1.00 March 31, 2007 4.00 to 1.00 June 30, 2007 4.00 to 1.00 September 30, 2007 3.50 to 1.00 December 31, 2007 3.50 to 1.00 March 31, 2008 3.50 to 1.00 June 30, 2008 3.50 to 1.00 September 30, 2008 3.25 to 1.00 December 31, 2008 3.25 to 1.00 March 31, 2009 3.25 to 1.00 June 30, 2009 3.25 to 1.00 The last day of each calendar quarter thereafter 3.00 to 1.00
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. 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 maintain at all times a ratio of Total Debt to Adjusted EBITDA not exceeding 4.75:1.00; and 11.2.1.3 Fixed Charge Coverage Ratio: maintain at all times a Fixed Charge Coverage Ratio of not less than 1.25:1.00. If the Borrower proceeds with a Permitted Acquisition for an amount exceeding [Redacted], the ratios set forth in Sections 11.2.1.1 and 11.2.1.2 will be increased by 0.50 for a period of twelve months following such Permitted Acquisition, with the result that the Borrower shall be required to maintain, as of the end date of the quarter during which such Permitted Acquisition is being made and each of the three following quarter-ends thereafter, a ratio of Senior Debt to Adjusted EBITDA not exceeding 4.25:1.00 and a ratio Total Debt to Adjusted EBITDA not exceeding 5.25:1.00. Each of the ratios described in Section 11.2.1 shall be calculated quarterly on the last day of each full fiscal quarter of the Borrower on a rolling twelve (12) month basis, based on the consolidated financial statements of the Borrower.
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
Total Debt to Adjusted EBITDA Ratio. Maintain at all times a Total Debt/Adjusted EBITDA Ratio of not more than the amount set forth below for each period set forth below: QUARTER ENDING RATIO -------------- ----- March 31, 2002 6.50:1.00 June 30, 2002 5.75:1.00 September 30, 2002 4.50:1.00 December 31, 2002 4.00:1.00 March 31, 2003 4.00:1.00 June 30, 2003 3.75:1.00 September 30, 2003 3.75:1.00 For each fiscal quarter thereafter 3.50:1.00
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
Total Debt to Adjusted EBITDA Ratio. Permit or suffer the Total Debt to Adjusted EBITDA Ratio, to be greater than (i) 5.25 to 1.00 as of the end of any fiscal quarter of the Company ending on or prior to September 30, 1999, (ii) 5.00 to 1.00 as of the end of any fiscal quarter of the Company ending at any time from and including December 31, 1999 to and including September 30, 2000, (iii) 4.75 to 1.0 as of the end of any fiscal quarter of the Company and again at any time from and including December 31, 2000 to and including September 30, 2001, (iv) 4.5 to 1.0 as of the end of any fiscal quarter of the Company ending at any time from and including December 31, 2001 to and including September 30, 2002, (v) 4.25 to 1.0 as of the end of any fiscal quarter of the Company ending at any time from and including December 31, 2002 to and including September 30, 2003, or (vi) 4.00 to 1.00 as of the end of any fiscal quarter thereafter.
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 ========================================================================
