Total Net Debt to EBITDA. The ratio of Total Net Debt to EBITDA at each Calculation Date shall not be greater than the ratio set out next to the relevant Calculation Date in the table below: Total Net Debt to EBITDA 2014 2015 2016 2017 2018 2019 2020 2021 31 March — 5.50:1.00 5.50:1.00 5.25:1.00 5.25:1.00 5.25:1.00 4.75:1.00 4.50:1.00 30 June — 5.50:1.00 5.50:1.00 5.25:1.00 5.25:1.00 5.25:1.00 4.75:1.00 4.50:1.00 30 September — 5.50:1.00 5.25:1.00 5.25:1.00 5.25.1.00 5.25:1.00 4.75:1.00 — 31 December 5.50:1.00 5.50:1.00 5.25:1.00 5.25:1.00 5.25:1.00 5.00:1.00 4.75:1.00 —
Total Net Debt to EBITDA. Total Net Debt to EBITDA at each Calculation Date shall:
Total Net Debt to EBITDA. The Borrower shall maintain, on a monthly basis as of the last day of each month, a ratio (on a rolling twelve month basis) of Total Net Debt to EBITDA during the preceding twelve (12) months not to exceed the levels defined in the following table: FROM THROUGH MAXIMUM RATIO June 1, 2010 November 30, 2010 4.50 to 1.00 December 1, 2010 February 28, 2011 4.75 to 1.00 March 1, 2011 August 31, 2011 4.60 to 1.00 September 1, 2011 October 31, 2011 4.40 to 1.00 November 1, 2011 Maturity Date 4.00 to 1.00
Total Net Debt to EBITDA. From and after the Borrower’s first fiscal quarter falling on or after the 3rd anniversary of the Closing Date, maintain at the end of each fiscal quarter of the Borrower, a ratio of Total Net Debt to EBITDA (where EBITDA is the annualized EBITDA from vessels acquired during the prior twelve (12) months), for the four fiscal quarters ended as of the end of such quarter, of not greater than 6.0:1.0.
Total Net Debt to EBITDA. (x) From and after the Amendment Effective Date through and including March 31, 2012, maintain at the end of each fiscal quarter of the Borrower, a ratio of Total Net Debt to EBITDA, for the four fiscal quarters ended as of the end of such quarter, of not greater than 6.0:1.0. and (y), from and after January 1, 2013, maintain at the end of each fiscal quarter of the Borrower, a ratio of Total Net Debt to EBITDA, for the four fiscal quarters ended as of the end of such quarter, of not greater than 6.0:1.0."
Total Net Debt to EBITDA. Borrower will not permit the Total Net Debt to EBITDA Ratio, determined as of the last day of each fiscal quarter of the Companies and for the four (4) fiscal quarter period then ending, to exceed the ratio set forth opposite such period below: Period Ratio ------------------------------------------------------------------ ------------ January 1, 1998 through December 31, 2000 3.50 to 1.0 January 1, 2001 through December 31, 2001 3.25 to 1.0 January 1, 2002 and thereafter 3.00 to 1.0 ================================================================== ============
