Fixed Charge Coverage Ratio Covenant definition

Fixed Charge Coverage Ratio Covenant. Borrower shall maintain a "Fixed Charge Coverage Ratio" (as defined below) of not less than 1.1 to 1.0 as determined on the last day of each fiscal quarter of Borrower for the four fiscal quarter period ending on such date. For the purposes hereof, (i) "Fixed Charge Coverage Ratio" shall mean, for any period, the ratio of EBIDTA for such period to Fixed Charges for such period, (ii) "EBIDTA" shall mean, for any period, the sum of (A) net income (or loss) for the applicable period of measurement determined in accordance with GAAP, plus (B) any provision for (or less any benefit from) income and franchise taxes included in the determination of net income, plus (C) interest expense deducted in the determination of net income, plus (D) amortization and depreciation deducted in the determination of net income, and (iii) "Fixed Charges" shall mean, for any period the sum of, without duplication (A) scheduled payments of principal and all credit availability reductions during such period with respect to all indebtedness (including capitalized leases) of Borrower, plus (B) scheduled payments of interest during such period with respect to all indebtedness (including capitalized leases) of Borrower, plus (C) all capital expenditures during such period for the purchase or other acquisition of fixed or capital assets, plus (D) payments during such period in respect of income or franchise taxes.
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Fixed Charge Coverage Ratio Covenant means the covenant of the Borrower set forth in Section 6.7(c).
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Fixed Charge Coverage Ratio Covenant as of the last day of any fiscal quarter of Borrower, to be less than 1.40 to 1.00, commencing on the last day of the first full fiscal quarter in which the Consolidated Group owns at least five Properties;
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Examples of Fixed Charge Coverage Ratio Covenant in a sentence

  • Maximum Ratio for Reporting Period: Actual Ratio for Reporting Period: In Compliance: Yes ☐ No☐ Fixed Charge Coverage Ratio Covenant.

  • Notwithstanding anything to the contrary in the foregoing, the Agent and Lenders have agreed to waive each Event of Default arising from the failure of the Loan Parties to comply the Fixed Charge Coverage Ratio Covenant for each fiscal quarter commencing with the fiscal quarter ending December 31, 2015 up to the fiscal quarter immediately preceding the Closing Date.

  • In regard to a Fixed Charge Coverage Ratio Covenant Breach, the Fixed Charge Coverage Ratio shall be recalculated by adding to EBITDA the amount(s) of the applicable GPE Cash Infusion, GPE Guarantee Increase and/or the amount of the GPE Letter of Credit.

  • We will modify the Fixed Charge Coverage Ratio Covenant through maturity (the next two quarterly tests) to (a) allow specific and approved China/fraud-related add-backs, and (b) reduce the ratio to 1.0x for September 30, 2021 and 1.10x for December 31, 2021.

  • Maximum Ratio for Reporting Period: 3.00 to 1.00 Actual Ratio for Reporting Period: In Compliance: Yes ☐ No ☐ Fixed Charge Coverage Ratio Covenant.

  • Fixed Charge Coverage Ratio Covenant: Borrower shall maintain a "Fixed Charge Coverage Ratio" (as defined below) of not less than 1.1 to 1.0 as determined on the last day of each fiscal quarter of Borrower for the four fiscal quarter period ending on such date.

  • In this option, funds would have a flexibility to select a metric that they believe most suitable for their investment strategies or investment goals.

  • Consolidated Fixed Charge Coverage Ratio Covenant: During the continuance of a Covenant Compliance Event, Parent shall not, nor shall it permit any of its Subsidiaries to, directly or indirectly, permit the Consolidated Fixed Charge Coverage Ratio, calculated on a trailing twelve month basis, to be less than 1.0:1.0, commencing with the month ending immediately preceding the date on which a Covenant Compliance Event first occurred.

  • The principal reason for theCompany’s noncompliance with the Fixed Charge Coverage Ratio Covenant was the Company’s high level of capital expenditures in the trailing twelve month period ending April 26, 2008.The Company was in compliance with all restrictive covenants at August 2, 2008 and July 28, 2007.The amended credit facility also provides for the bank to syndicate the credit facility to other banks and lending institutions.

  • This Agreement shall commence as of the Effective Date and ---- shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the Patent Rights, unless earlier terminated in accordance with the provisions of this Agreement.


More Definitions of Fixed Charge Coverage Ratio Covenant

Fixed Charge Coverage Ratio Covenant. During the continuance of a Covenant Compliance Event, Parent shall not, nor shall it permit any of its Subsidiaries to, directly or indirectly, permit the Consolidated Fixed Charge Coverage Ratio, calculated on a trailing twelve month basis, to be less than 1.0:1.0, commencing with the month ending immediately preceding the date on which a Covenant Compliance Event first occurred. 1. Is a Covenant Compliance Event9 continuing? Yes _________ No _________ 2. If yes (covenant required to be tested), in compliance? Yes _________ No _________
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Fixed Charge Coverage Ratio Covenant has the meaning set forth in Section II.10(a)(i).
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Fixed Charge Coverage Ratio Covenant or the Capitalization Ratio to exceed 0.55 (the “Capitalization Ratio Covenant”);
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Fixed Charge Coverage Ratio Covenant for any Test Period ending on the dates set forth below to be less than the ratio set forth below opposite such Test Period ending on such date: Fiscal Quarter beginning March 28, 2005 and ending on June 26, 2005 1.250:1.0 Four Consecutive Fiscal Quarters ending September 26, 2006 and each Four Consecutive Fiscal Quarters thereafter 1.250:1.0
Sample 1

Related to Fixed Charge Coverage Ratio Covenant

  • Fixed Charge Coverage Ratio means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

  • Consolidated Fixed Charge Coverage Ratio means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the four full fiscal quarters (the “Four-Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which internal financial statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four-Quarter Period. In addition to, and without limitation of, the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to (i) the incurrence or repayment of any Indebtedness or the issuance of any Designated Preferred Stock of such Person or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness or the issuance or redemption of other Preferred Stock (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to revolving credit facilities, occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment or issuance or redemption, as the case may be (and the application of the proceeds thereof), had occurred on the first day of the Four-Quarter Period; and (ii) any Asset Sales or other dispositions or Asset Acquisitions (including any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA attributable to the assets which are the subject of the Asset Acquisition or Asset Sale or other disposition and without regard to clause (vi) of the definition of Consolidated Net Income), investments, mergers, consolidations and disposed operations (as determined in accordance with GAAP) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence or assumption of any such Acquired Indebtedness), investment, merger, consolidation or disposed operation, occurred on the first day of the Four-Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such other Indebtedness that was so guaranteed.

  • Fixed Charge Coverage means, for any period, Operating Cash Flow divided by Fixed Charges.

  • Fixed Charge Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Consolidated EBITDA, divided by (b) Consolidated Fixed Charges.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • Fixed Charges Coverage Ratio means, at any time, the ratio of (a) Consolidated Income Available for Fixed Charges for the period of four consecutive fiscal quarters ending on, or most recently ended prior to, such time to (b) Fixed Charges for such period of four consecutive fiscal quarters.

  • Interest Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Consolidated Fixed Charge Ratio means, with respect to the Borrower and its Subsidiaries for the Four-Quarter Period ending on the date of computation thereof, the ratio of (a) Consolidated EBITDAR to (b) Consolidated Fixed Charges;

  • Coverage Ratio As to any one or more of the Combined Leased Properties, the ratio of the EBITDARM generated by such Combined Leased Property(ies) to Base Rent allocable thereto under the applicable Combined Leases, in each case for the four (4) full calendar quarters ending not less than sixty (60) days prior to the occurrence of a Section 16.10.3.1

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by Senior Securities, to (b) the aggregate amount of Senior Securities representing indebtedness in each case, of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders, declarations, opinions, relief or letters issued by the SEC or any other government or regulatory authority, in each case as of the Effective Date, but excluding the effects of SEC Release No. 33837/April 8, 2020)). The calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive relief or order granted or issued by the SEC with respect to the Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee to which the Borrower or any other Obligor is a party. The outstanding utilized notional amount of any Credit Default Swap where an Obligor is a protection seller, in each case, less the value of the margin posted by the Borrower or any of its Subsidiaries thereunder at such time shall be treated as a Senior Security of the Borrower for the purposes of calculating the Asset Coverage Ratio.

  • Net Total Leverage Ratio means, on any date, the ratio of (A) (i) without duplication, the aggregate principal amount of any Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of the Test Period most recently ended as of such date less (ii) without duplication, the Unrestricted Cash and unrestricted Permitted Investments of the Borrower and its Subsidiaries as of the last day of such Test Period, to (B) Adjusted EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Net Total Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.

  • Total Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Net Leverage Ratio means, at any time, the ratio of (a)(i) Consolidated Total Indebtedness at such time minus (ii) the Qualified Cash Amount to (b) Consolidated EBITDA for the most recently completed period of four fiscal quarters.

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • Secured Net Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Leverage Ratio means, as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA for the four consecutive Fiscal Quarters ending on or immediately prior to such date.

  • Debt Coverage Ratio or “DCR” means the ratio of a Project’s net operating income (rental income less Operating Expenses and reserve payments) to foreclosable, currently amortizing debt service obligations.

  • Consolidated Coverage Ratio means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements are in existence to (y) Consolidated Interest Expense for such four fiscal quarters, provided, however, that:

  • Senior Leverage Ratio means, as of any date of determination, on a Pro Forma Basis, the ratio of (i) Senior Indebtedness of the Borrower and its Subsidiaries as of such date to (ii) Annualized EBITDA for the Borrower and its Subsidiaries for the most recently ended Test Period.

  • Total Net Leverage Ratio means, as of any date of determination, the ratio, on a Pro Forma Basis, of (a) Consolidated Total Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Test Period.

  • Consolidated Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period.