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 EBITDA for such period to Fixed Charges for such period, (ii) "EBITDA" shall mean, for any period, the sum of (A) net income (or loss) for the applicable period of measurement determined in accordance with generally accepted accounting principles, 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;
Sample 1

Examples of Fixed Charge Coverage Ratio Covenant in a sentence

  • The First Default Dividend Yield and the Second Default Dividend Yield will revert back to the Initial Dividend Yield if the Company remains in compliance with the Fixed Charge Coverage Ratio Covenant and the Capitalization Ratio Covenant (in each case measured at the end of the then most recently completed fiscal quarter) on two consecutive dividend payment dates after such First Default Dividend Yield or Second Default Dividend Yield takes effect.

  • The Company shall not permit the Fixed Charge Coverage Ratio to be less than 1.30 (the "Fixed Charge Coverage Ratio Covenant") or the Capitalization Ratio to exceed 0.55 (the "Capitalization Ratio Covenant") measured, in each case, at the end of each fiscal quarter.

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

  • 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.

  • 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.

  • 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.

  • 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.

  • The First Default Dividend Yield and the Second Default Dividend Yield will revert back to the Initial Dividend Yield if the Company remains in compliance with the Fixed Charge Coverage Ratio Covenant and the Capitalization Ratio Covenant on two consecutive dividend payment dates after such First Default Dividend Yield or Second Default Dividend Yield takes effect.

  • 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.

  • 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.


More Definitions of Fixed Charge Coverage Ratio Covenant

Fixed Charge Coverage Ratio Covenant has the meaning set forth in Section II.10(a)(i).
Sample 1
Fixed Charge Coverage Ratio Covenant or the Capitalization Ratio to exceed 0.55 (the “Capitalization Ratio Covenant”);
Sample 1
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.
Sample 1
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: Test Period Minimum Fixed Charge Coverage Ratio 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 EBITDA 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 (in accordance with Regulation S-X under the Securities Act) 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, as of any date of determination, the ratio of (a) Consolidated Adjusted EBITDA to (b) Consolidated Fixed Charges, in each case, for the most recently completed four (4) fiscal quarters.

  • 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 as of the most recent fiscal quarter ended prior to such time to (b) Consolidated Fixed Charges for such period.

  • Interest Coverage Ratio means, as at any date, the ratio of (a) EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior to such date to (b) 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 Borrowers for the period of computation thereof, the ratio of (i) Consolidated EBITDA for such period plus Consolidated Lease Expense for such period, to (ii) Consolidated Fixed Charges for such period;

  • 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 (other than Indebtedness, including Indebtedness hereunder) of the Borrower and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries.

  • 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 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, on any date, the ratio of (a) Consolidated Total Indebtedness as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company most recently ended on or prior to such date.

  • Debt Coverage Ratio means the ratio of Consolidated Indebtedness to Consolidated EBITDA.

  • 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 the ratio of (a) Consolidated Senior Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • 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 period of the four fiscal quarters most recently ended.