Minimum Interest Coverage definition

Minimum Interest Coverage means for each fiscal quarter of the Borrower the ratio of (a) the sum of EBITDA as of the end of such fiscal quarter for the preceding twelve months to (b) the Consolidated Interest Expense as of the end of such fiscal quarter for the preceding twelve months.

Minimum Interest Coverage the Company's Interest Coverage ratio in respect of any Relevant Period ending on or after 30 June 2022 shall not be less than a ratio of 3.00:1.

Minimum Interest Coverage has the meaning set forth in Section 6.14(a).

Examples of Minimum Interest Coverage in a sentence

• The Company shall not permit the Minimum Interest Coverage Ratio for the four-Fiscal Quarter period ending on the last day of any Fiscal Quarter to be less than 3.00 to 1.00.

• The Revolving Credit Facility allows for a Maximum Leverage Ratio of 3.50 and a Minimum Interest Coverage Ratio of 2.50, subject to certain conditions defined in the financing agreement.

• An additional limitation applies to foundations with public-benefit status– purchase of stocks/shares is considered as part of administrative costs, which are limited to 25% of general donations that are spent in a year.

• Any of the Loan Parties shall default in the observance or performance of any covenant contained in Section 8.1.11 [Anti-Terrorism Laws], Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions], Section 8.2.7 [Dispositions of Assets of Subsidiaries], Section 8.2.9 [Continuation of or Change in Business], Section 8.2.13 [Change in Ownership], Section 8.2.14 [Maximum Leverage Ratio] or Section 8.2.15 [Minimum Interest Coverage Ratio].

• The Minimum Interest Coverage Ratio increases to 1.75 to 1.00 as of September 30, 2016 and December 31, 2016, 2.50 to 1.00 as of March 31, 2017 and 2.75 to 1.00 as of June 30, 2017 and thereafter.

More Definitions of Minimum Interest Coverage

Minimum Interest Coverage. It maintains a ratio of Consolidated EBITDA to Consolidated Net Interest Expense of greater than or equal to: (i) 2.00 at all times from June 30, 2019 through March 31, 2020 and (ii) 2.50 from April 1, 2020 and at all times thereafter;

Minimum Interest Coverage shall have the meaning set forth in SECTION 5.1(bb).

Minimum Interest Coverage. Interest Coverage equal to or greater than one hundred fifty percent (150%), tested on a quarterly basis as of the end of each fiscal quarter of Borrower, commencing with the fiscal quarter ended March 31, 2020.” 4. Exhibit D (Compliance Certificate) to the Agreement hereby is replaced with Exhibit D attached hereto. 5. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 6. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 7. Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of, and after giving effect to, this Amendment, and that no Event of Default has occurred and is continuing. 8. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing this Amendment (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof. 9. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: (a) this Amendment, duly executed by Borrower; (b) a fully earned and non-refundable amendment fee of $10,000 and all reasonable Bank Expenses incurred through the date of this Amendme...

Minimum Interest Coverage. Ratio required by Section 8.13 of the Credit Agreement is: ____:1.00

Minimum Interest Coverage. Ratio required under subsection 7.6A: _____:1.00

Minimum Interest Coverage. The Borrower shall not permit the ratio, calculated as of the last day of each month on a cumulative Fiscal Year basis, of (a) the sum of Adjusted Net Earnings from Operations for the applicable period, plus interest expense and any provision for income taxes for such period (numerator) to (b) aggregate interest expense for such period (denominator), to be less than 1.75:1.

Minimum Interest Coverage. Prior to the Investment Grade Date, the Borrower will not permit its Consolidated Interest Coverage Ratio to be less than (i) 3.00 to 1.00 as of the last day of the Test Periods ending September 30, 2015 through June 30, 2020, (ii) 2.75 to 1.00 as of the last day of the Test Periods ending September 30, 2020 through March 31, 2021 and (iii) 3.00 to 1.00 as of the last day of any Test Period ending thereafter; provided that the Consolidated Interest Coverage Ratio as of the last day of each Test Period during a Permitted Acquisition Period shall not be less than 2.75 to 1.00.”