Cash Flow Coverage The Borrower shall maintain at all times a Cash Flow Coverage of not less than one hundred twenty five percent (125%), calculated at the end of each fiscal quarter (using a rolling four quarters of Net Income).
Cash Flow Coverage Ratio The ratio of (a) the Borrower's Cash Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus (ii) the Borrower's scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.0. Compliance with the ratio will be tested as of the last day of each month, with Cash Flow and Interest Expense being calculated for the twelve months then ended.
Long-Term Debt Unsecured notes payable to Department of Budget and Finance of the State of Hawaii and assigned by the Department to the indenture trustee for the payment of amounts owing to the holders of special purpose revenue bonds and refunding special purpose revenue bonds (subsidiary obligations unconditionally guaranteed by HECO): HECO, 6.50%, series 2009, due 2039 $ 90,000 HELCO, 6.50%, series 2009, due 2039 60,000 HECO, 4.65%, series 2007A, due 2037 100,000 HELCO, 4.65%, series 2007A, due 2037 20,000 MECO, 4.65%, series 2007A, due 2037 20,000 * HECO, 5.65%, series 1997A, due 2027 50,000 * HELCO, 5.65%, series 1997A, due 2027 30,000 * MECO, 5.65%, series 1997A, due 2027 20,000 HECO, 4.60%, refunding series 2007B, due 2026 62,000 HELCO, 4.60%, refunding series 2007B, due 2026 8,000 MECO, 4.60%, refunding series 2007B, due 2026 55,000 HECO, 4.80%, refunding series 2005A, due 2025 40,000 HELCO, 4.80%, refunding series 2005A, due 2025 5,000 MECO, 4.80%, refunding series 2005A, due 2025 2,000 * HECO, 5.00%, refunding series 2003B, due 2022 40,000 * HELCO, 5.00%, refunding series 2003B, due 2022 12,000 * HELCO, 4.75%, refunding series 2003A, due 2020 14,000 HELCO, 5.50%, refunding series 1999A, due 2014 11,400 Total obligations to the State of Hawaii 639,400 SCHEDULE 5.15 (to Note Purchase and Guaranty Agreement) Other long-term debt – unsecured: HECO, 5.39%, series 2012E, unsecured senior note, due 20426.50 %, series 2004, junior subordinated deferrable interest debentures, due 2034HECO, 4.53%, series 2012F, unsecured senior note, due 2032HECO, 4.72%, series 2012D, unsecured senior note, due 2029HECO, 4.55%, series 2012C, unsecured senior note, due 2023HELCO, 4.55%, series 2012B, unsecured senior note, due 2023MECO, 4.55%, series 2012C, unsecured senior note, due 2023HECO, 4.03%, series 2012B, unsecured senior note, due 2020MECO, 4.03%, series 2012B, unsecured senior note, due 2020HECO, 3.79%, series 2012A, unsecured senior note, due 2018HELCO, 3.79%, series 2012A, unsecured senior note, due 2018MECO, 3.79%, series 2012A, unsecured senior note, due 2018 150,00051,54640,00035,00050,00020,00030,00062,00020,00030,00011,0009,000 Total long-term debt 1,147,946 Customer Deposits Deposits are used to secure customers' accounts HECO $ 13,614 HELCO 3,853 MECO 4,409 Total customer deposits 21,876 * set to be refinanced/redeemed with the proceeds of the sale of Notes issued under (1) this Note Purchase Agreement, (2) the separate Note Purchase and Guaranty Agreements of HELCO and MECO, and/or (3) from available funds. Conditional notices of redemption have been given with respect to all three series of the bonds to be redeemed. STATUS UNDER CERTAIN STATUTES Federal Power Act Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited are not generally subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Federal Power Act, except that they are subject to the provisions of Section 210 under which FERC may order the utility to interconnect with qualifying cogenerators and small power producers and to wheel power to other electric utilities. Public Utility Holding Company Act of 2005 Hawaiian Electric Company, Inc. is a holding company within the meaning of the Public Utility Holding Company Act of 2005 and would be subject to the record retention, accounting and reporting requirements of that Act except that it obtained a waiver from those requirements shortly after the Act was adopted. (to Note Purchase and Guaranty Agreement) EXISTING LIENS Debtor Secured Party Jurisdiction UCC File Number UCC File Date Collateral Description* Hawaiian Electric Company, Inc. Hitachi Credit America Corp (as assignee of Xxxxxx Xxxxxxxxx Hawaii Funding Corp.) Hawaii 2001-180919 11/19/2001 All money due and coming due under a 2001 task order with a U.S. Navy agency for an energy efficiency project—remaining balance $1.1 million Hawaiian Electric Company, Inc. X.X. Xxxxxx Leasing, Inc. (assignment)PHNSY – ECPs 1 & 3) Hawaii 2004-085035 04/29/2004 Assignment or partial assignment from Hitachi of foregoing financing arrangement Hawaiian Electric Company, Inc. Hitachi Credit America Corp. Hawaii 2006-185362 10/10/2006 Continuation Statement of 2001-180919 continued for additional period provided by applicable law Hawaiian Electric Company, Inc. X.X. Xxxxxx Leasing Inc. Hawaii 2006-192912 10/23/2006 Continuation Statement of 2001-180919 continued for additional period provided by applicable law Hawaiian Electric Company, Inc. X.X. Xxxxxx Leasing Inc. Hawaii 2011-138648 08/30/2011 Continuation Statement of 2001-180919 continued for additional period provided by applicable law Hawaiian Electric Company, Inc. Hitachi Credit America Corp. Hawaii 2011-194210 11/18/2011 Continuation Statement of 2001-180919 continued for additional period provided by applicable law SCHEDULE 10.3 (to Note Purchase and Guaranty Agreement) Hawaiian Electric Company, Inc. Xxxxxx Xxxxxxxxx Federal Government Receivables Trust (as assignee of Xxxxxx Xxxxxxxxx DSM Funding LLC) – XXXX KOA) Hawaii 2005-094089 05/11/2005 All money due and to become due under a 2004 delivery order from a U.S. Navy ordering agency relating to an energy efficiency project—remaining balance, $253,000 Hawaiian Electric Company, Inc. Xxxxxx Xxxxxxxxx Federal Government Receivables Trust Hawaii 2010-047285 04/08/2010 Continuation Statement of 2005-094089 continued for additional period provided by applicable law RESTRICTIVE AGREEMENTS The following restrictions and conditions exist on October 3, 2013:
Interest Expense Coverage Ratio The Borrower will not permit the ratio of (i) Consolidated EBITDA to (ii) Consolidated Cash Interest Expense for any period of four consecutive fiscal quarters to be less than 3.75 to 1.00.
Minimum Consolidated Fixed Charge Coverage Ratio Borrower shall not permit the Consolidated Fixed Charge Coverage Ratio, determined as at the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2019, to be less than 1.00 to 1.00.
Consolidated Fixed Charge Coverage Ratio Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 1.25 to 1.0.
Interest Coverage As of the end of any fiscal quarter, the Borrowers will not permit the ratio of (a) Consolidated EBITDA to (b) Consolidated Cash Interest Expense for the four (4) consecutive fiscal quarters then ending to be less than 4.25:1.
Fixed Charges Coverage Ratio The Company will not permit the Consolidated Fixed Charge Coverage Ratio to be less than 2.00 to 1.00.
Consolidated Total Net Leverage Ratio Permit the Consolidated Total Net Leverage Ratio on the last day of any fiscal quarter occurring during any period set forth below, to be greater than the ratio set forth below opposite such period: Period Maximum Consolidated Total Net Leverage Ratio Closing Date through and including September 30, 2014 7.25:1.00 December 31, 2014 through and including September 30, 2015 6.75:1.00 December 31, 2015 and thereafter 6.50:1.00