Interest Expense Ratio. During a Borrowing Base Trigger Period, the Borrower will not permit the Interest Expense Ratio as of the last day of each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending March 31, 2018 to be less than 2.00 to 1:00.
Appears in 3 contracts
Samples: Passu Intercreditor Agreement, Passu Intercreditor Agreement (California Resources Corp), Passu Intercreditor Agreement (California Resources Corp)
Interest Expense Ratio. During a Borrowing Base Trigger Period, the Borrower will not permit the Interest Expense Ratio as of the last day of each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending March 31, 2018 to be less than the ratio applicable to such fiscal quarter set forth below: Fiscal Quarter Ending Interest Expense Ratio March 31, 2016 2.00 to 1:00.1.00 June 30, 2016 1.50 to 1.00 September 30, 2016 1.25 to 1.00 December 31, 2016 0.70 to 1.00 Thereafter 2.00 to 1.00
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (California Resources Corp)
Interest Expense Ratio. (A) During a Borrowing Base Trigger Period, the Borrower will not permit the Interest Expense Ratio as of the last day of each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending March 31, 2018 to be less than 2.00 to 1:001.00.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (California Resources Corp)
