Ratio of EBITDA to Fixed Charges. The Parent shall not permit the ratio of (i) EBITDA of the Parent and its Consolidated Subsidiaries for the four fiscal-quarter period most recently ended to (ii) Fixed Charges for such four fiscal-quarter period to be less than 1.65 to 1.00 at the end of each fiscal quarter.
Ratio of EBITDA to Fixed Charges. The Borrower shall not permit the ratio of (i) EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such fiscal quarter to (ii) Fixed Charges of the Borrower and its Subsidiaries determined on a consolidated basis for such fiscal quarter, to be less than 1.75 to 1.00 at the end of any fiscal quarter.
Ratio of EBITDA to Fixed Charges. The Borrower shall not permit, for any period of four consecutive fiscal quarters, the ratio of (i) EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such period to (ii) Fixed Charges of the Borrower and its Subsidiaries determined on a consolidated basis for such period, to be less than 1.50 to 1.00 at the end of such fiscal quarter; provided that such ratio shall be calculated on a pro forma basis on the assumption that (A) any Indebtedness incurred by the Borrower or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Indebtedness since the first day of such four-quarter period) had occurred on the first day of such period, (B) the repayment or retirement of any other Indebtedness of the Borrower or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Indebtedness during such period), and (C) in the case of any acquisition or disposition by the Borrower or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation; provided that, notwithstanding the foregoing, the amount of scheduled principal payments (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness) made that are included in clause (b) of the calculation of Fixed Charges for such period shall be determined on an actual rather than pro forma basis. If any Indebtedness incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Fixed Charges, the interest rate on such Indebtedness shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.
Ratio of EBITDA to Fixed Charges. The Borrowers shall and shall procure that the Guarantor (on a consolidated basis) shall ensure that the ratio of EBITDA to Fixed Charges shall be 1.25:1.00 or greater on a twelve (12) months rolling basis on assumptions approved by the Agent. 20.2.4
Ratio of EBITDA to Fixed Charges. The Guarantor undertakes that it shall (on a consolidated basis) ensure that the ratio of EBITDA to Fixed Charges shall be (i) 1.15:1.00 if 75% to 100% of the Fleet Vessels are on Contracted Employment for a period of twelve (12) months or more, (ii) 1.20:1.00 if 50% to 74% of the Fleet Vessels are under Contract Employment for a period of twelve (12) months or more and (iii) 1.25:1.00 at all times otherwise, in any event on a twelve (12) months rolling basis on assumptions approved by the Bank’’;
Ratio of EBITDA to Fixed Charges. The Borrower will not permit the ratio of (i) EBITDA for the four most recent fiscal quarters ended on the date set forth below to (ii) Fixed Charges for such period to be less than the ratio set forth below opposite such period: Date Ratio December 31, 2003 3.34 March 31, 2004 2.44 June 30, 2004 1.63 September 30, 2004 1.27 December 31, 2004 1.04 March 31, 2005 1.04 June 30, 2005 1.08 September 30, 2005 1.11 December 31, 2005 1.11 March 31, 2006 1.11 June 30, 2006 1.08 September 30, 2006 1.05 December 31, 2006 1.02 March 31, 2007 1.00 June 30, 2007 1.00 September 30, 2007 1.00 December 31, 2007 1.00 March 31, 2008 1.00 June 30, 2008 1.00 16. Amendment to Section 6.22. Section 6.22 is hereby amended by deleting it in its entirety and substituting the following in lieu thereof:
Ratio of EBITDA to Fixed Charges. Borrower shall not permit the ratio of (a) EBITDA of Borrower and its Subsidiaries, on a Consolidated Basis, to (b) the Fixed Charges of Borrower and its Subsidiaries, on a consolidated basis, for any fiscal quarter, to be less than (i) initially, 1.40 to 1.00 for such quarter or (ii) after the first fiscal quarter ending after the Trigger Date, 1.50 to 1.00 for such subsequent quarter. Income which is classified as interest income, other income and interest income derived by Borrower or any of its Subsidiaries from an Affiliate shall not, for the purposes of this Section 8.4, contribute more than $450,000.00 to EBITDA.
Ratio of EBITDA to Fixed Charges. Borrower shall not permit the ratio of (a) EBITDA of Borrower and its Subsidiaries, on a Consolidated Basis, to (b) the Fixed Charges of Borrower and its Subsidiaries, on a consolidated basis, for any fiscal quarter, to be less than 1.60 to 1.00 for such quarter. Income which is classified as interest income, other income and interest income derived by Borrower or any of its Subsidiaries from an Affiliate shall not, for the purposes of this Section 8.4, contribute more than $250,000.00 to EBITDA.
Ratio of EBITDA to Fixed Charges. The Borrower shall procure that the Guarantor (on a consolidated basis) shall ensure that the ratio of EBITDA to Fixed Charges shall be (i) 1.15:1.00 if 75/100 of the Vessels are on Contracted Employment for a period of twelve (12) months or more, (ii) 1.20:1.00 if 50/74% of the Vessels are under Contracted Employment for a period of twelve (12) months or more and (iii) 1.25:1.00 at all times otherwise, in any event on a twelve (12) months rolling basis on assumptions approved by the Agent. Positive working capital The Borrower shall procure that the Guarantor (on a consolidated basis) shall at all times ensure that its current assets exceed its current liabilities (excluding the portion of long term debt), all as determined in accordance with GAAP.
Ratio of EBITDA to Fixed Charges. The provisions of Section 8.5 of the Loan Agreement, as modified by the Fourth Modification, shall be and hereby are deleted and the following provisions shall be and hereby are inserted in lieu thereof: Borrower shall not permit the ratio of (a) EBITDA of Borrower and its Subsidiaries, on a consolidated basis, to (b) the Fixed Charges of Borrower and its Subsidiaries, on a consolidated basis, for any fiscal quarter to be less than 1.75 to 1.00 for such quarter.
