Examples of Applicable Reference Period in a sentence
The Borrowers shall not permit Liquidity to be less than $2,000,000 unless the Fixed Charge Coverage Ratio for the Applicable Reference Period at such time, measured as of the last day of such Applicable Reference Period, is greater than or equal to 1.10 to 1.00.
In this Clause: Applicable Reference Period means as at any date of determination, the most recently ended Reference Period for which financial statements with respect to each fiscal quarter included in such Reference Period have been or are required to be delivered pursuant to Subclause 20.1 (Financial statements) (or, prior to the delivery of any such financial statements, the Reference Period ended 30 March 2015).