Cashflow Cover definition

Cashflow Cover means as of any date of determination the ratio of Cashflow to Debt Service in respect of the most-recently ended Relevant Period.

Cashflow Cover means the ratio of Cashflow to Debt Service (excluding, for the avoidance of doubt, any prepayment made pursuant to Clause 7 (Illegality, voluntary prepayment and cancellation) but not any scheduled instalment to which it relates) in respect of any Relevant Period and for such calculation the balance standing to the credit of the DSRA at the first day of that Relevant Period will be added to Cashflow for that Relevant Period.

Cashflow Cover has the meaning given to that term in Clause 28.1 (Financial definitions).

Examples of Cashflow Cover in a sentence

• Cashflow Cover Ratio is calculated using defined terms in the Group’s debt documents, summarised as cashflow divided by senior debt interest expense for a rolling 12 month period.

• January 2017 onwards.The refinanced loans from financial institutions included the following financial covenants: Cashflow Cover, Net Interest Cover, Leverage and Cap- ital Expenditure.

• As at 31 December 201 8, the Group failed to maintain the Cashlow Cover ratio as required in the loan agreement with the consortium of financing banks (Santander Bank S.A., Bank BGŻ BNP Paribas S.A. and the European Bank for Reconstruction and Development) – the Cashflow Cover being a ratio of cash flows from operating activities to the repayment amount of financial liabilities made in the 12 months from the end of each quarter, net of any discontinued operations and operations by the Rottneros Group.

• Failure to comply wit h the ratio was due to lower operating cash flows in 2018 primarily resulting from higher inventories as a result of higher pulp prices.After the balance sheet date, Arctic Paper S.A. received a written assurance from Sandander Bank S.A. acting as the consortiu m agent of the financing banks that failure by the Group to comply with the required Cashflow Cover ratio as at 31 December 2018 does not constitute an event of default under the loan agreement of 9 September 2016 (“default”).

• As at 30 June 2018, the Group failed to maintain the Cashlow Cover ratio as required in the loan agreement with the consortium of financing banks (Bank Zachodni WBK S.A., Bank BGŻ BNP Paribas S.A. and European Bank for Reconstruction and Development) - the Cashflow Cover being a ratio of cash flows from operating activities to the repayment amount of financial liabilities made in the 12 months from the end of each quarter, net of any discontinued activities and activities by the Rottneros Group.

More Definitions of Cashflow Cover

Cashflow Cover has the meaning given to that term in clause 24.1 (Financial definitions); "Cash Margin" means:

Cashflow Cover means the ratio of Cashflow to Debt Service in respect of any Relevant Period;

Cashflow Cover means, in respect of any Relevant Period, the ratio of (a) Cashflow for that Relevant Period: plus (x) all amounts of Tranche B Dividend Tax actually paid or due and payable by, or withheld by, any Group Member for that Relevant Period; and (y) the credit balance maintained at the Offshore Debt Service Account on the last day of the applicable Relevant Period, minus the amount of any rebate, credit or indemnity payment in respect of any Tranche B Dividend Tax actually received in cash by any Group Member during that Relevant Period, to (b) Debt Service (net of Debt Service for Tranche B) for that Relevant Period.

Cashflow Cover means, in respect of any Relevant Period, the ratio of Cashflow for that Relevant Period to Debt Service for that Relevant Period.

Cashflow Cover means, in respect of any period, the ratio of Offshore Cashflow to Offshore Debt Service in respect of that period.

Cashflow Cover. Cashflow Cover in respect of any Relevant Period specified in column 1 below shall not be less than the ratio set out in column 2 below opposite that Relevant Period.

Cashflow Cover means the ratio of Holdco Cashflow to Holdco Debt Service in respect of any Relevant Period.