Earnings coverage ratio definition
Earnings coverage ratio means net earnings (before interest on long-term debt and other financial charges and income taxes) for the applicable period divided by interest on long-term debt and other financial charges for the applicable period of the fiscal year.
Earnings coverage ratio sections of the Canadian Preliminary Supplement and the Canadian Supplement (collectively, the “Supplement Financial Sections”)), respectively, (c) the indicative term sheets in respect of each of the Series CQ Notes and the Series CR Notes (collectively, the “Indicative Term Sheets”) expressly incorporated by reference in the Canadian Supplement; and (d) the final term sheets in respect of each of the Series CQ Notes and the Series CR Notes (collectively, the “Final Term Sheets”), expressly incorporated by reference in the Canadian Supplement, is in all material respects a complete and proper translation of the English language version of each of the Canadian Final Prospectus, the Canadian Preliminary Supplement, the Canadian Supplement, the Indicative Term Sheets and the Final Term Sheets, as the case may be; and
Earnings coverage ratio. Divide Line (3) by Line (6) ====== Capital Expenditures (Section 6.7 of the Credit Agreement): Not more than: $1,500,000 for fiscal year ending 12/31/97. $1,000,000 for fiscal years thereafter.
More Definitions of Earnings coverage ratio
Earnings coverage ratio means, as of the last day of any fiscal quarter, for the period of four consecutive fiscal quarters then ending, the ratio of (i) the sum of (A) the aggregate Statutory Net Income of the Insurance Subsidiaries, other than any Insurance Subsidiary that is itself a Subsidiary of an Insurance Subsidiary, and (B) the Net Income of each of the Non-Insurance Subsidiaries (other than CMS) for the period to (ii) the sum of Debt Service and Net Overhead for such period. The calculation of the Earnings Coverage Ratio (a) as of the last day of the fiscal quarters ending March 31, 1997, June 30, 1997, and September 30, 1997, shall be made with respect to the periods of one, two and three fiscal quarters, respectively, ending on such dates, and (b) as of the last day of any fiscal quarter ending at any time thereafter shall be made with respect to the period of four fiscal quarters ending on such date.
Earnings coverage ratio sections of the Canadian Preliminary Supplement and the Canadian Supplement (collectively, the “Supplement Financial Sections”)), respectively, (c) the material change report of the Company dated February 7, 2013 announcing the completion of the Company’s exchange of its Non-Voting Shares into Common Shares on a one-for-one basis (the “February 2013 Material Change Report”) expressly incorporated by reference in the Canadian Preliminary Supplement and the Canadian Supplement, (d) the indicative term sheets in respect of each of the Series CM Notes and the Series CN Notes (collectively, the “Indicative Term Sheets”) expressly incorporated by reference in the Canadian Supplement; and (e) the final term sheets in respect of each of the Series CM Notes and the Series CN Notes (collectively, the “Final Term Sheets”), expressly incorporated by reference in the Canadian Supplement, is in all material respects a complete and proper translation of the English language version of each of the Canadian Final Prospectus, the Canadian Preliminary Supplement, the Canadian Supplement, the February 2013 Material Change Report, the Indicative Term Sheets and the Final Term Sheets, as the case may be;
Earnings coverage ratio. Divide Line (3) by Line (6) $ ====== Capital Expenditures (Section 6.7 of the Credit Agreement): Not more than: $1,500,000 for fiscal year ending 12/31/97. $1,000,000 for fiscal years thereafter.
(1) Actual aggregate amount of Capital Expenditures for fiscal year as of the measurement date $ ====== ---------- 2 The relevant fiscal period for the fiscal quarters ending 3/31/97, 6/30/97 and 9/30/97 are the periods of one, two and three fiscal quarters, respectively, ending on such dates and, thereafter, the period of four fiscal quarters ending on such date. ATTACHMENT A TO COMPLIANCE CERTIFICATE (STATUTORY FINANCIAL STATEMENTS) COVENANT COMPLIANCE WORKSHEET (As amended by Second Amendment to Credit Agreement, dated as of April 11, 1997) Adjusted Statutory Surplus (Section 6.1 of the Credit Agreement): Not less than the following:
(1) Required Adjusted Statutory Surplus as of $60,000,000 the measurement date ===========
(2) Actual Adjusted Statutory Surplus:
(a) Consolidated Statutory Surplus as of the measurement date $ ---------
(b) Minus net amount by which carrying value of Asset Backed Derivative Securities exceeds market value as of the measurement date (see attached Asset Backed Derivative Securities Worksheet) $ ---------
(c) Adjusted Statutory Surplus as of the measurement date $ =========== Operating Leverage Ratios (Section 6.3 of the Credit Agreement): Not greater thana the following:
1. Consolidated Net Written Premiums to Not greater than 2.5 to 1.0 Adjusted Statutory Surplus
(a) Consolidated Net Written Premiums as of the measurement date: $ ========= (b) Adjusted Statutory Surplus as of the measurement date: $ =========