Pro Forma Fixed Charge Coverage Ratio means, as of the date of any Distribution, the ratio which results from making adjustments to the Fixed Charge Coverage Ratio (determined as of the then most recently ended Fiscal Quarter for which the Borrower is obliged to have delivered a Compliance Certificate) to give pro forma effect to all Distributions which have occurred since the date for which the Fixed Charge Coverage was determined.
Pro Forma Fixed Charge Coverage Ratio means, at any time, the ratio of (i) EBITDA for the 12 month period most recently ended prior to such time for which financial statements are available to (ii) the sum of Fixed Charges for such period plus the payments of principal of the Subordinated Debt from the last day of such 12 month period through such time.
Pro Forma Fixed Charge Coverage Ratio means, with respect to any proposed Acquisition, calculation of the Fixed Charge Coverage Ratio with respect to the immediately preceding twelve (12) months, calculated as though the proposed Acquisition had occurred at the beginning of such period, and calculation of the Fixed Charge Coverage Ratio on a pro forma basis, based on the Loan Parties’ best estimates as of the date of calculation, of the ratio of EBITDA during the succeeding twelve (12) months to the projected Fixed Charges during such succeeding twelve (12) month period, after giving effect to the proposed Acquisition.
Examples of Pro Forma Fixed Charge Coverage Ratio in a sentence
Any Unrestricted Subsidiary may be redesignated by the Issuer as a Subsidiary that is not an Unrestricted Subsidiary, provided that at the time of such designation, after giving pro forma effect to such designation as if it occurred at the beginning of the applicable four-quarter period, Sweetheart Holdings could incur $1.00 of additional Indebtedness pursuant to the Pro Forma Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09 hereof.
In addition, provided that Borrowers deliver a certificate to Bank certifying that no Default or Event of Default exists, and showing the calculations demonstrating that after giving effect to any proposed payment of Debt the Pro Forma Fixed Charge Coverage Ratio, calculated after giving effect to such payment shall be no less than 1.50 to 1.00.
By execution of this Amendment, Borrower covenants that it shall maintain, on a Consolidated basis (in addition to the financial covenants set forth in Section 9.3 of the Loan Agreement), a Pro Forma Fixed Charge Coverage Ratio of not less than 0.95 to 1.00.
While the Monthly Pro Forma Fixed Charge Coverage Ratio shall limit the amount of prepayments of Subordinated Obligations permitted by Section 6.1 and of the Distributions permitted by Section 6.5(b), the parties confirm that the Fixed Charge Coverage Ratio shall continue to be calculated only on a quarterly basis as of the last day of each Fiscal Quarter.
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More Definitions of Pro Forma Fixed Charge Coverage Ratio
Pro Forma Fixed Charge Coverage Ratio means, for any period of four consecutive fiscal quarters, in connection with any proposed incurrence of Indebtedness, Restricted Payment, consolidation or merger or sale, assignment, transfer, lease, conveyance or other disposition, as the case may be, the ratio of (i) Consolidated EBITDA for such period to (ii) Pro Forma Fixed Charges for such period, provided, however, that (a) in the event of an incurrence of Indebtedness (other than revolving credit borrowings), Restricted Payment, consolidation or merger, or sale, assignment, transfer, lease, conveyance or other disposition, as the case may be, subsequent to the commencement of the period for which the Pro Forma Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Pro Forma Fixed Charge Coverage Ratio is made, then the Pro Forma Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such event, as if the same had occurred at the beginning of the applicable period, (b) in making such compensation, the Fixed Charges of such person attributable to interest on any Indebtedness bearing a floating interest rate shall be computed on a pro forma basis as if the rate in effect on the date of computation had been the applicable rate for the entire period, (c) in making such computation, there shall be excluded from Fixed Charges any Fixed Charges related to any amount of Indebtedness or Disqualified Stock that was outstanding during or subsequent to the applicable period but is not outstanding on the date of the event for which the calculation of the Pro Forma Fixed Charge Coverage Ratio is made (including by means of refinancing of such Indebtedness or Disqualified Stock on such date), except for Fixed Charges actually incurred with respect to Indebtedness borrowed (as adjusted pursuant to clause (b)) pursuant to the Credit Agreement to the extent any commitment thereunder remains in effect on the date of the event for which the calculation of the Pro Forma Fixed Charge Coverage Ratio is made, (d) in the event that Sweetheart Holdings, the Issuer or any of their Subsidiaries consummates a material acquisition or any Asset Sale subsequent to the commencement of the period for which the Pro Forma Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Pro Forma Fixed Charge Coverage Ratio is made, then the Pro Forma Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such ...
Pro Forma Fixed Charge Coverage Ratio has the meaning specified in the definition of “Payment Conditions”.
Pro Forma Fixed Charge Coverage Ratio for any period, the Fixed Charge Coverage Ratio for such period calculated on a Pro Forma Basis, provided that clause (b) of the definition of Fixed Charge Coverage Ratio shall include all Distributions paid in cash (other than Distributions solely to Loan Parties and Restricted Subsidiaries).
Pro Forma Fixed Charge Coverage Ratio for any date of calculation, the Fixed Charge Coverage Ratio for the Measurement Period most recently ended prior to such date for which the Financial Statements and Compliance Certificate required by Section 10.1.2(b) and (c) have been delivered (or were required to be delivered) determined as if the applicable transaction or payment had been consummated as of the beginning of such Measurement Period. Pro Rata: with respect to any Lender, a percentage (carried out to the ninth decimal place) determined (a) while Revolver Commitments are outstanding, by dividing the amount of such Lender’s Revolver Commitment by the aggregate amount of all Revolver Commitments; and (b) at any other time, by dividing the amount of such Lender’s Loans and LC Obligations by the aggregate amount of all outstanding Loans and LC Obligations, in each case, subject to adjustment as provided in Section 4.2.2.
Pro Forma Fixed Charge Coverage Ratio means the Fixed Charge Coverage Ratio calculated upon the assumption that a particular additional Fixed Charge obligation is undertaken by Tenant, and that the associated revenues and other expenses accrue to Tenant, all such assumptions based upon reasonable business projections documented in writing to or by the board of Tenant, and forming the basis for the decision of the board of Tenant to undertake or not undertake such additional Fixed Charge obligation.
Pro Forma Fixed Charge Coverage Ratio means the ratio derived on any date of determination by dividing for the most recent four Fiscal Quarters for which a Compliance Certificate has been delivered pursuant to Section 7.1.1(e) (the “Measurement Period”), (a) (i) EBITDA for CatchMark Timber, calculated on a consolidated basis less (ii) all capital expenditures related to Real Property maintenance paid by CatchMark Timber or any of its Subsidiaries on a consolidated basis by (b) if (i) the Loan to Value Ratio calculated and reported for the most recent Fiscal Quarter end is less than 40%, cash interest expense paid by CatchMark Timber or any of its Subsidiaries on a consolidated basis or (ii) the Loan to Value Ratio calculated and reported for the most recent Fiscal Quarter end is equal to or greater than 40%, the sum of cash interest expense paid by CatchMark Timber or any of its Subsidiaries on a consolidated basis plus the amount of repayments made by the Borrower pursuant to Section 3.1.2(c); provided that, each subclause of clause (a) and clause (b) shall be adjusted to give effect to any action proposed or actually taken by any Loan Party or Subsidiary of any Loan Party since the end of the Measurement Period if the ability of such Loan Party or Subsidiary of any Loan Party to take such action under any Loan Document is conditioned on a satisfactory Pro Forma Fixed Charge Coverage Ratio; provided further, if any Unrestricted Timber Subsidiaries have been acquired or organized by CatchMark Timber or if any Unrestricted Timber Transactions have been consummated, each reference to “CatchMark Timber” in this definition shall be deemed replaced with “CatchMark Partnership.”
Pro Forma Fixed Charge Coverage Ratio means the ratio derived on any date of determination by dividing for the most recent four Fiscal Quarters for which a Compliance Certificate has been delivered pursuant to Section 7.1.1(e) (the “Measurement Period”), (a) (i) EBITDA for CatchMark Timber, calculated on a consolidated basis less (ii) all capital expenditures related to Land maintenance paid by CatchMark Timber or any of its Subsidiaries on a consolidated basis less (iii) any dividends or distributions paid by CatchMark Timber on a consolidated basis by (b) Interest Expense; provided that, each subclause of clause (a) and clause (b) shall be adjusted to give effect to any action proposed or actually taken by any Loan Party since the end of the Measurement Period if the ability of such Loan Party to take such action under any Loan Document is conditioned on a satisfactory Pro Forma Fixed Charge Coverage Ratio; provided further, if any Unrestricted Timber Subsidiaries have been acquired or organized by CatchMark Timber or if any Unrestricted Timber Transactions have been consummated, each reference to “CatchMark Timber” in this definition shall be deemed replaced with “CatchMark Partnership.”