Fixed Charge Coverage Ratio; Minimum EBITDA. (a) Credit Parties shall not permit the Fixed Charge Coverage Ratio of Parent and its Subsidiaries for each period of four (4) consecutive fiscal quarters of the Parent and its Subsidiaries (a “Fixed Charge Period”) measured as of the end of each quarter (a “Fixed Charge Test Date”) commencing with the quarter ending December 31, 2004 to be less than 1.0 to 1.0; provided, that for purposes of determining the Fixed Charge Coverage Ratio for any period ending on or prior to the first anniversary of the Effective Date, the Fixed Charge Period shall comprise the period of fiscal quarters which begin on July 1, 2004 and end on the Fixed Charge Test Date for such period.
Fixed Charge Coverage Ratio; Minimum EBITDA. At all times from the earlier of: (i) delivery by the Borrower to the Agent of the April, 2005 financial statements in compliance with Section 5.2(c), and (ii) May 30, 2005, until the earlier of: delivery by the Borrower to the Agent of the May, 2006 financial statements in compliance with Section 5.2(c), and (ii) June 30, 2006, as of the last day of each fiscal month of the Borrower set forth below, the fiscal year-to-date (fiscal year-to-date in fiscal year 2005 shall mean fiscal year-to-date, and with respect to each month in fiscal year 2006, shall mean the immediately preceding twelve fiscal months) EBITDA of Parent and its Subsidiaries shall not be less than the amount set forth opposite each date. During any period commencing on the date that Availability exceeds $15,000,000 for at least 60 consecutive Business Days, and ending on any date on which Availability is less than $15,000,000, Borrower shall not be required to maintain the Minimum Year-to-Date EBITDA set forth below. For purposes of this Section 7.23, Availability shall not be deemed to be reduced by the reduction of Availability attributed to the issuance of any Replacement Letters of Credit. Commencing on and after the earlier of: (i) August 15, 2006, and (ii) the delivery of the June, 2006 quarterly financial statements in compliance with Section 5.2(b), on any date Availability is less than $15,000,000, the Borrower will maintain a Fixed Charge Coverage Ratio for each period of four consecutive fiscal quarters ended on the last day of each fiscal quarter of not less than 1.0 to 1.0. For purposes of this Section 7.23, on any date compliance hereunder is required, compliance shall commence on such date with reference to then most recently previously reported monthly or quarterly financial information, as the case may be. ------------------------------------------------------------ --------------------------------------------------------- Fiscal Month Ending on Minimum Year-to-Date EBITDA ------------------------------------------------------------ --------------------------------------------------------- April 30, 2005 ($585,000) ------------------------------------------------------------ --------------------------------------------------------- May 31, 2005 $143,000 ------------------------------------------------------------ --------------------------------------------------------- June 30, 2005 $1,177,000 ------------------------------------------------------------ ------------------...
Fixed Charge Coverage Ratio; Minimum EBITDA. Cause to be maintained (i) at the end of each calendar quarter commencing with the calendar quarter ending March 31, 2002 (but excluding the calendar quarter ending September 30, 2003), a Fixed Charge Coverage Ratio of not less than 0.9 to 1.0 for the calendar quarter ending December 31, 2003 and not less than 1.0 to 1.0 for all other applicable calendar quarters, calculated for the twelve immediately preceding months ending as of the date of determination, and (ii) EBITDA for the calendar quarter ending September 30, 2003 of not less than $1,200,000."
