Funded Debt to EBITDA means the ratio of (a) all of Borrower's debt funded by third parties (exclusive of accruals or accounts payable) plus the amount of all outstanding Loans plus the face amount of all outstanding Letters of Credit plus the amount of all Reserves, to (b) Borrower's EBITDA (as defined below) on an annualized basis, calculated on a rolling three month basis. For the purposes hereof, "EBITDA" shall mean, on a consolidated basis, Borrower's earnings before interest, taxes, depreciation and other non-cash amortization expenses and other non-cash expenses of Borrower, determined in accordance with generally accepted accounting principles, consistently applied. As an example of the Funded Debt to EBITDA ratio, if the amount of Funded Debt is $5,000,000 and Borrower's EBITDA for October 2002 is $500,000, for November 2002 is $500,000 and for December 2002 is $1,000,000, the Funded Debt to EBITDA ratio for December 2002 would be 0.625 calculated as follows: (i) $5,000,000 (the Funded Debt) divided by (ii) $8,000,000 (the sum of Borrower's October 2002, November 2002 and December 2002 EBITDA on an annualized basis (i.e., multiplied by 4)). In order to calculate the Funded Debt to EBITDA ratio for January 2003, the EBITDA portion will be calculated by adding the Borrower's EBITDA for November 2002, December 2002 and January 2003 and multiplying such sum by 4, and any interest rate adjustment due to the Funded Debt to EBITDA ratio would go into effect March 1, 2003 assuming Borrower has provided SILICON VALLEY BANK SCHEDULE TO LOAN AND SECURITY AGREEMENT -------------------------------------------------------------------------------- Silicon with the necessary financial statements when required as provided for herein. MINIMUM MONTHLY INTEREST (Section 1.2): $9,000 per month --------------------------------------------------------------------------------
Funded Debt to EBITDA means the ratio as of the last day of a specified Fiscal Quarter of (a) Funded Debt as of such day to (b) EBITDA for the period of four consecutive Fiscal Quarters ended on such day.
Funded Debt to EBITDA means for any specified accounting period, the ratio of Funded Debt as of the last day of such period (or, as to Revolving Credit Loans (as defined in the Credit Agreement) constituting Funded Debt, the average daily amount over the prior four consecutive Fiscal Quarters (or the period from the Effective Date (as defined in the Credit Agreement) to the last day of a Fiscal Quarter ending on or prior to the date of determination if shorter) of the outstanding principal amount of Revolving Credit Loans) to EBITDA for such period.
Examples of Funded Debt to EBITDA in a sentence
The Funded Debt to EBITDA Ratio shall be calculated and tested quarterly as of the last day of each Fiscal Quarter for the Calculation Period ending on the last day of such Fiscal Quarter.
To maintain, with respect to GSE on a consolidated basis, a ratio of Funded Debt to EBITDA not exceeding 2.50:1.00.
Not permit the Funded Debt to EBITDA Ratio as of the last day of any Computation Period to exceed 2.50:1.0.
The Borrower will not permit the ratio of Funded Debt to EBITDA of the Borrower as of the end of any fiscal quarter of the Borrower (on a consolidated basis calculated quarterly based upon the four most recently completed quarters) to be more than 3.50 to 1.00.
Maintain quarterly, measured as of the last day of each fiscal quarter, on a consolidated basis a ratio of Funded Debt to EBITDA not exceeding 3.50:1.00.
More Definitions of Funded Debt to EBITDA
Funded Debt to EBITDA means the sum of all Funded Debt as of the end of the most recent fiscal quarter divided by the sum of earnings before interest, taxes, depreciation and amortization for the 12-month period ended as of the end of the most recent fiscal quarter. “Funded Debt” shall mean, as applied to any person or entity, the sum of all indebtedness for borrowed money, (including, without limitation, capital lease obligations and unreimbursed drawings under letters of credit), or any other monetary obligation evidenced by a note, bond, debenture or other agreement or similar instrument of that person or entity, excluding any debt subordinated to Bank. “EBITDA” shall mean earnings before interest expense, income taxes, and depreciation and amortization, except that for this purpose earnings shall not include the affect of any non-cash stock-based compensation expense.
Funded Debt to EBITDA. Period: 3.00 to 1.0 Date hereof through December 31, 1999; 2.75 to 1.0 December 31, 1999 and thereafter.
Funded Debt to EBITDA means (the sum of all Funded Debt) DIVIDED BY (the sum of earnings before interest, taxes, depreciation and amortization, on a rolling four quarters basis).
Funded Debt to EBITDA covenant set forth in Section 10.2 of the Loan and Security Agreement and has asked the Lender to waive said violations and to modify the Loan, as evidenced by this Agreement.
Funded Debt to EBITDA is hereby deleted in its entirety and restated as follows:
Funded Debt to EBITDA means, the ratio of Funded Debt of such date to EBITDA for the previous four quarters.
Funded Debt to EBITDA is hereby added to Section 1.1 of the Loan Agreement in the proper alphabetical order, as follows: