Financial Covenants Schedule to Credit Agreement (Minimum Revenues, Leverage Ratios, and Capital Expenditures)
This document outlines specific financial requirements that a company must meet under a credit agreement. It sets minimum quarterly revenue targets, maximum allowable debt ratios, required interest coverage ratios, and limits on capital expenditures for specified periods. The schedule also provides for adjustments in the event of certain acquisitions. These covenants are designed to ensure the company's financial health and compliance with the terms of its loan or credit facility.
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Exhibit 10.1
SCHEDULE 6.6(a)
Minimum Revenues
| Period | Minimum Quarterly Revenue (in millions) | |
|---|---|---|
| March 31, 2000 | $35 | |
| June 30, 2000 | $50 | |
| September 30, 2000 | $65 | |
| December 31, 2000 | $80 | |
| March 31, 2001 | $85 | |
| June 30, 2001 | $100 | |
| September 30, 2001 | $120 | |
| December 31, 2001 | $140 | |
| March 31, 2002 | $155 | |
| June 30, 2002 | $180 | |
| September 30, 2002 | $200 | |
| December 31, 2002 | $220 |
; provided, that the minimum quarterly revenue amounts set forth above shall be subject to the Pro Forma Adjustment with respect to each Permitted Acquisition consummated in a Fiscal Year; provided, further, that the Pro Forma Adjustment shall only be made in the event that Permitted Acquisitions consummated in such Fiscal Year result in the aggregate in an additional $50,000,000 of Revenue in such Fiscal Year net of the Revenues associated with any assets or business acquired in a Permitted Acquisition which is disposed of in a transaction that meets the requirements of clause (iv) of the definition of "Asset Sale" (without regard to the dollar limitations set forth therein).
SCHEDULE 6.6(b)
Ratio of Senior Secured Debt to Annualized Adjusted EBITDA
| Fiscal Quarter | Ratio | |
|---|---|---|
| March 31, 2000 | 12.00:1.00 | |
| June 30, 2000 | 10.00:1.00 | |
| September 30, 2000 | 8.00:1.00 | |
| December 31, 2000 and the end of each Fiscal Quarter thereafter | 6.00:1.00 |
SCHEDULE 6.7(a)
Senior Leverage Ratio
| Period | Ratio | |
|---|---|---|
| March 31, 2003 | 5.00:1.00 | |
| June 30, 2003 | 4.00:1.00 | |
| September 30, 2003 and the end of each Fiscal Quarter thereafter | 3.00:1.00 |
SCHEDULE 6.7(b)
Total Leverage Ratio
| Period | Ratio | |
|---|---|---|
| March 31, 2003 | 10.00:1.00 | |
| June 30, 2003 | 7.00:1.00 | |
| September 30, 2003 | 6.00:1.00 | |
| December 31, 2003 | 5.00:1.00 | |
| March 31, 2004 and the end of each Fiscal Quarter thereafter | 4.00:1.00 |
SCHEDULE 6.7(c)
Interest Coverage Ratio
| Period | Ratio | |
|---|---|---|
| March 31, 2003 | 1.25:1.00 | |
| June 30, 2003 | 1.50:1.00 | |
| September 30, 2003 | 2.00:1.00 | |
| December 31, 2003 | 2.50:1.00 | |
| March 31, 2004 and the end of each Fiscal Quarter thereafter | 3.00:1.00 |
SCHEDULE 6.7(d)
Pro Forma Debt Service Coverage Ratio
| Period | Ratio | |
|---|---|---|
| December 31, 2003 | 1.25:1.00 | |
| March 31, 2004 and the end of each Fiscal Quarter thereafter | 2.00:1.00 |
SCHEDULE 6.8
Maximum Consolidated Capital Expenditures
| Fiscal Year | Maximum Consolidated Capital Expenditures (in millions) | ||
|---|---|---|---|
| 2000 | $ | 500 | |
| 2001 | $ | 500 | |
| 2002 | $ | 400 | |
| thereafter | $ | 300 | |
; provided, that 50% of any unutilized amounts in each calendar year may be utilized in the next succeeding Fiscal Year.
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SCHEDULE 6.6(b)
Ratio of Senior Secured Debt to Annualized Adjusted EBITDA
SCHEDULE 6.7(a)
Senior Leverage Ratio
SCHEDULE 6.7(b)
Total Leverage Ratio
SCHEDULE 6.7(c)
Interest Coverage Ratio
SCHEDULE 6.7(d)
Pro Forma Debt Service Coverage Ratio
SCHEDULE 6.8
Maximum Consolidated Capital Expenditures
