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OCZ Technology Group Inc Message Board

  • pfm1998 pfm1998 Oct 15, 2012 4:38 PM Flag

    Bank Covenants? How will they meet with negative margins....

    Wells Fargo bank agreement was just signed in May 2012.

    7. FINANCIAL COVENANTS.
    Borrower covenants and agrees that, until termination of all of the Revolver Commitments and payment in full of the Obligations, Borrower will:
    (a) Minimum EBITDA. At all times during a Covenant Testing Period (including the first and last day thereof) ending on or before May 31, 2013, maintain EBITDA, measured for each period set forth below of at least the amount set forth below opposite such period:

    Applicable Amount

    Applicable Period

    ($8,900,000)
    3 month period ended May 31, 2012

    $600,000
    3 month period ended August 31, 2012

    ($1,300,000)
    3 month period ended November 30, 2012

    $1,700,000
    3 month period ended February 28, 2013

    $3,000,000
    3 month period ended May 31, 2013

    (b) Minimum Fixed Charge Coverage Ratio. At all times during a Covenant Testing Period (including the first and last day thereof) that begins on or after June 30, 2013, maintain a Fixed Charge Coverage Ratio, measured for the 12 month period ending on the last day of each fiscal month during the Covenant Testing Period (including the first and last day thereof) of at least 1.1 to 1.0.

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