ATNI » Topics » Commnet Leverage Ratio

This excerpt taken from the ATNI 8-K filed Sep 21, 2005.

Commnet Leverage Ratio

 

**Note: This calculation is required at each fiscal quarter end. This covenant shall be calculated for Commnet.**

 

As of the fiscal quarter ended                     ,     .

 

(A)   (i) Indebtedness of Borrower (calculated on a consolidated basis for Borrower and its Subsidiaries) minus (ii)
         the amount of Borrower Pledged Cash, each as of the date of calculation:
   $                   

 

(B) EBIDTA for Commnet (calculated on a consolidated basis for Commnet and its Subsidiaries) for the then most recently completed four fiscal quarters:

 

1st Quarter    $            
2nd Quarter    $            
3rd Quarter    $            
4th Quarter    $            
Total:    $            

 


Credit Agreement/Atlantic Tele-Network, Inc.

 

Commnet Leverage Ratio = (A) ÷ (B) < the ratio set forth below opposite such period:

 

Date


  Ratio

Closing Date through and including December 31, 2005

  7.500:1.0

January 1, 2006 through and including June 30, 2006

  7.000:1.0

July 1, 2006 through and including December 31, 2006

  6.250:1.0

January 1, 2007 through and including June 30, 2007

  5.750:1.0

July 1, 2007 through and thereafter

  5.000:1.0

 

Compliance2:             Yes             No

 


2 Borrower will have 60 days after the applicable reporting date to cure any default under Subsection 4.2 by reducing the Indebtedness of Borrower on a consolidated basis or increasing the Borrower Pledged Cash, except that, Borrower and any of its Subsidiaries, including Commnet, may not incur an additional Indebtedness in order to cure such default.


Credit Agreement/Atlantic Tele-Network, Inc.

 

COVENANT 4.2

 

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