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FL » Topics » Fixed Charge Coverage Ratio

This excerpt taken from the FL 8-K filed May 21, 2008.
Fixed Charge Coverage Ratio” means, as of any day, the ratio, at the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered in accordance with the Agreement, of (i) the sum of EBIT plus 1/3 of Annual Rent Expense, in each case for the four consecutive Fiscal Quarters then ended, to (ii) the sum of Interest Expense plus 1/3 of Annual Rent Expense, in each case for the same four consecutive Fiscal Quarters; provided that during any period when financial statements have not been delivered in accordance with the Agreement, the Fixed Charge Coverage Ratio shall be deemed to be less than 1.50:1.

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This excerpt taken from the FL 8-K filed Oct 31, 2007.
Fixed Charge Coverage Ratio. At the end of each Fiscal Quarter during each Fiscal Year listed below, the Fixed Charge Coverage Ratio will not be less than the ratio set forth below opposite such period:

Fiscal Quarter     Minimum Ratio
All Fiscal Quarters of Fiscal Year 2004     1.75:1
All Fiscal Quarters of Fiscal Year 2005     1.80:1
All Fiscal Quarters of Fiscal Year 2006     1.85:1
The first, second and third Fiscal Quarters of Fiscal Year 2007     1.90:1
The fourth Fiscal Quarter of Fiscal Year 2007     1.25:1
The first Fiscal Quarter of Fiscal Year 2008     1.25:1
The second, third and fourth Fiscal Quarters of Fiscal Year 2008     1.50:1
All Fiscal Quarters of Fiscal Year 2009     1.75:1
All Fiscal Quarters of Fiscal Year 2010     2.00:1

     (c)      Section 5.15 of the Credit Agreement is amended and restated in its entirety to read as follows:

Section 5.15.

This excerpt taken from the FL 8-K filed May 18, 2005.
Fixed Charge Coverage Ratio” means, as of any day, the ratio, at the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered in accordance with the Agreement, of (i) the sum of EBIT plus 1/3 of Annual Rent Expense, in each case for the four consecutive Fiscal Quarters then ended, to (ii) the sum of Interest Expense plus 1/3 of Annual Rent Expense, in each case for the same four consecutive Fiscal Quarters; provided that during any period when financial statements have not been delivered in accordance with the Agreement, the Fixed Charge Coverage Ratio shall be deemed to be less than 1.75:1.

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EXCERPTS ON THIS PAGE:

8-K
May 21, 2008
8-K
Oct 31, 2007
8-K
May 18, 2005

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"Fixed Charge Coverage Ratio" elsewhere:

J.C. Penney (JCP)
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