Ratio Requirements. A. The Adjusted Fixed Charge Coverage Ratio as of the Calculation Date was _____ to 1.00 calculated as follows (all amounts in the following calculations are determined for Borrower on a consolidated basis): [1] Net income determined in accordance with GAAP __________ plus, to the extent included in the calculation of net income the sum of [2] Income and franchise taxes paid or accrued __________ [3] Interest expense, net of interest income, paid or accrued __________ [4] Amortization and depreciation expense __________ [5] Extraordinary or non-recurring “cash” losses acceptable to Administrative Agent __________ [6] Extraordinary or non-recurring non-cash charges acceptable to Administrative Agent __________ less, to the extent included in the calculation of net income the sum of [7] The income of any Person (other than wholly-owned Subsidiaries of Borrower) in which any Borrower or a wholly owned Subsidiary of a Borrower has an ownership interest except to the extent such income is received by Borrower or such wholly-owned Subsidiary in a cash distribution during such period __________ [8] Gains from sales or other dispositions of assets (other than Inventory in the normal course of business) __________ [9] Extraordinary or non-recurring gains __________ [10] EBITDA: ([1]+([2]+[3] +[4]+[5]+[6]) -([7]+[8]+[9]) __________ [11] Acquired EBITDA (attached Acquired EBITDA Calculation Rider) __________ [12] Adjusted EBITDA ([10] + [11]) __________ [13] Rent Expense __________ [14] EBITDAR ([12]+[13]) __________ [15] Interest expense __________ [16] Rent Expense ([13] above) __________ [17] Adjusted Fixed Charges: (Total of [15] plus [16]) $_________ Calculation: [14] divided by [17] __________ Required: not less than 3.00 to 1.00
B. The Leverage Ratio as of the Calculation Date, was _____ to 1.00 calculated as follows (all amounts in the following calculation are determined for Borrower on a consolidated basis): [1] Indebtedness for borrowed money __________ [2] Indebtedness under Capital Leases __________ [3] Subordinated Debt __________ [4] Mandatorily redeemable preferred stock _________ [5] Contingent debt obligations including under Letters of Credit __________ [6] Total Funded Debt: [1]+[2]+[3]+[4]+[5] __________ [7] Adjusted EBITDA: Section 1A [12] above __________ Calculation: [6] divided by [7] __________ Required: Not greater than 3.00 to 1.00.
C. The Net Worth of the Borrower as of the Calculation Date was $____________ ([3] below): [1] Capital stock...
Ratio Requirements. The number of apprentices that the company may deploy is at its discretion. The company will consider the ratio parameters of journeypersons to apprentices required by the Registration Agency or any other governing authority for respective skilled trades at the location concerned. Limitations set forth below, which shall be applied separately to each trade at the location concerned.
(a) When there are no journeypersons laid off in a layoff which appears to the company to be one which will exceed thirty (30) calendar days, the number of apprentices to journeymen/women shall not exceed one apprentice for every five journeymen/women, except that:
(i) Where there is a shortage of journeypersons available in relation to the need, such as occurs, for example, in the case of a new plant, expansion of an existing plant, certain technological changes or retirements, the parties shall mutually agree to a number of apprentices greater than one (1) to five (5) journeypersons, in accordance with the need. Notwithstanding the foregoing, the company may add apprentices greater than the ratio of one (1) to five (5) to meet the need resulting from early retirement of journeypersons under the Retirement Pension Plan; and
(ii) Where the existing number of apprentices is greater than one for every five (5) journeypersons, the company shall not be required to reduce the number of apprentices immediately, but shall add no more apprentices until the ratio shall be reduced to one (1) to five (5), but thereafter shall not exceed such one (1) to five (5) ratio.
(b) Notwithstanding any of the foregoing, when a layoff which appears to the company to be one which will exceed thirty
Ratio Requirements. A. The Adjusted Fixed Charge Coverage Ratio as of the Calculation Date was _____ to 1.00 calculated as follows (all amounts in the following calculations are determined for Borrower on a consolidated basis):
[1] Net income determined in accordance with GAAP __________ plus, to the extent included in the calculation of net income the sum of [2] Income and franchise taxes paid or accrued __________ [3] Interest expense, net of interest income, paid or accrued __________ [4] Amortization and depreciation expense __________ [5] Extraordinary or non-recurring “cash” losses acceptable to Administrative Agent __________ [6] Extraordinary or non-recurring non-cash charges acceptable to Administrative Agent __________ less, to the extent included in the calculation of net income the sum of [7] The income of any Person (other than wholly-owned Subsidiaries of Borrower) in which any Borrower or a wholly owned Subsidiary of a Borrower has an ownership interest except to the extent such income is received by Borrower or such wholly-owned Subsidiary in a cash distribution during such period __________
Ratio Requirements. (a) The Borrower's Consolidated Tangible Net Worth is $______________ [Reference Section 7.11 of the Loan Agreement];
(b) The Consolidated EBITDA of the Borrower is $______________ [Reference Section 7.12 of the Loan Agreement];
(c) [to include starting 9/2003] The Borrower's Interest Coverage Ratio is $_____________ [Reference Section 7.13 of the Loan Agreement]; and
(d) [to include starting 9/2003] The Borrower's Debt Service Coverage Ratio is $_____________ [Reference Section 7.14 of the Loan Agreement];
Ratio Requirements. A. The Interest Coverage Ratio as of the Calculation Date was to 1.00 calculated as follows (all amounts in the following calculations are determined for Borrower on a consolidated basis):
(a) Operating income (Earnings before interest expense, provision for income taxes and non-controlling interests) determined in accordance with GAAP plus to the extent included in the calculation of net income the sum of:
(i) franchise taxes paid or accrued
(ii) amortization and depreciation expense
(iii) extraordinary or non-recurring “cash” losses acceptable to the Administrative Agent, net of extraordinary or non-recurring gains and gains from sales or other dispositions of assets
(iv) non-cash charges, expenses or losses, including but not limited to asset impairment charges
(v) non-recurring out-of-pocket transactional fees, costs and expenses directly related to acquisitions (including the Vulcan Acquisition), including legal and success fees, advisory fees, upfront financing fees severance, retention and transaction bonuses and other employee-related costs
(vi) Acquired EBITDA (attach Acquired EBITDA Calculation Rider (set forth on Exhibit A))
(b) less, to the extent included in the calculation of net income the sum of
(i) any cash payments made during such period in respect of items described in Section 1.A.1.v above subsequent to the fiscal quarter in which the relevant non-cash charges, expenses or losses were incurred
Ratio Requirements. The ratio of Borrower's Funded Debt (determined on a consolidated basis) to its EBITDA, (determined on a consolidated basis) as of the Compliance Date was _________ to ___________ calculated as follows (Reference Section 7.01(a) of the Loan Agreement):
