Charge Coverage Ratio the ratio, determined on a consolidated basis for US Concrete and Subsidiaries for the most recently ended trailing twelve month period, of (a) EBITDA minus Net Capital Expenditures to (b)
Charge Coverage Ratio a Fixed Charge Coverage Ratio of not less than 1.50 to 1.00 at all times.
Charge Coverage Ratio means a ratio of (i) (a) EBITDA as of the last day of the applicable fiscal quarter minus (b) dividends and distributions to, and withdrawals by, owners during the twelve fiscal month period ending on the last day of the applicable fiscal quarter minus (c) Unfinanced Capital Expenditures as of the last day of the applicable fiscal quarter to (ii) the sum of interest expense and the current portion of long-term debt for the twelve fiscal month period ending on the last day of the applicable fiscal quarter. EBITDA means the sum of net income, interest expense, taxes, depreciation and amortization for the twelve fiscal month period ending on the last day of the applicable fiscal quarter (and, for the avoidance of doubt, EBITDA does not include any cash equity contributions to the capital of Borrower). Unfinanced Capital Expenditures means, as of any date of determination, equal to the greater of (I) (A) liabilities incurred or expenditures made by Borrower for the purchase of property, plant and equipment and comparable items reported in Borrower’s 10Q or 10K report, as applicable, during the twelve (12) fiscal month period ending on such date of determination less (B) proceeds from the issuance of notes payable and long-term debt paid during the twelve (12) fiscal month period ending on such date of determination, in each case as determined by Bank based on Borrower’s 10Q or 10K reports, as applicable, filed with the Securities and Exchange Commission pertaining to such twelve (12) fiscal month period, less (C) cash equity contributions made to the capital of Borrower during the twelve (12) fiscal month period ending on such date of determination, and (II) $0.00. Total Liabilities to Tangible Net Worth: A ratio of Total Liabilities to Tangible Net Worth not greater than 2.0 to 1.0, measured quarterly as of the last day of each fiscal quarter. Total Liabilities means all funded debt, notes and trade accounts payable. Tangible Net Worth means net worth minus net intangibles (good will, contract rights and distribution rights) and assets representing claims on shareholders, Affiliates and subsidiaries that are not Borrowers.
Examples of Charge Coverage Ratio in a sentence
The incurrence test for additional debt requires the Group to have a proforma (Fixed Charge Coverage Ratio) FCCR of not less than 2.25x.
The Borrowers shall not permit the Fixed Charge Coverage Ratio to be less than 1.05 to 1.00, measured as of the last day of each Fiscal Quarter for the prior four fiscal quarters subject to adjustments to such measurement period as set forth in the definition of Fixed Charge Coverage Ratio.
Restrictive covenants include a maximum Total Funded Debt/EBITDA Ratio, which decreases over time, and a minimum Fixed Charge Coverage Ratio.
In addition, the 2021 Credit Agreement contains financial covenants which requires the Company to maintain (i) at all times, a Total Leverage Ratio in an amount not to exceed 2.75 to 1.00; and (ii) a Fixed Charge Coverage Ratio (as defined in the 2021 Credit Agreement), as of the last day of each fiscal quarter, an amount not less than 1.15 to 1.00.
The Credit Facility contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio.
More Definitions of Charge Coverage Ratio
Charge Coverage Ratio. “EMU” means economic and monetary union as contemplated in the Treaty on European Union. “Equity Interests” means Capital Stock and all options, warrants, restricted stock units or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock, and excluding, for the avoidance of doubt, Convertible Bond Indebtedness, Capped Call Transactions, Convertible Bond Hedge Transactions, and Warrant Transactions. “Equity Offering” means any public or private sale of common stock or Preferred Stock of the Issuer (excluding Disqualified Stock), other than: (1) public offerings with respect to the Issuer’s common stock registered on Form S-4 or Form S-8; (2) issuances to any Subsidiary of the Issuer; and (3) any such public or private sale that constitutes an Excluded Contribution. “Euroclear” means Euroclear Bank SA/NV or any successor clearing agency. “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.
Charge Coverage Ratio of: (a) the total of consolidated EBITDA for such period, minus the sum of all income taxes paid in cash by the Borrowers on a consolidated basis, minus all Capital Expenditures of the Borrowers made during such period which are not financed with Funded Debt, minus that portion of the aggregate cash payments made by the applicable Borrower(s) in respect of the Subject Agreements and Applicable Agreements during such period that was not deducted as an expense in arriving at Net Income for such period, minus, to the extent not deducted as an expense or loss in arriving at EBITDA for such period, cash paid following the date of the Seventh Amendment to this Agreement in respect of capital calls related to any of Borrowers' joint venture or minority interest Investments permitted under Section 9.3(g); to (b) the sum for such period of (i) Interest Charges paid in cash, plus (ii) (A) regularly scheduled payments made (and, without duplication, payments required to be made) in respect of principal of Funded Debt (including the Term Loan, but excluding the Revolving Loans) and (B) a payment of $250,000 assumed to have been made with respect to the Term Loan on March 31, 2015 (notwithstanding that no such payment is required to be made on such date), plus (iii) all cash dividends and distributions paid or declared in respect of Capital Securities of the Borrowers, of not less than the amount set forth opposite such measurement date in the chart below: Measurement Date Minimum Fixed Charge Coverage Ratio September 30, 2016 1.10 to 1.00 December 31, 2016 1.10 to 1.00 March 31, 2017 1.10 to 1.00 June 30, 2017 and the last day of each calendar quarter ending thereafter 1.25 to 1.00
Charge Coverage Ratio set forth in Section 6.5 calculated as of the date of such distribution after giving pro forma effect to such payments, any Borrower shall be permitted to make distributions in any fiscal year to Holdings in an aggregate amount not to exceed fifty percent (50%) of Borrowers’ net income calculated as of the end of the previous fiscal year. Payments to members for taxes shall be made so as to be available when the tax is due, including in respect of estimated tax payments. In the event (x) the actual distribution to members made pursuant to subclause (i) of this Section 7.7 exceeds the actual income tax liability of any member due to such Borrower’s status as a limited liability company, or (y) if such Borrower was a subchapter C corporation, such Borrower would be entitled to a refund of income taxes previously paid as a result of a tax loss during a year in which such Borrower is a limited liability company, then the members shall repay such Borrower the amount of such excess or refund, as the case may be, no later than the date the annual tax return must be filed by such Borrower (without giving effect to any filing extensions). In the event such amounts are not repaid in a timely manner by any member, then such Borrower shall not pay or make any distribution with respect to, or purchase, redeem or retire, any membership interest of such Borrower held or controlled by, directly or indirectly, such member until such payment has been made.
Charge Coverage Ratio means a ratio of (i) (a) EBITDA as of the last day of the applicable fiscal quarter minus (b) dividends and distributions to, and withdrawals by, owners during the twelve fiscal month period ending on the last day of the applicable fiscal quarter minus (c) Unfinanced Capital Expenditures as of the last day of the applicable fiscal quarter to (ii) the sum of interest expense and the current portion of long-term debt for the twelve fiscal month period ending on the last day of the applicable fiscal quarter. EBITDA means the sum of net income, interest expense, taxes, depreciation and amortization for the twelve fiscal month period ending on the last day of the applicable fiscal quarter (and, for the avoidance of doubt, EBITDA does not include any cash equity contributions to the capital of Borrower). Unfinanced Capital Expenditures means, as of any date of determination, equal to the greater of (I) (A) liabilities incurred or expenditures made by Borrower for the purchase of property, plant and equipment and comparable items reported in Borrower’s 10Q or 10K report, as applicable, during the twelve (12) fiscal month period ending on such date of determination less (B) proceeds from the issuance of notes payable and long-term debt paid during the twelve (12) fiscal month period ending on such date of determination, in each case as determined by Bank based on Borrower’s 10Q or 10K reports, as applicable, filed with the Securities and Exchange Commission pertaining to such twelve (12) fiscal month period, less (C) cash equity contributions made to the capital of Borrower during the twelve (12) fiscal month period ending on such date of determination, and (II) $0.00.
Charge Coverage Ratio means the ratio of [the sum of EBITDA plus lease expenses, less distributions, plus cash capital contributions] all divided by [the sum of interest expense, current maturities of long term debt, and capital and operating leases].
Charge Coverage Ratio. Cash Interest Coverage Ratio" and "Minimum Consolidated EBITDA" covenants set forth in Sections 17 (a), (b) and (c) of the Fourth Amendment for the periods ending August 31, 2001 and September 30, 2001; and (iii) Borrower's anticipated failure to comply with the covenants described in the foregoing clause (ii) with respect to the periods ending October 31, 2001, November 30, 2001 and December 31, 2001 (the Defaults and/or Events of Default listed in clauses (i), (ii) and (iii) above are referred to herein as the "Specified Events of Default"). The Specified Events of Default for the period through March 31, 2001 have been waived by Lender pursuant to the Fourth Amendment. The Specified Events of Default for all periods ending June 30, 2001 through and including December 31, 2001, are hereby waived but such waiver is effective only through January 2, 2002, with Lender reserving all rights and remedies with respect to the same thereafter. Except for the foregoing Specified Events of Default, Borrower represents and warrants that as of the date hereof, no other Default and/or Event of Default exists or has occurred under the Credit Documents. Borrower acknowledges and agrees that (a) Lender has reserved all of its rights and remedies with respect to the occurrence of the Specified Events of Default, and has not waived any of its rights and remedies with respect to the occurrence of the Specified Events of Default, except on the terms of and subject to the conditions of this Agreement, and (b) notwithstanding the waivers set forth herein, there shall continue through the Forbearance Period all restrictions and prohibitions on the Borrower and its properties (including, without limitation and by way of example only, restrictions on the sale of assets outside the ordinary course) that would be applicable if there existed during such Period one or more non-waived Events of Default.
Charge Coverage Ratio. Fixed Charge Coverage Ratio" means the ratio as of the last day of any fiscal quarter of the Borrower of (i) Consolidated Adjusted EBITDA for the four-fiscal quarter period then ended minus Consolidated Capital Expenditures for such four fiscal quarter period to (ii) Consolidated Fixed Charges for such four-fiscal quarter period (except that (A) in the case of the fiscal quarter of the Borrower ending June 30, 1999, two times Consolidated Adjusted EBITDA, two times Consolidated Capital Expenditures and two times Consolidated Fixed Charges for the two fiscal quarters of the Borrower ending on such date shall instead be used and (B) in the case of the fiscal quarter of the Borrower ending the last Saturday in September, 1999, one and one-third times Consolidated Adjusted EBITDA, one and one-third times Consolidated Capital Expenditures and one and one-third times Consolidated Fixed Charges for the three fiscal quarters of the Borrower ending on such date shall instead be used), in each case as set forth in the most recent compliance certificate delivered by the Borrower to the Agent pursuant to Section 7h of this Agreement.