Adjusted Consolidated Interest Expense means, with respect to the Company and its Restricted Subsidiaries, for the Reference Period, the aggregate amount (without duplication) of (a) interest expensed in accordance with GAAP (including, in accordance with the following sentence, interest attributable to Capitalized Lease Obligations, but excluding interest attributable to Dollar-Denominated Production Payments and amortization of deferred debt expense) during such period in respect of all Indebtedness of the Company and its Restricted Subsidiaries (including (i) amortization of original issue discount or premium on any Indebtedness (other than with respect to the Existing Notes and the Securities), (ii) the interest portion of all deferred payment obligations, calculated in accordance with GAAP, and (iii) all commissions, discounts and other fees and charges owed with respect to bankers' acceptance financings and currency and interest rate swap arrangements, in each case to the extent attributable to such period), and (b) dividend requirements of the Company and its Restricted Subsidiaries with respect to any Preferred Stock dividends (whether in cash or otherwise (except dividends paid solely in shares of Qualified Stock)) paid (other than to the Company or any of its Restricted Subsidiaries), declared, accrued or accumulated during such period, divided by one minus the applicable actual combined federal, state, local and foreign income tax rate of the Company and its Subsidiaries (expressed as a decimal), on a consolidated basis, for the four quarters immediately preceding the date of the transaction giving rise to the need to calculate Consolidated Interest Expense, in each case to the extent attributable to such period and excluding items eliminated in consolidation. For purposes of this definition, (a) interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP and (b) interest expense attributable to any Indebtedness represented by the guarantee by the Company or a Restricted Subsidiary of the Company of an obligation of another Person shall be deemed to be the interest expense attributable to the Indebtedness guaranteed.
Adjusted Consolidated Interest Expense means, for any period of calculation, (i) Consolidated Interest Expense, less (ii) interest on Short-Term Indebtedness for advance fundings of guaranteed investment contracts, annuities and other similar insurance and investment products.
Adjusted Consolidated Interest Expense of any Person means, without duplication, for any period, as applied to any Person, the sum of (a) the interest expense of such Person and its Consolidated Subsidiaries (exclusive of deferred financing fees and any premiums or penalties paid in connection with redeeming or retiring any Indebtedness prior to its stated maturity) for such period, on a Consolidated basis, including without limitation, (i) amortization of debt discount, (ii) the net cost under interest rate contracts (including amortization of discounts), (iii) the interest portion of any deferred payment obligation, and (iv) accrued interest, plus (b) (i) the interest component of the Capital Lease Obligations paid, accrued and/or scheduled to be paid, or accrued by such Person during such period, and (ii) all capitalized interest of such Person and its Consolidated Subsidiaries, in each case as determined in accordance with GAAP consistently applied.
Examples of Adjusted Consolidated Interest Expense in a sentence
Not later than thirty (30) days after the end of each calendar month, the unaudited balance sheet and the related statement of income of the Borrower, subject to year-end audit adjustments, together with such other information with respect to the business of Borrower as Lender may request.
The Guarantor will maintain, for each fiscal quarter, a ratio of Unconsolidated Cash Inflow Available for Interest Expense to Adjusted Consolidated Interest Expense, in each case calculated for such fiscal quarter, of not less than 2.00 to 1.00.
PLC will maintain, on a rolling four quarter basis, a ratio of (i) Unconsolidated Cash Inflow Available for Interest Expense to (ii) Adjusted Consolidated Interest Expense of not less than 2.0 to 1.0.
The Guarantor will maintain, , on a rolling four (4) quarter basis, a ratio of Unconsolidated Cash Inflow Available for Interest Expense to Adjusted Consolidated Interest Expense of not less than 2.00 to 1.00.
The Borrower will maintain, on a rolling four quarter basis, a ratio of (i) Unconsolidated Cash Inflow Available for Interest Expense to (ii) Adjusted Consolidated Interest Expense, in each case calculated for such quarter, of not less than 2.0 to 1.0.
More Definitions of Adjusted Consolidated Interest Expense
Adjusted Consolidated Interest Expense means for any period and without duplication, total interest expense in accordance with GAAP (including that portion attributable to Capital Leases in accordance with GAAP, capitalized interest, amortization and write-off of deferred financing fees and amortization in relation to terminated Hedge Agreements) of the Company and its Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness of the Company and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit, net costs under Interest Rate Agreements, capitalized interest and the interest component of all Attributable Receivables Indebtedness.
Adjusted Consolidated Interest Expense of any Person means, without duplication, for any period, as applied to any Person, the sum of: (a) the interest expense of such Person and its Consolidated Subsidiaries (exclusive of deferred financing fees and any premiums or penalties paid in connection with redeeming or retiring any Indebtedness prior to its stated maturity) for such period, on a Consolidated basis, including without limitation, (i) amortization of debt discount, (ii) the net cost under interest rate contracts (including amortization of discounts), (iii) the interest portion of any deferred payment obligation, and (iv) accrued interest, plus (b) the interest component of the Capital Lease Obligations paid, accrued and/or scheduled to be paid, or accrued by such Person during such period, plus (c) all capitalized interest of such Person and its Consolidated Subsidiaries, in each case as determined in accordance with GAAP consistently applied.
Adjusted Consolidated Interest Expense means (a) on any date of determination prior to the last day of the fourth full fiscal quarter ending after the Closing Date, Consolidated Interest Expense during the period from the Closing Date through such date of determination multiplied by the number of days during the period from the Closing Date through the last day of the fourth full fiscal quarter ending after the Closing Date divided by the number of days during the period from the Closing Date through such date of determination and (b) thereafter, Consolidated Interest Expense for the four fiscal quarter period then ending.
Adjusted Consolidated Interest Expense means, without duplication, for any period, the sum of (a) the interest expense of Borrower and its Consolidated Subsidiaries for such period, on a Consolidated basis, including, without limitation, (i) amortization of debt discount, (ii) the net cost under interest rate contracts (including amortization of discounts), (iii) the interest portion of any deferred payment obligation and (iv) accrued interest plus (b) the interest component of the Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by Borrower and its Consolidated Subsidiaries during such period, in each case as determined in accordance with GAAP consistently applied.
Adjusted Consolidated Interest Expense means for any period the sum of (i) Consolidated Interest Expense for such period, plus (ii) Synthetic Lease Interest Expense for such period.
Adjusted Consolidated Interest Expense means for any period, total interest expense in accordance with GAAP (including that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of Borrower and its Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness of Borrower and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and net costs under Interest Rate Agreements, but excluding, however, any amount not payable in Cash and any amounts referred to in Section 2.11(d) payable on or before the Closing Date and excluding imputed non-cash interest charges relating to convertible bonds now or hereafter outstanding.
Adjusted Consolidated Interest Expense means, with reference to any period, the interest expense of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis for such period plus (without duplication), to the extent treated as interest in accordance with GAAP, premium payments, debt discount, fees (excluding (i) accelerated amortization of fees paid in respect of permanent reductions of commitments to lend under the Existing Credit Agreement and the Revolving Credit Agreement, (ii) accelerated amortization of fees paid in respect of prepayments of the Notes, (iii) payments of Make-Whole Amount or Required Prepayment Premium on the Notes and (iv) amortization of non-cash deferred financing fees, in each case in accordance with GAAP) charges and related expenses of the Company and its Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case calculated in accordance with GAAP on a consolidated basis for such period; provided that, solely for purposes of this definition, interest expense arising from the Notes shall be calculated as if the Incremental Interest Rate were determined solely by reference to the Leverage Ratio as of the last day of the applicable period (and without regard to the references to Adjusted Fixed Charge Coverage Ratio set forth in the definition of Incremental Interest Rate). To the extent the Company makes the June 2017 Prepayment (as defined in the Fourth Schedule II-6Amendment) on or prior to the Fourth Amendment Effective Date or any other prepayment of the Notes after the Fourth Amendment Effective Date pursuant to Sections 8.1, 8.2, 8.8, 8.9 and/or 8.10, in each case using proceeds of sales of inventory or any asset which is non-core and non-critical to the operation of the business, issuances of Equity Interests and/or borrowings under the Revolving Credit Agreement, Adjusted Consolidated Interest Expense for any period in which such prepayment occurs shall be calculated after giving pro forma effect thereto as if such prepayment had occurred on the first day of such period; provided that, if any such prepayment is made in full or in part using proceeds of borrowings under the Revolving Credit Agreement, in calculating Adjusted Consolidated Interest Expense for the relevant period, pro forma effect shall also be given to such borrowings as if such borrowings had been made on the first day of such period.”