Average Funded Debt definition

Average Funded Debt means, as of the last day of any Computation Period, the quotient of (a) the sum of Total Funded Debt on the last day of each fiscal quarter ending during such Computation Period divided by (b) four.

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Average Funded Debt set forth in the "Certain Definitions" section of the Loan Agreement is hereby deleted in its entirety. The following definition of "Funded Debt" is hereby added to the "Certain Definitions" section:

Average Funded Debt shall have the meaning assigned to such term in Section 15(c) of Article VI of this Agreement.

Examples of Average Funded Debt in a sentence

For purposes of this Section 8.08, the “Pro Forma Average Leverage Ratio” and the “Pro Forma Average Net Leverage Ratio” shall mean the Average Leverage Ratio and the Average Net Leverage Ratio, respectively, as of the last day of the most recently-ended Computation Period for which financial statements are available, in each case adjusted by adding back to Average Funded Debt in the calculation of the applicable ratio all Restricted Payments made since the last day of such Computation Period.
Borrower, each Guarantor and each Foreign Subsidiary shall, at all times, not allow the consolidated ratio of its Net Average Funded Debt to be greater than 2.5 times its consolidated EBITDA.
Cannondale shall maintain at all times, as certified at the end of each Fiscal Quarter of Cannondale, a Consolidated Average Funded Debt to EBITDA Ratio (for the four Fiscal Quarters then ended) of not greater than (a) 3.9 to 1.0 during the fourth Fiscal Quarter of Cannondale's 1999 Fiscal Year, (b) 3.8 to 1.0 and 3.6 to 1.0 during the first and second Fiscal Quarters, respectively, of Cannondale's 2000 Fiscal Year, and (c) 3.3 to 1.0 thereafter.

More Definitions of Average Funded Debt

Average Funded Debt means, on any date, an amount equal to the sum of (a) the aggregate principal amount of Indebtedness of the Borrower and its Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding Indebtedness in respect of the Revolving Exposures, the Mezzanine Securities and any Replacement Mezzanine Securities), plus (b) the aggregate principal amount of Indebtedness of the Borrower and its Subsidiaries outstanding as of such date that is not required to be reflected on a balance sheet in accordance with GAAP, determined on a consolidated basis (but excluding, for purposes of this clause (b), contingent obligations as an account party in respect of any letter of credit or letter of guaranty unless such letter of credit or letter of guaranty supports an obligation that constitutes Indebtedness), plus (c) the daily average total Revolving Exposures for the fiscal quarter ended on such date (or, if such date is not the last date of a fiscal quarter, then for the fiscal quarter most recently ended); provided that the daily average total Revolving Exposures for the fiscal quarter in which an IPO is consummated shall be calculated from the date of consummation of the IPO through the end of such fiscal quarter.

Average Funded Debt means, for the prior twelve (12) month period, the average daily outstanding principal balance of borrowed funds pursuant to this Agreement (including, without limitation, the face amount of outstanding Letters of Credit), plus all other interest bearing obligations of the Borrowers as of the date of determination.

Average Funded Debt means, as of any date, the daily --------------------- average Funded Debt for the 12 months then ended (e.g. the sum of Funded Debt for each day during such 12 month period divided by 365 or 364, as applicable).

Average Funded Debt means the weighted daily average Loan balance for the previous calendar quarter.

Average Funded Debt means the Borrower's consolidated daily average amount outstanding under all credit facilities at Bank plus any amounts outstanding elsewhere (including any Additional Debt permitted under Section 12.5(d) of this Agreement).

Average Funded Debt are deleted in their entirety from Section 1.1 of the Agreement; (b) the phrase "unless the Security Interest of the Agent therein is