Average Receipts definition
Average Receipts means, as of any date of determination, an amount calculated by taking the sum of the highest two of the immediately preceding three calendar months' Rental Receipts, dividing such sum by two, and multiplying the quotient by four. For the purposes of this definition, "Rental Receipts" shall mean, as of any date of determination, the amount of gross rental payments (including the amount of each such payment allocated to insurance, delivery, reinstatement and late fees, but excluding amounts allocated to any sales tax, early payouts and cash sales) received by the Company or any Subsidiary in collected funds from the related Obligor under any Rental Contract; and shall include rental payments received under any Rental Contracts originated by a Person prior to the time such Person became a Subsidiary of the Company (so long as such Person is a Subsidiary on the applicable date of determination) and under any Rental Contracts acquired by the Company or any Subsidiary of the Company, in either case pursuant to a Permitted Acquisition (though such rental payments were not received by the Company or such Subsidiary).
Average Receipts means, as of any date of determination, an amount calculated by taking the sum of the highest two of the immediately preceding three calendar months' Rental Receipts, dividing such sum by two, and multiplying the quotient by four. For the purposes of this definition, "Rental Receipts" shall mean, as of any date of determination, the amount of gross rental payments (including the amount of each such payment allocated to liability damage waiver, club fees, delivery, reinstatement and late fees, but excluding amounts allocated to any sales tax, early payouts and cash sales) received by the Company or any Subsidiary in collected funds from the related Obligor under any Rental Contract; and shall include rental payments received under any Rental Contracts originated by a Person prior to the time such Person became a Subsidiary of the Company (so long as such Person is a Subsidiary on the applicable date of determination) and under any Rental Contracts acquired by the Company or any Subsidiary of the Company, in either case pursuant to a Permitted Acquisition (though such rental payments were not received by the Company or such Subsidiary).
Average Receipts means, as of any date of determination, an amount calculated by taking the sum of the highest two of the immediately preceding three calendar months' Rental Receipts, dividing such sum by two, and multiplying the quotient by four. For the purposes of this definition, "Rental Receipts" shall mean, as of any date of determination, the amount of gross rental payments (including the amount of each such payment allocated to liability damage waiver, club fees, delivery, reinstatement and late fees, but excluding amounts allocated to any sales tax, early payouts and cash sales) received by the Company or any Subsidiary in collected