AVERAGE TOTAL NET INDEBTEDNESS definition

AVERAGE TOTAL NET INDEBTEDNESS under Section 2.15(D) of the Credit Agreement shall be made exclusive of any impact on the financial statements arising from Supported Contingent Obligations, unless (i) the Company shall not receive cash reimbursement for any and all cash payments made under any Supported Contingent Obligations promptly, and in any event within ninety (90) days, following the Company making any such payment, in which event "Average Total Net Indebtedness" shall thereafter be calculated by including the total outstanding amount of such Supported Contingent Obligation (to the extent unreimbursed or otherwise unsupported to the satisfaction of the Administrative Agent) in "Average Total Net Indebtedness", or (ii) any judgment is entered under Viskase Corporation v. American National Can Company, Civ. 93-C-7651, before the U.S. District Court of the Northern District of Illinois, Eastern Division or any related proceedings holding that the aggregate liability of the Company and its Subsidiaries thereunder shall be in an amount in excess of $106,000,000, and such judgment shall remain (x) undischarged, unvacated or unstayed or (y) unbonded by Pechiney or any bonding agent in reliance upon a letter of credit or other reimbursement obligation of Pechiney or any other Person other than the Company or its Subsidiaries in the amount of such aggregate liability, in the case of either clause (x) or (y), for a period of thirty (30) days or such other period permitted by court order, in which event "Average Total Net Indebtedness" shall thereafter be calculated by giving effect to the amount of such judgment which is undischarged, unvacated, unstayed or unbonded on the financial condition of the Company and its Subsidiaries. AVERAGE TOTAL NET INDEBTEDNESS TO CAPITAL RATIO (Section 2.15(D))
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AVERAGE TOTAL NET INDEBTEDNESS means, as of any date of determination, (a) the sum of (i) the average of the aggregate indebtedness for borrowed money, guarantees and letters of credit, without duplication (but excluding the Supported Contingent Obligations) of the Company and its Subsidiaries plus (ii) the average of the Capitalized Lease Obligations of the Company and its Subsidiaries, minus (b) the average of the aggregate cash and Cash Equivalents of the Company and its Subsidiaries, in each case as at the end of each of the immediately preceding four fiscal quarters.
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Related to AVERAGE TOTAL NET INDEBTEDNESS

  • Consolidated Total Net Indebtedness means, on any date, the excess of (i) Consolidated Total Indebtedness over (ii) the lesser of (x) $500,000,000 and (y) the aggregate amount of unrestricted cash and cash equivalents of the Company and its Consolidated Subsidiaries, determined on a consolidated basis in accordance with GAAP as of such date.

  • Net Indebtedness means, as of any date, (i) the amount of outstanding Indebtedness of the Company and its consolidated subsidiaries as of such date, minus (ii) the amount of cash and cash equivalents of the Company and its consolidated subsidiaries as of such date minus (iii) loans by the Company and its consolidated subsidiaries to its Partners or Affiliates thereof as of such date.

  • Consolidated Net Indebtedness means at any time, Consolidated Total Indebtedness minus all Unrestricted Cash of the Borrowers and their Subsidiaries calculated on a consolidated basis as of such time.

  • Adjusted Indebtedness means, at any date, the result of (a) Seller’s Indebtedness on such date, minus (b) the unpaid principal of Seller’s Subordinated Debt on such date (to the extent such Subordinated Debt is excluded from Seller’s Indebtedness in calculating Seller’s Adjusted Tangible Net Worth on such date in accordance with the definition thereof).

  • Consolidated Total Funded Indebtedness (i) obligations under any derivative transaction or other Hedging Agreement, (ii) undrawn Letters of Credit, (iii) Earn-Outs to the extent not then due and payable and if not recognized as debt on the balance sheet in accordance with GAAP and (iv) leases that would be characterized as operating leases in accordance with GAAP on the date hereof.