Definition of Cash Operating Expenses

Cash Operating Expenses means, for the Borrower and its Subsidiaries, the sum of (x) direct vessel operating expenses (including, without limitation, expenses on crew, provisions, deck and engine stores, lubricating oil, insurance, maintenance, repairs, surveys and drydocks), (y) general and administrative expenses and (z) expenses primarily consisting of port, canal, commissions and fuel costs that are unique to a particular voyage, which otherwise would be customarily paid by a charterer under a time charter contract (and which have otherwise not been paid by any Person, other than the Borrower and its Subsidiaries (or any Person on their behalf)), minus non-cash expenses included in clauses (x), (y) and (z) above.
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Examples of Cash Operating Expenses in a sentence

Accordingly, we are presenting EBITDA and Cash Operating Expenses in this MD&A to enhance the usefulness of our MD&A.
Non-GAAP financial measures including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Cash Operating Expenses are used by management to provide additional insight into our performance and financial condition.
The Guarantor shall maintain a ratio of (i) the sum of Cash Receipts minus Cash Operating Expenses plus Interest Expense, to (ii) Interest Expense plus all mandatory scheduled payments of principal on Indebtedness, of not less than05 (e) Capitalized Terms in Paragraph 10.
Gross Profit Twelve months ended December 31 Gross Profit by Business Unit 1st Qtr 'YTD 07 '06 2.3 '07 11.6 OnSite Generation Power Systems Test Systems '06 -45.6 43.8 28.3 '07 3.1 16.4 23.9 % % 9.3 percentage points Gross Profit 31 NASDAQ: HYGS TSX: HYG Cash Operating Expenses Notes Cash operating expenses were $9.0 million in the fourth quarter and reflect $2.4 million of severance and other expenses relating to the streamlining initiative undertaken in November 2007.
Three months ended June 30, 2008 $M 5.9 6.2 14 Cash Operating Expenses Six months ended June 30, 2008 $M Footnote: Cash operating expenses are defined as the sum of selling, general and administrative expenses and research and product development, less stock-based compensation expense and deferred compensation expense indexed our share price.