CFBD definition
CFBD means the Guarantor's audited net income after tax, plus depreciation, amortization, plus (less) changes in working capital, less principal and interest payments on all debt, less capital expenditures. CFBD excludes any cash received from financing activities (i.e. new loans, new equity and other forms of financing). In addition, CFBD shall not include amounts reported on Guarantor's consolidated statements of cash flows as reported in its SEC financial statements representing proceeds from the sale, maturity or purchase of investment securities, as reported in accordance with Generally Accepted Accounting Principals.