Consolidated Total Net definition

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Consolidated Total Net. Debt shall mean, at any time, the principal amount of all outstanding interest bearing Co-Steel Indebtedness including, without limitation, the debt component but excluding the equity component of the Co-Steel Convertible Debentures, the face amount of outstanding Co-Steel Bankers' Acceptances, Co-Steel Letters of Credit, and the amount of Capitalized Lease Obligations of Co-Steel and its Consolidated Subsidiaries (net of interest component) but specifically excluding accounts payable and accrued liabilities, and deducting cash and short term investment (rated R-1 (middle) or better by Dominion Bond Rating Service), all as set forth on the Special Purpose Financial Statements for such period plus the face amount of all guarantees provided by any Restricted Subsidiary for the benefit of any Unrestricted Subsidiary (excluding for greater certainty, the guarantee by Co-Steel of the obligations of Co-Steel (UK) Limited pursuant to the share purchase agreement dated December 23, 1998 between Co-Steel (UK) Limited, ASW Holdings and Co-Steel).

Consolidated Total Net. Indebtedness shall mean as of any date of determination the aggregate of all Indebtedness of TGI and its Subsidiaries as of such date determined and consolidated in accordance with GAAP minus unrestricted cash and Cash Equivalents in excess of $25,000,000.00 which are held by TGI or other Domestic Loan Party and maintained or managed by a Bank or an Affiliate of a Bank. Consolidated Total Net Indebtedness shall be measured at the end of each fiscal quarter. Covered Entity shall mean (i) each Borrower, each Subsidiary of each Borrower, all Guarantors and all pledgors of Collateral, and (ii) each Person that, directly or indirectly, is in control of a Person described in clause (i) above. For purposes of this definition, control of a Person shall mean the direct or indirect (a) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (b) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise; provided that no JV Owner shall be deemed to have control of such Person unless such JV Owner is considered to have control of such Person pursuant to clause (b) above.

Examples of Consolidated Total Net in a sentence

For purposes of any determination of Consolidated Total Debt or Consolidated Total Net Debt, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered financial statements pursuant to Section 5.01(a) or Section 5.01(b).
The Company undertakes that on each Calculation Date the ratio of Consolidated Total Net Borrowings to EBITDAX of the Group for the Measurement Period shall be less than or equal to 3.50 : 1.00.
Without the written consent of the Majority Facility Lenders under the Revolving Facility, permit the Consolidated Total Net Leverage Ratio, calculated as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower (i) ending on or prior to September 30, 2017 to exceed 4.50 to 1.00 and (ii) each fiscal quarter thereafter, to exceed 4.00 to 1.00.
Subject to paragraph (d) below, Consolidated Operating Cashflow calculated on a rolling twelve month basis ending on any Quarter Date specified in the table in paragraph (c) below shall not be less than Y times Consolidated Total Net Cash Interest Payable calculated on a rolling twelve month basis, where Y has the value indicated for such period in such table (rounded to the second decimal number).
For purposes of any determination of Consolidated Total Net Debt, amounts in currencies other than dollars shall be translated into dollars at the currency exchange rates used in preparing the most recently delivered financial statements pursuant to Section 5.01(a) or Section 5.01(b).
The Original Borrower shall procure that between 1 November 2020 and 31 December 2021 (inclusive), KEL does not make, declare or pay any Shareholder Distribution to shareholders who receive such Shareholder Distribution in their capacity as a holder of common shares in KEL unless the ratio of Consolidated Total Net Borrowings to EBITDAX on the day the Shareholder Distribution is made, declared or paid is less than or equal to 3.50:1.00 (calculated as if such day was a Financial Covenant Test Date).
The Group Member’s (x) Consolidated Total Net Leverage shall not exceed 4.50:1.00 and (y) Consolidated Fixed Charge Coverage Ratio shall not exceed 1.25:1.00, in each case after giving effect to the funding of the initial Loans on the Closing Date and to the consummation of the transactions contemplated hereby, including payment in full of the obligations under the Existing Credit Agreement and, subject to clause (c) above, the 2022 Notes.
For the avoidance of doubt, the Consolidated Total Net Leverage Ratio shall revert to 3.75:1.00 commencing with the fourth Fiscal Quarter ending after any such initial Trigger Quarter.
It is recognized that the legal responsibility for education is vested in the local Board of Education, and that this responsibility for final decision making cannot be delegated.
Permit the Consolidated Total Net Leverage Ratio as at the last day of any Reference Period of the Borrower to exceed 6.90 to 1.00.

More Definitions of Consolidated Total Net

Consolidated Total Net. Leverage Ratio: for the last day of the Test Period ending on [ ]: