EBIRTA definition
EBIRTA means, for any period, (a) Net Income for such period, plus (b) the sum of the following to the extent deducted in the determination of Net Income: (i) income and franchise taxes, (ii) Interest Expense, (iii) amortization and other non-cash charges (including amortization of goodwill, covenants not to compete and other intangible assets), (iv) Net Rental and Operating Lease Expense and (v) non-cash expenses incurred in connection with the Borrower's Employee Stock Ownership Plan; provided, that EBIRTA attributable to any Foreign Subsidiary shall not be included in the above calculation unless (A) with respect to the acquisition of any such Foreign Subsidiary with consideration in an amount (1) in excess of $5,000,000, the Required Lenders, in their sole discretion, shall have approved the inclusion of such EBIRTA or (2) less than $5,000,000, the Agent, in its sole discretion, shall have approved the inclusion of such EBIRTA, and (B) there shall exist no restriction on the ability of such Foreign Subsidiary to make dividends, distributions or any other payment to the Borrower or any of its Domestic Subsidiaries; and, provided further that the aggregate EBIRTA attributable to such Foreign Subsidiaries included in the above calculation for any period shall at no time exceed 25% of the aggregate Consolidated EBIRTA of the Borrower and its Subsidiaries for such period. Pursuant to Section (A)(1) above, the Agent and the Lenders hereby agree that the EBIRTA attributable to ECCO shall be included in the above calculation.
EBIRTA means, for any period, (a) Net Income for such period, (b) plus the sum of the following, without duplication, to the extent deducted in the determination of Net Income: (i) income and franchise taxes, (ii) Interest Expense, (iii) amortization and other non-cash charges (including stock compensation expenses, impairment write-downs of goodwill, amortization of debt issuance or similar costs, amortization or impairment write-downs of intangible assets, but excluding write-downs of receivables and accruals of or reserves for items for which cash expenditures will be made in any future period), (iv) Net Rental and Operating Lease Expense, (v) non-cash expenses incurred in connection with any employee stock ownership plan of the Borrower, (vi) asset impairment charges, (vii) the cumulative effect of changes in accounting principle, and (viii) extinguishment losses recognized as a result of entering into the Second Amended and Restated Credit Agreement dated as of September 30, 2002 and the First Amendment in an amount not to exceed $9,500,000 in the aggregate, and (c) plus losses or minus gains attributable to any fixed asset sales which have been included in arriving at Net Income for such period. The calculation of EBIRTA shall be based solely upon the operations of the Borrower and its Domestic Subsidiaries, determined on a consolidated basis.
EBIRTA means, for any period, (a) Net Income for such period, (b) PLUS the sum of the following, without duplication, to the extent deducted in the determination of Net Income: (i) income and franchise taxes, (ii) Interest Expense, (iii) amortization and other non-cash charges (including stock compensation expenses, impairment write-downs of goodwill, amortization of debt issuance or similar costs, amortization or impairment write-downs of intangible assets, but excluding write-downs of receivables and accruals of or reserves for items for which cash expenditures will be made in any future period), (iv) Net Rental and Operating Lease Expense, (v) non-cash expenses incurred in connection with any employee stock ownership plan of the Borrower, (vi) asset impairment charges, and (vii) the cumulative effect of changes in accounting principle, and (c) PLUS losses or minus gains attributable to any fixed asset sales which have been included in arriving at Net Income for such period. The calculation of EBIRTA shall be based solely upon the operations of the Borrower and its Domestic Subsidiaries, determined on a consolidated basis.
Examples of EBIRTA in a sentence
As of the end of any fiscal quarter, permit the ratio of (a) the product of (i) Consolidated EBIRTA for the period of two (2) consecutive fiscal quarters ending on such fiscal quarter end multiplied by (ii) two (2) to (b) the product of (i) Consolidated Fixed Charges for such period of two (2) consecutive fiscal quarters multiplied by (ii) two (2), to be less than 2.00 to 1.00.