Indebtedness Cap definition

Indebtedness Cap shall initially mean $49,000,000, minus the amount of Run-Off Insurance Costs, minus any net proceeds from the sale of any non-current assets and any assets reflected in "assets held for sale" on the Company's Form 10-Q for the quarterly period ended June 30, 2003 (including, but not limited to the Company's Middle East operations and as adjusted to exclude the reclassification of the Company's U.K. operations, as set forth in Exhibit C of the LOI), plus the amount of any net proceeds from the sale of the Company's Middle East operations that are used and allocated to pay Yield Maintenance Amounts, plus the amount, if any, by which net proceeds ((i) after deducting fees and expenses paid or payable to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ relating to the sale of the Company's Middle East operations and (ii) excluding any amounts subject to earnout, holdback, escrow, delayed payment or other similar arrangements) received by the Company prior to the Closing from the sale of the Company's Middle East operations (excluding such amounts that are used and allocated to pay Yield Maintenance Amounts) exceeds an amount equal to the Prior Note Prepayment Amount as of the Closing Date, plus the amount, if any, by which excess cash (as described in Section 6.1(w)(ii)) exceeds $4,100,000, plus the amount, if any, by which Transaction Costs paid by the Company at any time prior to the calculation of the 5 Indebtedness Cap exceeds $220,000; provided, however, that if the Adjusted Working Capital shall be less than the Initial Adjusted Working Capital, then the Indebtedness Cap shall be reduced by an amount which is equal to (i) the Initial Adjusted Working Capital minus (ii) the Adjusted Working Capital; and, provided, further, that if the Adjusted Working Capital shall be greater than the Initial Adjusted Working Capital, then the Indebtedness Cap shall be increased by an amount which is equal to (A) the Adjusted Working Capital minus (B) the Initial Adjusted Working Capital.

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Indebtedness Cap means Indebtedness in an aggregate amount of $12,200,000.

Indebtedness Cap has the meaning set forth in Section 2.7(c)(iii).

Examples of Indebtedness Cap in a sentence

As of the date hereof, the total amount of Borrower's Senior Indebtedness does not exceed the Senior Indebtedness Cap.
Have as of the last day of each fiscal quarter during the term of this Loan Agreement, Adjusted Indebtedness of not more than the Indebtedness Cap.
For purposes of this Agreement, “Post-Closing Adjustment Calculation” means an amount (which may be positive or negative) equal to (A) the Closing Net Working Capital Adjustment Amount, minus (B) the Closing Indebtedness, plus (C) the Closing Indebtedness Cap.
From and including the Issue Date to the date that is the earlier of (i) one year from any date at which the Closing Price of the Common Stock has been equal to or exceeded the Conversion Price then in effect for at least 20 Trading Days in any consecutive 30 Trading Day period and, (ii) the first anniversary of the Final Maturity Date, the Company shall not incur any Indebtedness in excess of the Additional Indebtedness Cap.
During the term of this Agreement, in addition to all other rights and remedies provided by this Agreement or applicable law, for any month during which the aggregate amount of the Senior Indebtedness exceeds the Senior Indebtedness Cap (a “Noncomplying Month”), the applicable Minimum Interest multiple will automatically increase by 0.015 on the Payoff Date for each Noncomplying Month.
In the event the calculation of the Assumed Indebtedness is greater than the Indebtedness Cap, Parent and Seller Companies shall be liable and responsible, jointly and severally, for such Indebtedness in excess of the Indebtedness Cap.
Company and ▇▇▇▇▇▇ acknowledge that Company’s acceptance of the Subsequent Advances under the Agreement and this Amendment have caused and in the future might cause the aggregate amount of all Senior Indebtedness to exceed the Senior Indebtedness Cap as set forth in Section 5.19(ii) of the Agreement.
Prior to the Designated Interest Closing, Seller shall cause the Company and its Subsidiaries not to incur Indebtedness in excess of the Indebtedness Cap.
For the avoidance of doubt, ▇▇▇▇▇▇ is not waiving the requirement that Company comply with Section 5.19(i) of the Senior Indebtedness Cap during the Senior Indebtedness Grace Period or any other period during the term of the Agreement.
From and including the Issue Date to the date that is the earlier of (i) one year from any date at which the Closing Price of the Common Stock has been equal to or exceeded the Conversion Price then in effect for at least 20 Trading Days in any consecutive 30 Trading Day period and, (ii) the first anniversary of the Final Maturity Date, the Company shall not incur any unsecured Indebtedness in excess of the Unsecured Indebtedness Cap.

More Definitions of Indebtedness Cap

Indebtedness Cap shall have the meaning referenced in Section 1.6.

Indebtedness Cap means 2.5x the annual normalized earnings before interest taxes and depreciation (EBITDA) of the Company and its Subsidiaries taken as a whole.