LTM Cost Base definition
LTM Cost Base means, for any Test Period, the sum of (a) direct operating expenses, (b) selling, general and administrative expenses and (c) corporate expenses, in each case excluding depreciation, amortization and interest expense, of the Parent Borrower and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP.
LTM Cost Base means, for any consecutive four quarter period, the sum of (a) direct operating expenses, (b) selling, general and administrative expenses and