Adjusted EBITDA/Modified EBITDA Clause Samples

Adjusted EBITDA/Modified EBITDA. (i) Adjusted EBITDA of ($20,000,000.00) for the period beginning on January 1, 2012 and ending on the last day of the fiscal quarter ending on each of March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, (ii) Modified EBITDA of ($35,000,000.00) for the period beginning on January 1, 2013 and ending on the last day of the fiscal quarter ending on each of March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013, and (iii) Modified EBITDA of (A) ($35,000,000.00) for the twelve-month period ending on the last day of the fiscal quarter ending ▇▇▇▇▇ ▇▇, ▇▇▇▇, (▇) ($35,000,000.00) for the twelve-month period ending on the last day of the fiscal quarter ending June 30, 2014, (C) ($30,000,000.00) for the twelve-month period ending on the last day of the fiscal quarter ending September 30, 2014, and (D) ($25,000,000.00) for the twelve-month period ending on the last day of the fiscal quarter ending December 31, 2014. With respect to any period ending after December 31, 2014, the levels of Modified EBITDA shall be mutually agreed upon by Bank and Borrower (which agreement, with respect to any such levels for a given calendar year, shall be set forth in a written amendment to this Agreement on or before February 15th of such calendar year) based upon, among other factors and information that Bank reasonably requires, Borrower’s annual operating budget, business plan and projections with respect to the applicable period, and Borrower shall provide Bank with copies of such annual operating budgets, business plans and projections when reasonably requested by Bank; and