{"component": "clause", "props": {"groups": [{"snippet": "On any date of determination, the sum of (1) the EBITDA for the two prior fiscal quarters most recently ended, annualized, less (b) the Capital Reserve.", "samples": [{"hash": "8Swa0jOtbhj", "uri": "/contracts/8Swa0jOtbhj#adjusted-ebitda", "label": "Credit Agreement (Bluerock Residential Growth REIT, Inc.)", "score": 31.1930179596, "published": true}, {"hash": "iNMyEGYjOxo", "uri": "/contracts/iNMyEGYjOxo#adjusted-ebitda", "label": "Credit Agreement (Bluerock Residential Growth REIT, Inc.)", "score": 26.7754955292, "published": true}], "size": 7, "snippet_links": [{"key": "date-of-determination", "type": "clause", "offset": [7, 28]}, {"key": "sum-of", "type": "clause", "offset": [34, 40]}, {"key": "fiscal-quarters", "type": "definition", "offset": [74, 89]}, {"key": "most-recently-ended", "type": "definition", "offset": [90, 109]}, {"key": "capital-reserve", "type": "clause", "offset": [136, 151]}], "hash": "438e26e04acf3c641b002964a2d72ec2", "id": 2}, {"snippet": "On any date of determination, with respect to any Stabilized Property owned by Parent Borrower or any of its Subsidiaries, the sum of (a) EBITDA for the prior fiscal quarter most recently ended, multiplied by four (4), less (b) the Capital Reserve.", "samples": [{"hash": "kWY55p3IZI5", "uri": "/contracts/kWY55p3IZI5#adjusted-ebitda", "label": "Credit Agreement (CoreSite Realty Corp)", "score": 30.8507862091, "published": true}, {"hash": "jOtByLqahPb", "uri": "/contracts/jOtByLqahPb#adjusted-ebitda", "label": "Credit Agreement (CoreSite Realty Corp)", "score": 29.2984256744, "published": true}, {"hash": "6f8NZiscXo9", "uri": "/contracts/6f8NZiscXo9#adjusted-ebitda", "label": "Credit Agreement (CoreSite Realty Corp)", "score": 27.0889797211, "published": true}], "size": 6, "snippet_links": [{"key": "date-of-determination", "type": "clause", "offset": [7, 28]}, {"key": "with-respect-to", "type": "clause", "offset": [30, 45]}, {"key": "stabilized-property", "type": "definition", "offset": [50, 69]}, {"key": "parent-borrower", "type": "clause", "offset": [79, 94]}, {"key": "sum-of", "type": "clause", "offset": [127, 133]}, {"key": "prior-fiscal-quarter", "type": "definition", "offset": [153, 173]}, {"key": "most-recently-ended", "type": "definition", "offset": [174, 193]}, {"key": "capital-reserve", "type": "clause", "offset": [232, 247]}], "hash": "71b4336a9fb14973f2ccae314235c8c4", "id": 3}, {"snippet": "The Audit Committee of the Board will determine the Company\u2019s adjusted EBITDA after reviewing the Company\u2019s audited financial statements for the applicable year. As a general matter, adjusted EBITDA will exclude the impact of equity puts by partnership parks, acquisitions and dispositions and other one-time or extraordinary events. Form \u00b7 Form. 100% of the value of the Project 350 Award will be granted in the form of restricted stock units.", "samples": [{"hash": "ejzvvyqwDgK", "uri": "/contracts/ejzvvyqwDgK#adjusted-ebitda", "label": "Employment Agreement (Six Flags Entertainment Corp)", "score": 21.6981525421, "published": true}, {"hash": "bC3QiXptesr", "uri": "/contracts/bC3QiXptesr#adjusted-ebitda", "label": "Employment Agreement (Six Flags Entertainment Corp)", "score": 21.6981525421, "published": true}, {"hash": "bKw8zR3jCeI", "uri": "/contracts/bKw8zR3jCeI#adjusted-ebitda", "label": "Employment Agreement (Six Flags Entertainment Corp)", "score": 19.6981525421, "published": true}], "size": 4, "snippet_links": [{"key": "audit-committee-of-the-board", "type": "clause", "offset": [4, 32]}, {"key": "the-company", "type": "definition", "offset": [48, 59]}, {"key": "audited-financial-statements", "type": "clause", "offset": [108, 136]}, {"key": "applicable-year", "type": "definition", "offset": [145, 160]}, {"key": "a-general", "type": "clause", "offset": [165, 174]}, {"key": "acquisitions-and-dispositions", "type": "clause", "offset": [260, 289]}, {"key": "extraordinary-events", "type": "clause", "offset": [312, 332]}, {"key": "the-value", "type": "clause", "offset": [355, 364]}, {"key": "the-project", "type": "clause", "offset": [368, 379]}, {"key": "restricted-stock-units", "type": "clause", "offset": [421, 443]}], "hash": "94629e9be6cd49799574c95049917b69", "id": 6}, {"snippet": "The adjustments to calculate Adjusted EBITDA, as set forth in the documents incorporated by reference in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus comply with Item 10(e) of Regulation S-K of the Commission and the interpretations of the Staff of the Commission thereunder.", "samples": [{"hash": "6hK7JFa8m5d", "uri": "/contracts/6hK7JFa8m5d#adjusted-ebitda", "label": "Underwriting Agreement (Generac Holdings Inc.)", "score": 24.5947971344, "published": true}, {"hash": "l4vYmk2ufCE", "uri": "/contracts/l4vYmk2ufCE#adjusted-ebitda", "label": "Underwriting Agreement (Generac Holdings Inc.)", "score": 24.4606437683, "published": true}, {"hash": "iAajNrFkUJw", "uri": "/contracts/iAajNrFkUJw#adjusted-ebitda", "label": "Underwriting Agreement (Generac Holdings Inc.)", "score": 24.3483905792, "published": true}], "size": 5, "snippet_links": [{"key": "adjustments-to", "type": "clause", "offset": [4, 18]}, {"key": "documents-incorporated-by-reference", "type": "definition", "offset": [66, 101]}, {"key": "the-registration-statement", "type": "clause", "offset": [113, 139]}, {"key": "package-and-the-prospectus", "type": "clause", "offset": [164, 190]}, {"key": "comply-with", "type": "definition", "offset": [191, 202]}, {"key": "regulation-s", "type": "definition", "offset": [217, 229]}, {"key": "the-commission", "type": "clause", "offset": [235, 249]}], "hash": "fc3c121094e8d1da93e76d782a7cd655", "id": 4}, {"snippet": "The 2019 adjusted EBITDA for the Affiliated Club Sellers shall total an aggregate of not less than $10,700,000.", "samples": [{"hash": "l3MLkrFJ7h4", "uri": "/contracts/l3MLkrFJ7h4#adjusted-ebitda", "label": "Asset Purchase Agreement (Rci Hospitality Holdings, Inc.)", "score": 32.5701560974, "published": true}, {"hash": "hVzvGG62Vt4", "uri": "/contracts/hVzvGG62Vt4#adjusted-ebitda", "label": "Asset Purchase Agreement (Rci Hospitality Holdings, Inc.)", "score": 32.5701560974, "published": true}, {"hash": "h8uc6vsM2F0", "uri": "/contracts/h8uc6vsM2F0#adjusted-ebitda", "label": "Asset Purchase Agreement (Rci Hospitality Holdings, Inc.)", "score": 32.5701560974, "published": true}], "size": 10, "snippet_links": [{"key": "affiliated-club", "type": "definition", "offset": [33, 48]}], "hash": "680cfc3e27f83d3ed68b39c947dddb8f", "id": 1}, {"snippet": "EBITDA (with adjustments mutually acceptable by Agent and Administrative Borrower) (\u201cAdjusted EBITDA\u201d), for the 12 month period ending December 31, 2014 shall not be less than $60,000,000.", "samples": [{"hash": "lKIkqib5YM5", "uri": "/contracts/lKIkqib5YM5#adjusted-ebitda", "label": "Credit Agreement (Performance Health Holdings Corp.)", "score": 27.3052711487, "published": true}, {"hash": "j6DLaoYZBP8", "uri": "/contracts/j6DLaoYZBP8#adjusted-ebitda", "label": "Second Lien Credit Agreement (Performance Health Holdings Corp.)", "score": 27.3052711487, "published": true}, {"hash": "731OWslZfQX", "uri": "/contracts/731OWslZfQX#adjusted-ebitda", "label": "Credit Agreement (Performance Health Holdings Corp.)", "score": 26.8179321289, "published": true}], "size": 5, "snippet_links": [{"key": "by-agent", "type": "clause", "offset": [45, 53]}, {"key": "administrative-borrower", "type": "definition", "offset": [58, 81]}, {"key": "period-ending", "type": "definition", "offset": [121, 134]}], "hash": "9f4b52309019205082ef0b6979ef9475", "id": 5}, {"snippet": "Tested as of the last day of each fiscal quarter of Borrower, an Adjusted EBITDA of at least the following amounts (or in the case of a negative, not more negative than the following negative amounts) at the following times:", "samples": [{"hash": "a0bFGPVcGDN", "uri": "/contracts/a0bFGPVcGDN#adjusted-ebitda", "label": "Loan and Security Agreement (Calix, Inc)", "score": 29.353181839, "published": true}, {"hash": "9YizraCJsFF", "uri": "/contracts/9YizraCJsFF#adjusted-ebitda", "label": "Loan and Security Agreement (Calix, Inc)", "score": 29.1971244812, "published": true}], "size": 4, "snippet_links": [{"key": "day-of", "type": "clause", "offset": [22, 28]}, {"key": "fiscal-quarter", "type": "clause", "offset": [34, 48]}, {"key": "in-the-case", "type": "clause", "offset": [119, 130]}, {"key": "negative-amounts", "type": "clause", "offset": [183, 199]}], "hash": "7db2fb11c1ed07ed36d84e7e93150b2c", "id": 9}, {"snippet": "The total number of RSUs which become vested based on the achievement of Adjusted EBITDA performance levels shall be equal to (x) the target number of RSUs multiplied by (y) a relative weighting component equal to seventy percent (70%), multiplied by (z) the Achievement Percentage determined based upon the applicable Adjusted EBITDA Position for the Performance Period as follows, and rounded down to the nearest whole Share: Below Threshold Less than $[\u25cf]M 0 % Threshold $[\u25cf]M 50 % Target $[\u25cf]M 100 % Maximum $[\u25cf]M 200 % \u2022 Contract Sales. The total number of RSUs which become vested based on the achievement of Contract Sales performance levels shall be equal to (x) the target number of RSUs specified above with respect to Contract Sales multiplied by (y) a relative weighting component equal to thirty percent (30%), multiplied by (z) the Achievement Percentage determined based upon the applicable Contract Sales Position for the Performance Period as follows, and rounded down to the nearest whole Share: Below Threshold Less than $[\u25cf]M 0 % Threshold $[\u25cf]M 50 % Target $[\u25cf]M 100 % Maximum $[\u25cf]M 200 % \u2022 Continued Employment or Service. In addition to the attainment of the Performance Conditions, the Participant must be an employee of or in service to the Company or the Company Group from the Date of Grant until the last day of the Performance Period, except to the extent otherwise provided in the Plan or the Agreement.", "samples": [{"hash": "kZ6CeT63p5q", "uri": "/contracts/kZ6CeT63p5q#adjusted-ebitda", "label": "Performance  and Service Based Restricted Stock Unit Agreement (Hilton Grand Vacations Inc.)", "score": 29.6023273468, "published": true}, {"hash": "4iizYFco5cT", "uri": "/contracts/4iizYFco5cT#adjusted-ebitda", "label": "Restricted Stock Unit Agreement (Hilton Grand Vacations Inc.)", "score": 29.6023273468, "published": true}], "size": 4, "snippet_links": [{"key": "total-number-of-rsus", "type": "clause", "offset": [4, 24]}, {"key": "based-on", "type": "definition", "offset": [45, 53]}, {"key": "performance-levels", "type": "clause", "offset": [89, 107]}, {"key": "equal-to", "type": "definition", "offset": [117, 125]}, {"key": "target-number-of-rsus", "type": "definition", "offset": [134, 155]}, {"key": "relative-weighting", "type": "definition", "offset": [176, 194]}, {"key": "achievement-percentage", "type": "definition", "offset": [259, 281]}, {"key": "the-applicable", "type": "clause", "offset": [304, 318]}, {"key": "performance-period", "type": "definition", "offset": [352, 370]}, {"key": "below-threshold", "type": "clause", "offset": [428, 443]}, {"key": "contract-sales", "type": "definition", "offset": [526, 540]}, {"key": "of-contract", "type": "clause", "offset": [612, 623]}, {"key": "sales-performance", "type": "clause", "offset": [624, 641]}, {"key": "to-contract", "type": "clause", "offset": [726, 737]}, {"key": "applicable-contract", "type": "clause", "offset": [895, 914]}, {"key": "continued-employment-or-service", "type": "clause", "offset": [1112, 1143]}, {"key": "in-addition-to-the", "type": "clause", "offset": [1145, 1163]}, {"key": "performance-conditions", "type": "definition", "offset": [1182, 1204]}, {"key": "the-participant-must", "type": "clause", "offset": [1206, 1226]}, {"key": "an-employee", "type": "definition", "offset": [1230, 1241]}, {"key": "the-company-group", "type": "definition", "offset": [1277, 1294]}, {"key": "date-of-grant", "type": "clause", "offset": [1304, 1317]}, {"key": "day-of", "type": "clause", "offset": [1333, 1339]}, {"key": "except-to-the-extent", "type": "clause", "offset": [1364, 1384]}, {"key": "the-plan", "type": "clause", "offset": [1407, 1415]}, {"key": "the-agreement", "type": "clause", "offset": [1419, 1432]}], "hash": "198ff12238d09b14684e218a71d25e74", "id": 7}, {"snippet": "The Company\u2019s Adjusted EBITDA for the Performance Period will determine the extent to which 30% of the target number of Performance Units are earned. Below Threshold Performance 0 % Threshold Performance 40 % Target Performance 100 % Maximum Performance or Above 200 % The percentage of target Performance Units earned for Adjusted EBITDA between Threshold Performance (40%) and Maximum Performance (200%) will be determined by linear interpolation.", "samples": [{"hash": "ed2UltHXETE", "uri": "/contracts/ed2UltHXETE#adjusted-ebitda", "label": "Performance Unit Award Agreement (Fairpoint Communications Inc)", "score": 21.0, "published": true}, {"hash": "az6e4jOHMXi", "uri": "/contracts/az6e4jOHMXi#adjusted-ebitda", "label": "Performance Unit Award Agreement (Fairpoint Communications Inc)", "score": 21.0, "published": true}], "size": 4, "snippet_links": [{"key": "the-company", "type": "definition", "offset": [0, 11]}, {"key": "performance-period", "type": "definition", "offset": [38, 56]}, {"key": "determine-the", "type": "clause", "offset": [62, 75]}, {"key": "target-number-of-performance-units", "type": "definition", "offset": [103, 137]}, {"key": "below-threshold-performance", "type": "definition", "offset": [150, 177]}, {"key": "target-performance", "type": "definition", "offset": [209, 227]}, {"key": "maximum-performance", "type": "clause", "offset": [234, 253]}, {"key": "the-percentage", "type": "definition", "offset": [269, 283]}, {"key": "performance-units-earned", "type": "clause", "offset": [294, 318]}, {"key": "linear-interpolation", "type": "clause", "offset": [428, 448]}], "hash": "0f629730f27cc89e94111393e62f02e7", "id": 10}, {"snippet": "Borrower's maximum Adjusted EBITDA loss for the trailing three month period ending on March 31, 2017 and April 30, 2017 shall not exceed $130,000 and $30,000 respectively. Borrower's minimum trailing three month Adjusted EBITDA (measured as of the last day of each month beginning with period ending May 31, 2017) shall be at least $1.\n5. The following definition is added to Section 14 of the Agreement:", "samples": [{"hash": "d7drQxqBu80", "uri": "/contracts/d7drQxqBu80#adjusted-ebitda", "label": "Loan and Security Agreement (ConversionPoint Holdings, Inc.)", "score": 27.9582481384, "published": true}, {"hash": "8sS38kaL1S", "uri": "/contracts/8sS38kaL1S#adjusted-ebitda", "label": "Loan and Security Agreement (ConversionPoint Holdings, Inc.)", "score": 27.9582481384, "published": true}], "size": 4, "snippet_links": [{"key": "ebitda-loss", "type": "clause", "offset": [28, 39]}, {"key": "period-ending", "type": "definition", "offset": [69, 82]}, {"key": "on-march", "type": "clause", "offset": [83, 91]}, {"key": "minimum-trailing-three-month-adjusted-ebitda", "type": "definition", "offset": [183, 227]}, {"key": "day-of", "type": "clause", "offset": [253, 259]}, {"key": "beginning-with", "type": "clause", "offset": [271, 285]}, {"key": "section-14-of-the-agreement", "type": "clause", "offset": [376, 403]}], "hash": "f8d5450519177ce9460c010db33f6864", "id": 8}], "next_curs": "ClgSUmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjQLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhhhZGp1c3RlZC1lYml0ZGEjMDAwMDAwMGEMogECZW4YACAA", "clause": {"children": [["adjusted-ebitda", "Adjusted EBITDA"], ["", ""], ["stay-of-acceleration", "Stay of Acceleration"], ["contribution-agreement", "Contribution Agreement"], ["rights-cumulative", "Rights Cumulative"]], "size": 306, "title": "Adjusted EBITDA", "parents": [["financial-covenants", "Financial Covenants"], ["affirmative-covenants", "AFFIRMATIVE COVENANTS"], ["description-of-change-in-terms", "Description of Change in Terms"], ["modifications-to-loan-agreement", "Modifications to Loan Agreement"], ["amendments-to-loan-agreement", "Amendments to Loan Agreement"]], "id": "adjusted-ebitda", "related": [["minimum-adjusted-ebitda", "Minimum Adjusted EBITDA", "Minimum <strong>Adjusted EBITDA</strong>"], ["consolidated-ebitda", "Consolidated EBITDA", "Consolidated EBITDA"], ["ebitda", "EBITDA", "EBITDA"], ["minimum-consolidated-ebitda", "Minimum Consolidated EBITDA", "Minimum Consolidated EBITDA"], ["interest-expense-coverage-ratio", "Interest Expense Coverage Ratio", "Interest Expense Coverage Ratio"]], "related_snippets": [], "updated": "2026-02-28T04:48:56+00:00", "also_ask": ["What are the most negotiable components in defining Adjusted EBITDA?", "Which adjustments to EBITDA are essential to include or exclude to protect client interests?", "What are the most common pitfalls or ambiguities in Adjusted EBITDA clauses that lead to disputes?", "How do courts typically interpret and enforce Adjusted EBITDA definitions in litigation?", "How does this Adjusted EBITDA definition compare to market standards in similar transactions?"], "drafting_tip": "Define Adjusted EBITDA precisely to avoid ambiguity; specify permitted adjustments to ensure consistency; reference relevant accounting standards to enhance enforceability.", "explanation": "The Adjusted EBITDA clause defines how a company's earnings before interest, taxes, depreciation, and amortization are calculated, with specific adjustments for certain non-recurring, non-cash, or extraordinary items. In practice, this clause outlines which expenses or incomes are to be excluded or included in the EBITDA calculation, such as restructuring costs, stock-based compensation, or one-time legal settlements. Its core function is to provide a standardized and transparent measure of a company's operating performance, ensuring that both parties have a clear and agreed-upon basis for financial analysis, covenants, or valuation purposes."}, "json": true, "cursor": ""}}