Adjusted Interest Expense means, for any period, (a) total interest expense (including that attributable to Capital Lease obligations and capitalized interest) determined in accordance with GAAP of the Borrower and its Consolidated Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Consolidated Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financings and net costs under Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP) less (b) the sum of the following for such period (i) total interest income determined in accordance with GAAP and (ii) but only to the extent included in the amount calculated pursuant to clause (a) above, (x) interest expense on Hybrid Preferred Securities, (y) interest expense in respect of the securitization programs of the Borrower and its Consolidated Subsidiaries and in respect of any other Securitization Securities and (z) amortization of settlement payments previously made on forward-starting Swap Agreements and of any upfront fees and other costs associated with financings for the Borrower and its Consolidated Subsidiaries.
Adjusted Interest Expense for any period means the consolidated interest expense (as calculated in accordance with the Senior Trust Indenture) of the REIT for such period less (i) the amount of interest capitalized on The Bow and (ii) interest expense of the REIT for such period in respect of released non-recourse indebtedness.
Adjusted Interest Expense means (a) for the calculations to be made for the fiscal quarter ending June 30, 2017, consolidated Interest Expense of the Borrower and its Subsidiaries for such fiscal quarter multiplied by four; (b) for the calculations to be made for the fiscal quarter ending September 30, 2017, consolidated Interest Expense of the Borrower and its Subsidiaries for the two-fiscal quarter period then ended multiplied by two; (c) for the calculations to be made for the fiscal quarter ending December 31, 2017, consolidated Interest Expense of the Borrower and its Subsidiaries for the three- fiscal quarter period then ended multiplied by 4/3; and (d) for the calculations to be made for each fiscal quarter ending on or after March 31, 2018, consolidated Interest Expense of the Borrower and its Subsidiaries for the four-fiscal quarter period then ended.
Examples of Adjusted Interest Expense in a sentence
The only applicable covenant during the Waiver Period is the trailing 12 month Adjusted EBITDA to Adjusted Interest Expense ratio (the "Interest Coverage" ratio).
If the Company issues capital stock for cash during such period and promptly applies the net proceeds thereof to permanent reduction of Indebtedness of the Company or its consolidated Subsidiaries, Consolidated Adjusted Interest Expense for such period shall be calculated on a pro forma basis as if such permanent reduction of Indebtedness had been made as of the first day of such period.
Adjusted Interest Expense excludes financing charges in interest expense.
Until such time as all Tranche A Advances and Tranche B Advances are indefeasibly paid in full, Guarantor and each Subsidiary, on a consolidated basis, shall maintain for each monthly period (i) a ratio of Adjusted EBITDA to Adjusted Interest Expense of not less than 1.25 to 1.00, and (ii) a ratio of Adjusted EBITDA to Interest Expense of not less than 1.10 to 1.00, with each such ratio being determined as of the end of each monthly fiscal period for the monthly fiscal period then ended.
Upon expiration of the Waiver Period, the Adjusted Interest Expense covenant shall encompass only those periods after the Waiver Period.
More Definitions of Adjusted Interest Expense
Adjusted Interest Expense means, for any period, without duplication, an amount equal to the sum of: (i) the aggregate amount of interest charges (excluding fees and expenses incurred at or prior to the Issue Date in connection with the Transactions), whether expensed or capitalized, incurred or accrued by the Company and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP for such period (including non-cash interest payments); plus (ii) to the extent not included in clause (i) above, an amount equal to the sum of: (A) net costs associated with Swap Contracts and Currency Hedge Obligations (including any amortization of discounts); plus (B) all commissions, discounts and other fees and charges owed with respect to letters of credit, bankers' acceptances or similar facilities paid or accrued, or scheduled to be paid or accrued, during such period; plus (C) dividends on Preferred Interests and Redeemable Capital Interests (if paid to a Person other than the Company or one of its Restricted Subsidiaries) declared and payable in cash; plus (D) the portion of any Attributable Debt in respect of any Sale and Leaseback Transaction that is allocable to interest expense (determined as if such Transaction were treated as a Capital Lease Obligation); plus (E) to the extent any Debt of any other Person is Guaranteed or secured by the Company or a Restricted Subsidiary in the manner described in clause (ix) of the definition of "Debt," the aggregate amount of interest expense of such other Person during such period attributable to any such Debt determined in accordance with GAAP; minus
Adjusted Interest Expense means, as to the Credit Parties on a consolidated basis and for any period, Interest Expense less any non cash Interest Expense.
Adjusted Interest Expense means, for any period of four consecutive Fiscal Quarters, the sum of (i) Consolidated Interest Expense for such period and (ii) with respect to each Equity Affiliate that is an Included Equity Affiliate at the end of such period, an amount equal to the Borrower's Pro Rata Share of such Included Equity Affiliate's interest expense for such period.
Adjusted Interest Expense for any period means interest expenses plus other financial expenses plus other financial expenses from changes in the market value of derivatives plus exchange losses of the Parent Guarantor and its Subsidiaries and in each case as specified under note 7 of the Reference Financial Statements but excluding any one-time expenses in connection with the repayment and/or re-financing of the Syndicated Credit Facility Agreement.
Adjusted Interest Expense means the total Interest Expense of the Company and the other Credit Parties on a consolidated basis and for any period less any non cash Interest Expense.
Adjusted Interest Expense means, (a) as of the last day of each of the first four Fiscal Quarters ending after the Effective Date, (i) Average Total Debt determined as of that date TIMES (ii) the combined weighted average interest rate per annum for such Total Debt as of the last day of such Fiscal Quarter, and (b) as of the last day of each subsequent Fiscal Quarter, Interest Expense for the four Fiscal Quarter period ending on that date.
Adjusted Interest Expense means, for any period, the sum of (without duplication) (a) the combined interest expense of the Company and its Wholly Owned Subsidiaries for such period as determined in accordance with GAAP, including, without limitation or duplication, (i) amortization of debt issuance costs or of original issue discount on any Indebtedness and the interest portion of any deferred payment obligation, calculated in accordance with the effective interest method of accounting, (ii) accrued interest, (iii) noncash interest payments, (iv) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing, (v) interest actually paid by the Company or any Wholly Owned Subsidiary under any guarantee of Indebtedness or other obligation of any other Person and (vi) net costs associated with Interest Rate Agreements (including amortization of discounts) and Currency Agreements of the Company or any Wholly Owned Subsidiary relating to Indebtedness, plus (b) all but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued, or scheduled to be paid or accrued by the Company or any Wholly Owned Subsidiary, plus (c) capitalized interest, plus (d) dividends paid in respect of Preferred Stock of the Company or any Wholly Owned Subsidiary held by Persons other than the Company or any Wholly Owned Subsidiary, plus (e) cash contributions to any employee stock ownership plan to the extent such contributions are used by such employee stock ownership plan to pay interest or fees to any person (other than the Company) in connection with loans Incurred by such employee stock ownership plan to purchase Capital Stock of the Company, plus (f) the interest expense of any Project Company to the extent attributable to any Indebtedness of such Project Company to the extent guaranteed by the Company or any Wholly Owned Subsidiary, minus (g) interest expense of the Company or any Wholly Owned Subsidiary attributable to Indebtedness referred to in clause (viii) of the definition of "Permitted Investments."