Average Total Debt means (i) the sum of the Total Debt as of the end of the prior year and the Total Debt as of the end of the current year (ii) divided by two. For example, the Average Total Debt for calendar year 2011 will be the Total Debt as of December 31, 2010, plus the Total Debt as of December 31, 2011, divided by two.
Average Total Debt means the daily average Funded Debt for any applicable period.
Average Total Debt means, for any period of four consecutive Fiscal Quarters, the average of the month-end balances of Debt of the Borrower outstanding during such four Fiscal Quarters.
Examples of Average Total Debt in a sentence
At, and measured as of, the end of each Fiscal Quarter a ratio, expressed as a percentage, of Farmland Companies’ Average Total Debt over the previous consecutive four (4) Fiscal Quarters, divided by Farmland Companies’ Average Total Capitalization over the previous consecutive four (4) Fiscal Quarters, of no greater than 62%.
For the purpose of calculating compliance with the financial covenants in Article V for periods prior to the Closing Date, Average Total Debt shall exclude liabilities subject to compromise (in accordance with GAAP) and any requirement to pay on or prior to the Closing Date principal in respect of such liabilities shall be ignored in the calculation of Fixed Charges.
Average Total Debt to Farmland Companies’ Average Total Capitalization.
The Borrower shall not permit the total outstanding Indebtedness of the Borrower and its Subsidiaries on a consolidated basis, including, without limitation, Average Total Debt, at the end of any Fiscal Quarter commencing with the Fiscal Quarter ending on January 31, 1998 to exceed 4.75 times EBITDA determined on the basis of the four Fiscal Quarters ending on the date of determination.
For example, the Average Total Debt for calendar year 2015 will be the Total Debt as of December 31, 2014, plus the Total Debt as of December 31, 2015, divided by two.
More Definitions of Average Total Debt
Average Total Debt means, as of the last day of any Fiscal Quarter, the arithmetic average of the Total Debt as of that date and as of the last day of each of the two previous constituent fiscal months in that Fiscal Quarter, PROVIDED that for the first Fiscal Quarter ending following the Effective Date, the principal amount of the Unsecured Senior Notes and the Obligations incurred on the Effective Date shall be included in the Total Debt as of each such date on a pro forma basis (but without duplication). "BANK OF AMERICA" means Bank of America, N.A., its successors and assigns. "BASE RATE" means, as of any date of determination, the rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the HIGHER OF (a) the Prime Rate in effect on such date and (b) the Federal Funds Rate in effect on such date plus 1/2 of 1%. Interest shall accrue on an actual/365-366-day basis and shall be payable quarterly in arrears.
Average Total Debt means, as of each date of determination, the arithmetic average of the Total Debt as of that date and as of the last day of the two immediately preceding calendar months, provided that, in computing Average Total Debt, (a) that portion of the Total Debt which has been permanently repaid as of the date of determination using the proceeds of any Disposition of any Person or assets involving a consideration in excess of $5,000,000 shall be excluded, and (ii) any Total Debt existing on the date of determination which is attributable to the acquisition of any Person or assets during the relevant period for a consideration which is in excess of $5,000,000 shall be deemed to have been outstanding on each such date.
Average Total Debt means the arithmetic average of the Total Debt outstanding at the end of each of the fifteen (15) Business Days following, and each of the fifteen (15) days preceding (or such fewer number of days to the date hereof) the Funded Debt Determination Date.
Average Total Debt means, as of any date of determination, the sum of (a) the aggregate outstanding principal amount of all Consolidated Funded Indebtedness (other than the Outstanding Amount of any Revolving Credit Loans, Swing Line Loans and L/C Borrowings) on such date and (b) the average daily Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Borrowings outstanding during the 365 days immediately prior to such date, minus Average Cash; provided that to the extent the Closing Date shall have occurred within such 365 day-period set forth in clause (b) above, the average referred to in clause (b) shall be the average of the amounts specified in clause (b) from the Closing Date to the date of determination; provided, further, that for the 365 days immediately preceding the date hereof and solely in respect of the computation after the date hereof of the financial covenants set forth in Section 7.10 hereof, the average daily Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Borrowings shall be deemed to have been zero.
Average Total Debt means, as of any date of determination (i) the sum of (a) the aggregate outstanding principal amount of all Funded Indebtedness (other than the Revolving Loans and Indebtedness incurred pursuant to Section 8.1(r)) outstanding on such day and (b) the quotient of the sum of the aggregate outstanding principal amount of all Revolving Loans outstanding on the last day of each of the 12 fiscal months ending on or immediately prior to such day divided by 12 minus (ii) the quotient of the sum of the aggregate cash and cash equivalents (which are free of any Liens other than Liens in favor of the Secured Parties and customary set-off rights or bankers' liens of depositary institutions) outstanding on the last day of each of the 12 fiscal months ending on or immediately prior to such day divided by 12.
Average Total Debt means, as of any date of determination, (a) the sum of (i) the aggregate outstanding principal amount of all Consolidated Funded Indebtedness (other than the Outstanding Amount of any Revolving Credit Loans, Swing Line Loans and L/C Borrowings) on such date and (ii) the average monthly Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Borrowings outstanding during the 365 days immediately prior to such date, minus (b) the average monthly balance of cash and Cash Equivalents of the Borrower and its Subsidiaries in excess of $5 million in aggregate (to the extent positive) during the 365 days immediately prior to such date; provided that the average of the amounts specified in clause (a)(i) and clause (a)(ii) for the fiscal quarter ending December 27, 2003 shall be deemed to be $0; for the fiscal quarter ending March 27, 2004 shall be deemed to be $0; and for the fiscal quarter ending June 26, 2004 shall be deemed to be $0.
Average Total Debt means, as of any date of determination, (a) the sum of (i) the aggregate outstanding principal amount of all Consolidated Funded Indebtedness (other than the Outstanding Amount of any Revolving Credit Loans, Swing Line Loans and L/C Borrowings) on such date and (ii) the average monthly Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Borrowings outstanding during the 365 days immediately prior to such date, minus (b) the average monthly balance of cash and Cash Equivalents of the Loan Parties in excess of $5,000,000 in aggregate (to the extent positive) during the 365 days immediately prior to such date.