Excess Cash Adjustment definition

Excess Cash Adjustment means an adjustment in the principal amount of the Subordinated Notes such that the said principal amount is then equal to $150 million plus the amount, if any, by which Excess Cash exceeds the Minimum Cash Threshold, if any.
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Excess Cash Adjustment. Following completion of the audit of PGS's financial year 2003 figures, and after review by PwC, an adjustment will be made, subject to agreeing an appropriate de minimis threshold, to the Excess Cash additional recovery calculated above to reconcile that additional recovery to the additional recovery that would otherwise have been payable had it instead been calculated based on the pro rata amount of the actual "TOTAL RECEIPTS" for financial year 2003 (e.g. 10/12 of the TOTAL RECEIPTS figure if the Excess Cash additional recovery were calculated as at 31 October 2003). Following such calculation, any such amount payable (subject to the de minimus threshold) will be paid to the Holders of record of the Bank Facilities and the Notes as at the date of Completion, on a pro rata basis. Conduct of Business: PGS will operate its business in the ordinary course prior to the Completion, including but not limited to, (i) no distributions or payments to be made to shareholders, affiliates, directors or employees outside the ordinary course of business or other than in accordance with terms of existing contractual arrangements or terms of new arms' length contractual arrangements and (ii) the Group shall manage its working capital on a basis consistent with its historic customary practice (subject to any change thereto required by customers/vendors due to the Group's financial condition and the implementation of the Restructuring). This undertaking shall not restrict the payment of bonuses to management members (but not directors) on signing of the PSA and/or on Completion which, in aggregate, do not exceed $2m. FINAL DRAFT EXHIBIT A TO PLAN SUPPORT AGREEMENT PRIVATE AND CONFIDENTIAL Fees and expenses of For the account of PGS and payable in full parties: on Completion. Such fees and expenses shall include the reasonable fees and expenses of the indenture trustee for the Noteholders and Trust Preferreds incurred pursuant to their respective indentures. For the avoidance of doubt, Excess Cash shall be calculated after all such fees and expenses have been paid. Releases: If the Restructuring is to be implemented solely by way of a Chapter 11 filing in the United States then those Noteholders, Banks and Trust Preferreds who agree to vote in favour of such Restructuring prior to such filing will agree that:
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Excess Cash Adjustment has the meaning set forth in Section 2.07(a)(ii).
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Examples of Excess Cash Adjustment in a sentence

  • Excess Cash Adjustment means $15.0 million minus an amount equal to the aggregate principal amount of the Amended and Restated Revolver Notes.1.44.


More Definitions of Excess Cash Adjustment

Excess Cash Adjustment means $15.0 million minus an amount equal to the aggregate principal amount of the Amended and Restated Revolver Notes.
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Excess Cash Adjustment means an amount equal to (i) the Excess Cash Amount plus (ii) the Seller Cash Extraction Costs minus (iii) the Buyers Cash Extraction Costs.
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Related to Excess Cash Adjustment

  • Excess Cash Amount means, as of any Excess Cash Measurement Date, (a) the total amount of Unrestricted Cash, less (b) the sum of (i) the applicable Minimum Cash Threshold hereto corresponding to such Excess Cash Measurement Date, (ii) the total amount of scheduled payments due by OEC and its Subsidiaries, taken as a whole, under (x) the New Notes and (y) any other Permitted Indebtedness in each case in the subsequent twelve (12) month period, (iii) projected expenses for the Issuer to conduct its operations during the subsequent twelve (12) month period, including any foreign currency conversion expenses and (iv) for any Excess Cash Measurement Date through (and including) December 31, 2024, any Fines due by OEC and its Subsidiaries for the subsequent twelve (12) month period; less (c) an amount equal to the Required Gross-Up; provided that any items already deducted from cash and short-term investments of OEC and its Subsidiaries for purposes of determining Unrestricted Cash shall not be deducted again for purposes of determining the Excess Cash Amount.

  • Net Adjustment Amount means an amount, which may be positive or negative, equal to the Closing Net Working Capital as finally determined pursuant to this Section 2.9 minus the Preliminary Net Working Capital as set forth on the Preliminary Closing Statement;

  • True-Up Adjustment means any Annual True-Up Adjustment or Interim True-Up Adjustment, as the case may be.

  • CPI Adjustment means the quotient of (i) the CPI for the month of January in the calendar year for which the CPI Adjustment is being determined, divided by (ii) the CPI for January of 2007.

  • Excess Cash all cash and Cash Equivalents of the Borrower and its Subsidiaries at such time determined on a consolidated basis in accordance with GAAP in excess of $25,000,000.

  • Tax Adjustment has the meaning set forth in Section 4.7.

  • SOFR Adjustment means 0.10% (10 basis points).

  • Estimated Adjustment Amount has the meaning set forth in Section 2.5(a).

  • Adjustment Amount For any Distribution Date, the difference between (A) the sum of the Class A Principal Balance and the Class B Principal Balance as of the related Determination Date and (B) the sum of (i) the sum of the Class A Principal Balance and the Class B Principal Balance as of the Determination Date succeeding such Distribution Date and (ii) the aggregate amount that would have been distributed to all Classes as principal in accordance with Section 4.01(a) for such Distribution Date without regard to the provisos in the definitions of Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal Principal Amount and Class B-6 Optimal Principal Amount.

  • Net Monthly Excess Cash Flow For any Distribution Date the amount remaining for distribution pursuant to subsection 4.02(a)(iii) (before giving effect to distributions pursuant to such subsection).

  • Retained Excess Cash Flow Amount means, at any date of determination, an amount, determined on a cumulative basis, that is equal to the aggregate cumulative sum of the Excess Cash Flow that is not required to be applied as a mandatory prepayment under Section 2.11(b)(i) for all Excess Cash Flow Periods ending after the Closing Date and prior to such date; provided that such amount shall not be less than zero for any Excess Cash Flow Period.

  • Net Working Capital Adjustment Amount means an amount (which may be a positive or negative number) equal to (a) the Closing Date Net Working Capital minus (b) the Target Net Working Capital.

  • Final Adjustment Amount shall have the meaning set forth in Section 2.5(e).

  • Post-Closing Adjustment Amount has the meaning set forth in Section 2.2(a).

  • Closing Adjustment Amount shall have the meaning set forth in Section 3.2(c).

  • Working Capital Adjustment Amount has the meaning set forth in Section 2.1(b)(ii). Section 1.2

  • Net Monthly Excess Cashflow With respect to each Distribution Date, the sum of (a) any Overcollateralization Release Amount for such Distribution Date and (b) the excess of (x) Available Funds for such Distribution Date over (y) the sum for such Distribution Date of (A) the Monthly Interest Distributable Amounts for the Class A Certificates and the Mezzanine Certificates, (B) the Unpaid Interest Shortfall Amounts for the Class A Certificates and (C) the Principal Remittance Amount.

  • Excess Cash Flow means, for any period, an amount equal to the excess of:

  • Related Adjustment means, in determining any LIBOR Successor Rate, the first relevant available alternative set forth in the order below that can be determined by the Administrative Agent applicable to such LIBOR Successor Rate:

  • Equity Adjustment means the dollar amount resulting by subtracting the Book Value, as of Bank Closing, of all Liabilities Assumed under this Agreement by the Assuming Bank from the purchase price, as determined in accordance with this Agreement, as of Bank Closing, of all Assets acquired under this Agreement by the Assuming Bank, which may be a positive or a negative number.

  • Monthly Excess Cashflow For any Distribution Date, an amount equal to the sum of the Monthly Excess Interest and Overcollateralization Release Amount, if any, for such date.

  • Net Working Capital Adjustment means (a) the amount by which Net Working Capital as of immediately prior to the Closing exceeds Target Net Working Capital or (b) the amount by which Net Working Capital as of immediately prior to the Closing is less than Target Net Working Capital, in each case, if applicable; provided, that any amount which is calculated pursuant to clause (b) above shall be deemed to be a negative number.

  • Post-Closing Adjustment has the meaning set forth in Section 2.04(b)(ii).

  • Market Value Adjustment means, on a given date, an amount equal to the lesser of (x) 98% and (y) a percentage determined according to the following formula: Market Value Adjustment = 98% – [(10yrCMTt – 10yrCMTlaunch) ×Duration], where 10yrCMTt = the 10-Year Treasury Constant Maturity Rate published each business day by the Board of Governors of the Federal Reserve System, or, if such rate ceases to be published, a successor rate reasonably determined by the Trustees (the “10-Year CMT”), on such repurchase date; 10yrCMTlaunch = the 10-Year CMT as of the end of the Initial Offering Period; and Duration = an estimate of the duration of the periodic interest payments of a hypothetical coupon-paying U.S. Government Security with a 25-year maturity, calculated by the Trust’s Investment Manager as of the end of the Initial Offering Period;

  • Buy In Adjustment Amount shall have the meaning specified in Section 6.

  • Working Capital Adjustment shall have the meaning set forth in Section 3.5(c)(i).