G&A Cap means (a) $1,500,000 for each of the first through fourth Applicable Quarters following the Closing Date, (b) $1,650,000 for each of the fifth through eighth Applicable Quarters following the Closing Date and (c) $1,800,000 for each of the ninth through twelfth Applicable Quarters following the Closing Date.
G&A Cap means, for each Calendar Quarter following the Calendar Quarter ending on March 31, 2020, an amount of cash general and administrative costs in an aggregate amount equal to (a) $24,000,000 at any time when the Initial Lenders and their respective Affiliates (and/or any commonly-owned Affiliates thereof) are “Lenders” hereunder, and (b) $30,000,000 at any time that the Initial Lenders and their respective Affiliates (and/or any commonly-owned Affiliates thereof) cease to be “Lenders” hereunder, in each case of clause (a) and (b), per Calendar Quarter (calculated on a trailing 12 month basis) minus an amount equal to the aggregate cash general and administrative costs incurred by the Loan Parties during the three Calendar Quarters immediately preceding such Calendar Quarter, as increased by three percent (3%) per calendar year commencing in 2020; provided, that the G&A Cap shall exclude (i) non-cash costs, (ii) transaction costs attributable to the Facilities and incurred on or before the Effective Date, transaction costs incurred in connection with the Second Amendment Agreement and the related transactions consummated in connection therewith, and costs and expenses for the services of any Collateral Inspection Party (iii) restructuring fees associated with headcount reductions, (iv) Public Company Operating Costs and (v) other costs and expenses, in each case, as approved by the Lenders in their reasonable discretion; provided, further, that the G&A Cap shall exclude up to $1,000,000 in the aggregate in any fiscal year of extraordinary costs and unusual or non-recurring expenses.
G&A Cap means an amount of cash general and administrative costs to be determined as follows:
Examples of G&A Cap in a sentence
The pro rata portion of the additional general and administrative expenses shall be added to the G&A Cap Amount and the Upper Cap Amount in the year in which such acquisition, construction, capital improvement, replacement or expansion occurs for the portion of the year occurring thereafter and the full amount of such general and administrative expenses shall be added to the G&A Cap Amount and the Upper Cap Amount thereafter.
The Existing Investors (or their permitted transferees) shall agree on the amount of the G&A Cap during any such Cap Period Extension.
The Existing Investors and their permitted transferees shall agree on the amount of the G&A Cap during any such Cap Period Extension.
The quarterly G&A Cap for the first, second and third years following the Closing shall be $1.5 million, $1.65 million and $1.8 million, respectively.
During any Cap Period Extension, the G&A Cap for such extended period must be equal to or greater than the amount of the G&A Cap for the Quarter immediately preceding the Cap Period Extension.
More Definitions of G&A Cap
G&A Cap means (a) for the period ending March 31, 2009, One Hundred Twenty-Five Thousand Dollars ($125,000) per calendar month and (b) thereafter, ten percent (10%) of Net Operating Cash Flow per calendar month.
G&A Cap has the meaning specified in Section 4.02(a) of this Agreement.
G&A Cap means Fifty Thousand Dollars ($50,000.00) per calendar month (in this definition, the “subject month”); provided that, if Borrowers’ aggregate actual G&A Expenses during the applicable calendar year is less than an amount equal to $50,000.00 multiplied by the number of complete calendar months that have preceded the subject month in such calendar year (the difference being referred to in this definition as the ‘‘surplus”), then the G&A Cap for the subject month will be increased by an amount equal to the surplus; provided further that the Borrower shall not be allowed to request the return of such surplus to the extent the return of such amount would have the effect of reducing the amount of cash available in the Borrower Sub-Account to pay the amounts described in clauses (a), (b), (d), (e) and (f) of the definition of Net Operating Cash Flow. Borrowers may propose, an each anniversary of the Closing Date, a modification to the G&A Cap subject to the review and written approval of Lender, such approval not be unreasonably withheld alter taking into consideration all relevant circumstances as determined by Lender, including but not limited to coverage ratios and Net Operating Cash Flow forecasts.
G&A Cap has the meaning specified in Section 10.14.
G&A Cap means, with respect to any period of four consecutive Fiscal Quarters, commencing with the four-Fiscal Quarter period ending September 30, 2021, $25,000,000.
G&A Cap means, for each Calendar Quarter following the Calendar Quarter ending on March 31, 2020, an amount of cash general and administrative costs in an aggregate amount equal to (a) $24,000,000 at any time when the Initial Lenders and their respective Affiliates (and/or any commonly-owned Affiliates thereof) are “Lenders” hereunder, and (b) $30,000,000 at any time that the Initial Lenders and their respective Affiliates (and/or any commonly-owned Affiliates thereof) cease to be “Lenders” hereunder, in each case of clause (a) and (b), per Calendar Quarter (calculated on a trailing 12 month basis) minus an amount equal to the aggregate cash general and Senior Secured Term Loan Credit Agreement among U.S. Well Services, Inc., USWS Holdings LLC, U.S. Well Services, LLC, the Subsidiary Guarantors, the Initial Lenders, and CLMG Corp. dated as of May 7, 2019Page 19 of 151 administrative costs incurred by the Loan Parties during the three Calendar Quarters immediately preceding such Calendar Quarter, as increased by three percent (3%) per calendar year commencing in 2020; provided, that the G&A Cap shall exclude (i) non-cash costs, (ii) transaction costs attributable to the Facilities and incurred on or before the Effective Date, transaction costs incurred in connection with the Second Amendment Agreement and the related transactions consummated in connection therewith, and costs and expenses for the services of any Collateral Inspection Party (iii) restructuring fees associated with headcount reductions, (iv) Public Company Operating Costs and (v) other costs and expenses, in each case, as approved by the Lenders in their reasonable discretion; provided, further, that the G&A Cap shall exclude up to $1,000,000 in the aggregate in any fiscal year of extraordinary costs and unusual or non-recurring expenses.
G&A Cap means zero.