Net Consolidated Debt at any date, the difference between (a) without duplication, the aggregate of all Indebtedness of the Company and its Subsidiaries determined on a consolidated basis (including the current portion thereof and the undrawn stated amount of any letters of credit then outstanding), other than (but only to the extent that the following would not be included on a consolidated balance sheet of the Company and its Subsidiaries at such date): (i) earn-outs or similar obligations, (ii) Indebtedness described in clauses (g) and (h) of the definition of “Indebtedness”, and (iii) Guaranty Obligations in respect of the Indebtedness described in clauses (i) and (ii) above and (b) the aggregate amount of cash and cash equivalents held by the Company and its Subsidiaries on such date determined on a consolidated basis in accordance with GAAP.
Net Consolidated Debt means, at the end of any Fiscal Quarter and as determined on a consolidated basis (but excluding Debt of Unrestricted Subsidiaries and Non-Recourse Debt), all Debt of the Borrower, less (i) the aggregate amount of all cash and short-term investments (other than asset-backed commercial paper) held by the Borrower and shown as cash on the consolidated balance sheet of the Borrower; provided that such cash and short-term investments (or the applicable financial institutions) are rated at least A-1 (or A-2 in the case of commercial paper) by S&P or P-1 (or P-2 in the case of commercial paper) by Moody’s and are not encumbered by any Liens and (ii) the Huntsman Preferred Stock to the extent included in such Debt of the Borrower; and provided further that Net Consolidated Debt shall exclude (i) the Debt, cash and short-term investments of any Unrestricted Subsidiaries, (ii) any cash or short-term deposits which are not on deposit with or issued by a Lender or a Lender’s Affiliate and (iii) any cash and short-term investments which constitute Non-Recourse Assets.
Net Consolidated Debt means, as of any date of determination, (a) Consolidated Debt minus (b) the positive amount (if any) by which the sum of (i) 100% of unrestricted cash and Permitted Cash Equivalent Investments held by the Company or its Domestic Subsidiaries on such date and (ii) 65% of unrestricted cash and Permitted Cash Equivalent Investments held by Foreign Subsidiaries of the Company on such date, exceeds $25,000,000.
Examples of Net Consolidated Debt in a sentence
The Borrower shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or otherwise permit to exist any Attributable Debt in excess of 7.5% of Consolidated Assets, excluding any Attributable Debt that would be permitted by the Debt to Capitalization Ratio if such Attributable Debt was included within Net Consolidated Debt.
Total Debt, Net Consolidated Debt, Net plus the Company’s pro rata share of the carrying amount of the debt of the Company’s unconsolidated joint venture.
The Company will not permit the ratio, determined as of the end of each of its Fiscal Quarters, of (i) Net Consolidated Debt as of the last day of such Fiscal Quarter to (ii) Consolidated EBITDA for the period of four (4) consecutive Fiscal Quarters ending with the end of such Fiscal Quarter to exceed 4.00 to 1.00.
The Borrower or any Restricted Subsidiary defaults in the making of any payment relating to any Net Consolidated Debt (other than the Loan Indebtedness or the Debt described in Section 11.1(m)) after all applicable grace or cure periods have expired and provided that the aggregate outstanding principal amount of all such Net Consolidated Debt exceeds U.S. $25,000,000.
The Borrower shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or otherwise permit to exist any Attributable Debt in excess of 7.5% of Consolidated Assets, excluding any Attributable Debt that would be permitted by the Debt to Cash Flow Ratio if such Attributable Debt was included within Net Consolidated Debt.
More Definitions of Net Consolidated Debt
Net Consolidated Debt means the aggregate amount of Indebtedness of the Company and its subsidiaries on a consolidated basis outstanding as of the end of the applicable fiscal year less cash and cash equivalents of the Company and its subsidiaries on a consolidated basis as of the end of the applicable fiscal year. /s/ Xxxx X. Xxxxxxx ------------------- Xxxx X. Xxxxxxx Date: August 14, 2003
Net Consolidated Debt means, without duplication, (a) the aggregate principal amount of outstanding indebtedness for borrowed money of the Company and its Subsidiaries (excluding Forest Investments, Inc. and its Subsidiaries), plus (b) Capital Lease Obligations that the Company and/or its subsidiaries (excluding Forest Investments, Inc. and its subsidiaries) may have outstanding, minus (c) the aggregate amount of cash and cash equivalents of the Company and its Subsidiaries (excluding cash proceeds of any proposed incurrence of indebtedness). “Net Consolidated Debt” shall not include Permitted Indebtedness.
Net Consolidated Debt means, as of any determination date, without duplication, an amount equal to (a) the aggregate principal amount of outstanding indebtedness for borrowed money of the Company and its Subsidiaries, plus (b) Capital Lease Obligations that the Company and/or its Subsidiaries may have outstanding as of such date, minus (c) the aggregate amount of cash and cash equivalents included on the Company’s most recent consolidated balance sheet; provided that the cash proceeds of any proposed incurrence of indebtedness shall not be included in this clause (c) for purposes of calculating Net Consolidated Debt; provided further that “Net Consolidated Debt” shall not include (1) any indebtedness that has been defeased, discharged and/or redeemed, provided that funds in an amount equal to all such indebtedness (including interest and any other amounts required to be paid to the holders thereof in order to give effect to such defeasance, discharge or redemption) have been irrevocably deposited with a trustee or agent for the benefit of the relevant holders of such indebtedness, (2) interest, fees, make-whole amounts, premium, charges or expenses, if any, relating to the principal amount of Net Consolidated Debt, and (3) any indebtedness owing to the Company by any of its Subsidiaries or any indebtedness owing to any of its Subsidiaries by the Company or another Subsidiary.
Net Consolidated Debt means, without duplication, (a) the aggregate principal amount of outstanding indebtedness for borrowed money of us and our subsidiaries (excluding Forest Investments, Inc. and its subsidiaries), plus (b) Capital Lease Obligations we and/or our subsidiaries (excluding Forest Investments, Inc. and its subsidiaries) may have outstanding, minus (c) the aggregate amount of cash and cash equivalents of us and our subsidiaries (excluding cash proceeds of any proposed incurrence of indebtedness). “Net Consolidated Debt” shall not include (1) any indebtedness owing to us by any subsidiary or any indebtedness owing to any subsidiary by us or another subsidiary, (2) indemnification or guaranty obligations arising in the ordinary course of business, (3) indemnification obligations, deferred purchase price, earnouts or similar obligations under contracts for purchase and sale and (4) any indebtedness that is contractually or structurally subordinated in right of payment to the Notes (clauses (1) to (4), collectively, “Permitted Indebtedness”).o
Net Consolidated Debt means, at any moment, the total value of the obligations of the TB Group, related to Loans, but:
Net Consolidated Debt means the difference between (1) and (2), where:
Net Consolidated Debt means, at the end of any Fiscal Quarter and as determined on a consolidated basis, all Debt of the Borrower, less (i) the aggregate amount of all cash and short-term investments (other than asset-backed commercial paper) held by the Borrower and shown as cash on the consolidated balance sheet of the Borrower; provided that such cash and short-term investments (or the applicable financial institutions) are rated at least A-1 (or A-2 in the case of commercial paper) by S&P or P-1 (or P-2 in the case of commercial paper) by Xxxxx’x and are not encumbered by any Liens and (ii) the Huntsman Preferred Stock to the extent included in such Debt of the Borrower; and provided further that Net Consolidated Debt shall exclude the Debt, cash and short-term investments of any Unrestricted Subsidiaries, and shall also exclude any cash or short-term deposits which are not on deposit with or issued by a lender or an Affiliate of a Lender under the TD Facility.