Adjusted Consolidated EBITDA

Adjusted Consolidated EBITDA. The aggregate amount of all Material Project EBITDA Adjustments for any Test Period shall be limited to 15% of the total actual Adjusted Consolidated EBITDA for such Test Period (which total actual Adjusted Consolidated EBITDA shall be determined without including any Material Project EBITDA Adjustments); provided that, unless the Commencement Date for an Exempted Joint Venture shall have occurred, such 15% limit shall increase to 20% for the Test Periods ending September 30, 2014, December 31,... 2014 and March 31, 2015, and for all periods thereafter such limit shall be 15%; provided further that the 15% limit or 20% limit, as applicable, shall automatically increase to 30% for the time period commencing with the Commencement Date for an Exempted Joint Venture and continuing through and until the third full fiscal quarter following the Commercial Operation Date for such Exempted Joint Venture, and for all periods thereafter such limit shall be 15%. View More

Adjusted Consolidated EBITDA. For any period, Consolidated EBITDA determined on a Pro Forma Basis; provided that (a) cash distributions received by the Borrower and the Restricted Subsidiaries from any Unrestricted Joint Venture shall not account for more than 25% of Adjusted Consolidated EBITDA (as such Adjusted Consolidated EBITDA is calculated from time to time without giving effect to cash distributions from Unrestricted Joint Ventures), and any excess shall be deemed to not be Adjusted Consolidated EBITDA; (b) for any... Material Project with a Commencement Date occurring on or prior to the date of determination, Adjusted Consolidated EBITDA may include, at the Borrower's option, the Material Project EBITDA Adjustments for such Material Project for such period determined as specified below; and (c) Adjusted Consolidated EBITDA for the Test Period ending on June 30, 2020 and for the three Test Periods ending immediately after such Test Period shall be increased by $13,540,000 for each such Test Period (without duplication) in order to give pro forma effect to cost savings realized in connection with certain severance payments. Upon the occurrence and during the continuance of a "Cash Prepayment Only Default" under and as defined in the NEJD Financing Lease Agreement, Adjusted Consolidated EBITDA shall be automatically reduced by an amount equal to the contributions to Adjusted Consolidated EBITDA attributable to NEJD SPE 2 for the portion of the applicable Test Period or Calculation Period during which a Cash Prepayment Only Default is continuing; provided that, no reduction shall be made to the extent of any cash payments that NEJD SPE 2 actually receives in respect of such portion of the applicable Test Period or Calculation Period. View More