Cash Runway. On any date of determination for any Loan and its related Obligor, the number of months determined by dividing:1(a)the sum of (i) available unrestricted Cash on hand plus (ii) revolving availability that could be drawn for such related Obligor as of such date of determination plus (iii) delayed draw availability that could be drawn for such related Obligor as of such date of determination that is eligible to be deferred or capitalized and added to the principal amount of such loan; by(b)the sum
... of (i) the trailing twelve months adjusted EBITDA of the related Obligor as of such date of determination minus (ii) (y) the sum of, for the trailing twelve months of the related Obligor, (1) all scheduled payments of principal paid or required to be paid during such period with respect to Indebtedness, (2) Cash Interest Expense paid or required to be paid for such period, (3) federal, state, and local income taxes (and franchise taxes in lieu of income taxes) paid or required to be paid in cash during such period, (4) non-discretionary dividends and distributions paid in cash during such period, (5) management fees, if any, paid or required to be paid for such period, (6) the amount of capital expenditures paid or required to be paid for such period, (7) any positive or negative changes in the working capital accounts during such period and (8) any cash adjustments to EBITDA consistent with the compliance statements and financial reporting packages, as required by the related Underlying Instruments provided by the related Obligor, in each case, of such related Obligor and its affiliates, determined on a consolidated basis in accordance with GAAP; provided, that any individual cash adjustments to EBITDA under this clause (b)(8) may not increase or improve the calculation set forth in this clause (b).
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