Internal Rate of Return definition

Internal Rate of Return or “IRR” will be calculated using the “XIRR” spreadsheet function in Microsoft Excel, where values is an array of values with contributions being negative values and distributions made to the Members pursuant to Section 7 as positive values and the corresponding dates in the array are the actual dates that contributions are made to the Company and distributions are made from the Company, taking into account the amount and timing.

Internal Rate of Return means, in respect of the Class F Subordinated Notes outstanding on any date, the annual internal rate of return (compounded on a semi-annual basis) on the Class F Subordinated Notes as of such date, being that discount rate which, when applied to all payments made by the Issuer in respect of the Class F Subordinated Notes to such date, produces a net present value of those cash flows equal to the initial aggregate Principal Amount Outstanding of the Class F Subordinated Notes, as determined by the Collateral Administrator.

Internal Rate of Return means the discount rate that makes the net present value of all cash payments equal zero. In determining the Internal Rate of Return, the initial investment of the holders of the Series A Preferred Stock shall include all transaction costs and expenses incurred by the initial holder of the Series A Preferred Stock in connection with the transactions contemplated by the Purchase Agreement and all additional costs and expenses of the holders of Series A Preferred Stock in respect of the investment incurred through the date of the determination shall be treated as cash expenditures when made. For purposes of determining the Internal Rate of Return, any dividends, distributions or payments other than in cash shall be deemed to have no value. In determining the Internal Rate of Return in respect of a Transaction, the final payment for purposes of such determination shall be the cash, if any, distributable or payable to holders of the Series A Preferred Stock upon the closing of the Transaction assuming that the holders had converted all of the outstanding Series A Preferred Stock to Common Stock immediately prior to the closing of the Transaction.

Internal Rate of Return means, as of any date, an internal rate of return or discount factor that nets to zero, calculated on a daily basis, a cash flow stream consisting of "cash ins" and "cash outs." For this purpose, "cash ins" equal (i) the aggregate purchase price of all equity securities (including, without limitation, preferred stock whether or not convertible) of the Company purchased by WCAS VII. For this purpose, "cash outs" equal the sum of (x) the aggregate amounts of income and gain realized and capital recovered by WCAS VII in respect of its investment in the Company as of such specified date, plus (y) the aggregate fair market value of all equity securities of the Company held by WCAS VII at the close of business on the date of a Change of Control. Such fair market value shall be determined in good faith by the Board of Directors of the Company, in the case of a transaction described in clause (a) of the definition of Change of Control, having due regard for the price per share reflected in the last transaction or event giving rise to such Change of Control, unless such price was established on other than an arm's-length basis, and in the case of a transaction described in clause (b) of such definition, assuming liquidation of the Company immediately after such acquisition of assets. Internal Rates of Return shall be determined from the date the "cash in" is deemed to occur to the date the "cash out" is deemed to occur. For this purpose, "cash ins" shall be deemed to occur on the date that securities are purchased from the Company or the holder thereof and the purchase price therefor paid in full, and "cash outs" shall be deemed to occur on the date on which any income or gain is realized or capital recovered or, if later, the date of a Change of Control.

Internal Rate of Return means, with respect to Class B Member and at any time of determination, the discount rate that sets A equal to B, where A is the present value of (a) cash (including the proceeds of any Grant, or, if elected pursuant to Section 7.5(b)(i) of the Company LLC Agreement, the proceeds of any similar successor cash program or cash received from an Alternative Tax Program) distributed to Class B Member and, if the ITC is elected pursuant to Section 7.5(b)(i) of the Company LLC Agreement and the Class B Member consents in writing to inclusion of such ITC in its Internal Rate of Return, the value of any ITC claimed on Systems to the extent allocated to Class B Member assuming a 35% federal income tax rate plus (b) any indemnity payments received by Class B Member that compensate for loss of any item listed in the foregoing clause (a), and B is the present value of the various Capital Contributions made by Class B Member.

Internal Rate of Return means, as of any determination date, the effective discount rate under which the present value of the Inflows associated with an outstanding Class Six Partnership Preferred Unit equals $25. For purposes of calculation of Internal Rate of Return, “Inflows” shall mean (a) all distributions (whether paid in cash or property) that have been received in respect of such unit, (b) the cash payment in respect of distributions payable on such unit pursuant to Section 7(b)(iii) hereof if such unit were converted to Partnership Common Units on the determination date, and (c) the amount by which the Market Value of a REIT Share, as of the determination date, exceeds the Conversion Price then in effect. For purposes of calculating the amounts of any Inflows, all distributions received in property shall be deemed to have a value equal to the Market Value of such distributions as of the date such distribution is received. Neither the fact of any transfer of any units of the Class Six Partnership Preferred Units nor the amount of any consideration received by the holder thereof or paid by any successor holder in connection with any transfer shall affect the calculation of Internal Rate of Return.

Internal Rate of Return means, in respect of any portion of the principal amount of this Note held by the Holder, the annual rate based on a 365-day period used to discount each cash outflow (negative) and inflow (positive) received by the Holder in respect of such principal amount of this Note to the original issuance date of this Note (excluding any cash received from Interest payments under Section 2.2) such that the present value of the aggregate cash flows equals to zero, with the cash outflow being such principal amount and cash inflows being cash received from redemption of such principal amount of this Note or conversion of this Note, as applicable.

Internal Rate of Return means the annual effective pre-tax discounted rate per Class B Unit computed by taking into account (a) all Cash Flows in respect of such Class B Unit and (b) for purposes of Section 7.02, Section 7.03, and Section 7.04, the Call Option Purchase Price, Change of Control Purchase Price, or Class B COC Purchase Price, as applicable, to be received in respect of such Class B Unit, and, in each case, calculated using the “XIRR” function on Microsoft Office Excel 2007 (or the same function in any subsequent version of Microsoft Office Excel).

Internal Rate of Return. The rate of return on the Subordinated Notes that would result in a net present value of zero, assuming (i) an initial negative cash flow equal to the purchase price of the Subordinated Notes and all payments to Holders of the Subordinated Notes on the current and each preceding Payment Date as subsequent positive cash flows (including the Redemption Date), if applicable, (ii) the initial date for the calculation as of the Closing Date, (iii) the number of days to each subsequent Payment Date from the Closing Date calculated on an actual/365-day basis and (iv) such rate of return shall be calculated using the XIRR function in Microsoft Excel (or any successor program).