Cash Burn. Tested monthly and calculated on a trailing six-months average, a Cash Burn of not more than the amounts shown in column B below for the corresponding reporting period in column A.
Cash Burn. At all times when any amount is outstanding pursuant to the Initial Equipment Loan or the Second Equipment Loan, measured on a trailing three-months basis, a Cash Burn of not more than the amounts shown in the table immediately below for the corresponding monthly reporting period. Amounts required by this covenant for 2012 shall be reasonably set by Bank (and incorporated herein by an amendment hereto, which Borrower hereby agrees to promptly execute) based upon Borrowers’ 2012 budget, which shall be approved by Borrowers’ boards of directors, as applicable, and delivered to Bank no later than November 30, 2011. Jan-11 $ 7,611,829 Feb-11 $ 7,072,674 Mar-11 $ 7,293,392 Apr-11 $ 7,102,145 May-11 $ 7,358,123 Jun-11 $ 6,768,760 Jul-11 $ 6,752,993 Aug-11 $ 6,282,012 Sep-11 $ 5,703,002 Oct-11 $ 4,599,703 Nov-11 $ 4,272,005 Dec-11 $ 3,652,230
Cash Burn. Shall not permit cumulative Cash Burn (calculated from January 1, 2020) to exceed:
(i) $612,000 through and including January 31, 2020; and
(ii) $763,000 through and including February 29, 2020; the foregoing calculations all determined to the sole satisfaction of the Lender.
Cash Burn. The Company shall not permit the absolute value of Cash Burn for any quarterly period set forth below to exceed the amount set forth in the table below with respect to such quarterly period (provided, however, that this Section 4(o)(ii)(B) shall not apply in any quarterly period in which the aggregate amount of cash and Cash Equivalents of the Company exceeds $25,000,000 at the end of such quarterly period):
Cash Burn. To limit Cash Burn to no more than $10,000,000.00 in any single quarter and no more than $30,000,000.00 for any preceding twelve (12) month period; provided, however, that in the event Borrower completes a cash acquisition, which after giving effect to such acquisition, does not result in a default under this Agreement, the Bank shall (i) increase the limit of Cash Burn in any single quarter by $10,000,00.00 to $20,000,000.00, and (ii) increase the limit of Cash Burn for any preceding twelve (12) month period by $10,000,000.00 to $40,000,000.00. In the event the Cash Burn exceeds the aforementioned limits, (i) the Borrower shall, immediately upon the Bank's request, deposit with the Bank cash in an amount equal to the Borrower's then outstanding obligations to the Bank hereunder as additional security therefor, and (ii) the principal amounts outstanding under this Agreement shall bear interest at a rate which is two (2) percentage points in excess of the Prime Rate until payment in full of all amounts outstanding under this Agreement. "Cash Burn" means the aggregate decline in the sum of unrestricted cash and short term and long term investments from period to period.
Cash Burn. Borrower shall maintain, as of the last day of each calendar quarter, and on a rolling two-quarter basis, a Cash Burn not to exceed the amounts set forth in the respective columns for the referenced periods set forth in Exhibit E hereto. As used herein, "Cash Burn" means prior period unrestricted cash and Cash Equivalents minus current period unrestricted cash and Cash Equivalents, plus, provided no Event of Default has occurred or is continuing, any new debt or equity financing during the period.
Cash Burn. Borrowers hereby covenant and agree that the Specified Borrowers shall: (a) beginning on March 30, 2020 and on each of June 30, 2020, September 30, 2020 and December 31, 2020, ensure that their Three-Month Cash Burn Amount as of each such Determination Date does not exceed $14,500,000 and (b) beginning on March 30, 2021 and on each Determination Date occurring on the last day of each calendar quarter thereafter, ensure that their Three- Month Cash Burn Amount as of such Determination Date does not exceed $14,500,000 or such other amount as may be agreed to in writing between the parties.
Cash Burn. (This is not a financial covenant but is used to determine the Liquidity requirement.)
A. EBITDA loss of Borrower for the most recently ended quarter, determined in accordance with GAAP $
B. Aggregate value of stock based compensation for the most recently ended quarter $ C. Aggregate value of other non-cash expenses for the most recently ended quarter $
Cash Burn. The Borrower is not to cause or permit its Cash Burn to be more than minus One Hundred Fifty Thousand Dollars (-$150,000.00) for the first fiscal quarter of fiscal 2010 ending September 30, 2009. "
Cash Burn. (i) [If any Subsequently Purchased Notes (as defined in the Securities Purchase Agreement) have been issued, then]5 for each calendar quarter beginning with the calendar quarter ending on the latter of (i) December 31, 2023 and (ii) the last calendar day of the calendar quarter to have been completed following the issuance of any Subsequently Purchased Notes (each such period, a “Quarterly Cash Burn Period”), the Company’s Available Cash on the last calendar day of such Quarterly Cash Burn Period shall be greater than or equal to (x) the sum of the Company’s Cash and Cash Equivalents on the last calendar day of the immediately preceding calendar quarter, less (y) ten million dollars ($10,000,000) (the “Quarterly Cash Burn Test”).
(ii) [If any Subsequently Purchased Notes (as defined in the Securities Purchase Agreement) have been issued, then]6 for each consecutive two calendar quarter period (each such period, a “Dual Quarter Cash Burn Period”), beginning with Dual Quarter Cash Burn Period ending on the latter of (i) March 31, 2024 and (ii) the last calendar 5 NTD: Bracketed language only in initial notes 6 NTD: Bracketed language only in initial notes. day of the Dual Quarter Cash Burn Period to have been completed following the issuance of any Subsequently Purchased Notes, the Company’s Available Cash on the last calendar day of such Dual Quarter Cash Burn Period shall be greater than or equal to (x) the sum of the Company’s Cash and Cash Equivalents on the last calendar day of the calendar quarter ending immediately prior to such two calendar quarter period, less (y) fifteen million dollars ($15,000,000) (the “Dual Quarter Cash Burn Test”).
(iii) Notwithstanding anything to the contrary, the Company shall not be subject to the Quarterly Cash Burn Test or the Dual Quarter Cash Burn Test for any Quarterly Cash Burn Period or Dual Quarter Cash Burn Period, as applicable, for which the Company reports Cash and Cash Equivalents at the end of such period of at least fifty million dollars ($50,000,000).
