EBITDA Less Total CapEx. Measured monthly and calculated on a cumulative basis beginning January 1, 2017, Borrower shall achieve EBITDA Less Total CapEx of at least the amounts shown in the table immediately below for the corresponding reporting periods. For subsequent reporting periods, Bank and Borrower hereby agree that, on or before February 1 of each year during the term of this Agreement, Borrower shall provide Bank with a budget for the upcoming calendar year, which shall be approved by Borrower’s board of directors, and Bank shall use that budget to establish the EBITDA amounts for the upcoming year, with such amounts being incorporated herein by an amendment, which Borrower hereby agrees to execute. February 28, 2017 $ (4,250,000 ) March 31, 2017 $ (7,000,000 ) April 30, 2017 $ (9,250,000 ) May 31, 2017 $ (16,000,000 ) June 30, 2017 $ (16,750,000 ) July 31, 2017 $ (17,250,000 ) August 31, 2017 $ (17,750,000 ) September 30, 2017 $ (17,500,000 ) October 31, 2017 $ (18,250,000 ) November 30, 2017 $ (17,250,000 ) December 31, 2017 $ (15,500,000 )
EBITDA Less Total CapEx. Measured monthly and calculated on a cumulative basis beginning January 1, 2018, Borrower shall achieve EBJTDA Less Total CapEx of at least the amounts shown in the table immediately below for the corresponding reporting periods. For subsequent reporting periods, Bank and Borrower hereby agree that, on or before February 1 of each year during the term of this Agreement, Borrower shall provide Back with a budget for the upcoming calendar year, which shall be approved by Borrower's board of directors, and Bank shall use that budget to establish the EBITDA amounts for the upcoming year, with such amounts being incorporated herein by an amendment, which Borrower hereby agrees to execute.
