Cash Burn Amount definition

Cash Burn Amount means, with respect to Borrower and its consolidated Subsidiaries, as of any date of determination and based on the financial statements most recently delivered to Agent and the Lenders in accordance with this Agreement, the difference between:

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Cash Burn Amount means for any period, the amount by which the sum (without duplication) for HGSI and its Subsidiaries on a consolidated basis of the following amounts is less than $0:

Cash Burn Amount means the least of: (1) Borrower’s consolidated net operating income (loss), determined in accordance with GAAP for the most recently ended fiscal quarter, (B) Borrower’s consolidated net income (loss), determined in accordance with GAAP, for the most recently ended fiscal quarter, and (C) Zero Dollars ($0.00). Borrower’s consolidated net operating (loss) and consolidated net (loss) shall be: (a) determined without taking into account a one-time, non-cash charge up to a maximum of not more than [ * ] with respect to Borrower’s investment in [ * ], and (b) for avoidance of doubt, deemed to be, and expressed as, negative numbers (i.e. less than $0.00) for purposes of this Agreement. [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

Examples of Cash Burn Amount in a sentence

• At all times, Borrower shall maintain unrestricted cash, Cash Equivalents, short-term investments and long-term investments in accounts with Bank or Bank’s Affiliates in an amount equal to at least the Nine Month Cash Burn Amount (the “Liquidity Requirement”).

• Loan Parties shall not permit at any time the aggregate amount of (i) unrestricted cash and Cash Equivalents in their respective Deposit Accounts and Securities Accounts which are subject to Account Control Agreements plus (ii) Availability to be less than the positive value of the product of (x) three (3) multiplied by (y) the Monthly Cash Burn Amount.

• Borrower and the other Loan Parties shall at all times have unrestricted balance sheet cash and Cash Equivalents in one or more deposit accounts or securities accounts which are subject to a Control Agreement in favor of Collateral Agent of not less than the product of (i) negative three (-3) times (ii) the Cash Burn Amount at such time.

• As of the first day of each calendar month during the term of this Agreement (each a “Determination Date”), Borrowers’ Liquidity as of such Determination Date shall equal or exceed four (4) times the Three-Month Cash Burn Amount as of such date.

• As used in this Agreement, the term “IP Trigger Event” shall mean the first occurrence of any date on which the Borrower has unrestricted balance sheet cash and Cash Equivalents (as defined in Section 7.12 below) in one or more deposit accounts or securities accounts over which Agent has obtained control under Section 7.10 below of less than the product of (i) negative six (-6) times (ii) the Cash Burn Amount (as defined in Section 7.12 below).

• On and after the Funding Date of the Term B Loans, Borrower shall maintain at all times, measured monthly, the Liquidity Reserve in an amount equal to or greater than the Adjusted Average Monthly Cash Burn Amount at any time.

• Commencing on October 31, 2018 and at the end of each calendar month thereafter until the month following a Fixed Charge Election (if any), Borrower shall not permit the Credit Party Liquidity as of such date to be less than the Three-Month Cash Burn Amount for the trailing three month period ending on the last day of the applicable calendar month (the covenant set forth in this Section 6.1, the “Minimum Liquidity Covenant”).

• Borrower shall, at all times, maintain unrestricted cash and Cash Equivalents in one or more deposit accounts or securities accounts at Square 1 Bank subject to an Account Control Agreement, and subject to a first-priority perfected Lien in favor of Agent, in an aggregate amount equal to or greater than the positive value of the product of six times the Monthly Cash Burn Amount.

• As of the last day of each calendar month during the term of this Agreement commencing with the calendar month ending July 31, 2019 (each a “Determination Date”), Borrowers’ Liquidity as of such Determination Date shall equal or exceed three (3) times the Three-Month Cash Burn Amount as of such date.

• The sum of (a) Borrower’s unrestricted balance sheet cash and Cash Equivalents in one or more Collateral Accounts over which Bank has obtained a Control Agreement with respect to such Collateral Account, plus (b) Excess Availability is less than the product of (y) six (6) times (z) the Monthly Cash Burn Amount.

More Definitions of Cash Burn Amount

Cash Burn Amount means, with respect to Debtor, as of the most recent month end and based on the financial statements most recently delivered to Secured Party in accordance with this Agreement: (a) the quotient of (i) the sum of, without duplication, (A) net income (loss), plus (B) depreciation and amortization, plus (C) non-refundable milestone payments received in cash that have been approved by Secured Party to the extent not included in net income (the “Milestone Payments”) minus (D) non-financed capital expenditures, minus (E) the amortized portion of any Milestone Payment described in (C) above, in each case of clauses (A), (B), (C), (D) and (E), for the immediately preceding six (6) month period on a trailing basis, divided by (ii) six (6), minus (b) the quotient of (i) the current portion of interest bearing liabilities due and payable in the immediately succeeding six (6) months divided by (ii) six (6).”

Cash Burn Amount means, with respect to Borrower and its consolidated Subsidiaries, as of any date of determination:

Cash Burn Amount means, with respect to Company and its consolidated Subsidiaries, as of any date of determination and based on the financial statements most recently delivered to the Purchasers in accordance with this Agreement, the difference between: (1) the quotient of (i) the sum of, without duplication, (A) net income (loss), plus (B) depreciation and amortization, minus (C) nonfinanced capital expenditures, in each case of clauses (A), (B) and (C), for the immediately preceding six (6) month period on a trailing basis, divided by (ii) six (6), minus (2) the quotient of (i) the current portion of interest bearing liabilities due and payable in the immediately succeeding six (6) months divided by (ii) six (6).