Maximum Net Loss definition

Maximum Net Loss. Borrower shall not incur a net loss (determined in accordance with GAAP) for any three month period ending as of the end of any fiscal month, in excess of the following amounts: Three months ending as of the end of each Maximum Net Loss for such of the following fiscal months: three-month period ------------------------------- ------------------ Fiscal month ending March 28, 2003 $16,000,000 Fiscal months ending April 25, 2003, May $13,000,000 23, 2003 and June 27, 2003 Fiscal months ending July 25, 2003 and $ 8,000,000 thereafter is amended to read as follows:

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Maximum Net Loss means net loss as reported on any ---------------- financial statements of Debtor prepared in accordance with GAAP by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & Co. or any other public accounting firm with a national reputation, during any one (1) fiscal year period.

Maximum Net Loss. Borrower shall not incur a net loss (determined in accordance with GAAP) for any three month period ending as of the end of any fiscal month, in excess of the following amounts: ----------------------------------------------------------------------- Three months ending as of the end of each of the following fiscal Maximum Net Loss for such months: three-month period ----------------------------------------------------------------------- Fiscal month ending March 28, 2003 $16,000,000 ----------------------------------------------------------------------- Fiscal months ending April 25, 2003, May $13,000,000 23, 2003 and June 27, 2003 ----------------------------------------------------------------------- Fiscal months ending July 25, 2003 and $ 8,000,000 thereafter -----------------------------------------------------------------------

Examples of Maximum Net Loss in a sentence

If the Bank does not object to the Subsequent Projection within 30 days of Bank's receipt thereof, Annex I shall automatically be deemed amended to instead include the Subsequent Projection as the basis for this "Maximum Net Loss; Profitability" covenant for fiscal year 2006.
Minimum consolidated revenue (At least 80% of the board approved projections) $____________ (see Annex I) $____________ Yes No Maximum Net Loss (Not greater than lesser of (i) 120% of the board approved projections and (ii) the projected net loss for each measuring period, plus [***] $____________ (see Annex I) $____________ Yes No Comments Regarding Exceptions: See Attached.
Borrowers on a consolidated basis shall have minimum Net Income or maximum Net Loss for each quarter, as set forth below: Time Period Maximum Net Loss or Minimum Net Income July 1, 1999 - Sept.
Maximum Net Loss (quarterly) $______* $______ Yes No * As set forth in Section 6.7(a) of the Agreement.
Silicon waives compliance by the Borrower with the Maximum Net Loss Financial Covenant set forth in Section 5 of the Schedule to the Loan SILICON VALLEY BANK AMENDMENT TO LOAN AGREEMENT Agreement for the three month period ending July 25, 2003.
Certain defaults and events of default under the Loan Agreement have occurred and are continuing under Section 10.11 of the Loan Agreement as a result of the Borrower’s failure to comply with Section 8.25 of the Loan Agreement (Maximum Net Loss) with respect to the twelve-month period ended March 31, 2022 (collectively, the “Acknowledged Event of Default”).
REPORTING COVENANT COMPLIES ------------------ -------- Monthly financial statements Monthly within 30 days Yes No Annual (CPA Audited) FYE within 120 days Yes No FINANCIAL COVENANT REQUIRED ACTUAL COMPLIES ------------------ -------- ------ -------- Maintain on a Monthly Basis (unless otherwise stated): Minimum Cash & STI $25,000,000 $_____ Yes No Maximum Net Loss (Quarterly) ($2,000,000)* $_____ Yes No *($3,700,000) in the aggregate for any 2 consecutive fiscal quarters.
In reporting periods that Borrower is projecting losses, the Maximum Net Loss shall not exceed an amount equal to one hundred twenty percent (120%) of the amount of net loss forecasted in the current financial projection submitted to Lender and attached hereto.
After and so long as the Restricted Pledged Funds Requirements are met, the Borrower shall not be required to comply with the Maximum Net Loss Requirement or the Minimum Cash Requirement.
The Borrowers shall have (a) minimum Net Income of $200,000 for the fiscal quarter ending December 31, 1997; (b) Maximum Net Loss of $150,000 for the fiscal quarter ending March 31, 1998; (c) minimum Net Income of $100,000 for the quarter ending June 30, 1998; and (d) minimum Net Income of $100,000 for the quarter ending September 30, 1998.

More Definitions of Maximum Net Loss

Maximum Net Loss. Obligors shall have a maximum consolidated net loss of $1,600,000 for the fiscal quarter ending September 30, 1996 and of $400,000 for the fiscal quarter ending December 31, 1996. Section 7.1 of the Loan Agreement is modified to permit a sale by the Obligors of the assets of their collection business or a merger or consolidation of the companies operating such business so long as the Revolving Credit is terminated and the Obligations are also paid in full contemporaneously with the closing on such sale, merger or consolidation. 6. Borrower shall be unconditionally obligated to pay Lender a facility amendment fee of $25,000 on the Maturity Date. 7. Obligors represent and warrant to Lender as follows: (a) The execution and delivery by Obligors of this Amendment and performance by it of the transactions herein contemplated (i) are and will be within each Obligor's corporate powers, (ii) have been authorized by all necessary corporate action, and (iii) are not and will not be in contravention of any order of any court or other agency or government, of law or any other indenture, agreement or undertaking to which any Obligor is a party or by which the property of any Obligor is bound, or to be in conflict with, or result in a breach of or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or undertaking or result in the imposition of any lien, charge or encumbrance of any nature on any Property of any Obligor. (b) This Amendment and any other agreements, instruments and documents executed and/or delivered in connection herewith shall be valid, binding and enforceable in accordance with their respective terms. (c) Borrower hereby ratifies and restates as of the date hereof each of the representations and warranties contained in the Loan Agreement and thereby represents that all such representations and warranties are true and correct in all material respects as of the date hereof. (d) There has not occurred as of the date hereof any material adverse change in the business, operations, condition (financial or otherwise) or business prospects of any Obligor from June 30, 1996 (as the financial condition is reflected on financial statements of Obligors as of such date delivered to Lender). (e) As of the date hereof, there is $5,500,000 owing by Borrower to Lender under the Revolving Credit without defense, setoff or counterclaim. 8. Borrower reconfirms its obligation to reimburse Lender on demand of all of Lender's reaso...

Maximum Net Loss is hereby incorporated to read as follows: Borrower's Maximum Net Loss shall not exceed $9,000,000 for the quarter ended July 1, 2000.