Monthly Cash Burn Amount means, with respect to Borrowers and their Consolidated Subsidiaries, an amount equal to (a) the Borrowers’ and their Consolidated Subsidiaries change in cash and Cash Equivalents, without giving effect to any increase resulting from the proceeds of financings, the sale or issuance of Equity Interests or any other extraordinary receipts, for either (i) the immediately preceding six (6) month period as determined as of the last day of the month immediately preceding the proposed consummation of the applicable Permitted Acquisition and based upon the financial statements delivered to Agent in accordance with this Agreement for such period, or (ii) the immediately succeeding six (6) month period based upon the Transaction Projections delivered with respect to such proposed Permitted Acquisition, using whichever calculation as between clause (i) and clause (ii) demonstrates a higher burn rate (or, in other words, more cash used), in both cases, divided by (b) six (6).
Monthly Cash Burn Amount means, with respect to Credit Parties, an amount equal to Credit Parties’ change in cash and cash equivalents, without giving effect to any increase resulting from contributions or proceeds of financings, for either (a) the immediately preceding six (6) month period as determined as of the last day of the month immediately preceding the proposed consummation of the Permitted Acquisition and based upon the financial statements delivered to Agent in accordance with this Agreement for such period or (b) the immediately succeeding six (6) month period based upon the Transaction Projections, using whichever calculation as between clause (a) and clause (b) demonstrates a higher burn rate (or, in other words, more cash used), in either case, divided by six (6).
Monthly Cash Burn Amount means, with respect to Credit Parties, an amount equal to (a) the Credit Parties’ change in cash and cash equivalents, without giving effect to any increase resulting from contributions or proceeds of financings for the immediately succeeding twelve (12) month period following the consummation of the Permitted Acquisition based upon the Transaction Projections, divided by (b) twelve (12).
Examples of Monthly Cash Burn Amount in a sentence
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 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.
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.
Borrower shall maintain at all times, tested on the last day of each month commencing on November 30, 2015 and as of the last day of each month thereafter, unrestricted cash and Cash Equivalents in accounts with Bank or Bank’s Affiliates in an amount equal to or greater than eight (8) times Borrower’s average Monthly Cash Burn Amount (the “Liquidity Requirement”).
The Loan Parties shall not permit at any time the aggregate amount of unrestricted cash and Cash Equivalents in its Deposit Accounts and Securities Accounts which are subject to Account Control Agreements to be less than the positive value of the product of (i) six (6) times (ii) the Monthly Cash Burn Amount.
More Definitions of Monthly Cash Burn Amount
Monthly Cash Burn Amount means, with respect to Credit Parties, an amount equal to Credit Parties’ change in cash and Cash Equivalents, without giving effect to any increase resulting from contributions or proceeds of financings, for either (a) the immediately preceding six (6) month period as determined as of the last day of the month immediately preceding the proposed consummation of any applicable Permitted Acquisition and based upon the financial statements delivered to Agent in accordance with this Agreement for such period or (b) the immediately succeeding six (6) month period based upon the Transaction Projections, using whichever calculation as between clause (a) and clause (b) demonstrates a higher burn rate (or, in other words, more cash used), in either case, divided by six (6).
Monthly Cash Burn Amount means, with respect to the Borrower and its consolidated Subsidiaries, as of any date of determination, an amount equal to (a) the sum of (i) EBITDA of Borrower and its consolidated Subsidiaries for the immediately preceding six (6) month period, less (ii) (A) cash taxes, (b) non-financed capital expenditures, (C) cash interest payments, (D) dividends or distributions paid to the extent permitted to be paid hereunder, and (E) to the extent such payments are not deducted in the calculation of EBITDA, license payments, in each case paid by Borrower or any of its consolidated Subsidiaries during the immediately preceding six (6) month period, and less (iii) the current portion of interest bearing liabilities due and payable in the immediately succeeding six month period, divided by (b) six.
Monthly Cash Burn Amount means, as of any date of determination, the most recent Monthly Cash Burn for the preceding trailing three (3) months (calculated on the last day of the subject month), divided by three (3).
Monthly Cash Burn Amount means, as of any date of determination and based on the financial statements contained in the Borrower’s most recently filed SEC Reports and most recent Board approved plan, the greater of (i) the average Cash Burn for the preceding three (3) months, or (ii) the average projected Cash Burn for the succeeding three (3) months.
Monthly Cash Burn Amount means, with respect to Borrowers, an amount equal to Borrower’s change in cash and Cash Equivalents, without giving effect to any increase resulting from contributions or proceeds of financings, for either (a) the immediately preceding eighteen (18) month period as determined as of the last day of the month immediately preceding the proposed consummation of the Permitted Acquisition or voluntary prepayment, as applicable, and based upon the financial statements delivered to Agent (and, during any Third Party Agent Retention Period, also the Third Party Agent) in accordance with this Agreement for such period, not including unusual or non-recurring expenses or (b) the immediately succeeding eighteen (18) month period based upon the projections delivered to Agent (or any Third Party Agent, as applicable) prior to the Closing Date, not including unusual or non-recurring expenses, using whichever calculation as between clause (a) and clause (b) demonstrates a higher burn rate (or, in other words, more cash used), in either case, divided by eighteen (18).
Monthly Cash Burn Amount means, with respect to any calendar month, an amount equal, without duplication, to (i) the EBITDA of Holdings and its consolidated Subsidiaries for such month, plus (ii) the consolidated corporate bonus accrual (discretionary and non-cash intrayear) of Holdings and its consolidated Subsidiaries for such month, plus (iii) the consolidated stock-based compensation expense of Holdings and its consolidated Subsidiaries for such month, plus (iv) the consolidated liquidated damages accrual of Holdings and its consolidated Subsidiaries for such month, minus (v) the aggregate amount of property and equipment purchases of Holdings and its consolidated Subsidiaries for such month, minus (vi) the aggregate amount of regularly scheduled cash principal payments made in respect of any Indebtedness of Holdings and its consolidated Subsidiaries during such month; provided, that, (A) any aggregate cash consideration paid by the Loan Parties in respect of any Permitted Acquisition during such month shall be excluded from the calculation of Monthly Cash Burn Amount for such month, and (B) in the event that the Monthly Cash Burn Amount with respect to any calendar month, as determined in accordance with the foregoing, shall be greater than zero, then, notwithstanding anything to the contrary set forth herein, the “Monthly Cash Burn Amount” for such calendar month shall be deemed to be equal to zero.
Monthly Cash Burn Amount means, with respect to Borrower and its consolidated Subsidiaries, as of any date of determination, an amount equal to (a) the sum of (i) EBITDA of Borrower and its consolidated Subsidiaries for the immediately preceding six month period, less (ii) (A) cash taxes paid or payable, (B) non-financed capital expenditures, (C) cash interest payments, (D) cash dividends or distributions paid to the extent permitted to be paid hereunder, and (E) to the extent such payments are not deducted in the calculation of EBITDA, license payments, in each case paid by Borrower or any of its consolidated Subsidiaries during the immediately preceding six month period, and less (iii) the current portion of interest bearing liabilities due and payable in the immediately succeeding six month period (without giving effect to any Extension Option unless such Extension Option has been implemented), divided by (b) six.