Operating Burn definition

Operating Burn means sum of Borrowers’ EBITDA resulting in a loss for the period (measured on an average trailing three (3) month basis).
Sample 1Sample 2
Operating Burn means, for any period being measured, the product of (x) -1 and (y) the sum of (i) aggregate net cash used in operating activities from operations of Loan Parties, (ii) expenditures for property, plant and equipment, and (iii) any Ligand Royalty Payments, less (iv) any one-time or extraordinary expenses made within such measurement period, as mutually agreed upon by Agent and Borrower, in each case as determined from the cash flow statement provided by Borrower and in accordance with GAAP. Paid in Full, Pay in Full or Payment in Full means, with respect to any Obligations, the payment in full in cash of all such Obligations (other than contingent indemnification obligations, yield protection and expense reimbursement to the extent no claim giving rise thereto has been asserted in respect of contingent indemnification obligations, and to the extent no amounts therefor have been asserted, in the case of yield protection and expense reimbursement obligations, which Obligations shall survive the Payment in Full of the Obligations).
Sample 1
Operating Burn means, with respect to Borrower and its consolidated Subsidiaries, as of any date of determination, an amount equal to (i) the sum of (A) net income (loss) under GAAP of Borrower and its consolidated Subsidiaries for the immediately preceding six (6) month period, less (B) (1) income taxes paid or accrued, (2) non- financed capital expenditures, (3) cash interest payments, (4) dividends or distributions paid to the extent permitted to be paid hereunder, and (5) payments under licenses permitted hereunder, in each case paid by Borrower or any of its consolidated Subsidiaries during the immediately preceding six (6) month period, divided by (ii) six (6), plus the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three (3) month period.
Sample 1

Examples of Operating Burn in a sentence

  • Not permit the Consolidated Unencumbered Liquid Assets, to be less than (a) $5,000,000 at any time on or before August 15, 2023 (provided, however, that Agent may, in its commercially-reasonable discretion, elect to extend such transition date to November 15, 2023) and (b) the greater of (i) $5,000,000, or (ii) the sum of the Operating Burn for the two (2) prior, consecutive Fiscal Quarters then ended at any time thereafter.

  • Borrowers shall at all times, but tested monthly as of the last day of each month, maintain unrestricted cash at Bank in an amount equal to three (3) times the amount of Borrowers’ Operating Burn.

  • Not permit the Consolidated Unencumbered Liquid Assets as of the last day of any Fiscal Quarter to be less than the greater of (i) $1,500,000, or (ii) Operating Burn.

  • Q1 2024 and each Fiscal Quarter thereafter $ 20,000,000 ; provided that, Borrower shall be deemed to be in compliance with this Section 7.13.2 as it relates to any period of measure if, as of the applicable date of determination, Borrower has Consolidated Unencumbered Liquid Assets greater than either (i) the outstanding principal balance of the Loan, or (ii) the aggregate Operating Burn for the twelve (12) month period ending on such date of determination.

  • Operating Burn means, for any period being measured, the product of (x) -1 and (y) the sum of (i) aggregate net cash used in operating activities from operations of Loan Parties, (ii) expenditures for property, plant and equipment, and (iii) any Ligand Royalty Payments, less (iv) any one-time or extraordinary expenses made within such measurement period, as mutually agreed upon by Agent and Borrower, in each case as determined from the cash flow statement provided by Borrower and in accordance with GAAP.

  • Minimum Aggregate Revenue as of the end of: ; provided that, Borrower shall be deemed to be in compliance with this Section 7.13.2 as it relates to any period of measure if, as of the applicable date of determination, Borrower has Consolidated Unencumbered Liquid Assets greater than either (i) the outstanding principal balance of the Loan, or (ii) the aggregate Operating Burn for the twelve (12) month period ending on such date of determination.

  • Operating Burn: The “burn” refers to those non-discretionary general and administrative expenses, such as rent, professional fees, financial reporting requirements, and salaries and benefits etc.

  • Borrowers shall maintain at all times, and tested monthly as of the last day of each month, unrestricted cash at Bank (which shall be at least $1,000,000 at all times) plus undrawn availability on the Revolving Line in an amount equal to six (6) times the amount of Borrowers' Operating Burn, if any.

  • Not permit the Consolidated Unencumbered Liquid Assets, to be less than (a) at any time on or after the Closing Date and on or before October 10, 2022, $5,000,000 and (b) at any time thereafter, the greater of (i) $5,000,000, or (ii) the sum of the Operating Burn for the two (2) prior, consecutive Fiscal Quarters then ended.


More Definitions of Operating Burn

Operating Burn means, with respect to Borrower and its consolidated Subsidiaries, as of any date of determination, an amount equal to (i) the sum of (A) net income (loss) under GAAP of Borrower and its consolidated Subsidiaries for the immediately preceding six (6) month period, less (B) (1) income taxes paid or accrued, (2) non-financed capital expenditures, (3) cash interest payments, (4) dividends or distributions paid to the extent permitted to be paid hereunder, and (5) payments under licenses permitted hereunder, in each case paid by Borrower or any of its consolidated Subsidiaries during the immediately preceding six (6) month period, divided by (ii) six (6), plus the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three (3) month period.
Sample 1
Operating Burn means, for any period being measured, the (i) aggregate cash flow from operations of Loan Parties less (ii) capital expenditures, each as determined in accordance with GAAP. Origination Fee shall have the meaning set forth in Section 2.7(a). Paid in Full, Pay in Full or Payment in Full means, with respect to any Obligations, the payment in full in cash of all such Obligations (other than contingent indemnification obligations, yield protection and expense reimbursement to the extent no claim giving rise thereto has been asserted in respect of contingent indemnification obligations, and to the extent no amounts therefor have been asserted, in the case of yield protection and expense reimbursement obligations, which Obligations shall survive the Payment in Full of the Obligations).
Sample 1

Related to Operating Burn

  • Operating Area means those areas on-shore in India in which company or its affiliated company may from time to time be entitled to execute such services/operations.

  • Operating Company means an “operating company” within the meaning of 29 C.F.R. §2510.3-101(c) of the Plan Asset Regulations.

  • Operating Unit means, for purposes of this part, primary and constituent operating units designated as such in the Department Order Series of the De- partment of Commerce and, in addi- tion, the Office of the Secretary.

  • Operating Partnership Agreement means the Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as it may be amended, supplemented or restated from time to time.

  • Property Manager means an entity that has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property.

  • cogeneration means the simultaneous generation in one process of thermal energy and electrical or mechanical energy;

  • Operating or "Operation" means to provide (or the provision of) all the operation, engineering, purchasing, repair, supervision, training, inspection, testing, protection, use, management, improvement, replacement, refurbishment, retirement, and maintenance activities associated with operating the Generating Facility in accordance with Prudent Electrical Practices.

  • Condominium Corporation means a condominium or strata corporation established under Provincial Legislation.

  • Geothermal energy means energy contained in heat that continuously flows outward from the earth that is used as the sole source of energy to produce electricity.

  • Operator means the operator of an internet website, online service, online application, or mobile application with actual knowledge that the site, service, or application is used for K–12 school purposes. Any entity that operates an internet website, online service, online application, or mobile application that has entered into a signed, written agreement with an LEA to provide a service to that LEA shall be considered an “operator” for the purposes of this section.

  • Operating Equipment means furniture, furnishings, special lighting fixtures, carpeting, draperies, decorations or other special finishing work, signs, appliances and trade fixtures and equipment that is furnished, installed or used by the Contractor in its operations on the Airport. It does not include Fixed Improvements, or repair or maintenance of Operating Equipment or Fixed Improvements or displays or decorations that are of a seasonal or temporary promotional nature.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Manager has the meaning set forth in 2.1.

  • Cogeneration unit means a unit that has equipment used to produce electric energy and forms of useful thermal energy (such as heat or steam) for industrial, commercial, heating or cooling purposes, through the sequential use of energy.

  • Operating Partnership has the meaning set forth in the preamble.

  • Property Management Agreement means that certain management agreement between the Company and the Property Manager with respect to the management of the Property.

  • Property Management Fee means the fee payable to the Manager for its day-to-day management of the Property pursuant to the Management Agreement.

  • operating site means a site, other than an aerodrome, selected by the operator or pilot-in-command or commander for landing, take-off and/or external load operations;

  • generating plant means the generating facility described in Schedule 1 as amended from time to time;

  • Management Company means the firm overseeing the operation and management of the Participating Property; and shall mean the Grantee in any event wherein the Management Company is required to perform any obligations under this Agreement.

  • Greywater means all liquid wastes from showers, baths, sinks, kitchens and domestic washing facilities, but does not include toilet wastes;

  • Property management means leasing or renting, or offering to lease or rent, real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract.

  • Environmental Infrastructure Facilities means Wastewater Treatment Facilities, Stormwater Management Facilities or Water Supply Facilities (as such terms are defined in the Regulations).

  • Electric utility steam generating unit means any steam electric generating unit that is constructed for the purpose of supplying more than one-third of its potential electric output capacity and more than 25 MW electrical output to any utility power distribution system for sale. Any steam supplied to a steam distribution system for the purpose of providing steam to a steam-electric generator that would produce electrical energy for sale is also considered in determining the electrical energy output capacity of the affected facility.

  • Operating Companies shall have the meaning specified in the recitals to this Agreement.

  • Operating pressure means the pressure at which the parts of an irrigation system are designed by the manufacturer to operate.