Examples of Quarterly Cash Burn Period in a sentence
For each Fiscal Quarter beginning with the Fiscal Quarter ending on December 31, 2023 (each such period, a “Quarterly Cash Burn Period”), the Company’s Available Cash on the last calendar day of such Quarterly Cash Burn Period shall be greater than or equal to (x) the Company’s Cash and Cash Equivalents on the last calendar day of the immediately preceding Fiscal Quarter, less (y) thirty-five million dollars ($35,000,000).
For each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2024 (each such period, a “ Quarterly Cash Burn Period”), the Company’s and its Wholly Owned Subsidiaries’ Available Cash on the last calendar day of such Quarterly Cash Burn Period shall be greater than or equal to (A) the Company’s and its Wholly Owned Subsidiaries’ Cash and Cash Equivalents on the last calendar day of the immediately preceding Fiscal Quarter, less (B) $30,000,000.
Notwithstanding anything to the contrary, the Company shall not be subject to the Quarterly Cash Burn Test or the Dual Quarter Cash Burn Test for any Quarterly Cash Burn Period or Dual Quarter Cash Burn Period, as applicable, for which the Company reports Cash and Cash Equivalents at the end of such period of at least fifty million dollars ($50,000,000).