Net Cash Loss definition
Net Cash Loss means the quotient of: (i) for the three months immediately prior to the date of determination, the sum of Borrower’s: (u) net income (or loss), plus (v) depreciation, plus (w) amortization, minus (x) decrease in deferred revenue, plus (y) increase in deferred revenue, minus (z) any gain from the sale of the stock of Abgenix, during the reporting period, divided by (ii) 3. “Novartis Account” on or before Borrower establishes a segregated account pursuant to Section 3.2(c) means $30,000,000 in accounts maintained at ▇▇▇▇▇ Fargo Bank and after Borrower has established a segregated account pursuant to Section 3.2(c), it means one account established by Borrower with a balance not to exceed $30,000,000 at any one time. “Obligations” are debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or later, including cash management services, letters of credit and foreign exchange contracts, if any and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank.
Net Cash Loss means for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to Net Income plus (a) amortization expense plus (b) depreciation expense plus (c) expenses associated with stock-based compensation and the granting of stock options, plus (d) all non-cash items decreasing Net Income for such period, plus (e) all expenses related to acquisitions permitted under Section 7.3 hereof, all as determined in accordance with GAAP, and calculated on a rolling three-month average basis.
Net Cash Loss is the net cash used in operating activities for the prior fiscal quarter divided by three (or, after the occurrence and during the continuation of a Liquidity Triggering Event, for the prior month and not divided by three), all determined in accordance with GAAP. Upon any breach of this Section 6.7, Borrower shall immediately pledge to Bank a time deposit account (the “TDA”) in an amount equal to 105% of the then outstanding principal of Credit Extensions. The TDA shall be pledged by Borrower to Bank so long as any such breach continues, and such pledge shall be deemed to have cured the Event of Default which would otherwise exist due to such breach. If and when Borrower’s financial condition and performance is such that the breach under this Section 6.7 no longer exists, Bank shall release the pledge of the TDA; provided that upon the occurrence of any other Event of Default, Bank shall have all of its rights and remedies hereunder and shall have no obligation to release the pledge of the TDA.
Examples of Net Cash Loss in a sentence
Borrower shall maintain Liquid Assets in an amount equal to, the lower of: (y) an amount equal to the product of Net Cash Loss, multiplied by 6 and (z) the sum of (a) the product of: Net Cash Loss, multiplied by 3, plus (b) any amounts outstanding under the Term Loan.
More Definitions of Net Cash Loss
Net Cash Loss means the sum of cash flow from operations minus cash from investing, each as determined in accordance with GAAP.
Net Cash Loss is, as of the end of each month, Borrower’s (i) Net Income, plus (ii) amortization and depreciation, minus (iii) any decrease in Deferred Revenue, plus (iv) any increase in Deferred Revenue, minus (v) non-financed capital expenditures, in each case calculated for the trailing three-month period ending on such date, and divided by three (3).
Net Cash Loss is defined in Section 6.7.