6Minimum Cash Balance Sample Clauses

6Minimum Cash Balance. The Company covenants that as long as any Notes are outstanding, the Company shall maintain a (i) monthly minimum cash balance of not less than $350,000 (“Minimum Balance”); and (ii) bi-monthly minimum cash balance of not less than $625,000 (the “Two-Month Minimum”). The Minimum Balance shall be determined as of the last day of each calendar month; and the Two-Month Minimum shall be calculated as a two-month average, as of the last day of the applicable calendar month. The first such measurement of the (A) Minimum Balance shall be calculated as of the last day of the first full month following the Initial Closing and shall be recalculated as of the last day of each successive month thereafter; and (B) Two-Month Minimum shall be calculated as of the last day of the second full month following the Initial Closing and shall be recalculated as of the last day of each second calendar month thereafter (the “Cash Measurement Date”). Failure to meet either the Minimum Balance or Two-Month Minimum in any instance(s) (each a “Cash Measurement Date Shortfall”) shall not constitute an Event of Default under the Note or a default or breach of this Agreement or any of ​ ​ ​ the agreements executed in connection herewith, provided that either (i) the Company provides to Lender a plan to cure the Cash Measurement Date Shortfall within 10 calendar days after the Cash Measurement Date showing the shortfall and such plan is acceptable to Lender, at its sole discretion or (ii) the Company cures the Cash Measurement Date Shortfall within 20 calendar days of the Cash Measurement Date showing the shortfall. If Company fails to cure any Cash Measurement Shortfall within the parameters of a plan approved pursuant to clause (i) of the preceding sentence, then the shortfall shall constitute an Event of Default hereunder. ​
Sample 1
AutoNDA by SimpleDocs

Related to 6Minimum Cash Balance

  • Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement

  • Minimum Cash A. Minimum daily balance of cash and Permitted Cash Equivalent Investments of Borrower and its Subsidiaries during the most recently ended fiscal quarter of Borrower: $

  • Cash Balance At Closing, Purchaser shall pay to Seller the Purchase Price, less the Xxxxxxx Money, plus or minus the prorations described in this Agreement (such amount, as adjusted, being referred to as the “Cash Balance”). Purchaser shall pay the Cash Balance by federal funds wire transferred to an account designated by Seller in writing.

  • Cash Balances The Equipment Growth Funds of which FSI is the sole general partner shall maintain aggregate unrestricted cash balances of $8,500,000.

  • Minimum Liquidity The Borrower shall not permit Liquidity at any time to be less than $50,000,000.

  • Minimum Excess Availability Borrower shall have Excess Availability under the Revolving Credit Loans facility of not less than the amount specified in the Schedule, after giving effect to the initial advance hereunder and after giving effect to any applicable Loan Reserves against borrowing availability under the Revolving Credit Loans.

  • Minimum Consolidated EBITDA The Borrower will not permit Modified Consolidated EBITDA, for any Test Period ending at the end of any fiscal quarter of the Borrower set forth below, to be less than the amount set forth opposite such fiscal quarter: Fiscal Quarter Amount September 30, 1997 $36,000,000 December 31, 1997 $36,000,000 March 31, 1998 $36,000,000 June 30, 1998 $37,000,000 September 30, 1998 $37,000,000 December 31, 1998 $38,000,000 March 31, 1999 $38,000,000 June 30, 1999 $39,000,000 September 30, 1999 $40,000,000 December 31, 1999 $41,000,000 March 31, 2000 $41,000,000 June 30, 2000 $42,000,000 September 30, 2000 $43,000,000 December 31, 2000 $44,000,000 March 31, 2001 $44,000,000 June 30, 2001 $45,000,000 September 30, 2001 $46,000,000 December 31, 2001 $47,000,000 March 31, 2002 $47,000,000

  • Minimum Interest Coverage Ratio The Borrowers shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to be less than 3.50 to 1.00.

  • Minimum Consolidated Adjusted EBITDA The Borrowers will maintain, as of the last day of each Fiscal Quarter commencing with the Fiscal Quarter ending December 31, 2009, Consolidated Adjusted EBITDA for the four Fiscal Quarters then ended of not less than $22,500,000.

  • Minimum Consolidated Interest Coverage Ratio Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.25 to 1.00.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!