Cash Balance. The Borrower will maintain at all times a minimum positive cash balance equal to Six Hundred Thousand Dollars (US$600,000), and the Borrower shall prepare a statement in accordance with GAAP setting forth the aggregate amount of cash and cash equivalents so held by the Borrower, which statement shall be certified by the Chief Executive Officer and Chief Financial Officer of the Borrower (the “Cash Balance Statement”).” 2.1.11 Section 9.2(q) of the Loan Agreement is amended by adding the following text at the end thereof. “Notwithstanding the foregoing, the proceeds of the Additional Loan advanced by the Lender on the Second Closing Date shall be immediately deposited in and at all times thereafter held only in Deposit Accounts that are subject to Control Agreements and, for certainty, the transfer of all or any portion of the proceeds of the Additional Loan to any other Deposit Account, or any other account at any financial institution or any other institution (including securities firms) and brokerage accounts, at any time shall constitute an Event of Default hereunder.” 2.1.12 Section 9.2 of the Loan Agreement is amended by adding the following text after subsection (t):
Appears in 4 contracts
Samples: Loan Agreement (Synergy CHC Corp.), Loan Agreement (Synergy CHC Corp.), Loan Agreement (Synergy CHC Corp.)
