Minimum Cash and Accounts Receivable. For the purposes of this ------------------------------------- Agreement "Cash and A/R Account" shall consist of cash, cash equivalents and accounts receivable (net of reserves) of Seller transferred to Purchaser at Closing. Transcend and Seller agree that the amount of the Cash and A/R Account transferred to Purchaser at Closing shall be an amount at least equal to $220,000.
Minimum Cash and Accounts Receivable. On the Closing Date, the aggregate amount of cash on hand and trade accounts receivable reflected on the books and records of CSI as of the Closing Date shall not be less than $2,500,000; provided, however, in determining the total amount of trade accounts receivable, only eighty-five percent (85%) of trade accounts receivable with an aging of less than ninety (90) days shall be included and no trade accounts receivable aged more than ninety (90) days shall be included.
Minimum Cash and Accounts Receivable. The Company shall not as of the end of any calendar quarter suffer or permit its ratio (determined on a consolidated basis) of (i) cash plus the value (valued in accordance with GAAP) of all Cash Equivalents plus 47.5% of current accounts receivable (valued in accordance with GAAP), less Restricted Amounts, to (ii) the then outstanding principal amount of the Loans, to be less than the correlative ratio indicated. calendar quarter ending March 31, 2005 through calendar quarter ending March 31, 2008 1.75:1.00 calendar quarter ending June 30, 2008 and each calendar quarter ending thereafter 2.00:1.00 For the avoidance of doubt, (i) Unrestricted Subsidiaries shall not be included in the calculation of any of the financial measures set forth in the preceding clauses (a), (c), (d) or (e), (ii) Permitted Receivables sold pursuant to any Permitted Receivables Purchase Facility permitted hereunder shall not be included in the calculation of any of the financial measures set forth in the preceding clauses (a) through (e), and (iii) in the calculation of any of the financial measures set forth in the preceding clauses (a) and (e), the Company may in lieu of reporting actual Restricted Amounts substitute therefor a conservative good faith estimate of such Restricted Amounts.
Minimum Cash and Accounts Receivable. The Company shall not as of the end of any fiscal quarter suffer or permit its ratio (determined on a consolidated basis) of (i) cash plus the value (valued in accordance with GAAP) of all Cash Equivalents plus 42.0% of current accounts receivable (valued in accordance with GAAP), less Restricted Amounts, to (ii) the then outstanding principal amount of the Loans, to be less than 1.25 to 1.00.
Minimum Cash and Accounts Receivable. The Company and the Subsidiary Guarantors shall maintain at all times cash, Cash Equivalents and Qualified Accounts Receivable which are subject to the perfected Lien created in favor of the Trustee for the benefit of the Holders pursuant to the Security Documents (in each case, free of Liens other than (i) Security Document Liens as aforesaid, (ii) rights of setoff of the applicable depository bank or securities intermediary, and (iii) the Senior Lien as, when and to the extent applicable pursuant to the Subordination Agreement) of not less than $26 million.
Minimum Cash and Accounts Receivable. The Company shall not ------------------------------------ as of the end of any fiscal quarter suffer or permit its ratio (determined on a consolidated basis) of (i) cash plus the value (valued in accordance with GAAP) ---- of all Cash Equivalents plus 75% of net current accounts receivable (valued in ---- accordance with GAAP) owing by account obligors located in the United States, other than cash, Cash Equivalents and net current accounts receivable subject to a Lien securing Indebtedness, to (ii) the then outstanding principal amount of the Loans, to be less than 1.25 to 1.00. For the avoidance of doubt, (i) Unrestricted Subsidiaries shall not be included in the calculation of any of the financial measures set forth in the preceding clauses (a), (c) or (d), and (ii) Permitted Receivables sold pursuant to any Permitted Receivables Purchase Facility permitted hereunder shall not be included in the calculation of any of the financial measures set forth in the preceding clauses (a) through (d).
Minimum Cash and Accounts Receivable. The Company shall not ------------------------------------ as of the end of any fiscal quarter suffer or permit its ratio (determined on a consolidated basis) of (i) cash plus the value (valued in accordance with GAAP) of all Cash Equivalents plus 75% of net current accounts receivable (valued in accordance with GAAP) owing by account obligors located in the United States, other than cash, Cash Equivalents and net current accounts receivable subject to a Lien securing Indebtedness, to (ii) the then outstanding principal amount of the Loans, to be less than (A) 1.10 to 1.00 for each of the first and second fiscal quarters ending on or after the IKOS Acquisition Date, and (B) 1.25 to 1.00 for the third fiscal quarter ending after the IKOS Acquisition Date, and for each fiscal quarter ending thereafter."
Minimum Cash and Accounts Receivable. Not permit the cash of the Loan Parties denominated in Dollars (which is held by the Loan Parties in compliance with the terms in Section 10.10 of this Agreement in a deposit account in the United States), plus all accounts receivable held by the Loan Parties that have been outstanding for less than 90 days, at any time to be less than $2,000,000.
Minimum Cash and Accounts Receivable. The Company shall not as of the end of any fiscal quarter suffer or permit its ratio (determined on a consolidated basis) of (i) cash plus the value (valued in accordance with GAAP) of all Cash Equivalents plus 75% of net current accounts receivable (valued in accordance with GAAP) owing by account obligors located in the United States, other than cash, Cash Equivalents and net current accounts receivable subject to a Lien securing Indebtedness, to (ii) the then outstanding principal amount of the Loans, to be less than the correlative ratio indicated. ---------------------------------------------------------------------- Period Ratio ---------------------------------------------------------------------- Fiscal quarter ended June 30, 2002 through December 31, 2002 1.10:1.00 ---------------------------------------------------------------------- Fiscal quarter ended March 31, 2003 and thereafter 1.30:1.00 ---------------------------------------------------------------------- For the avoidance of doubt, (i) Unrestricted Subsidiaries shall not be included in the calculation of any of the financial measures set forth in the preceding clauses (a), (c), (d) or (e), and (ii) Permitted Receivables sold pursuant to any Permitted Receivables Purchase Facility permitted hereunder shall not be included in the calculation of any of the financial measures set forth in the preceding clauses (a) through (e)."
(1) Subsection 8.01(m) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Minimum Cash and Accounts Receivable. The Company and its Subsidiaries shall: (1) from the Closing Date through January 31, 2014, at all times (but reported quarterly in the Compliance Certificate) maintain the sum of (a) unrestricted and unencumbered cash of cash equivalents plus (b) all accounts receivable of the Company and its Subsidiaries Cash of not less than $6,250,000; and (2) from February 1, 2014 through the Maturity Date, maintain the sum of (a) unrestricted and unencumbered cash of cash equivalents plus (b) all accounts receivable of the Company and its Subsidiaries, of not less than $7,500,000.
