Minimum Cash Covenant. The Credit Parties shall not permit unrestricted cash and cash equivalents of the Credit Parties held in one or more Controlled Accounts at any time (a) during the period commencing on the Closing Date and continuing through March 30, 2020 to be less than $5,000,000, (b) during the period commencing on March 31, 2020 and continuing through April 14, 2020 to be less than zero, and (c) thereafter to be less than $5,000,000.
Minimum Cash Covenant. The Credit Parties shall not permit unrestricted cash and cash equivalents of the Credit Parties held in one or more Controlled Accounts at any time to be less than $5,000,000.
Minimum Cash Covenant. The Company agrees with each Purchaser and the Collateral Agent that, beginning with the issuance by the Company of the initial monthly Advance Note pursuant to Section 2.1(b) above (for the avoidance of doubt, not including the Closing Advance Notes) and until no Closing Advance Notes or, solely as to the Initial Collateral Agent, Prepaid-Tranches are outstanding, the Company will not, unless the Required Holders shall otherwise consent, permit its and its Subsidiaries’ aggregate minimum cash balance in its bank accounts (which includes money market accounts at such banks) to be less than $3,000,000 (the “Threshold”). During such period:
(a) If the cash balance is below the Threshold as of the end of any Business Day (determined as of 5pm Eastern Time), the Company shall have a one-time 15 day cure period and, if not cured by such date, the Company shall be in breach of this Section 4.19.
(b) Within two Business Days after the end of each week, the Company shall deliver to the Collateral Agent a certificate of a financial officer of the Company (the “Compliance Certificate”) demonstrating in reasonable detail satisfactory to the Required Holders the Company’s compliance with the covenant set forth in this Section 4.19 (the “Minimum Cash Covenant”).
(c) Upon receipt by the Collateral Agent of any Compliance Certificate demonstrating the Company’s failure to comply with the Minimum Cash Covenant, the Collateral Agent shall not provide notice of such default to the Purchasers unless and until the Company shall remain in default with respect thereto upon the expiration of any Cure Period (if any) with respect thereto.
Minimum Cash Covenant. Paragraph 5 of Section 8.1 of the Schedule to the Loan Agreement is hereby amended in full and restated as follows:
Minimum Cash Covenant. The Borrower shall (a) maintain a Minimum Cash Balance of not less than $2,000,000 at all times prior to the MCC Adjustment Date and (b) maintain a Minimum Cash Balance of not less than $4,000,000 at all times on and after the MCC Adjustment Date. For the purposes of this Section 9.2.3, “MCC Adjustment Date” means the date which is the earlier to occur of (i) the date upon which the Borrower receives a cash contribution of not less than $8,000,000 to the equity of the Borrower and (ii) March 31, 2017.”
Minimum Cash Covenant. Section 5 - Financial Covenants - of the Schedule is hereby amended to add the following additional financial covenant: Minimum Cash on Hand: At all times that there is any amount outstanding under the Nonformula Line, Borrower shall maintain a minimum of unrestricted cash (and cash equivalents) in accounts maintained at Silicon in an amount of not less than $3,500,000.
Minimum Cash Covenant. You shall at all times maintain a cash balance (cash and marketable securities) of not less than $20,000,000. You shall deliver to us, monthly, on the 10th day of each month, a copy of your bank and/or securities statements or other documents satisfactory to us evidencing such cash balance, which evidence shall be certified by your Chief Financial Officer as being complete, true and accurate. If the cash balance for any one month is less than $20,000,000, you shall cause to have issued and delivered to us an irrevocable standby letter of credit (in form and substance satisfactory to us and issued by a bank satisfactory to us) in our favor as beneficiary, in an amount equal to the then outstanding principal balance of the Loan and all accrued interest thereon. Thereafter, it shall be an additional condition to the making of each further Advance, that you shall have caused to be issued and delivered to us an additional irrevocable standby letter of credit (each in form and substance satisfactory to us and issued by a bank satisfactory to us) in our favor as beneficiary, each in an amount equal to the requested Advance. Each letter of credit shall provide for automatic renewal annually for the entire Term of the Loan and shall permit us to draw in full if any such letter of credit is not so renewed or if a new letter of credit (satisfactory to us issued by a bank satisfactory to us) is not substituted at least sixty (60) days prior to the expiration of any such letter of credit. The failure to provide any such letter of credit or if any such letter of credit shall at any time cease to be in full force and effect, shall be a default under this Master Agreement.
Minimum Cash Covenant. Co-Borrowers shall maintain at all times not less than Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) in a deposit account subject to an Account Control Agreement.”
(c) Co-Borrowers and Lenders hereby agree that Section 8.2 of the Loan Agreement shall be deleted in its entirety and replaced with the following:
Minimum Cash Covenant. The Company shall, at all times while this Debenture remains outstanding, maintain on deposit in an account of the Company at U.S Bank, N.A. (or any successor account reasonably acceptable to the Holder) (the “Account”) an amount of unencumbered cash and/or Cash Equivalents equal to the lesser of (i) eighteen million five hundred thousand dollars ($18,500,000) and (ii) the outstanding principal amount of this Debenture (including, for the avoidance of doubt, any PIK Amount). The Account shall at all times be subject to the Securities Account Control Agreement. In no event shall the Account be subject to any Liens other than the Liens of the Agent.
Minimum Cash Covenant. (a) Until all Underlying Shares (including any Underlying Shares issuable from any Second Tranche Closing, if any) are subject to an effective Resale Registration Statement, the Company shall maintain a minimum cash balance at United States banks (which includes money market accounts at such banks) equal to at least 19% of the outstanding Principal Amount.
(b) The Collateral Agent may appoint a cash monitoring agent (the “Cash Agent”) reasonably acceptable to the Company who shall be provided full access on a daily basis to all bank accounts maintained by the Company in order to verify compliance with Section 4.19(a). If at any time the Company has been advised by the Cash Agent that it is not in compliance with Section 4.19(a), it shall file a Current Report on Form 8-K prior to 9:00 am Eastern Time on the next Trading Day.
(c) The Company shall pay the Cash Agent a weekly fee of up to $1,000.
(h) The Securities Purchase Agreement is hereby amended by adding the following Section 4.25:
