Common use of Minimum Eligible Accounts and Cash Clause in Contracts

Minimum Eligible Accounts and Cash. Not permit the sum of (x) the cash 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) and (y) the face amount of Eligible Accounts (which are reduced by a prorated allocation of the current outstanding balance of Allowance for Doubtful Accounts general reserve) as of the last day of any fiscal month to be less than 100% of the outstanding Obligations.

Appears in 4 contracts

Samples: Credit Agreement (Qumu Corp), Term Loan Credit Agreement (Qumu Corp), Term Loan Credit Agreement

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