Remaining Months Liquidity. Borrower will maintain, as of the last day of each month, at least six (6) Remaining Months Liquidity.
Remaining Months Liquidity. Borrowers shall at all times, but tested monthly as of the last day of each month, maintain unrestricted cash at Bank in an amount equal to three (3) times the amount of Borrowers’ Operating Burn.
Remaining Months Liquidity. Borrower shall at all times maintain, [****].
Remaining Months Liquidity. Have Remaining Months Liquidity of at least 4.00 to 1.00, measured as of the last day of each fiscal quarter; provided, however, that if the Loan Parties are out of compliance with such Remaining Months Liquidity requirement, it shall not be an Event of Default or a breach of this Section 6.7 if each Loan Party, within ten (10) Business Days of falling out of compliance (the "IP Trigger Milestone"), executes an Amendment to Loan and Security Agreement (in a form to be mutually agreed among the parties thereto) and Intellectual Property Security Agreement (in substantially the form attached hereto as Exhibit F) in order to provide Bank with a perfected first priority security interest on each Loan Party's Intellectual Property. Furthermore, if after falling out of compliance and entering into the aforementioned documents, Xxxxxxxx achieves Remaining Months Liquidity of at least 10.00 to 1.00 (the "IP Release Milestone"), Bank agrees to execute the necessary documents required to release such perfected first priority security interest on each Loan Party's Intellectual Property.
Remaining Months Liquidity. Borrower shall at all times maintain Remaining Months Liquidity of at least 4.00 to 1.00 measured on a trailing six (6) months bias; provided, however, that if Borrower is out of compliance with such Remaining Months Liquidity requirement, it shall not be an Event of Default or a breach of this Section 6.7 if Borrower, within five (5) Business Days of falling out of compliance, executes an Amendment to Loan and Security Agreement and Intellectual Property Security Agreement (in the forms attached hereto as Exhibit E and Exhibit F, respectively) in order to provide Bank with a perfected first priority security interest on Borrower’s Intellectual Property. Furthermore, if after falling out of compliance and entering into the aforementioned documents, Borrower achieves Remaining Months Liquidity of at least 10.00 to 1.00, Bank agrees to execute the necessary documents required to release such perfected first priority security interest on Borrower’s Intellectual Property.
Remaining Months Liquidity. At least six (6) months Remaining Months Liquidity. “Remaining Months Liquidity” is cash and cash equivalents, plus marketable securities, plus Eligible Accounts, divided by Cash Burn. “Cash Burn” is net loss, plus depreciation, plus amortization, minus any decrease in deferred revenue, plus any increase in deferred revenue, plus stock based compensation, in each case for the reporting period. Cash Burn shall be calculated on a rolling three-month basis. Eligible Accounts shall be included in foregoing calculation only after Bank shall have performed a collateral audit reasonably satisfactory to Bank.
Remaining Months Liquidity. Borrower will maintain, as of the last day of each month, at least three (3) months Remaining Months Liquidity. Remaining Months Liquidity ("RML") is cash on hand (and cash equivalents) maintained at Bank, divided by EBITDA.
Remaining Months Liquidity. As of the end of each month, Borrower shall maintain a total of unrestricted cash and Cash Equivalents, as shown on Borrower’s balance sheet, minus all outstanding Loans and Letters of Credit in an amount greater than 6.0 times the average monthly net loss (if any) incurred by Borrower for the immediately preceding three months, determined in accordance with GAAP, net of amortization and depreciation and non-cash, stock-based compensation.
Remaining Months Liquidity. Tested as of the last day of each month, Remaining Months Liquidity of at least 12.00:1.00. Notwithstanding the foregoing, Borrower’s failure to comply with the financial covenants set forth in this Section 6.9 shall not in and of itself constitute an Event of Default with respect to the Existing Term Loan Advances.
