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. Borrower’s Remaining Months Liquidity, measured as of the last day of each quarter, shall be not less than nine (9).
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. Borrower shall maintain Liquid Assets in an amount equal to, the lower of: (y) an amount equal to the product of Net Cash Loss, multiplied by 6 and (z) the sum of (a) the product of: Net Cash Loss, multiplied by 3, plus (b) any amounts outstanding under the Term Loan.
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 four months Remaining Months Liquidity. "Remaining Months Liquidity" is cash on hand (and cash equivalents) plus availability under the Committed Revolving Line, divided by Cash Burn. If cash (and cash equivalents) increases from the prior period, "Cash Burn" is cash (prior period) minus cash (current period) plus increases/less decreases in short and long term borrowings plus increases/less decreases in stock, paid-in capital and Subordinated Debt, If cash (and cash equivalents) decreases from prior period. "Cash Burn" is cash (prior period) less (current period) minus increases/plus decreases in short and long term borrowings minus increases/plus decreases in stock, paid-in capital and subordinated debt. Upon Borrower achieving 6 consecutive months of Debt Service Coverage of at least 2.00 to 1.00, the Remaining Months Liquidity and Minimum Liquidity covenant shall be replaced with a Debt Service Coverage of at least 2.00 to 1.00.
