Required Actual Compliance Sample Clauses
The "Required Actual Compliance" clause mandates that a party must strictly adhere to all specified obligations or standards outlined in the agreement. In practice, this means that the party cannot merely make reasonable efforts or approximate compliance; instead, they must fully and precisely meet the requirements as stated. This clause ensures that there is no ambiguity about the level of performance expected, thereby reducing the risk of disputes over whether contractual duties have been properly fulfilled.
Required Actual Compliance. Minimum Cash >$1,500,000 $ ______ Yes No
Required Actual Compliance. Adjusted Quick Ratio (quarterly) :1.0* :1.0 Yes No
Required Actual Compliance. Liquidity >$1,000,000 $ ______ Yes No
Required Actual Compliance. Adjusted Quick Ratio >1.10:1.0 :1.0 Yes No Adjusted Quick Ratio >1.25:1.0 :1.0 Yes No All other representations and warranties in the Agreement are true and correct in all material respects on this date, and Borrower represents that there is no existing Event of Default. Sincerely, VERICEL CORPORATION Signature Title Date Lender: Silicon Valley Bank Commitment Amount: $10,000,000.00
Required Actual Compliance. Liquidity (monthly) $ * $ Yes No * As set forth in Section 6.7(b) of the Agreement.
Required Actual Compliance. EBITDA (three-month) $______* $_____ Yes No N/A
Required Actual Compliance. Adjusted Quick Ratio >1.25:1.0 _______:1.0 Yes No Required Actual Eligible for Reduction Adjusted Quick Ratio See Applicable Rate definition _______:1.0 Yes No All other representations and warranties in this Agreement are true and correct in all material respects on this date, and Borrower represents that there is no existing Event of Default.
Required Actual Compliance. Cumulative Adjusted EBITDA (from 4/1/14) (tested quarterly) $ * $ Yes No N/A Adjusted EBITDA (tested quarterly) $ ** $ Yes No N/A *As set forth in Section 6.7(a) of the Agreement; tested through and including the calendar quarter ending June 30, 2015 ** As set forth in Section 6.7(b) of the Agreement; tested for the calendar quarter ending September 30, 2015 and for each calendar quarter thereafter
Required Actual Compliance. Tangible Net Worth See Section 6.7(a) $ Yes No Adjusted Quick Ratio 1.75 to 1.00 Yes No All other representations and warranties in this Agreement are true and correct in all material respects on this date, and Borrower represents that there is no existing Event of Default. Sincerely, Signature Title Date BORROWER: Infosonics Corporation DATE: March 27, 2014 BANK: Silicon Valley Bank I hereby certify as follows, as of the date set forth above:
Required Actual Compliance. Three-Month EBITDA (monthly) $ * $ Yes No * As set forth in Section 6.7(a) of the Agreement.