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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated:
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: Minimum Revenue (Section 6.12(a)) Required: Commencing with the calendar quarter ending June 30, 2014, and as of the last day of each calendar quarter thereafter, aggregate revenue (as determined in accordance with GAAP), measured on a cumulative basis for calendar quarter then ended, of at least the following amounts at the following times: Actual:
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: Tangible Net Worth (Section 6.9(a)) Required: $18,500,000 plus 50% new equity/Subordinated Debt plus 50% quarterly net income Actual:
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: Monthly Recurring Revenue (Section 6.9(a)) Required: Commencing with the month ending August 31, 2011, and as of the last day of each month thereafter, and beginning with the month ending March 31, 2012 for the trailing three (3) month period then ended, Monthly Recurring Revenue of not less than the following amounts at the following times: August 31, 2011 $ 2,920,000 September 30, 2011 $ 2,940,000 October 31, 2011 $ 2,960,000 November 30, 2011 $ 2,980,000 December 31, 2011 $ 3,000,000 January 31, 2012 $ 3,135,000 February 29, 2012 $ 3,276,075 March 31, 2012 $ 9,835,000 April 30, 2012 $ 10,277,000 May 31, 2012 $ 10,740,000 June 30, 2012 $ 11,223,000 July 31, 2012 $ 11,728,000 August 31, 2012 $ 12,255,000 September 30, 2012 $ 12,807,000 October 31, 2012 $ 13,384,000 November 30, 2012 $ 13,986,000 December 31, 2012 $ 14,615,000 For purposes of calculating the Monthly Recurring Revenue for February, such calculation will be prorated on the basis of twenty-nine (29) calendar days. Actual:
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Financial Covenants of Borrower. Dated: In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Adjusted Quick Ratio (Section 6.7(a)) Required: 1.50:1.00 Actual:
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern. Dated: ____________________ Minimum Revenue (Section 6.7(a)) Required: Upon Borrower’s receipt of either the Tranche Two Term Loan Advance or the Tranche Three Term Loan Advance, tested as of the last day of each month, for a trailing three (3) month period ending on such last day, revenue of at least the following amounts at the following times: Trailing 3-Months Ending Minimum Revenue September 30, 2020 $ 424,760.00 October 31, 2020 $ 835,019.00 November 30, 2020 $ 1,306,882.00 December 31, 2020 $ 1,820,572.00 January 31, 2021 $ 1,968,374.00 February 28, 2021 $ 2,117,706.00 March 31, 2021 $ 2,275,980.00 April 30, 2021 $ 2,551,183.00 May 31, 2021 $ 2,856,603.00 June 30, 2021 $ 3,204,671.00 July 31, 2021 $ 3,509,073.00 August 31, 2021 $ 3,864,184.00 September 30, 2021 $ 4,273,846.00 October 31, 2021 $ 4,839,378.00 November 30, 2021 $ 5,479,082.00 December 31, 2021 $ 6,196,881.00 January 31, 2022 $ 6,485,854.00 February 28, 2022 $ 6,777,933.00 March 31, 2022 $ 7,061,919.00 April 30, 2022 $ 7,840,282.00 May 31, 2022 $ 8,667,366.00 June 30, 2022 $ 9,541,871.00 July 31, 2022 $ 10,440,751.00 August 31, 2022 $ 11,364,096.00 September 30, 2022 $ 12,302,063.00 October 31, 2022 $ 13,253,642.00 November 30, 2022 $ 14,208,455.00 December 31, 2022 $ 15,149,766.00 Actual: Aggregate amount of Borrower’s revenue for the trailing three (3) month period $__________ ______ No, not in compliance _______Yes, in compliance EXHIBIT C-1 – LOAN PAYMENT/ADVANCE REQUEST FORM DEADLINE FOR SAME DAY PROCESSING IS 12 PM PACIFIC TIME Fax To: Date: _____________________ LOAN PAYMENT: From Account #________________________________ To Account #__________________________________________ (Deposit Account #) (Loan Account #) Principal $____________________________________ and/or Interest $________________________________________ Authorized Signature:__________________________ Phone Number: Print Name/Title:_______________________________ LOAN ADVANCE: Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire. From Account #________________________________ To Account #__________________________________________ (Loan Account #) (Deposit Account #) Amount of Term Loan Advance $___________________________ All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all ...
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: Tangible Net Worth [Section 6.9(a)] Required: $ , which equals the sum of (a) the TNW Base Amount, plus (b) 35% of all consideration received after the Effective Date for issuances of the Borrower’s equity securities and the principal amount of Subordinated Debt of the Borrower, plus (c) 35% of the Borrower’s positive net income (determined in accordance with GAAP) in the fiscal quarter ending March 31, 2008 and each fiscal quarter thereafter. Actual:
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: ____________________ Tangible Net Worth (Section 6.9(a))
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Financial Covenants of Borrower. In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: Tangible Net Worth (Section 6.7(a)) Required: at least (i) Two Million Dollars ($2,000,000) at all times from the First Amendment Effective Date through April 30, 2011, (ii) Zero Dollars ($0) at all times from May 1, 2011 through October 31, 2011, (iii) Seven Hundred Fifty Thousand Dollars ($750,000) at all times from November 1, 2011 through December 31, 2011 and (iv) Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000) at all times beginning on January 1, 2012, stepping up as of the last day of each quarter, by an amount equal to (without duplication) (i) fifty percent (50%) of Net Income (with no reduction for Net Loss) received beginning with the calendar quarter ending March 31, 2012, plus (ii) twenty five percent (25%) of any New Capital received by Borrower in excess of Five Million Dollars ($5,000,000) but less than Seven Million Dollars ($7,000,000) plus (iii) fifty percent (50%) of any New Capital received by Borrower in excess of Seven Million Dollars ($7,000,000); provided however in no case shall the aggregate Tangible Net Worth requirement step ups in subsections (ii) and (iii) above with respect to any New Capital (provided that New Subordinated Debt shall only be included in this calculation of New Capital if fifty percent (50%) or more of such New Subordinated Debt is issued to existing investors of Borrower and excluding any New Capital received in connection with an initial public offering) exceed Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) in the aggregate. Actual:
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Financial Covenants of Borrower. Dated: ____________________
