Total Cash. The Credit Parties shall cause Total Cash as of the last day of each calendar month to be greater than or equal to five percent (5%) of total principal amount of Receivables of Elevate Credit Parent and its Subsidiaries.
Total Cash. For purposes of calculating Total Cash:
1. Total Cash will be net of any unpaid financial advisory, legal, printing, accounting and other expenses incurred by or on behalf of the Company in connection with the transactions contemplated by the Agreement.
2. The Company will not grant early payment discounts or other purchase discounts in excess of three percent (3%), and Total Cash shall be reduced by the amount of any receivable collected after the date of the Agreement with respect to which the Company grants a discount in excess of three percent (3%).
3. The Company will not permit its cost of goods sold days in accounts payable ratio (calculated as the product of (a) 90 times (b) accounts payable divided by (c) trailing three month cost of goods sold) to exceed 40 days. In the event that the cost of goods sold days in accounts payable ratio exceeds 40 days, Total Cash shall be reduced by the reduction in accounts payable necessary to bring the cost of goods sold days in accounts payable ratio to 40 days.
4. Total Cash will be increased to include any accounts receivable due from the Parent to the Company.
5. The Company will not permit its Days Sales Outstanding (DSO) as currently calculated to exceed 45 days. In the event that DSO exceeds 45 days, Total Cash shall be reduced by the reduction in accounts receivable necessary to bring DSO to 45 days.
6. Total Cash shall exclude (a) any cash received by the Company on or after the date hereof in connection with the exercise of any Company Stock Options, including same-day sales, and (b) interest on the Option Account.
Total Cash. 1. Unrestricted cash and Cash Equivalents with Bank or Bank’s Affiliates or in a Deposit Account or Securities Account subject to a first priority perfected security interest (subject to Permitted Liens of the type described in clause (j) of the definition thereof) perfected by control either (1) subject to a first priority perfected security interest (subject to Permitted Liens of the type described in clause (j) of the definition thereof) perfected by control or (2) subject to Bank’s first priority perfected security interest perfected pursuant to the German Bank Accounts Pledge Agreement or German Receivables Assignment Agreement $
