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Section 2.11(d), with such reduction to be effective on the later to occur of the date of such issuance, sale or payment, as the case may be, and the date specified under Section 2.11(d) for any related prepayment or repayment of the Offer Loans.", "KPP will not permit its Consolidated Net Worth at any time to be less than an amount equal to 80% of the Consolidated Net Worth as at December 31, 1999, plus 80% of the Net Cash Proceeds of any <strong>Equity Event</strong> by KPP or any of its Subsidiaries.", "Bank hereby agrees to waive the Existing Default, provided no default other than the Existing Default has occurred or is continuing, upon the occurrence of the 2009 <strong>Equity Event</strong>.", "Compliance with this covenant may be additionally extended beyond January 31, 2000 if equity or subordinated debt over the sum of the $12,000,000 (<strong>Equity Event</strong> plus Five Million Dollars) is obtained by Borrower.", "As of the earlier of February 29, 2000 or the occurrence of the <strong>Equity Event</strong>, (as defined below), maintain on a monthly basis a Quick Ratio of not less than 1.50:1.", "For purposes of this credit facility, the &quot;<strong>Equity Event</strong>&quot; is defined as the earlier to occur of, (i) the successful completion of the initial public offering of the common shares of the capital stock of Borrower or (ii) the successful sale of Series D preferred stock of Borrower, in each case that shall yield gross proceeds of not less than $25,000,000.", "Such valuation shall be the fair market value of the Company based on the total investment (including debt incurred, paid or assumed by the Company or assumed by the investors) of the parties triggering the first Private <strong>Equity Event</strong>.", "Monthly financial statements with CC Monthly within 30 days Yes No Annual financial statements (CPA Audited) FYE within 180 days Yes No Borrowing Base Certificate w/ A/R and A/P agings, if required Monthly within 30 days when 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