Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that it (a) had an Adjusted Quick Ratio of at least 1.25 to 1.0 at all times during the applicable Testing Month, and (b) has an Adjusted Quick Ratio of at least 1.25 to 1.0 on such day.” and inserting in lieu thereof the following:
Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that: Borrower (i) had Liquidity of at least Three Million Five Hundred Thousand Dollars ($3,500,000.00) at all times during the applicable Testing Month, and (ii) has Liquidity of at least Three Million Five Hundred Thousand Dollars ($3,500,000.00) on such day.”
Streamline Facility Eligible means, for any Subject Month (as of the first calendar day of such month), Borrower had Liquidity at all times during the applicable Testing Month of at least the greater of (a) Four Million Dollars ($4,000,000.00), and (b) the product of (i) negative one (-1) multiplied by (ii) Borrower’s EBITDA for the six-month period ending at the last day of the applicable Testing Month.
Examples of Streamline Facility Eligible in a sentence
In addition, at all times that Borrower is Streamline Facility Eligible, Bank may, as part of the Financed Receivables, finance Eligible Accounts on an aggregate basis.
Borrower will deliver an Advance Request and Invoice Transmittal in the form attached hereto as Exhibit C-1 signed by a Responsible Officer for each Account Advance it requests, along with a detailed cash receipts journal, and accompanied by an accounts receivable aging, if Borrower is then Streamline Facility Eligible, or by invoices, if Borrower is not Streamline Facility Eligible.
More Definitions of Streamline Facility Eligible
Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that it (a) had Liquidity of at least Six Million Dollars ($6,000,000.00) at all times during the applicable Testing Month, and (b) has Liquidity of at least Six Million Dollars ($6,000,000.00) on such day. “Subject Month” is the month which is two (2) calendar months after any Testing Month.
Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that it (a) had an Adjusted Quick Ratio of at least 1.50 to 1.0 at all times during the applicable Testing Month, and (b) has an Adjusted Quick Ratio of at least 1.50 to 1.0 on such day.” 14 The Loan Agreement shall be amended by deleting the Compliance Certificate appearing as Exhibit B to the Loan Agreement and inserting in lieu thereof the Compliance Certificate attached as Schedule 1 hereto. 15 The Loan Agreement shall be amended by deleting the Borrowing Base Certificate appearing as Exhibit D to the Loan Agreement and inserting in lieu thereof the Borrowing Base Certificate attached as Schedule 2 hereto.
Streamline Facility Eligible means, as of any day, (a) Bank, in its sole and exclusive discretion, has not elected to apply proceeds of the Accounts to the Obligations and (b) Borrower (i) meets the Threshold Amount and (ii) has continuously met the Threshold Amount on each day of the preceding three whole months or, if less, each day since the date of this Agreement; provided that the requirement set forth in this clause (ii) shall not apply if (A) Bank otherwise approves in writing or (B) Borrower meets the Threshold Amount as a result of Borrower’s receipt of at least Four Million Dollars ($4,000,000) of proceeds from the issuance of its equity or subordinated debt, provided that such issuance is on terms and conditions reasonably satisfactory to Bank.
Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that it (a) had an Adjusted Quick Ratio of at least 1.50 to 1.0 at all times during the applicable Testing Month, and
Streamline Facility Eligible means, as of any day during any subject month, Borrower has provided evidence to Bank that: Borrower (i) had Liquidity of at least Two Million Five Hundred Thousand Dollars ($2,500,000.00) at all times during the applicable Testing Month, and (ii) has Liquidity of at least Two Million Five Hundred Thousand Dollars ($2,500,000.00) on such day.” 4 The Compliance Certificate appearing as Exhibit B to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Schedule 1 hereto.
Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that Borrower (a) had an Liquidity Ratio of greater than 1.35 to 1.0 at all times during the applicable Testing Month, and (b) has an Liquidity Ratio of greater than 1.35 to 1.0 on such day.
Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that it