Streamline Facility Eligible definition

Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that Borrower had an Adjusted Quick Ratio of at least 1.0 to 1.0 at all times during the applicable Testing Month.”

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, 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

• On any day that Borrower ceases to be Streamline Facility Eligible, all outstanding Advances made based on Aggregate Eligible Accounts shall be immediately due and payable, together with all Finance Charges accrued thereon.

• After Borrower ceases to be Streamline Facility Eligible, Borrower shall continue to maintain such cash collateral as contemplated by the prior sentence until Bank agrees in writing otherwise, in its sole and absolute discretion (and regardless of whether Borrower subsequently becomes Streamline Facility Eligible).

• Borrower will deliver an Advance Request and Invoice Transmittal in the form attached hereto as Exhibit C signed by a Responsible Officer for each Advance it requests, accompanied by an accounts receivable aging, if Borrower is then Streamline Facility Eligible, or by invoices, if Borrower is not Streamline Facility Eligible.

• On any day that Borrower becomes Streamline Facility Eligible, all outstanding Advances made based on specific Eligible Accounts shall be immediately due and payable, together with all Finance Charges and Collateral Handling Fees accrued thereon.

• On any day that Borrower becomes Streamline Facility Eligible, all outstanding Advances made based on Eligible Accounts shall be immediately due and payable, together with all Finance Charges and Collateral Handling Fees accrued thereon.

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 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 during any Subject Month, Borrower has provided evidence to Bank that: Borrower (i) had Liquidity of at least Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00) at all times during the applicable Testing Month, and (ii) has Liquidity of at least Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00) on such day.”

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 1.25 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.” 6 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 at the end of the Subject Month that it (a) had a Liquidity Ratio of at least 1.50 to 1.00 at all times during the prior two (2) applicable Testing Months, and (b) has a Liquidity Ratio of at least 1.50 to 1.00 on such day. In addition, upon the occurrence of an Event of Default that is continuing, Borrower shall immediately cease to be Streamline Facility Eligible.

Streamline Facility Eligible means, as of any day during any Subject Month, Borrower has provided evidence to Bank that it