Testing Month definition
Examples of Testing Month in a sentence
For any Subject Month, to the extent the Liquidity Ratio of Parent and its Subsidiaries on a consolidated basis was greater than or equal to 1.35 to 1.0 as of the last day of the applicable Testing Month, within three (3) Business Days of receipt of Accounts collected by Bank pursuant to Section 6.3(c), Bank will turn over to Borrowers the proceeds of the Accounts.
All changes to the Applicable Rate which arise due to a change in the Borrower’s Adjusted Quick Ratio shall become effective on the first day of the Subject Month after the Testing Month in which the change in Borrower’s Adjusted Quick Ratio occurs (e.g. if Borrower’s Adjusted Quick Ratio for the month ending August 31, 2011 triggers a change in the Applicable Rate, such change in the Applicable Rate would become effective on October 1, 2011).
From and after the First Amendment Effective Date, monthly within thirty (30) days after the end of each month, a minimum Liquidity Ratio equal to or greater than 1.50:1.00; provided, that in the event Borrower has maintained the Liquidity Threshold for each day in a Testing Month, the Liquidity Ratio requirement for this section 6.9(a) will not be tested for such Testing Month.
During the term of this Agreement, for any Subject Month so long as Borrower’s aggregate cash plus Excess Availability was at least $1,500,000 during any Testing Month, the Streamline Advance Rate will apply and Bank will finance Borrowers’ Streamline Eligible Accounts, as set forth herein.
A “Streamline Period” is a period commencing on the first day of the second calendar month following a Testing Month in which Borrower’s Net Cash equals or exceeds $1.00.
During the term of this Agreement, for any Subject Month when GTTI’s T3M EBITDA is greater than $50,000 or GTTI’s Net Liquidity is greater than $500,000 during any Testing Month, the Streamline Advance Rate will apply and Bank will finance Borrower’s Streamline Eligible Accounts, as set forth herein.
A Streamline Period will continue in effect thereafter until Borrower fails to achieve Net Cash of at least $1.00 in any Testing Month or a Default or Event of Default has occurred.
During the term of this Agreement, for any Subject Month when GTTI’s T3M EBITDA is greater than $50,000 or GTTI’s Net Liquidity is greater than $500,000 during any Testing Month, the Collections Advance Rate will apply and Bank will finance Borrower’s cash collections as set forth herein.
For any Subject Month (as of the first calendar day of such Reconciliation Period), to the extent that Borrower maintained an Adjusted Quick Ratio of not less than 1.00 to 1.00 at all times during the applicable Testing Month, Borrower shall not pay any Collateral Handling Fee (as hereinafter defined).
Project Kick-off Month 1 Technical Assessment Month 1 Installation of Onsite Environment Month 2 Baseline Training Month 2 Fit Gap Assessment Month 3 Historic Data Assessment and Data Mapping Month 4 Integration / Interface Definition Month 4 Integration Development Month 7 Conversion Dry Run Month 6 User Acceptance Testing Month 8 Conversion Complete Month 8 Go Live – Pilot Courts Month 9 Go Live – Remaining Courts In phases to be defined with the total duration not to exceed 6 months.