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Covenant Default
Covenant Default contract clause examples

Inclusive of any Qualified Cash amounts maintained in accordance with [Sections 7.20(b) and 7.20(c)])] from and after June 1, 2022, Borrower shall at all times maintain Qualified Cash in an amount of not less than $25,000,000; provided that, upon and after ​, Borrower shall at all times maintain Qualified Cash in an amount of not less than $20,000,000.

Source document

“(a)Inclusive of any Qualified Cash amounts maintained in accordance with [Sections 7.20(b) and 7.20(c)])] from and after June 1, 2022, Borrower shall at all times maintain Qualified Cash in an amount of not less than $30,000,000; provided that, upon and after the FDA Approval Date, Borrower shall at all times maintain Qualified Cash in an amount of not less than $20,000,000.

Source document

Inclusive of any Qualified Cash amounts maintained in accordance with [Sections 7.20(a) and 7.20(c)], from and after the date that Borrower first enters into a transaction described in clause (ii)(d)(z) of the definition of Permitted Licenses, Borrower shall at all times maintain Qualified Cash in an amount of not less than $30,000,000.

Source document

Inclusive of any Qualified Cash amounts maintained in accordance with [Sections 7.20(a) and 7.20(c)])], from and after the date that Borrower first enters into a transaction described in clause (ii)(d)(z) of the definition of Permitted Licenses, Borrower shall at all times maintain Qualified Cash in an amount of not less than $35,000,000.”

Source document

Minimum Qualified Cash. At all times from the Loan Closing and prior to August 15, 2022, Borrower shall maintain Qualified Cash of at least $6,250,000 plus the Qualified Cash A/P Amount. Commencing August 15, 2022 and at all times thereafter until Borrower has achieved either the Equity Milestone or the Clinical Milestone, Borrower shall maintain Qualified Cash of at least $10,000,000 plus the Qualified Cash A/P Amount; provided that at such time that Borrower has achieved either the Equity Milestone or the Clinical Milestone, and at all times thereafter, the Borrower shall maintain Qualified Cash of at least $6,250,000 plus the Qualified Cash A/P Amount.

Source document

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