definiens: shall mean the requirement that Loan Recipientdemonstrate to [COMPANY] ( one month prior to each Disbursement Date ) that it has funds available, either in the form ofcash, cash equivalents or securities listed on an automated quotation system which have no resale restrictions underfederal or other applicable securities laws, sufficient to fund all costs and expenses ( including overhead andadministrative expenses and taxes ) anticipated by Loan Recipient to be required for Loan Recipient to continue theCIRM - Funded Project for at least the following twelve ( 12 ) month period during the Project Period, less the costsbudgeted to be covered by planned Loan Disbursements, demonstrated to [COMPANY] ’s satisfaction by Loan Recipient’ssubmission of current budget forecasts, and other financial information reasonably requested by [COMPANY] ( provided, however, that Loan Recipient may exclude from the foregoing costs and expenses on any date all principal paymentsto be made on Permitted Indebtedness which matures in the four - year period following such date )