Document:

Document

Exhibit 10.1

August 1, 2021

Aaron Tam
2932 Central Avenue
Wilmette, IL 60091

Dear Aaron: 

On behalf of Synalloy Corp. (“Synalloy” or “SYNL”) I am pleased to offer you the position of Chief Financial Officer (“CFO”) of Synalloy. This position reports directly to me. We are very excited to have you accept our offer and believe you will be a key member of Synalloy’s leadership team as we grow the company.

This letter will serve to clarify the details of the offer of employment and is contingent upon the successful completion of a drug and background check. 

Unless we mutually agree otherwise in writing, you will commence employment on August 30, 2021. 

At the CFO level, your Total Rewards package includes the following: 

Compensation and Performance Review 
Your annualized salary will be $300,000 payable in accordance with the Company’s standard payroll practice and subject to applicable withholding and taxes. Your position is exempt from overtime pay and your salary will compensate you for all hours worked. You will receive periodic performance reviews at which time we will evaluate your performance, position and compensation with no guarantee of change at that time. 

Stock Grant 
You will be granted Restricted Stock Units valued at $210,000 at the date of grant within 7 business days from your first day of employment.  These Restricted Stock Units will be structured as an inducement grant.  50% of the Restricted Stock Units will vest on the date that is three (3) years from the employment start date.  The remaining 50% will vest on the date that the 30 day volume weighted average stock price (VWAP) for SYNL stock reaches a per share price that is fifty percent (50%) more than the per share price on the date of grant.

Bonus 
Short-Term Incentives (STI) include potential cash awards and is targeted at $150,000 annually. STI award is subject to Synalloy meeting certain financial and operational performance targets each year. Eligibility for STI variable compensation plan starts for the 2021 calendar year period 

Exhibit 10.1

and you will be eligible to receive the targeted amount of STI for 2021. Bonuses are not considered earned until the date paid. 

Long-Term Incentive (LTI) includes potential SYNL Stock award and is targeted at $150,000 annually. LTI award is expected to be split between Restricted Stock Units (RSU) and Performance Based Restricted Stock (PSU) Units. LTI plan will have certain ongoing vesting requirements over a three year period, with the PSU units dependent on the targets set by the compensation committee at the time of grant. Eligibility for LTI variable compensation plan starts for the 2021 calendar year. 

Benefits 
As an executive you do not have constraints around the amount of PTO (Paid Time Off) days available to you. Timing is dependent on your reporting executive’s approval. During the term of your employment as a full-time employee, you will be entitled to enroll in health benefits and our 401(k) plan.

Please note that we hold the right to modify all elements of the Total Reward package at the sole discretion of Synalloy.

Severance Provision
In the event that either Chris Hutter or Ben Rosenzweig is no longer a member of the Company’s Board of Directors and your employment is terminated within one (1) year of Mr. Hutter or Mr. Rosenzweig’s departure, you shall receive six (6) months of severance pay at a rate of your then current base salary, following your execution and non-revocation of the Company’s form of waiver and release agreement.  The severance shall be paid either in a lump sum payment or in the form of salary continuation, at the Company’s option.
 
Background Check 
This offer is contingent on the successful completion of a background check and drug screening. We will coordinate the background and drug test within 3 business days after the acceptance of this offer. The background check may include, but is not limited to: criminal, credit, employment verification, education verification and professional reference checks. Failure to do so may result in the rescinding of this offer of employment. 

Employment-at-Will 
If you accept our offer of employment, you will be an employee-at-will, meaning that either you or the Company may terminate our relationship at any time for any reason, with or without cause. Any statements to the contrary that may have been made to you, or that may be made to you, by the Company, its agents, or representatives are superseded by this offer letter. This letter serves only as an offer of employment and does not constitute a contract of employment. 

Confidentiality Agreement 
As a condition of your employment, you must sign a Confidentiality Employment Agreement (the "Agreement"). 

Exhibit 10.1

Employment Eligibility 
To comply with immigration laws, you must provide the Company with evidence of your identity and eligibility for employment in the United States no later than 3 business days after your date of hire. If you are in visa status, you also must provide new or renewed evidence of your eligibility for employment immediately prior to or upon expiration of your visa authorization. Please be prepared to present this information on your first day of employment. 

Additional Provisions 
If you accept this offer, the terms described in this letter will be the terms of your employment. This letter supersedes any previous discussions or offers. Any additions to, or modifications, of these terms must be in writing and signed by you and an officer of Synalloy. If you wish to accept employment with Synalloy, please indicate so by signing, dating this letter, and returning it via e-mail to Chris Hutter.

This offer shall remain binding on Synalloy and in full effect through August 24, 2021.

We are very excited about the possibility of you joining us. I hope that you will accept this offer! 
We look forward to a productive and mutually beneficial working relationship. 

Questions/Concerns Regarding This Offer 
Please let me know if I can answer any questions for you about any of the matters outlined in this letter.

Sincerely, 

/s/ Chris Hutter

Chris Hutter
Interim President and CEO
Synalloy Corp.

Acceptance of job offer:

/s/ Aaron Tam                                8/24/21
Aaron Tam                                DateExhibit 10.1

 

First
LOAN MODIFICATION AGREEMENT

 

This First Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into as of August 26, 2021, by and among (a) SILICON VALLEY BANK, a California
corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and (b) (i) LIQUIDIA CORPORATION,
a Delaware corporation (“Parent Borrower”), (ii) LIQUIDIA TECHNOLOGIES, INC., a Delaware corporation (“Technologies”),
and (iii) LIQUIDIA PAH, LLC, a Delaware limited liability company (“Liquidia PAH” and, together with Parent Borrower
and Technologies, jointly and severally, individually and collectively, “Borrower”).

 

1.            DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower
is indebted to Bank pursuant to a loan arrangement dated as of February 26, 2021, evidenced by, among other documents, that certain
Loan and Security Agreement dated as of February 26, 2021, between Borrower and Bank (as may be amended, modified, restated, replaced
or supplemented from time to time, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have
the same meaning as in the Loan Agreement.

 

2.            DESCRIPTION
OF COLLATERAL. Repayment of the Obligations is secured by, among other property, the Collateral as defined in the Loan Agreement (together
with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together
with all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”.

 

3.            DESCRIPTION
OF CHANGE IN TERMS.

 

		A.	Modifications to Loan Agreement.

 

		1	The Loan Agreement shall be amended by deleting the following, appearing as Section 6.8 thereof:

 

“              6.8         Financial
Covenant – Cumulative Cash Burn. Have at all times, to be tested as of the last day of each calendar quarter, as measured
cumulatively from January 1, 2021, Cash Burn for the period ending on the last day of such calendar quarter in an amount equal to
at least the amount set forth in the table below corresponding to such period; provided, however, that, the amounts set forth below shall
be increased by an amount equal to seventy-five percent (75.0%) of the aggregate net cash proceeds received by Borrower from the sale
of Borrower’s equity securities on or after the Effective Date but on or prior to the last day of such calendar quarter.

 

	Period Ending	 	Cumulative Cash Burn	 
	March 31, 2021	 	$	(10,500,000.00	)
	June 30, 2021	 	$	(17,000,000.00	)
	September 30, 2021	 	$	(23,000,000.00	)
	December 31, 2021	 	$	(28,500,000.00	)
	March 31, 2022	 	$	(33,500,000.00	)
	June 30, 2022, and for the period ending on the last day of each calendar quarter thereafter	 	$	(38,000,000.00	)

 

    

     

    

 

Notwithstanding the foregoing, the financial
covenant set forth in this Section 6.8 shall not be tested for any calendar quarter (such quarter, a “Tested Quarter”)
(a) with respect to which Borrower maintained the Minimum Cash Balance at all times during the period commencing on the first day
of such Tested Quarter through and including the date that is thirty (30) days after the last day of such Tested Quarter; provided, however
that the financial covenant set forth in this Section 6.8 shall be tested for such Tested Quarter if Borrower does not maintain the
Minimum Cash Balance during the period commencing on the date that is thirty-one (31) days after the last day of such Tested Quarter through
and including the last day of the calendar quarter immediately following such Tested Quarter, or (b) ending on or after the Funding
Date of the Term C Loan Advance.”

 

and inserting in lieu thereof the following:

 

“             6.8          Financial
Covenant – Cumulative Cash Burn. Have at all times, to be tested as of the last day of each calendar quarter, as measured
cumulatively from January 1, 2021, Cash Burn for the period ending on the last day of such calendar quarter in an amount equal to
at least the amount set forth in the table below corresponding to such period; provided, however, that, (a) the amounts set forth
below for any period ending after the Effective Date but on or prior to June 30, 2021 shall be increased by an amount equal to seventy-five
percent (75.0%) of the aggregate net cash proceeds received by Borrower from the sale of Borrower’s equity securities on or after
the Effective Date but on or prior to June 30, 2021 and (b) the amounts set forth below for any period ending after June 30,
2021 shall be increased by an amount equal to seventy-five percent (75.0%) of the aggregate net cash proceeds received by Borrower from
the sale of Borrower’s equity securities after June 30, 2021 but on or prior to the last day of such calendar quarter.

 

	Period Ending	 	Cumulative Cash Burn	 
	March 31, 2021	 	$	(10,500,000.00	)
	June 30, 2021	 	$	(17,000,000.00	)
	September 30, 2021	 	$	(56,104,283.00	)
	December 31, 2021	 	$	(61,104,283.00	)
	March 31, 2022 and for the period ending on the last day of each calendar quarter thereafter	 	$	(65,604,283.00	)

 

    

     

    

 

Notwithstanding the foregoing, the financial
covenant set forth in this Section 6.8 shall not be tested for any calendar quarter (such quarter, a “Tested Quarter”)
(a) with respect to which Borrower maintained the Minimum Cash Balance at all times during the period commencing on the first day
of such Tested Quarter through and including the date that is thirty (30) days after the last day of such Tested Quarter; provided, however
that the financial covenant set forth in this Section 6.8 shall be tested for such Tested Quarter if Borrower does not maintain the
Minimum Cash Balance during the period commencing on the date that is thirty-one (31) days after the last day of such Tested Quarter through
and including the last day of the calendar quarter immediately following such Tested Quarter, or (b) ending on or after the Funding
Date of the Term C Loan Advance.”

 

		2	The Loan Agreement shall be amended by inserting the following new definitions, to appear alphabetically in Section 13.1 thereof:

 

“             “First LMA
Effective Date” means August 26, 2021.”

 

“              “Litigation
Financing Agreements” is defined in the definition of Permitted Indebtedness.”

 

		3	The Loan Agreement shall be amended in the definition of Permitted Indebtedness appearing in Section 13.1 thereof by (i) deleting
 “and” appearing at the end of subsection (k), (ii) relettering subsection (l) as (m), and (iii) inserting the
following new subsection (l) thereof:

 

“              (l)           Indebtedness
incurred pursuant to (i) that certain Financing Agreement by and between Henderson SPV, LLC and RareGen, LLC dated as of June 4,
2020 or (ii) that certain Litigation Funding and Indemnification Agreement by and between PBM RG Holdings, LLC and RareGen, LLC,
dated as of November 17, 2020, in the case of (i) and (ii) each as in effect as of the First LMA Effective Date or as amended
with Bank’s prior written consent (collectively, the “Litigation Financing Agreements”), so long as such Indebtedness
is secured solely by the “Collateral” (as defined in the respective Litigation Financing Agreement); and”

 

		B.	The Compliance Statement appearing as Exhibit B to the Loan Agreement is hereby deleted and replaced with the Compliance
Statement attached as Schedule 1 hereto.

 

4.            FEES
AND EXPENSES. Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing
Loan Documents.

 

5.            PERFECTION
CERTIFICATES.

 

		A.	Parent Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate of Parent Borrower dated as of August 26, 2021 (the “Parent Borrower Perfection Certificate”), and acknowledges,
confirms and agrees that the disclosures and information Parent Borrower provided to Bank in the Parent Borrower Perfection Certificate
have not changed, as of the date hereof.

 

		B.	Technologies hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate of Technologies dated as of August 26, 2021 (the “Technologies Perfection Certificate”), and acknowledges,
confirms and agrees that the disclosures and information Technologies provided to Bank in the Technologies Perfection Certificate have
not changed, as of the date hereof.

 

    

     

    

 

		C.	Liquidia PAH hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate of Liquidia PAH dated as of August 26, 2021 (the “Liquidia PAH Perfection Certificate”), and acknowledges,
confirms and agrees that the disclosures and information Liquidia PAH provided to Bank in the Liquidia PAH Perfection Certificate have
not changed, as of the date hereof.

 

Borrower and Bank hereby acknowledge and agree
that all references in the Loan Agreement to the “Perfection Certificate” shall mean and include, collectively, the Parent
Borrower Perfection Certificate, the Technologies Perfection Certificate and the Liquidia PAH Perfection Certificate.

 

6.            CONSISTENT
CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above.

 

7.            RATIFICATION
OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other collateral
granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.

 

8.            RELEASE
BY BORROWER.

 

		A.	FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Bank and its present or former employees,
officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations,
promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever,
whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with
or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including
the date of execution of this Loan Modification Agreement (collectively “Released Claims”). Without limiting the foregoing,
the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related
to the Loan Documents, the recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing
or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing.

 

		B.	In furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California
Civil Code, which provides as follows:

 

“A general release does not extend to claims
that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that,
if known by him or her, would have materially affected his or her settlement with the debtor or released party.” (Emphasis added.)

 

		C.	By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter
discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of
Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or
unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was
untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof,
regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying
upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard
to any of such party’s rights or asserted rights.

 

    

     

    

 

		D.	This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or
other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained
herein constitutes a material inducement to Bank to enter into this Loan Modification Agreement, and that Bank would not have done so
but for Bank’s expectation that such release is valid and enforceable in all events.

 

		E.	Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as follows:

 

		1	Except as expressly stated in this Loan Modification Agreement, neither Bank nor any agent, employee or representative of Bank has
made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Loan Modification Agreement.

 

		2	Borrower has made such investigation of the facts pertaining to this Loan Modification Agreement and all of the matters appertaining
thereto, as it deems necessary.

 

		3	The terms of this Loan Modification Agreement are contractual and not a mere recital.

 

		4	This Loan Modification Agreement has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and
this Loan Modification Agreement is signed freely, and without duress, by Borrower.

 

		5	Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every
other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to
any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless from
and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims
or matters released herein.

 

9.            CONTINUING
VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification
Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications
to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications
to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention
of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank
in writing. No maker will be released by virtue of this Loan Modification Agreement.

 

10.            COUNTERSIGNATURE.
This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank.

 

[The remainder of this page is intentionally
left blank]

 

    

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Loan Modification Agreement to be executed as of the date first written above.

 

	BORROWER:	 
	 	 
	LIQUIDIA CORPORATION	 
	 	 
	By:	 /s/ Michael Kaseta	 
	Name: Michael Kaseta	 
	Title: Chief Financial Officer	 

 

 

	LIQUIDIA TECHNOLOGIES, INC.	 
	 	 
	By:	 /s/ Michael Kaseta	 
	Name: Michael Kaseta	 
	Title: Chief Financial Officer	 

 

 

	LIQUIDIA PAH, LLC	 
	 	 
	By:	 /s/ Michael Kaseta	 
	Name: Michael Kaseta	 
	Title: Chief Financial Officer	 

 

 

	BANK:	 
	 	 
	SILICON VALLEY BANK	 
	 	 
	By:	/s/ Michael McMahon	 
	Name: Michael McMahon	 
	Title: Director	 

 

     

     

    

 

Schedule 1

 

EXHIBIT B

 

COMPLIANCE STATEMENT

 

	TO:	SILICON VALLEY BANK	Date:	 
	FROM:	 LIQUIDIA CORPORATION, LIQUIDIA TECHNOLOGIES, INC. and
LIQUIDIA PAH, LLC	 

 

Under the terms and conditions
of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), Borrower is in complete compliance for the
period ending _______________ with all required covenants except as noted below. Attached are the required documents evidencing such compliance,
setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an
accompanying letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 

	Please indicate compliance status by circling Yes/No under “Complies” column.
	 
	Reporting Covenants	Required	Complies
	 	 	 
	Monthly Financial Statements 	Monthly within 30 days	Yes   No
	Quarterly Compliance Statement	Quarterly within 30 days	Yes  No
	
    10-K and unqualified opinion from auditor
	FYE within 90 days 	Yes   No   
	10-Q 	Quarterly within 45 days	Yes   No
	8-K and other SEC filings	Within 5 days after filing with SEC	Yes   No
	Board Approved Projections	
    Within 60 days following FYE, and as
    amended/updated
	Yes   No

 

	Financial
    Covenant	 	 	Required	 	 	 	Actual	 	 	Complies
	Maintain as indicated:	 	 	 	 	 	 	 	 	 	 
	Cumulative Cash Burn (tested quarterly)	 	 	$	    *	 	 	 	$	    	 	 	Yes   No

 

*
As set forth in Section 6.8 of the Agreement. Not tested for any Tested Quarter (a) with respect to which Borrower maintained
the Minimum Cash Balance at all times during the period commencing on the first day of such Tested Quarter through and including the date
that is 30 days after the last day of such Tested Quarter; provided, however that the cumulative Cash Burn financial covenant shall be
tested for such Tested Quarter if Borrower does not maintain the Minimum Cash Balance during the period commencing on the date that is
31 days after the last day of such Tested Quarter through and including the last day of the calendar quarter immediately following such
Tested Quarter, or (b) ending on or after the Funding Date of the Term C Loan Advance.

 

Other Matters

 

	Have there been any amendments of or other changes to the Operating Documents of Borrower or any of its Subsidiaries?  If yes, provide copies of any such amendments or changes with this Compliance Statement.	Yes	No

 

The following financial covenant analyses and information
set forth in Schedule 1 attached hereto are true and accurate as of the date of this Compliance Statement.

 

The following are the exceptions
with respect to the statements above: (If no exceptions exist, state “No exceptions to note.”)

 

     

     

    

 

Schedule 1 to Compliance Statement

 

Financial Covenant of Borrower

 

In the event of a conflict between this Schedule
and the Agreement, the terms of the Agreement shall govern.

 

	Dated:	 	 	

 

 

I.            Cumulative
Cash Burn (Section 6.8) (tested quarterly on a cumulative basis from January 1, 2021)

 

Required: __________ (see chart below)

 

 

	Period Ending	 	Cumulative Cash Burn*	 
	March 31, 2021	 	$	(10,500,000.00	)
	June 30, 2021	 	$	(17,000,000.00	)
	September 30, 2021	 	$	(56,104,283.00	)
	December 31, 2021	 	$	(61,104,283.00	)
	March 31, 2022 and for the period ending on the last day of each calendar quarter thereafter	 	$	(65,604,283.00	)

 

Actual:

 

	A.	 	 	Net Income	 	 	$	 
	 	 	 	 	 	 	 	 
	B.	 	 	To the extent included in the determination of Net Income	 	 	 	 
	 	 	 	1.	Depreciation	 	 	$
	 
	 	 	 	 	 	 	 	 	 
	 	 	 	2.	Amortization	 	 	$
	 
	 	 	 	 	 	 	 	 	 
	 	 	 	3.	Non-cash stock compensation expenses 
	 	 	$	 
	 	 	 	 	 	 	 	 	 
	 	 	 	4.	 Non-cash items approved by Bank in writing on a case-by-case basis in its sole discretion	 	 	$	 
	 	 	 	 	 	 	 	 
	 	 	 	5.	The sum of lines 1 through 4	 	 	$
	 
	 	 	 	 	 	 	 	 	 
	C.	 	 	Capital expenditures	 	 	$	 
	 	 	 	 	 	 	 	 
	D.	 	 	Cash Burn (line A plus line B.5 minus line C)	 	 	$	 

 

Is line D equal to or greater than the amount
set forth above?

 

     

     

    

 

__________  No,
not in compliance        _________ Yes, in compliance        __________N/A **

 

* The amounts set forth in the above table shall be increased by an
amount equal to seventy-five percent (75.0%) of the net cash proceeds received by Borrower from the sale of Borrower’s equity securities
after June 30, 2021 but on or prior to the last day of such Tested Quarter.

 

** Not tested for any Tested Quarter (a) with respect to which
Borrower maintained the Minimum Cash Balance at all times during the period commencing on the first day of such Tested Quarter through
and including the date that is 30 days after the last day of such Tested Quarter; provided, however that the cumulative Cash Burn financial
covenant shall be tested for such Tested Quarter if Borrower does not maintain the Minimum Cash Balance during the period commencing on
the date that is 31 days after the last day of such Tested Quarter through and including the last day of the calendar quarter immediately
following such Tested Quarter, or (b) ending on or after the Funding Date of the Term C Loan Advance.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]