Borrowing against the lab’s own customer contracts

“Permitted Contracted Revenue Financing” means Indebtedness of a Financing SPV so long as the following conditions are met: a. after giving effect to the establishment of any Permitted Contracted Revenue Financing on a Pro Forma Basis, no more than 30% of the Contracted Revenue of the Borrower and its Restricted Subsidiaries on a consolidated basis is subject to Permitted Contracted Revenue Financings; b. at the time any Indebtedness in respect of such Permitted Contracted Revenue Financing is funded (or, at the Borrower’s election but subject to the last paragraph of Section 6.01, at the time such commitments are established) the LTV Ratio does not exceed (x) if a material portion of the Contracted Revenue subject to such Permitted Contracted Revenue Financing is from Investment Grade Account Debtors, 85% or (y) if subclause (x) does not apply, 65%; c. such Indebtedness is not secured by any assets other than assets of and Equity Interests in the Financing SPV and Receivables Assets related thereto; and d. the Borrower has determined in good faith that terms of the agreements governing such Permitted Contracted Revenue Financing will permit the applicable Financing SPV to distribute excess cash (i.e., cash received by the Financing SPV in excess of amounts to pay principal, interest, expense reimbursement and other required payments under the agreements governing such Permitted Contracted Revenue Financing and customary (as determined in good faith by the Borrower) reserves) subject to customary (as determined in good faith by the Borrower) conditions.