TO: SILICON VALLEY BANK
FROM: STEREOTAXIS, INC.
The undersigned authorized officer of Stereotaxis, Inc., ("Responsible
Officer") certifies that under the terms and conditions of the Loan and Security
Agreement between Borrower and Bank (the "Agreement"), (i) Borrower is in
complete compliance for the period ending _______________ with all required
covenants except as noted below and (ii) all representations and warranties in
the Agreement are true and correct in all material respects on this date.
Attached are the required documents supporting the certification. The
Responsible Officer certifies that these are prepared in accordance with
Generally Accepted Accounting Principles (GAAP) consistently applied from one
period to the next except as explained in an accompanying letter or footnotes.
The Responsible Officer acknowledges that no borrowings may be requested at any
time or date of determination that Borrower is not in compliance with any of the
terms of the Agreement, and that compliance is determined not just at the date
this certificate is delivered.
PLEASE INDICATE COMPLIANCE STATUS BY CIRCLING YES/NO UNDER "COMPLIES"
REPORTING COVENANT REQUIRED COMPLIES
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<S> <C> <C>
Monthly financial statements with CC Monthly within 30 days Yes No
Annual (CPA Audited) with CC FYE within 120 days Yes No
Inventory Report Monthly within 30 days Yes No
BBC A/R Agings Monthly within 30 days Yes No
Audit Annually Yes No
FINANCIAL COVENANT REQUIRED ACTUAL COMPLIES
------------------ -------- ------ --------
<S> <C> <C> <C>
Maintain on a Monthly Basis:
Minimum Adjusted Quick Ratio 1.5:1.0 _____:1.0 Yes No
Tangible Net Worth $50,000,000.00 $________ Yes No
Maintain on a Quarterly Basis
Revenue Tracking $________* $________ Yes No
(prior to IPO)
*As set forth in Section 6.7(b) of the Agreement.
COMMENTS REGARDING EXCEPTIONS: See Attached. BANK USE ONLY
Sincerely, Received by:_________________
_____________________________ AUTHORIZED SIGNER
Date AUTHORIZED SIGNER
Compliance Status: Yes No