Common use of Due-to-Consignor Statements Clause in Contracts

Due-to-Consignor Statements. To Agent, (i) on a bi-weekly basis at any time the Liquidity Amount shall be less than $50,000,000 and (ii) on each Business Day on which a Default or Event of Default has occurred and is continuing or on which the Liquidity Amount shall be less than $25,000,000, a statement (such statement, a “Due-to-Consignor Statement”) certified by a Financial Officer of Borrower Representative, providing a calculation of the Due-to-Consignor Amount as of the date on which such statement is delivered, which calculation shall separately identify (i) the aggregate amount of cash received and held by all Sotheby Entities that is payable to consignors as of such Business Day as a result of the sale of such consignors’ Works of Art by a Sotheby Entity, and (ii) the aggregate outstanding amount of all principal, accrued interest, and other related amounts as of such Business Day with respect to any Art Loans secured by such Works of Art.

Due-to-Consignor Statements. To the Administrative Agent, (i) on a bi-weekly basis at any time the Liquidity Amount shall be less than $50,000,000 75,000,000 and (ii) on each Business Day on which a Default or Event of Default has occurred and is continuing or on which the Liquidity Amount shall be less than $25,000,00050,000,000, a statement (such statement, a “Due-to-Consignor Statement”) certified by a Financial Officer of Borrower Representative, providing a calculation of the Due-to-Consignor Amount as of the date on which such statement is delivered, which calculation shall separately identify (i) the aggregate amount of cash received and held by all Sotheby Entities that is payable to consignors as of such Business Day as a result of the sale of such consignors’ Works of Art by a Sotheby Entity, and (ii) the aggregate outstanding amount of all principal, accrued interest, and other related amounts as of such Business Day with respect to any Art Loans secured by such Works of Art.

Due-to-Consignor Statements. To Agent, (i) on a bi-weekly basis at any time the Liquidity Amount shall be less than $50,000,000 75,000,000 and (ii) on each Business Day on which a Default or Event of Default has occurred and is continuing or on which the Liquidity Amount shall be less than $25,000,00037,500,000, a statement (such statement, a “Due-to-Consignor Statement”) certified by a Financial Officer of Borrower Representative, providing a calculation of the Due-to-Consignor Amount as of the date on which such statement is delivered, which calculation shall separately identify (i) the aggregate amount of cash received and held by all Sotheby Entities that is payable to consignors as of such Business Day as a result of the sale of such consignors’ Works of Art by a Sotheby Entity, and (ii) the aggregate outstanding amount of all principal, accrued interest, and other related amounts as of such Business Day with respect to any Art Loans secured by such Works of Art.