Excess Cash Reserves Clause Samples
Excess Cash Reserves. If, at any time, the Borrower has greater than $40,000,000 of unrestricted cash or Cash Equivalents on its balance sheet for five (5) consecutive days, the Borrower shall immediately pay to Administrative Agent an amount equal to the unrestricted cash and Cash Equivalents on its balance sheet in excess of $40,000,000, to be applied to the outstanding principal balance of the Revolving Loans until the outstanding principal balance of the Revolving Loans has been reduced to $0, and then to repay the Term Loans until the outstanding principal balance of the Term Loans has been reduced to $0.
Excess Cash Reserves. If, at any time after the First Lien Termination Date, the Borrower has greater than $40,000,000 of unrestricted cash or Cash Equivalents on its balance sheet for five (5) consecutive days, the Borrower shall immediately pay to Administrative Agent an amount equal to the unrestricted cash and Cash Equivalents on its balance sheet in excess of $40,000,000, to be applied to the outstanding principal balance of the Term Loans until the outstanding principal balance of the Term Loans has been reduced to $0.