Liquidity Covenant. Guarantor shall, from the time of the first draw on the Loan proceeds after the Initial Advance, and thereafter at all times throughout the remaining term of the Loan, own and maintain minimum Liquid Assets of at least $7,500,000.00 as determined by Lender. As used herein, the term "Liquid Assets" shall be deemed to mean assets of the following types and nature so long as such are not pledged, encumbered, hypothecated, subject to rights of offset or otherwise restricted:
(i) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof;
(ii) time deposits with, or insured certificates of deposit or bankers' acceptances of, any commercial bank that (i) (A) is Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (iii) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof;
(iii) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least "Prime‑1" (or the then equivalent grade) by Xxxxx'x or at least "A‑1" (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof; and
(iv) money market accounts or similar investments classified in accordance with GAAP as current assets of Borrower, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Xxxxx'x or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (i), (ii) and (iii) of this definition.
Liquidity Covenant. The Company covenants and agrees that it will not permit Liquidity to be less than $5,000,000 as of the last day of any fiscal quarter (measured on March 31, June 30, September 30 and December 31 of each year).
Liquidity Covenant. Lessee shall not, nor shall it permit any of its Subsidiaries to, permit Unrestricted Cash Reserves at any time to be less than the higher of (A) the sum of $100,000,000, plus the principal amount outstanding under the 4.00% Convertible Subordinated Notes due November 1, 2006 issued by Lessee pursuant to the Subordinated Indenture, dated as of October 30, 2001 between Lessee and State Street Bank and Trust Company of California, N.A., as Trustee, as in effect on the Delivery Date and (B) $350,000,000.
Liquidity Covenant. 35 Section 7.27
Liquidity Covenant. Borrower shall at all times maintain in a Collateral Account at Bank or subject to a Control Agreement in favor of Collateral Agent a cash balance of not less than an amount equal to the lesser of (i) the Minimum Cash Amount or (ii) the Minimum Cash Elected Amount.
Liquidity Covenant. Addition of a liquidity covenant, requiring minimum €40 million (cash, cash equivalents and undrawn committed financing), tested monthly from Effective Time (assuming simultaneous with provision of Second Tranche New Super Senior Notes) unless (i) the Consolidated Net Leverage Ratio is below 3.0x or (ii) the credit rating of the Notes is at B- / B3 or higher. In the event that the liquidity covenant is breached on a determination date, the Issuer will notify the trustee in writing within 10 days from the determination date. Breach of the liquidity covenant will only constitute an Event of Default 30 days after the relevant determination date if otherwise not cured. Whilst the New Super Senior Notes remain outstanding, the Notes’ Liquidity Covenant will be deemed waived or amended to the extent the New Super Senior Notes’ Liquidity Covenant is waived or amended. Intercreditor Agreement: To be amended such that the New Super Senior Notes will constitute Super Senior Credit Participations and Super Senior Liabilities and the holders of the New Super Senior Notes will constitute Super Senior Creditors. Additional Guarantors: Additional guarantors, if any, to be confirmed following diligence. Additional Security: Additional security, to include (not limited to) pledges of intercompany receivables (to be agreed), and any required modifications to security structure, if applicable, to be confirmed following diligence.
Liquidity Covenant. Borrowers shall establish and maintain at all times while any Loan remains outstanding unencumbered cash balances in an amount not less than $4,000,000.00 on a consolidated basis, reserving for, but not limited to, the following: costs and expenses incurred in connection with capital improvements, repairs, replacements and capital expenditures to Hotels.
Liquidity Covenant. Permit the amount of cash and Cash Equivalents of the Loan Parties, excluding the aggregate amount cash and Cash Equivalents subject to a Lien permitted under Section 7.01(j) or Section 7.01(k), .to be less than an aggregate amount of $100,000,000, at any time.
Liquidity Covenant. Until the Loan is paid in full, Guarantor shall maintain at all times a Liquidity (exclusive of any direct or indirect interest in the Property) at least equal to $1,000,000, and, within ten (10) Business Days of Lender’s request, Borrower shall demonstrate in writing and to Lender’s reasonable satisfaction, compliance with this Section.
Liquidity Covenant. (i) Except with the written consent of the Required Revolving Credit Lenders, the Borrower will not permit Liquidity as of the last day of any fiscal quarter ending on and after the First Amendment Effective Date and prior to the Relief Period Termination Date to be less than the sum of (A) $250,000,000 plus (B) (1) the amount of any dividend paid after the First Amendment Effective Date and on or prior to such last day of the relevant fiscal quarter multiplied by (2) 0.50 (the “Liquidity Covenant”) and (ii) the Borrower shall deliver, together with the financial statements required to be delivered pursuant to Section 6.01(a) or 6.01(b), as applicable, a certificate from the Borrower’s chief financial officer or officer with equivalent duties certifying as to compliance with the Liquidity Covenant (the “Liquidity Compliance Certificate”). For purposes of this Section 7.09:
