Liquidity Requirement. If, as of April 11, 2024 or at any time thereafter, neither (i) the Maturity Date (as defined in the Seller Subordinated Note) has been extended to a date no earlier than thirty (30) days after the expiration of the Term nor (ii) the Seller Subordinated Note has been repaid in full, then Borrowers shall maintain minimum Undrawn Availability of at least $30,000,000 at such time; provided that such minimum Undrawn Availability requirement at such time shall be reduced on a dollar-for-dollar basis with any permitted payments made prior to such time in respect of the Seller Subordinated Debt evidenced by the Seller Subordinated Note.
Liquidity Requirement. The Borrower will maintain with the Bank at all times collected deposit balances of not less than $2,000,000 (none of which shall have been borrowed hereunder).
(d) Section 5.27 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Liquidity Requirement. As part of each quarterly Compliance Certificate delivered under Section 5.06(c), or more frequently as the Administrative Agent may request, a report in form and substance satisfactory to the Administrative Agent as of the last day of such fiscal quarter or the date of such request by the Administrative Agent, as applicable, calculating the aggregate Unused Commitment Amounts (excluding (i) the Unused Commitment Amount of any Defaulting Lender and (ii) any portion of the aggregate Unused Commitment Amounts, the borrowing of which (A) is restricted by any indenture or any other agreement to which any Credit Party is a party or (B) would cause a default or event of default under any such indenture or agreement) and the balance of the blocked deposit accounts and securities accounts pledged pursuant to Section 6.25 together with any other information regarding such deposit accounts and securities accounts requested by the Administrative Agent, certified as being true and correct by a Responsible Officer of the Borrower.
Liquidity Requirement. At all times until the Preferred Stock is redeemed, expires or the maturity date thereof is extended beyond the Maturity Date, the Borrower shall maintain at least $10,000,000 of liquidity by doing one or both of the following actions:
(a) maintaining aggregate Unused Commitment Amounts (excluding (i) the Unused Commitment Amount of any Defaulting Lender and (ii) any portion of the aggregate Unused Commitment Amounts, the borrowing of which (A) is restricted by any indenture or any other agreement to which any Credit Party is a party or (B) would cause a default or event of default under any such indenture or agreement), and/or
(b) maintaining a restricted deposit account and/or restricted securities account with the Administrative Agent or another Lender or Affiliate of a Lender acceptable to the Administrative Agent that has entered into a blocked account control agreement acceptable to the Administrative Agent;
Liquidity Requirement. (i) The Borrowers, on an aggregate basis, on a consolidated basis with BAG Holdings, based on the consolidated financial statements of BAG Holdings, shall maintain a minimum liquidity (in the form of Cash and Investments (excluding margin accounts and retirement accounts), of not less than $8,000,000 Cash on Hand at all times, and reported in the Certificate of Borrower Representative to be delivered quarterly pursuant to Section 8.4(c) of this Agreement commencing with the quarter ending September 30, 2022. No funds held by the Trustee in the Funds established under the Indenture shall ever be included in the calculation of Cash on Hand. Such Cash on Hand shall be subject to the Account Control Agreement or the BAG Holdings Account Control Agreement.
(ii) The Borrowers shall operate in such a manner and, to the extent permitted by applicable law, fix, charge and collect rates, fees and charges, to produce sufficient Gross Revenues so as to be at all relevant times in compliance with this Section.
Liquidity Requirement. 8.1 A minimum of 60 days of expected monthly cash outflow should be targeted to be available each business day.
Liquidity Requirement. 6.1 A minimum of two times the amount of expected monthly cash outflow must be liquid each business day.
6.1.1 Liquidity may be reduced below the amount of two times expected monthly cash outflow upon written notice by PTC THERAPEUTICS
6.1.2 For purposes of determining liquidity, book value will be used.
6.2 The sale of securities prior to maturity is permitted only for managing liquidity and must be pre-approved by PTC THERAPEUTICS for fiduciary control purposes.
Liquidity Requirement. Borrower shall, at all times, maintain unrestricted cash and unencumbered timeshare receivables of not less than $20,000,000.00 in the aggregate. Deposit Relationship. Bluegreen Corporation shall maintain its primary depository account with Bank. Compliance Certificate. Borrower shall furnish Bank with a quarterly covenant compliance certificate demonstrating Borrower's compliance with the above Financial Covenants. Annual Financial Statements. Bluegreen Corporation shall deliver to Bank, within 90 days after the close of each fiscal year, audited financial statements reflecting its operations during such fiscal year, including, without limitation, a balance Sheets, profit and loss statement and statement of cash flows, with supporting schedules; all on a consolidated and consolidating basis and in reasonable detail, prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year. All such statements shall be compiled by an independent certified public accountant acceptable to Bank. The opinion of such independent certified public accountant shall not be acceptable to Bank if qualified due to any limitations in scope imposed by Bluegreen Corporation. Any other qualification of the opinion by the accountant shall render the acceptability of the financial statements subject to Bank's approval. Periodic Financial Statements. Bluegreen Corporation shall deliver to Bank unaudited management-prepared quarterly financial statements including, without limitation, a balance Sheets, profit and loss statement and statement of cash flows, with supporting schedules, as soon as available and in any event within 45 days after the close of each such period; all in reasonable detail and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year. Such statements shall be certified as to their correctness by a principal financial officer of Bluegreen Corporation and in each case, if audited statements are required, subject to audit and year-end adjustments. Attorneys' Fees. Borrower shall pay all of Bank's reasonable expenses incurred to enforce or collect any of the Advances, including, without limitation, reasonable arbitration, attorneys' and experts' fees and expenses, whether incurred without the commencement of a suit, in any trial, arbitration, or administrative proceeding, or in any appellate or bankruptcy proceeding.
Liquidity Requirement. From and after the first Advance (as that term is defined in the Loan Agreement) by Lender on or subsequent to the date hereof (“Liquidity Requirement Date”), Guarantor shall at all times maintain unencumbered cash and/or marketable securities in an amount of not less than Four Million and No/100 Dollars ($4,000,000) (the “Liquidity Requirement”) in the form of (i) cash on hand or on deposit in commercial banks operating in the United States, (ii) readily marketable securities issued by the United States, (iii) readily marketable commercial paper rated A-1 by Standard & Poor’s corporation (or a similar rating by any similar organization that rates commercial paper), (iv) certificates of deposit issued by commercial banks operating in the United States with maturities of one (1) year or less, and (v) publicly traded stocks and bonds.
Liquidity Requirement. Until the Financial Covenants Benchmark is satisfied, the Borrower hereby covenants and agrees that the Borrower shall at all times maintain a minimum amount of $225,000.00 in cash in the hotel operating account for the Site, to be first tested as of the First Amendment Date and on the last day of each calendar month thereafter. To evidence Borrower’s compliance with the foregoing requirement as of each applicable testing date, the Borrower shall provide to Lender within ten (10) days after the end of each calendar month, copies of the Borrower’s hotel operating account statement for the Site evidencing the Borrower’s compliance with this Section 4.16(c).”
