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.
Appears in 4 contracts
Samples: Revolving Credit, Term Loan, Guaranty and Security Agreement (Dril-Quip Inc), Revolving Credit, Term Loan, Guaranty and Security Agreement (Dril-Quip Inc), Revolving Credit, Term Loan, Guaranty and Security Agreement (Innovex Downhole Solutions, Inc.)
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 35,000,000 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.
Appears in 3 contracts
Samples: Revolving Credit, Term Loan, Guaranty and Security Agreement (Dril-Quip Inc), Revolving Credit, Term Loan, Guaranty and Security Agreement (Dril-Quip Inc), Revolving Credit, Term Loan, Guaranty and Security Agreement (Innovex Downhole Solutions, Inc.)
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 30,000,00035,000,000 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.
Appears in 2 contracts
Samples: Revolving Credit, Term Loan, Guaranty and Security Agreement (Dril-Quip Inc), Revolving Credit, Term Loan, Guaranty and Security Agreement (Innovex Downhole Solutions, Inc.)
