Common use of Minimum Liquidity Covenant Clause in Contracts

Minimum Liquidity Covenant. At no time shall the Issuer permit the aggregate amount of unrestricted (other than subject to a Lien in favor of the Collateral Agent) cash and cash equivalents of the Issuer and the Guarantors that is subject to a perfected Lien in favor of the Collateral Agent to be less than $20,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstanding, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all such cash and cash equivalents and any then outstanding checks and other negotiable instruments that may be presented for payment against any such account in which such cash and cash equivalents are on deposit or credited thereto so that such Holders may verify the Issuer’s compliance with this Section 4.17; provided, however that the Holders’ failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding. In no event shall the Trustee be responsible to request such schedule absent any direction from the Holders of a majority of the aggregate principal amount of the Notes or otherwise responsible to monitor the Issuer’s compliance with this Section 4.17.

Minimum Liquidity Covenant. At no time shall the Issuer permit (x) the aggregate sum of the amount disclosable as cash and cash equivalents on a consolidated balance sheet of unrestricted the Issuer and its restricted subsidiaries in accordance with IFRS plus (other than y) committed undrawn lines of credit available to the Company or its Subsidiaries or (y) the difference of (i) the cash on hand deposited in one or more bank accounts subject to a Lien any account secured in favor of the Collateral AgentTrustee minus (ii) cash the aggregate face amount of all checks and cash equivalents other negotiable instruments issued by the Issuer that have not been presented for payment as of the Issuer and applicable date of determination (as of any applicable date of determination, the Guarantors that is subject to a perfected Lien in favor of the Collateral Agent “Book Cash Balance”), to be less than $20,000,0002,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstandingNotes, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all such cash and cash equivalents and any then outstanding checks and other negotiable instruments that may be presented for payment against any such account in which such cash and cash equivalents are on deposit or credited thereto referenced above so that such Holders Trustee may verify the Issuer’s compliance with this Section 4.17; provided, however that the Holders’ Trustee’s failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding. In no event shall the Trustee be responsible to request such schedule absent any direction from the Holders of a majority of the aggregate principal amount of the Notes or otherwise responsible to monitor the Issuer’s compliance with this Section 4.17.

Minimum Liquidity Covenant. At no time shall the Issuer permit the sum of (i) the aggregate amount of unrestricted (other than subject to a Lien in favor of the Collateral Agent) cash and cash equivalents of the Issuer and the Guarantors that is subject to a perfected Lien in favor of the Collateral Agent and (ii) the then outstanding aggregate amount of Escrowed Funds (as defined in the Super Senior Indenture) to be less than $20,000,000; provided, that until the date that is 90 calendar days following the date of the Third Supplemental IndentureDecember 29, 2022, the reference to $20,000,000 in this Section 4.17 is replaced with an amount that is equal to $5,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstandingRequisite Holders, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all such cash and cash equivalents and any then outstanding checks and other negotiable instruments that may be presented for payment against any such account in which such cash and cash equivalents are on deposit or credited thereto so that such Holders may verify the Issuer’s compliance with this Section 4.17; provided, however that the Holders’ failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding. In no event shall the Trustee be responsible to request such schedule absent any direction from the Holders of a majority of the aggregate principal amount of the Notes Requisite Holders, or otherwise responsible to monitor the Issuer’s compliance with this Section 4.17.

Minimum Liquidity Covenant. At no time shall the Issuer permit the sum of (i) the aggregate amount of unrestricted (other than subject to a Lien in favor of the Collateral Agent) cash and cash equivalents of the Issuer and the Guarantors that is subject to a perfected Lien in favor of the Collateral Agent and (ii) the then outstanding aggregate amount of Escrowed Funds to be less than $20,000,000; provided, that until December 29, 2022, the reference to $20,000,000 in this Section 4.17 is replaced with an amount that is equal to $5,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstandingRequisite Holders, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all such cash and cash equivalents and any then outstanding checks and other negotiable instruments that may be presented for payment against any such account in which such cash and cash equivalents are on deposit or credited thereto so that such Holders may verify the Issuer’s compliance with this Section 4.17; provided, however that the Holders’ failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding. In no event shall the Trustee be responsible to request such schedule absent any direction from the Holders of a majority of the aggregate principal amount of the Notes Requisite Holders, or otherwise responsible to monitor the Issuer’s compliance with this Section 4.17.

Minimum Liquidity Covenant. At no time shall the Issuer permit the aggregate amount of unrestricted (other than subject to a Lien in favor of the Collateral Agent) cash and cash equivalents of the Issuer and the Guarantors that is subject to a perfected Lien in favor of the Collateral Agent to be less than $20,000,000; provided, that until the date that is 90 calendar days following the date of this Third Supplemental Indenture, the reference to $20,000,000 in this Section 4.17 is replaced with an amount that is equal to $5,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstandingRequisite Holders, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all such cash and cash equivalents and any then outstanding checks and other negotiable instruments that may be presented for payment against any such account in which such cash and cash equivalents are on deposit or credited thereto so that such Holders may verify the Issuer’s compliance with this Section 4.17; provided, however that the Holders’ failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding. In no event shall the Trustee be responsible to request such schedule absent any direction from the Holders of a majority of the aggregate principal amount of the Notes Requisite Holders, or otherwise responsible to monitor the Issuer’s compliance with this Section 4.17.