Minimum Liquidity Threshold. At all times after the Closing Date the Borrower shall maintain an amount of Unrestricted Cash and Permitted Investments (minus the amount of Investments received by the Borrower from Holdings or any Subsidiary (other than a subsidiary of the Borrower) within 90 days prior to the date of determination) on any day including the Maturity Date of at least $7,500,000 (the “Minimum Liquidity Threshold”); provided however that, solely during the months of January through and including March of any fiscal year, the Minimum Liquidity Threshold for the Borrower shall be $5,000,000.
Minimum Liquidity Threshold. The Credit Agreement is hereby amended by adding a new Section 10.04 as follows:
Minimum Liquidity Threshold. The Credit Parties shall not permit the Minimum Liquidity for the Credit Parties to be less than the amount set forth below (the “Minimum Liquidity Threshold”).
Minimum Liquidity Threshold. Minimum Liquidity in an amount not less than (i) $30,000,000 from the Closing Date through January 15, 2012, (ii) $25,000,000 from January 16, 2012 through January 15, 2013 and (iii) $20,000,000 thereafter. Mortgage Note(s). A mortgage note, in which the Borrower holds a direct interest as payee, for real estate that is developed, so long as at the relevant date of determination, such Mortgage Note is not in default. Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by the Borrower or the Trust, as the case may be, or any ERISA Affiliate. Net Operating Income. For any period, an amount equal to (i) the aggregate rental and other income from the operation of the applicable Real Estate Assets during such period; minus (ii) all expenses and other proper charges incurred in connection with the operation of such Real Estate Assets (including, without limitation, real estate taxes, management fees (or Overhead Allocation, as applicable), payments under ground leases and bad debt expenses) during such period; but, in any case, before payment of or provision for debt service charges for such period, income taxes for such period, capital expenses for such period, and depreciation, amortization, and other non-cash expenses for such period, all as determined in accordance with GAAP (except that any rent leveling adjustments shall be excluded from rental income).
Minimum Liquidity Threshold. Minimum Liquidity in an amount not less than (i) $30,000,000 from the Closing Date through January 15, 2012, (ii) $25,000,000 from January 16, 2012 through January 15, 2013 and (iii) $20,000,000 thereafter. Mortgage Note(s). A mortgage note, in which the Borrower holds a direct interest as payee, for real estate that is developed, so long as at the relevant date of determination, such Mortgage Note is not in default. Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by the Borrower or the Trust, as the case may be, or any ERISA Affiliate.
Minimum Liquidity Threshold. At all times after the Closing Date Borrower shall maintain an amount of unencumbered (other than pursuant to the Security Documents) cash on deposit (or in Permitted Investments) on any day including the Maturity Date of at least, (a) if the then outstanding aggregate principal amount of the Loans shall equal or exceed $25,000,000, $10,000,000 or (b) if the then outstanding aggregate principal amount of the Loans shall be less than $25,000,000, $5,000,000 (the “Minimum Liquidity Threshold”); provided however that solely during the months of August through and including October of any fiscal year, regardless of the aggregate principal amount of the Loans, the Minimum Liquidity Threshold for the Borrower shall be $5,000,000.
