Consolidated Unencumbered Liquid Assets means any Cash Equivalent Investment owned by Borrower and its Subsidiaries on a consolidated basis which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Borrower and such Subsidiaries other than the Lien for the benefit of Agent and Lenders.
Consolidated Unencumbered Liquid Assets means as of any date of determination (i) any Cash Equivalent Investment owned by Borrower and its Subsidiaries on a consolidated basis which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Borrower and such Subsidiaries other than the Lien for the benefit of Agent and Lenders and any Liens granted to the lenders under the Approved AR Loan Facility, minus (ii) the aggregate amount of Borrower’s accounts payable under GAAP that are ninety (90) days or more past due the invoice date for such accounts payable.
Consolidated Unencumbered Liquid Assets means, any Cash Equivalent Investment owned by Parent and its Subsidiaries on a consolidated basis which (i) are held in Deposit Accounts that are located in the U.S. and are subject to Account Control Agreements in favor of Agent in accordance with this Agreement and (ii) are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Parent and such Subsidiaries other than the Lien for the benefit of Agent and Lender.
Examples of Consolidated Unencumbered Liquid Assets in a sentence
Not permit the Consolidated Unencumbered Liquid Assets on the last day of any Fiscal Quarter to be less than CDN$1,000,000.
Not permit the Consolidated Unencumbered Liquid Assets as of any date of determination to be less than $1,000,000.
To the extent that the Consolidated Unencumbered Liquid Assets are less than $5,500,000 as of the last day of any Fiscal Quarter set forth in the table below (designated by “Q” in the table below), not permit the EBITDA of Borrower and its Subsidiaries for the consecutive month period ending on the last Business Day of such Fiscal Quarter to be less than the applicable amount set forth in the table below for such period.
To the extent that the Consolidated Unencumbered Liquid Assets are less than $5,500,000 as of the last day of any Fiscal Quarter set forth in the table below (designated by “Q” in the table below), not permit Aggregate Revenue for the consecutive month period ending on the last Business Day of such Fiscal Quarter to be less than the applicable amount set forth in the table below for such period.
Not permit the Consolidated Unencumbered Liquid Assets, to be less than (a) $5,000,000 at any time on or before August 15, 2023 (provided, however, that Agent may, in its commercially-reasonable discretion, elect to extend such transition date to November 15, 2023) and (b) the greater of (i) $5,000,000, or (ii) the sum of the Operating Burn for the two (2) prior, consecutive Fiscal Quarters then ended at any time thereafter.
More Definitions of Consolidated Unencumbered Liquid Assets
Consolidated Unencumbered Liquid Assets means any Covenant Cash Equivalent Investment owned by Parent and its Subsidiaries on a consolidated basis which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Parent and such Subsidiaries other than the Lien for the benefit of SWK.
Consolidated Unencumbered Liquid Assets means all Cash Equivalent Investments owned by Borrower and its Subsidiaries on a consolidated basis which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of such assets (or proceeds thereof) prior to the general creditors of Borrower and such Subsidiaries other than the Lien of Agent for the benefit of the Lenders and any Lien securing an Approved AR Loan Facility. Contingent Obligation means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to or otherwise to invest in a debtor, or otherwise to assure a creditor against loss) any indebtedness, obligation or other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s obligation in respect of any Contingent Obligation shall be deemed to be the amount for which the Person obligated thereon is reasonably expected to be liable or responsible. Contract Rate means a rate per annum equal to (x) the LIBOR Rate, plus (y) twelve and one‑half of one percent (12.5%).
Consolidated Unencumbered Liquid Assets means as of any date of determination (i) any cash and Cash Equivalent Investment owned by Loan Parties, on a consolidated basis, which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Borrower and such Subsidiaries other than Liens permitted under Section 7.2 hereof, minus (ii) the aggregate amount of Borrower’s accounts payable which are unpaid more than one hundred eighty (180) days beyond trade terms consistent with Borrower’s past practice, plus (iii) any unused availability under the Approved AR Loan Facility, minus (iv) the FiberCel Net Liability Amount.
Consolidated Unencumbered Liquid Assets means as of any date of determination (i) any Cash Equivalent Investment owned by Borrower and the other Loan Parties on a consolidated basis (I) which are not the subject of any Lien (other than (w) the Lien for the benefit of Agent and Lenders, (x) bankers’ liens, (y) rights of setoff or (z) any non-consensual Lien permitted under Section 7.2) or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Borrower and such Loan Parties and (II) which are held in one or more accounts other than Exempt Accounts, minus (ii) the aggregate amount of Borrower’s accounts payable under GAAP that are ninety (90) days or more past due for such accounts payable (other than any accounts payable being contested in good faith).
Consolidated Unencumbered Liquid Assets means as of any date of determination (i) any Cash Equivalent Investment owned by Borrower and its Subsidiaries on a consolidated basis which are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Borrower and such Subsidiaries other than the Lien for the benefit of Agent and Lenders, minus (ii) the aggregate amount of Borrower’s accounts payable under GAAP that are ninety (90) days or more past due unless the charges for such account payable are being actively disputed by the applicable Loan Party.
Consolidated Unencumbered Liquid Assets means as of any date of determination (i) cash or any Cash Equivalent Investment owned by Borrower and on deposit in a Deposit Account subject to an Account Control Agreement in favor of Agent and which is not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Borrower other than the Lien for the benefit of Agent and Lenders, minus (ii) the aggregate amount of Borrower’s accounts payable which are unpaid more than sixty (60) days beyond trade terms consistent with Borrower’s past practice.
Consolidated Unencumbered Liquid Assets means as of any date of determination (i) any Cash Equivalent Investment owned by Loan Parties, on a consolidated basis, that are (A) after the Tranche 1 Funding Date, subject to an Account Control Agreement to the extent required by Section 7.14 or otherwise subject to an intercreditor arrangement acceptable to Agent in its commercially-reasonable discretion and (B) not otherwise the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Loan Parties (other than Permitted Liens), minus (ii) the aggregate amount of Borrower’s accounts payable which are unpaid more than ninety (90) days beyond trade terms consistent with Borrower’s past practice.