Liquidity Default means the failure of the Borrower to maintain Liquidity of at least $500,000,000 less any prepayments of the 2025 Convertible Notes at any time from the Trigger Date through the earlier of (i) the latest maturity date of the 2025 Convertible Notes and (ii) the date on which there is no outstanding principal amount of the 2025 Convertible Notes; provided, that a Liquidity Default shall not occur on the maturity date of the 2025 Convertible Notes as a result of the payment in full of the 2025 Convertible Notes on such date; provided further that for purposes of calculating each of Liquidity and the Liquidity requirement in connection with determining the occurrence of a Liquidity Default, any proposed prepayment of the 2025 Convertible Notes shall be given effect only to the extent such prepayment has actually been made.

Liquidity Default has the meaning set forth in Section 8.01(b).

Examples of Liquidity Default in a sentence

To the fullest extent necessary, each of the Administrative Agent and Lenders hereby waive the Liquidity Default.
Such waiver shall constitute a waiver of only the Liquidity Default, and shall not constitute a waiver of the Borrower’s obligation to comply with the Credit Agreement, as amended, on any other occasion or occurrence, including without limitation, the Borrower’s obligation to comply with all applicable covenants in the Credit Agreement, including any and all financial covenants, on a going-forward basis.

More Definitions of Liquidity Default

Authority Default shall have the meaning set forth in Clause 23.2;
Unmatured Default means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.