Minimum Cash Reserve definition
Examples of Minimum Cash Reserve in a sentence
Notwithstanding the foregoing, if on the Closing Date (1) the German Security Documents (as defined below) have not been executed and delivered by each Subsidiary organized in Germany and the German Perfection Requirements have not been completed and/or (2) the Minimum Cash Reserve Account has not be established, then the Buyers may holdback $35,000,000 in the aggregate from the Purchase Price (the “Closing Date Holdback”).
To the extent there are additional shortfalls in the Minimum Cash Reserve, neither Guarantor nor Sillerman Investment Company IV, LLC shall have any obligation to provide additional amounts once an aggregate amount of $6,000,000 pursuant to this Section 4.18 has been provided.
By his signature hereunder, ▇▇▇▇▇▇ F.X. Sillerman (the “Guarantor”) hereby guarantees that if and to the extent the Company is unable to maintain the Minimum Cash Reserve, the Guarantor shall provide unrestricted cash to the Company in the amount of the shortfall in the Minimum Cash Reserve within three (3) business days up to a maximum amount, in the aggregate, of $1,000,000.
To the extent there are additional shortfalls in the Minimum Cash Reserve, Guarantor shall have no obligation to provide additional amounts once the guarantor has provided an aggregate amount of $1,000,000 pursuant to this Section 4.18.
Guarantor’s liability under this Section 4.18 shall be limited to a maximum of $1,000,000 in the aggregate, regardless of the remaining Maximum Amount or the Minimum Cash Reserve.
By his signature hereunder, ▇▇▇▇▇▇ F.X. Sillerman (the “Guarantor”) hereby guarantees that if and to the extent the Company is unable to maintain the Minimum Cash Reserve, the Guarantor shall provide within three (3) business days unrestricted cash to the Company in the amount of the shortfall to be held in the Minimum Cash Reserve.
The Borrowers shall maintain in the Cash Reserve Account, on and from the relevant Utilisation Date and at all times thereafter during the Security Period, a credit balance of not less than $500,000 for each Mortgaged Ship (the "Minimum Cash Reserve").