Minimum Liquidity Condition means, on any date, that after giving effect to any Specified Transaction occurring on such date, the sum of (i) the excess of the aggregate Revolving Commitments over the aggregate Revolving Credit Exposure on such date plus (ii) unrestricted cash and Cash Equivalents of the Company and its Consolidated Subsidiaries, on a consolidated basis in accordance with GAAP, on such date exceeds $150,000,000.
Minimum Liquidity Condition means the requirement under the Exit RBL Credit Agreement that, on the Effective Date, after giving pro forma effect to the Restructuring Transactions (other than payments of any amounts that are subordinated to the payment of the Minimum Liquidity Condition at issue), the Reorganized Debtors have not less than $20,000,000 of liquidity (with “liquidity” being the sum of unrestricted Cash (which shall include Cash subject to a Lien in favor of the Exit RBL Credit Agreement Agent) and unused availability under the conforming borrowing base under the tranche of revolving loans under the Exit RBL Credit Agreement); provided that, unused availability for purposes of calculating the Minimum Liquidity Condition on the Effective Date shall be Required Exit Availability.
Minimum Liquidity Condition means the requirement that, after giving pro forma effect to the Spin-Off and the related transactions (including the Company using proceeds of the Initial Term Facility and cash on hand to provide an estimated $1,450,000,000 of capital to MSG SpinCo prior to the consummation of the Spin-Off and paying fees, costs and expenses incurred in connection with the Transactions), the aggregate amount of unrestricted cash and Cash Equivalents on the balance sheet of the Company and all unused Revolving Credit Commitments shall not be less than $300,000,000.
Examples of Minimum Liquidity Condition in a sentence
In the event any portion of the Secured Notes Interest Payment is not permitted to be paid on the Effective Date because the Minimum Liquidity Condition is not satisfied, then such portion shall be deemed discharged or otherwise extinguished on the Effective Date.
Note: This condition has been added to be consistent with Project Approval 08_0203.
Solely with respect to the Initial Term Facility, the Administrative Agent shall have received evidence reasonably satisfactory that the Minimum Liquidity Condition shall be satisfied.
The Upfront Fees are earned on the Closing Date, and payable in cash on the Effective Date to the extent that (a) the interest due under the Second Lien NPA on June 30, 2020 has been paid in full in cash, and (b) the $20,000,000 Minimum Liquidity Condition has been satisfied.
Further, the interest and fees under the DIP Facility will either be (a) paid in cash upon the Effective Date only if (i) the Secured Notes Interest Payment (as defined below) has been made in full cash and (ii) the Minimum Liquidity Condition (as defined in the Plan) is satisfied, or (b) converted into new common shares issued under the Plan, which terms benefit the Debtors’ liquidity position during the Chapter 11 Cases.
More Definitions of Minimum Liquidity Condition
Minimum Liquidity Condition means, as of any date on which a Dividend is to be paid on the Borrower Common Stock, the condition existing on such date if (but only if) the sum of (i) Total Unutilized Revolving Commitment on such date (determined on a pro forma basis after giving effect to any incurrence of RF Loans and Swingline Loans on such date to make such Dividend) plus (ii) the amount of Unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries, is equal to or greater than $10,000,000.
Minimum Liquidity Condition means that the Borrower shall, after giving effect to a Discounted Voluntary Prepayment pursuant to Section 2.08(f)(i)(A) or a Permitted Loan Purchase pursuant to Section 10.06(g)(A), as the case may be, have (i) “Availability” under the ABL Credit Agreement or any additional or replacement revolving credit facility and (ii) Available Cash, in an aggregate amount of not less than $125,000,000.
Minimum Liquidity Condition means that the sum of (x) the aggregate amount of cash and Cash Equivalents (other than Restricted Cash) of the Borrower and its Restricted Subsidiaries at such time plus (y) the aggregate amount of unutilized commitments under any Permitted Revolving Facility at such time (but only to the extent that loans may be incurred at such time thereunder up to the amount of such unutilized commitments) shall equal or exceed $10,000,000.
Minimum Liquidity Condition means, at any time, the Borrower has Liquidity of at least $225,000,000, calculated on a Pro Forma Basis after giving effect to any Restricted Payment and other Specified Transactions occurring on such date.
Minimum Liquidity Condition means, as of any date of determination, the unused borrowing availability of the Company or any of its Restricted Subsidiaries under any Credit Facilities outstanding under Section 4.03(b)(1) (calculated based on the Borrowing Base at such time less any outstanding loans or borrowings thereunder (but without subtracting or giving effect to the outstanding amount of undrawn letters of credit issued thereunder)) together with unrestricted cash and Cash Equivalents held at such time by the Company or any of its Restricted Subsidiaries is not less than $80.0 million.
Minimum Liquidity Condition means that the aggregate amount of cash and Cash Equivalents of Borrower and its Restricted Subsidiaries at such shall equal or exceed $50,000,000.
Minimum Liquidity Condition means, as of a date of determination, that the aggregate value of investments with “Level 1” measurement inputs held by the Borrower and the Restricted Subsidiaries that can be converted into cash within ten days (provided such cash is free of all Liens (other than Permitted Encumbrances described in clauses (a), (e), (f) of the definition thereof and Liens permitted by Section 6.2(g)) and the use of such cash for application to the payment of the Obligations is not prohibited by law or any contract or other agreement) is greater than or equal to: the sum of (a) 200% of the aggregate amount of cash interest expense payable within the 365 days following the date of determination, and (b) 110% of the aggregate principal amount payable within the 273 days following the date of determination, in each case, in respect of all outstanding third party Indebtedness (excluding (i) Indebtedness of the type described in clause (e) in respect of undrawn letters of credit and clause (f) of the definition of such term and (ii) any Permitted Funding Debt) of the Borrower and Restricted Subsidiaries.