Minimum Required Liquidity definition
Minimum Required Liquidity means, at any time of determination, (i) the sum of (a) the aggregate Unrestricted Cash at such time plus (b) the Revolver Availability at such time, plus (c) unused commitments under any additional revolving credit facility and/or additional term loan credit facility available to the Borrower at such time in accordance with the terms and conditions of the credit documentation governing the same, in each case to the extent the incurrence of Indebtedness in respect of such commitments is permitted by this Agreement at such time, minus (ii) the greater of (x) the amount of cash reasonably estimated by the Borrower (in consultation with the Administrative Agent if requested by the Administrative Agent) to be necessary to be on hand at the hotel resort properties owned by the Loan Parties and their Restricted Subsidiaries for the ongoing operation of the business at such time (which estimate shall be based on reasonable assumptions made in reliance on historical usage and projected needs) and (y) $5,000,000.
Minimum Required Liquidity. Initially, six (6) months of Rent. Once the Adjusted EBITDARM/Rent ratio from Tenant operations equals at least 2.5:1 for two consecutive Quarters, the Minimum Required Liquidity shall be reduced to three (3) months of Rent. Mortgage: Any mortgage, deed of trust or other security agreement securing any indebtedness or any other encumbrance placed on any Premises by Landlord.
Minimum Required Liquidity means the respective amount set out in the table in Section 7.09(i).
Examples of Minimum Required Liquidity in a sentence
Tenant will maintain and demonstrate, on demand from Landlord, a cash (including cash equivalents and accounts receivable) account on its balance sheet, or alternatively, at Tenant’s option, a letter of credit (the “Rent Reserve Letter of Credit”) at least equal to the Minimum Required Liquidity (the “Rent Reserve Fund”).
If a Rent Reserve Fund Draw occurs, then Tenant will apply all net cash flow to replenish the Rent Reserve Fund until the Rent Reserve Fund reaches the Minimum Required Liquidity.
If a Rent Reserve Fund Draw occurs, then Tenant shall apply all net cash flow from the Premises to replenish the Rent Reserve Fund to the Minimum Required Liquidity before distributing any cash flow to any other parties.
Tenant will maintain and demonstrate, on demand from Landlord, a cash (including cash equivalents and accounts receivable) account on its balance sheet, or alternatively, at Tenant’s option, an escrow with Landlord or a letter of credit (the “Rent Reserve Letter of Credit”) at least equal to the Minimum Required Liquidity (the “Rent Reserve Fund”).
More Definitions of Minimum Required Liquidity
Minimum Required Liquidity means, at any time of determination, (i) the sum of (a) the aggregate Unrestricted Cash at such time plus (b) the Revolver Availability at such time, plus (c) unused commitments under any additional revolving credit facility and/or additional term loan credit facility available to the Borrower at such time in accordance with the terms and conditions of the credit documentation governing the same, in each case to the extent the incurrence of Indebtedness in respect of such commitments is permitted by this Agreement at such time, m inus (ii) the greater of (x) the amount of cash reasonably estimated by the Borrower (in consultation with the Administrative Agent if requested by the Administrative Agent) to be necessary to be on hand at the hotel resort properties owned by the Loan Parties and their Restricted Subsidiaries for the ongoing operation of the business at such time (which estimate shall be based on reasonable assumptions made in reliance on historical usage and projected needs) and (y) $5,000,000.
Minimum Required Liquidity. Six (6) months of Minimum Rent.
Minimum Required Liquidity means, as of the Sale Closing Date, liquidity in an amount acceptable to the Required Consenting Term Lenders. “Minimum Sale Proceeds Requirement” means Net Sale Proceeds in an amount equal to Par Plus Value. “Net Sale Proceeds” means proceeds of the Winning Transaction in the form of cash and/or takeback debt (excluding any takeback debt in respect of the Revolving Credit Facility) less the sum of: (i) all fees and expenses incurred in connection with the Winning Transaction and (ii) Minimum Equity Value. “New Common Stock” means, a single class of common equity interests issued by Reorganized Cyxtera on the Plan Effective Date. “Par Plus Recovery” means value no less than the Par Plus Value. “Par Plus Value” means, unless otherwise agreed by the Company and the Required Consenting Term Lenders, value equal to the aggregate value of all principal, accrued but unpaid interest, and fees on all (i) Term Loan Claims, (ii) Bridge Facility Claims, and (iii) DIP Claims outstanding as of the Sale Closing Date, if applicable. “Plan Effective Date” means the date on which all conditions precedent to the effectiveness of the Plan have been satisfied or waived in accordance with its terms and this Term Sheet, the RSA, and the other Definitive Documents. “Plan Equity Value” means the equity value of Reorganized Cyxtera as of the Plan Effective Date, calculated in accordance with generally accepted accounting principles “Pre-Packaged Chapter 11 Cases” means Chapter 11 Cases effectuated through confirmation of a Plan, votes for which have been solicited on a prepetition basis and consummation of which shall occur on a Plan Effective Date occurring no later than 60 days after the Petition Date. “Pro Rata” means, as applicable, (i) with respect to recoveries on account of Term Loan Claims and Bridge Facility Claims following a Sale Transaction, the ratio that any Term Loan Claim or Bridge Facility Claim bears to the aggregate amount of all Term Loan Claims and Bridge Facility Claims; or (ii) with
Minimum Required Liquidity. Six (6) months of Minimum Rent, monthly payments to the Impound Account and other required escrows. Provided no Event of Default or event that with the giving of notice or passage of time would become an Event of Default then exists, on the Rent Reserve Reduction Date the Minimum Required Liquidity shall be reduced to, two (2) months of Minimum Rent, monthly payments to the Impound Account and other required escrows. Mortgage: Any mortgage, deed of trust or other security agreement securing any indebtedness or any other encumbrance placed on any Premises by Landlord.