Minimum Liquidity Covenant Sample Clauses

Minimum Liquidity Covenant. (A) Subject to Section 6.12(d)(ii) and Section 7.03, on and after the Closing Date, the Borrower shall at all times satisfy the Liquidity Requirement and the Borrower shall deliver to the Administrative Agent (which shall furnish to the Lenders) on or prior to the last Business Day of each fiscal quarter ended following the first Quarterly Payment Date, a certificate, signed by a Responsible Officer of the Borrower, certifying as to the Borrower’s compliance with the requirements set forth in this Section 6.12. Upon Payment in Full, funds available in the Liquidity Account shall, at the discretion of the Borrower, be transferred to the Borrower. (B) The Collateral Agent (A) is hereby authorized to (and shall upon the occurrence of any drawing right set out in clause (2) or clause (4) below upon the direction of the Lender Representative), draw on any Liquidity Reserve L/C at any time if (1) the Borrower fails to meet the Liquidity Requirement in accordance with the terms this Section 6.12 (following the Liquidity Cure Deadline set forth in Section 6.12(d)(ii)), (2) a Liquidity Reserve L/C is not renewed or replaced at least thirty (30) days prior to its stated maturity date, (3) an Event of Default has occurred and is continuing or (4) the issuer thereof ceases to be an Acceptable Issuer and a replacement letter of credit has not been obtained from an Acceptable Issuer within the earlier of (x) thirty (30) days after such downgrade and (y) five (5) Business Days prior to its stated maturity date, in each case, in accordance with the terms of such Liquidity Reserve L/C and (B) shall cause the proceeds of such draw to be deposited in the Liquidity Account.

Minimum Liquidity Covenant. At all times during the Financial Covenant Relief Period, Borrower shall not permit Liquidity at any time to be less than $325,000,000.

Minimum Liquidity Covenant. At no time shall the Issuer permit the aggregate amount of unrestricted (other than subject to a Lien in favor of the Collateral Agent) cash and cash equivalents of the Issuer and the Guarantors that is subject to a perfected Lien in favor of the Collateral Agent to be less than $20,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstanding, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all such cash and cash equivalents and any then outstanding checks and other negotiable instruments that may be presented for payment against any such account in which such cash and cash equivalents are on deposit or credited thereto so that such Holders may verify the Issuer’s compliance with this Section 4.17; provided, however that the Holders’ failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding. In no event shall the Trustee be responsible to request such schedule absent any direction from the Holders of a majority of the aggregate principal amount of the Notes or otherwise responsible to monitor the Issuer’s compliance with this Section 4.17.

Minimum Liquidity Covenant. Borrower shall not permit Consolidated Liquidity to be less than $15,000,000 as of the last day of each Fiscal Quarter ending prior to the Term Loan Maturity Date.

Minimum Liquidity Covenant. (a) The Issuer shall ensure that on each Quarterly Testing Date commencing on 30 September 2020 up to and including the last Quarterly Testing Date occurring before the Waiver Period End Date, the Liquidity available to it on such Quarterly Testing Date is not less than £200,000,000 (the Minimum Liquidity Covenant).” (a) For the purposes of this Condition 4.14, Liquidity shall be as stated in the Minimum Liquidity Certificate delivered by the Issuer to the Trustee on each Quarterly Reporting Date. The Trustee shall be entitled to rely on the accuracy of the Minimum Liquidity Certificate without further enquiry or liability” (i) Condition 6 (Interest) of Schedule 3 (Terms and Conditions of the Notes in Definitive Form) is amended so that: (i) The following test is added at the beginning of sub-paragraph (a): “Subject to Condition 6(d) below,” (ii) The following text is added as a new sub-paragraph (d): “ (i) With effect from the date on which the Waiver Period commences, the rate of interest accruing on the Notes pursuant to Condition 6(a) above shall be deemed to be increased by 0.25 per cent. per annum (a Waiver Period Interest Step-Up) and continue thereafter in respect of each subsequent Interest Period up to and including the final day of the Interest Period in which the Waiver Period End- Date occurs. (ii) In respect of the Interest Period in which a Rating Event Trigger Date occurs, the rate of interest accruing on the Notes pursuant to Condition 6(a) above shall be deemed to be increased by 0.25 per cent. per annum (a

Minimum Liquidity Covenant. At no time on or after February 15, 2025 shall the Issuer permit (x) the sum of the amount disclosable as cash and cash equivalents on a consolidated balance sheet of the Issuer and its restricted subsidiaries in accordance with IFRS plus (y) committed undrawn lines of credit available to the Company or its Subsidiaries or (y) the difference of (i) the cash on hand deposited in one or more bank accounts subject to any account secured in favor of the Collateral Trustee minus (ii) the aggregate face amount of all checks and other negotiable instruments issued by the Issuer that have not been presented for payment as of the applicable date of determination (as of any applicable date of determination, the “Book Cash Balance”), to be less than $2,000,000. Within three (3) Business Days following any request made by the Trustee at the direction of the Holders of a majority of the aggregate principal amount of the Notes, but not more often than monthly, the Issuer shall deliver to Trustee a schedule showing all then outstanding checks and other negotiable instruments referenced above so that Trustee may verify the Issuer’s compliance with this Section 4.17; provided, however the Trustee’s failure to request such schedule or otherwise monitor the Issuer’s compliance with this Section 4.17 shall in no way relieve the Issuer of its obligation to comply with this Section 4.17 at all times when any Notes remain outstanding.

Minimum Liquidity Covenant. Until (and including) the Q3Q4 End Date, permit the sum of the Available Revolving Credit Commitments and Unrestricted Cash on hand that is held in an Approved Deposit AccountAccounts (which, subject to the Deposit Account Grace Period, shall be subject to a Control AgreementAgreements) (“Minimum Liquidity”) to be less than $55,000,000 at any time (the “Minimum Liquidity Requirement”).

Minimum Liquidity Covenant. The Borrower shall, as of the last day of each Fiscal Quarter, maintain a minimum average daily balance of $20,000,000 of domestic unrestricted cash for each day in such Fiscal Quarter.

Minimum Liquidity Covenant. Permit Liquidity to be less than $100,000,000 at any time.