Liquidity Test. The Borrower will calculate and report to the Administrative Agent no less frequently than with the monthly Borrowing Base Certificate and will not permit the sum of (i) the aggregate Value of the Portfolio Investments that are Cash (excluding Cash Collateral for outstanding Letters of Credit) or that can be converted to Cash in fewer than 10 Business Days without more than a 5% change in price, plus (ii) the aggregate amount of Relevant Available Funds that can be converted to cash in fewer than 10 Business Days, to be less than 10% of the Covered Debt Amount, for more than 30 consecutive Business Days during any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted Borrowing Base.
Appears in 3 contracts
Sources: Senior Secured Revolving Credit Agreement (Morgan Stanley Direct Lending Fund), Senior Secured Revolving Credit Agreement (Morgan Stanley Direct Lending Fund), Senior Secured Revolving Credit Agreement (Morgan Stanley Direct Lending Fund)