Common use of Minimum Cash Balance Clause in Contracts

Minimum Cash Balance. Intersections and its Subsidiaries shall not permit Cash on Hand, as of the close of each Business Day, to be less than twenty percent (20%) of the Total Outstandings. For purposes of calculating Cash on Hand and for the avoidance of doubt, the requirement of this Section 7.12(a) as to Cash on Hand requires Cash on Hand to be calculated as of the close of each Business Day, however Total Outstandings shall be (x) the amount of Total Outstandings on the last day of the month prior to any relevant time of calculation of the financial covenant required hereby and (y) Total Outstandings at any month end which is also a Fiscal Quarter end date shall be calculated net of any amortization payment made on the last day of such Fiscal Quarter closest to such month end date.

Minimum Cash Balance. Intersections and its Subsidiaries shall not permit Cash on Hand, as of the close of each Business Day, to be less than twenty percent (20%) of the Total Outstandings. the amount set forth below for each of the periods specified below: For purposes of calculating Cash on Hand and for the avoidance of doubt, the requirement of this Section 7.12(a) as to Cash on Hand requires Cash on Hand to be calculated as of the close of each Business Day, however Total Outstandings shall be (x) the amount of Total Outstandings on the last day of the month prior to any relevant time of calculation of the financial covenant required hereby and (y) Total Outstandings at any month end which is also a Fiscal Quarter end date shall be calculated net of any amortization payment made on the last day of such Fiscal Quarter closest to such month end date.

Minimum Cash Balance. Intersections and its Subsidiaries shall not permit Cash on Hand, as of the close of each Business Day, to be less than twenty forty percent (2040%) of the Total Outstandings. For purposes of calculating Cash on Hand and for the avoidance of doubt, the requirement of this Section 7.12(a) as to Cash on Hand requires Cash on Hand to be calculated as of the close of each Business Day, however Total Outstandings Outstanding shall be (x) the amount of Total Outstandings on the last day of the month prior to any relevant time of calculation of the financial covenant required hereby and (y) Total Outstandings at any month end which is also a Fiscal Quarter end date shall be calculated net of any amortization payment made on the last day of such Fiscal Quarter closest to such month end date.