Common use of Minimum Liquidity Requirement Clause in Contracts

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination and (b) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 through 1/29/13 $ 75,000,000 1/30/13 through 2/8/13 $ 66,000,000 2/9/13 through 2/12/13 $ 59,000,000 2/13/13 through 2/19/13 $ 55,000,000 2/20/13 through 4/15/13 $ 50,000,000 4/16/13 through 5/15/13 $ 45,000,000 5/16/13 through 7/1/13 $ 20,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment).”

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination, (b) the Second Amendment Day Club Revolving Loan Basket as of the date of determination and (bc) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 through 1/29/13 $ 75,000,000 1/30/13 through 2/8/13 $ 66,000,000 2/9/13 through 2/12/13 $ 59,000,000 2/13/13 through 2/19/13 $ 55,000,000 2/20/13 through 2/26/13 $ 50,000,000 2/27/13 through 3/15/13 $ 35,000,000 3/16/13 through 4/15/13 $ 50,000,000 4/16/13 through 5/15/13 $ 45,000,000 5/16/13 through 7/1/13 $ 20,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment and Schedule 3.12 to the Sixth Amendment).”

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination, (b) the Second Amendment Day Club Revolving Loan Basket as of the date of determination and (bc) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 through 1/29/13 $ $75,000,000 1/30/13 through 2/8/13 $ $66,000,000 2/9/13 through 2/12/13 $ $59,000,000 2/13/13 through 2/19/13 $ $55,000,000 2/20/13 through 2/26/13 $50,000,000 2/27/13 through 3/15/13 $35,000,000 3/16/13 through 4/15/13 $ 50,000,000 $35,000,000 4/16/13 through 5/15/13 $ $45,000,000 5/16/13 through 7/1/13 $ $20,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment and Schedule 3.12 to the Sixth Amendment).”

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) ), (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination and (b) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 Second Amendment Effective Date through 1/29/13 $ 75,000,000 1/30/13 Third Amendment Effective Date through 2/8/13 $ 66,000,000 2/9/13 through 2/12/13 $ 59,000,000 2/13/13 through 2/18/13 $ 75,000,000 2/19/13 $ 55,000,000 2/20/13 through 4/15/13 $ 50,000,000 4/16/13 through 5/15/13 $ 45,000,000 5/16/13 through 7/1/13 $ 20,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment).”

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments (assuming the full amount is available thereunder regardless of the limitations of the Interim Availability Amount) plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination, (b) the Day Club Revolving Loan Basket as of the date of determination and (bc) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 Closing Date though 3/31/13 $ 25,000,000 4/1/13 through 1/29/13 4/14/13 $ 75,000,000 1/30/13 15,000,000 4/15/13 through 2/8/13 4/30/13 $ 66,000,000 2/9/13 through 2/12/13 10,000,000 5/1/13 and thereafter $ 59,000,000 2/13/13 through 2/19/13 $ 55,000,000 2/20/13 through 4/15/13 $ 50,000,000 4/16/13 through 5/15/13 $ 45,000,000 5/16/13 through 7/1/13 $ 20,000,000 5,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment)3.12.”

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) ), to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination and (b) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 Third Amendment Effective Date through 1/29/13 $ 75,000,000 1/30/13 through 2/8/13 2/5/13 $ 66,000,000 2/9/13 71,000,000 2/6/13 through 2/12/13 2/15/13 $ 59,000,000 2/13/13 through 2/19/13 $ 55,000,000 2/20/13 75,000,000 2/16/13 through 4/15/13 $ 50,000,000 4/16/13 through 5/15/13 $ 45,000,000 5/16/13 through 7/1/13 $ 20,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment).”

Minimum Liquidity Requirement. Permit, at any time during the periods set forth below, the sum of (x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the Disbursement Agreement or the Second Amendment Escrow Agreement or in a blocked account at the Administrative Agent pending transfer to the Second Amendment Escrow Agreement) ), (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination and (b) the amounts set below for such periods: TIME PERIOD MINIMUM LIQUIDITY REQUIREMENT 12/20/12 Second Amendment Effective Date through 1/29/13 $ 2/15/13 $75,000,000 1/30/13 through 2/8/13 $ 66,000,000 2/9/13 through 2/12/13 $ 59,000,000 2/13/13 through 2/19/13 $ 55,000,000 2/20/13 2/16/13 through 4/15/13 $ $50,000,000 4/16/13 through 5/15/13 $ $45,000,000 5/16/13 through 7/1/13 $ $20,000,000 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment).”