Immediately Available Cash definition
Immediately Available Cash means immediately available funds of the Company comprised of United States dollars, which do not serve as cash collateral or security for any other kind of obligation of the Company, are not subject to any lien or any other type of encumbrance of any kind and are freely dispersible by the Company at any time and for any reason without penalty, netting, fee, surcharge, premium or similar expense of any kind or constituting United States dollars held at a Banking Institution. The Required Liquidity Amount shall be reported as a “restricted cash” balance on the financial statements of the Company and shall be available for satisfaction of the Exercise of Achari Put Options and other sales to the Company of SPAC New Shares under this Agreement and not for general corporate or other purposes until the settlement in full, expiration or cancellation of all remaining Achari Put Options, such period from the date hereof to the settlement in full, expiration or cancellation of the Achari Put Options being referred to as the “Liquidity Availability Period”.
Immediately Available Cash means that portion, if any, of GAAP Cash that is immediately available and accessible to the Company and its Subsidiaries for the satisfaction of their respective liabilities and obligations, without any restriction whatsoever. The calculation of Immediately Available Cash shall take into account all Taxes associated with the repatriation of cash from the Company’s Subsidiaries located or operating in Canada.
Immediately Available Cash means immediately available funds of the Credit Parties (other than funds which constitute cash collateral for any of the Obligations) that (a) are not subject to any Lien except the Liens in favor of the Administrative Agent hereunder or in favor of Wachovia Bank, National Association, as agent under the Receivables Agreement, (b) are on deposit (i) at any time while the Aggregate Invested Amount (as such term is defined in the Receivables Agreement) is $0, in a deposit account or money market deposit account at a bank reasonably acceptable to the Administrative Agent located in the United States or (ii) at any other time, in an account that is subject to the sole control of Wachovia Bank, National Association, as agent under the Receivables Agreement and (c) are available for immediate withdrawal without penalty or premium.
Examples of Immediately Available Cash in a sentence
During the Liquidity Availability Period, the Company will maintain Immediately Available Cash equal to or in excess of the Required Liquidity Amount, in accordance with the terms and limitations of this Section 5.
For the avoidance of doubt, the Company ROFR may not be exercised in part, or only with respect to certain terms of a Proposed Third Party Trade, and, if exercised, all funds due on the applicable settlement date shall be paid by wire transfer of Immediately Available Cash on such settlement date.
On a Mandatory Repurchase Settlement Date, the Company shall deliver the applicable funds to the Achari Put Holders by wire transfer of Immediately Available Cash.
More Definitions of Immediately Available Cash
Immediately Available Cash means total cash in the ▇▇▇▇▇ Fargo investment bank account of the Company as of immediately prior to the Closing, minus the total amount of outstanding borrowings under the Company Credit Agreement as of immediately prior to the Closing.