Liquidity Requirement shall have the meaning as set forth in Section 2.12(b).
Liquidity Requirement has the meaning set forth in Section 6.22(b).
Liquidity Requirement means the requirement that an entity have funds available to fund servicer advances, as of the close of business on the last Business Day of each calendar month, beginning August 2013, in an amount at least equal to the lesser of (1) $100,000,000 and (2) the greater of (a) the sum of (i) 0.001% of the aggregate unpaid principal balance of all mortgage loans sub-serviced by such entity (i.e., without an obligation to fund servicer advances) plus (ii) 0.01% of the aggregate unpaid principal balance of all mortgage loans serviced by such entity (i.e., with the obligation to fund servicer advances) or as to which such entity holds rights to the servicing plus the obligation to fund servicer advances, plus (iii) 3.25% of the aggregate amount of all servicer advances made by such entity that remain unreimbursed, and (b) $25,000,000; provided, that at least the greater of (1) $15,000,000 and (2) 50% of such funds available, must consist of unrestricted cash on deposit in accounts held in the sole name of, and solely controlled by, such entity, free and clear of all Adverse Claims (including liens), and the remainder as undrawn and available borrowing capacity under committed servicer advance facilities and committed unsecured revolving loans made to such entity as borrower, as determined on such date of measurement, which undrawn and available borrowing capacity need not be presently collateralized.
Examples of Liquidity Requirement in a sentence
Failure to maintain the Liquidity Requirement constitutes an event of default under the Square 1 Facility agreement.
Should we fail to maintain the Liquidity Requirement in the future, Square 1 Bank may exercise its above-described rights and remedies, which could result in a material adverse effect on our financial condition and our ability to operate our business.
Consideration and Seller Subordinated Debt; Liquidity Requirement.
On January 5, 2018, we entered into an amendment to the Square 1 Facility revising the Liquidity Requirement to be cash at bank plus revolver availability no less than $375,000 monitored at all times.
While Square 1 Bank has granted us waivers for violations of the Liquidity Requirement in the past, there can be no assurance that we will be able to obtain a waiver should we violate the Liquidity Requirement in the future, or that any waivers obtained will not come with conditions that would adversely affect our ability to operate.Holders of our outstanding debt have broad remedies in the event of default.
More Definitions of Liquidity Requirement
Liquidity Requirement means the requirement that an entity have funds available to fund servicer advances, as of the close of business on the last Business Day of each calendar month, beginning July, 2013, in an amount at least equal to the lesser of (1) $100,000,000 and (2) the greater of (a) the sum of (i) 0.001% of the aggregate unpaid principal balance of all mortgage loans sub-serviced by such entity (i.e., without an obligation to fund servicer advances) plus (ii) 0.01% of the aggregate unpaid principal balance of all mortgage loans serviced by such entity (i.e., with the obligation to fund servicer advances) or as to which such entity holds rights to the servicing plus the obligation to fund servicer advances, plus (iii) 3.25% of the aggregate amount of all servicer advances made by such entity that remain unreimbursed, and (b) $25,000,000; provided, that at least the greater of (1) $15,000,000 and (2) 50% of such funds available, must consist of unrestricted cash on deposit in accounts held in the sole name of, and solely controlled by, such entity, free and clear of all Adverse Claims (including liens), and the remainder as undrawn and available borrowing capacity under committed servicer advance facilities and committed unsecured revolving loans made to such entity as borrower, as determined on such date of measurement, which undrawn and available borrowing capacity need not be presently collateralized.
Liquidity Requirement. For any VFN Class, if applicable, as defined in the related Indenture Supplement.
Liquidity Requirement means the liquidity requirement referred to in Table B of this Part;
Liquidity Requirement shall have the meaning assigned to such term in Section 7.16.
Liquidity Requirement. With respect to any acquisition or payment, (i) no Suspension Event or Event of Default then exists or would arise from the consummation of the specified transaction and the making of any payments with respect thereto, (ii) the Borrower has furnished the Lender with a pro forma balance sheet, income statement and cash flow statement (including, without limitation, a projection of Availability) for the subsequent 12 month period, after giving effect to the consummation of the specified transaction and the making of any payments with respect thereto; and (iii) the Lender is reasonably satisfied that Availability, after giving effect to such specified transaction and the making of any payments with respect thereto, will be at least equal to 20% of the Borrowing Base for the 12 months following such specified transaction and the making of such payments; and (iv) the Lender is reasonably satisfied that, after giving effect to such specified transaction and the making of any payments with respect thereto, the Borrower will be solvent.
Liquidity Requirement means the amount of unrestricted cash balances, if any, required to be maintained in the Wastewater Fund under Section 4.02 hereof.
Liquidity Requirement means confirmation by Bank that Borrower’s Liquidity plus the unused and available portion of the Availability Amount is greater than Fifteen Million Dollars ($15,000,000.00).