Minimum Assets definition

Minimum Assets means that at all times as required, on a rolling TEN (10) Business Day average, the sum of all non-cash assets of Debtor as of such date, plus Debtor’s cash in the Collateral Deposit Account as of such date (including verified funds in transit to the Collateral Deposit Account) does not equal or exceed ONE HUNDRED THIRTY PERCENT (130.00%) of the then outstanding balance of the Credit Facility; provided that if on any Business Day the Minimum Asset requirement hereunder is not met (a “Minimum Asset Covenant Failure”), the Debtor shall be able to remedy such Minimum Asset Covenant Failure if within FIVE (5) Business Days the sum of all non-cash assets of Debtor as of such date, plus Debtor’s cash in the Collateral Deposit Account as of such date (including verified funds in transit to the Collateral Deposit Account) equals or exceeds ONE HUNDRED THIRTY-FIVE PERCENT (135.00%) of the then outstanding balance of the Credit Facility.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Minimum Assets means that at all times as required, on a rolling TEN (10) Business Day average, the sum of all non-cash assets of Debtor as of such date, plus Debtor’s cash in the Collateral Deposit Account as of such date (including verified funds in transit to the Collateral Deposit Account) shall equal or exceed Required Percentage of the then outstanding balance of the Credit Facility. If on any Business Day the Minimum Asset requirement hereunder is not met (a “Minimum Asset Covenant Failure”), Debtor shall be able to remedy such Minimum Asset Covenant Failure if for the FIVE (5) Business Days following such Minimum Asset Covenant Failure the sum of all non-cash assets of Debtor as of such date, plus Debtor’s cash in the Collateral Deposit Account as of such date (including verified funds in transit to the Collateral Deposit Account) equals or exceeds ONE HUNDRED THIRTY-TWO PERCENT (132.00%) of the then outstanding balance of the Credit Facility.

Minimum Assets. , in respect of a fund, means assets having an actuarial value equal to the sum

Examples of Minimum Assets in a sentence

On or before the SECOND (2nd) Business Day of each calendar week (and at such other times as Lender may require), Debtor shall submit to Lender evidence of compliance with the required Minimum Assets satisfactory to Lender in its reasonable discretion for each Business Day of the prior week.
All other terms and provisions of this Agreement shall apply as if the Minimum Purchase Price was the “Purchase Price” and the Minimum Assets were the “Assets,” including application of the Deposit and the earnings thereon to the Minimum Purchase Price; provided that the provisions of Section 7.2 shall not apply in the event that Buyer acquires only the Minimum Assets.
The Parties may mutually agree that additional Assets are added to the Minimum Assets, with a corresponding adjustment to the Minimum Purchase Price.
Except in the event of Closing on the Minimum Assets, Seller and Buyer shall execute the amendment to the Diamondback Leases and the New Surface Agreement as contemplated by Section 7.2 (c), Seller shall deliver the written consents of the surface tenant as required by Section 7.2(b) and Section 7.2(c), and Seller shall provide the recordable instrument regarding Seller’s waiver of surface rights as required by Section 7.2(c) and Section 7.2(d).
Such properties, assets and contract rights, at the time this representation is made or deemed made, constitute Minimum Assets.
The minimum amounts described in the preceding two sentences shall be referred to herein as the "Minimum Assets".
The Company shall at all times own, legally and beneficially, title to the Minimum Assets.
Except in the event of Closing on the Minimum Assets, Seller and Buyer shall execute the amendment to the Diamondback Leases and the New Surface Agreement as contemplated by Section 7.2(c), Seller shall deliver the written consents of the surface tenant as required by Section 7.2(b) and Section 7.2(c), and Seller shall provide the recordable instrument regarding Seller’s waiver of surface rights as required by Section 7.2(c) and Section 7.2(d).
The assets owned by any such Subsidiary shall not cause the Borrower Group to breach its representation made in Section 4.10(c) hereof (e.g. Minimum Assets).

More Definitions of Minimum Assets

Minimum Assets means that at all times as required, on a rolling TEN (10) Business Day average, the sum of all non-cash assets of Debtor as of such date, plus Debtor’s cash in the Collateral Deposit Account as of such date (including verified funds in transit to the Collateral Deposit Account) does not equal or exceed [***] of the then outstanding balance of the Credit Facility; provided that if on any Business Day the Minimum Asset requirement hereunder is not met (a “Minimum Asset Covenant Failure”), the Debtor shall be able to remedy such Minimum Asset Covenant Failure if within FIVE (5) Business Days the sum of all non-cash assets of Debtor as of such date, plus Debtor’s cash in the Collateral Deposit Account as of such date (including verified funds in transit to the Collateral Deposit Account) equals or exceeds [***] of the then outstanding balance of the Credit Facility.”

Minimum Assets means those assets of the Borrower Group which (a) constitute not less than 95% of the value of all assets of the Borrower Group (valued on the same basis as such assets are carried on the books of each member of the Borrower Group on a consolidated basis), and (b) are necessary to carry on the Business of the Borrower Group in substantially the same manner as is then being carried out by the Borrower Group, and (c) the legal and beneficial ownership of which is required to be maintained in the name of the Company as required by Section 4.10 and is required to be subject to the Mortgage as provided in Section 4.10. For the avoidance of doubt, the term Minimum Assets shall include all Licenses, all accounts receivable, and all real estate, fixtures and personal and intellectual property (including customer lists, billing and other records of the Borrower Group and computer software.