Minimum Liquidity Test definition

Minimum Liquidity Test means, on the relevant date of determination, the Company and its Consolidated Subsidiaries have Unrestricted Cash in an amount at least equal to the greater of (x) $15,000,000 and (y) Projected Expenses.

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Minimum Liquidity Test means the test pursuant to Clause 15.2 (Minimum Liquidity Test).

Minimum Liquidity Test at any time, the sum of (a) cash and Cash Equivalents of the Company and its Restricted Subsidiaries, at such time, (other than (i) cash and Cash Equivalents that would appear as “restricted” in favor of any Person other than the Collateral Agent (in its capacity as such) on a consolidated balance sheet of the Company prepared in accordance with GAAP and (ii) cash and Cash Equivalents subject to Liens permitted under Section 7.03(d) or 7.03(t)) plus (b) unused Revolving Credit Commitments shall not be less than $100,000,000.

Examples of Minimum Liquidity Test in a sentence

• For the avoidance of doubt, the failure of the Guarantor to meet the Minimum Liquidity Test shall not be a Default or an Event of Default.

• For the avoidance of doubt, this is a one-time Limited Consent, which may not be extended, and shall expire on September 20, 2024 and if a breach of the Minimum Liquidity Test (determined by reference to the $25,000,000 lower limit) is continuing on September 20, 2024 it shall constitute an Event of Default.

• It shall constitute an Event of Default if any violation of the Minimum Liquidity Test occurs for two consecutive months.

• Not permit the Minimum Liquidity Test to be unsatisfied as at the last day of any fiscal month.

• For the avoidance of doubt, this is a one-time Limited Consent, which may not be extended, and shall expire on July 24, 2024 and if a breach of the Minimum Liquidity Test (determined by reference to the $25,000,000 lower limit) is continuing on July 24, 2024 it shall constitute an Event of Default.

More Definitions of Minimum Liquidity Test

Minimum Liquidity Test means, with respect to the Borrowers and their Subsidiaries at the close of business on each Business Day, that (x) the sum of (i) Availability at such time plus (ii) the lesser of Qualified Cash at such time and $2,000,000 exceeds (y) $3,000,000.

Minimum Liquidity Test has the meaning set forth in Section 5.16(f).

Minimum Liquidity Test at any time, the sum of (a) cash and Cash Equivalents of the Company and its Restricted Subsidiaries, at such time, (other than (i) cash and Cash Equivalents that would appear as “restricted” in favor of any Person other than the Collateral Agent (in its capacity as such) on a consolidated balance sheet of the Company prepared in accordance with GAAP and (ii) cash and Cash Equivalents subject to Liens permitted under Section 7.03(d) or 7.03(t)) plus (b) unused Revolving Credit Commitments shall not be less than (x) prior to the Clean Earth Effective Date, $100,000,000 and (y) on and after the Clean Earth Effective Date, $75,000,000.

Minimum Liquidity Test has the meaning defined in the Guaranty.

Minimum Liquidity Test means, as of any date of determination, that Global Liquidity shall be greater than or equal to $225,000,000.

Minimum Liquidity Test has the meaning set forth in the Form of Plan.

Minimum Liquidity Test means, on any date, the sum of (i) the excess of the aggregate Revolving Commitments over the aggregate Revolving Credit Exposure on such date plus (ii) unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries, on a consolidated basis in accordance with GAAP, on such date exceeds (i) prior to the date on which the conditions set forth in Section 4.02(g) or Section 4.03(e) are satisfied, $25,000,000 and (ii) thereafter, $50,000,000.