Common use of Collateral Coverage Ratio Clause in Contracts

Collateral Coverage Ratio. Permit as of the Closing Date and at the time of the delivery of the Appraisal Report pursuant to Section 5.01(h)(I) the ratio (the “Collateral Coverage Ratio”) of (i) the Appraised Value of the Collateral to (ii) the aggregate principal amount of all Priority Lien Debt, plus (d) the aggregate amount of all Designated Hedging Obligations that constitute Obligations then outstanding to be less than 1.60 to 1.00 (the “Collateral Coverage Test”), provided that if, (A) upon delivery of an Appraisal Report pursuant to this Agreement and (B) solely with respect to determining compliance with this Section 6.03 and Section 6.05 as a result thereof, it is determined that the Borrower shall not be in compliance with this Section 6.03, the Borrower shall, within sixty (60) days of the date of such Appraisal Report (an “Collateral Coverage Ratio Cure Period”), (1) designate Cure Collateral as Cure Collateral in accordance with Section 6.05(a) (including the modification of the applicable schedules to reflect such designation) to the extent that, after giving effect to such designation, the Appraised Value of the Collateral, based on the most recently delivered Appraisal Report with respect to assets already constituting Collateral and based on an Appraisal Report performed at (or relatively contemporaneously with) the time of such addition with respect to assets being added to Collateral, shall satisfy the Collateral Coverage Test or (2) prepay Priority Lien Debt (as selected by the Borrower in its sole discretion) in an amount sufficient to enable the Borrower to comply with this Section 6.03.

Collateral Coverage Ratio. Permit as of the Closing Date and at the time of the delivery of the Appraisal Report pursuant to Section 5.01(h)(I5.01(h) (I) the ratio (the “Collateral Coverage Ratio”) of (i) the Appraised Value of the Collateral to (ii) the aggregate principal amount of all Priority Lien Debt, plus (d) the aggregate amount of all Designated Hedging Obligations that constitute Obligations then outstanding to be less than 1.60 to 1.00 (the “Collateral Coverage Test”), provided that if, (A) upon delivery of an Appraisal Report pursuant to this Agreement and (B) solely with respect to determining compliance with this Section 6.03 and Section 6.05 as a result thereof, it is determined that the Borrower shall not be in compliance with this Section 6.03, the Borrower shall, within sixty (60) days of the date of such Appraisal Report (an “Collateral Coverage Ratio Cure Period”), (1) designate Cure Collateral as Cure Collateral in accordance with Section 6.05(a) (including the modification of the applicable schedules to reflect such designation) to the extent that, after giving effect to such designation, the Appraised Value of the Collateral, based on the most recently delivered Appraisal Report with respect to assets already constituting Collateral and based on an Appraisal Report performed at (or relatively contemporaneously with) the time of such addition with respect to assets being added to Collateral, shall satisfy the Collateral Coverage Test or (2) prepay Priority Lien Debt (as selected by the Borrower in its sole discretion) in an amount sufficient to enable the Borrower to comply with this Section 6.03.

Collateral Coverage Ratio. Permit as of the Closing Amendment No. 1 Effective Date and at the time of the delivery of the each Appraisal Report pursuant to Section 5.01(h)(I5.01(h) (I) the ratio (the “Collateral Coverage Ratio”) of (i) the Appraised Value of the Eligible Collateral to (ii) the aggregate principal amount sum of all Priority Lien Debt, (a) the Total Revolving Extensions of Credit then outstanding (other than LC Exposure that has been Cash Collateralized in accordance with ‎Section 2.02(j)) plus (db) the aggregate amount of all Designated Hedging Obligations and Designated Banking Product Obligations that constitute Obligations “Obligations” then outstanding outstanding, to be less than 1.60 to 1.00 (the “Collateral Coverage Test”), provided that if, (A) upon delivery of an Appraisal Report pursuant to this Agreement and (B) solely with respect to determining compliance with this Section 6.03 and Section 6.05 as a result thereof, it is determined that the Borrower shall not be in compliance with this Section ‎Section 6.03, the Borrower shall, within sixty (60) days of the date of such Appraisal Report (an “Collateral Coverage Ratio Cure Period”), (1) designate Cure Additional Collateral as Cure Eligible Collateral in accordance with Section ‎Section 6.05(a) (including the modification of the applicable schedules Collateral schedules, to reflect such designation) to the extent that, after giving effect to such designation, the Appraised Value of the Eligible Collateral, based on the most recently delivered Appraisal Report with respect to assets already constituting Eligible Collateral and based on an Appraisal Report performed at (or relatively contemporaneously with) the time of such addition with respect to assets being added to Eligible Collateral, shall satisfy the Collateral Coverage Test or (2) prepay Priority Lien Debt the Revolving Loans in accordance with ‎Section 2.12(a) (as selected by the Borrower or Cash Collateralize Letters of Credit in its sole discretionaccordance with ‎Section 2.02(j)) in an amount sufficient to enable the Borrower to comply with this Section ‎Section 6.03.

Collateral Coverage Ratio. Permit as of the Closing Restatement Effective Date and at the time of the delivery of the each Appraisal Report pursuant to Section 5.01(h)(I5.01(h) (I) the ratio (the “Collateral Coverage Ratio”) of (i) the Appraised Value of the Eligible Collateral to (ii) the aggregate principal amount sum of all Priority Lien Debt, (a) the Total Revolving Extensions of Credit then outstanding (other than LC Exposure that has been Cash Collateralized in accordance with Section 2.02(j)) plus (db) the aggregate amount of all Designated Hedging Obligations and Designated Banking Product Obligations that constitute Obligations “Obligations” then outstanding outstanding, to be less than 1.60 to 1.00 (the “Collateral Coverage Test”), ; provided that if, (A) upon delivery of an Appraisal Report pursuant to this Agreement and (B) solely with respect to determining compliance with this Section 6.03 and Section 6.05 as a result thereof, it is determined that the Borrower shall not be in compliance with this Section 6.03, the Borrower shall, within sixty (60) days of the date of such Appraisal Report (an “Collateral Coverage Ratio Cure Period”), (1) designate Cure Additional Collateral as Cure Eligible Collateral in accordance with Section 6.05(a) (including the modification of the applicable schedules Collateral schedules, to reflect such designation) to the extent that, after giving effect to such designation, the Appraised Value of the Eligible Collateral, based on the most recently delivered Appraisal Report with respect to assets already constituting Eligible Collateral and based on an Appraisal Report performed at (or relatively contemporaneously with) the time of such addition with respect to assets being added to Eligible Collateral, shall satisfy the Collateral Coverage Test or (2) prepay Priority Lien Debt the Revolving Loans in accordance with Section 2.12(a) (as selected by the Borrower or Cash Collateralize Letters of Credit in its sole discretionaccordance with Section 2.02(j)) in an amount sufficient to enable the Borrower to comply with this Section 6.03.