Collateral Coverage Requirement Sample Clauses

Collateral Coverage Requirement. The Loan Parties shall be required to pledge or cause to be pledged to the Lender, and keep in full force and effect until Full Payment of the Secured Obligations, Collateral having an aggregate value sufficient to collateralize the original principal amount of the Term Loan A-2 Principal Balance as of the Amendment 1 Effective Date on at least a 1:1 basis (the “Collateral Coverage Requirement”). ConcurrentlyParent has granted and will grant the Lender the following Mortgages: (a) concurrently with the execution and delivery of this Agreement on the Restatement Date, Parent will grantgranted the Lender the Initial Mortgages with respect to the Janesville, WI Parcel and the Glencoe, MN Parcel; (b) following the Restatement Date, [Parent] granted the Lender the Mortgages with respect to the Rochester, MN Parcel and the Ripon, WI Parcel; and (c) concurrently with the execution and delivery of Amendment 1 on the Amendment 1 Effective Date, [Parent] will grant the Lender a Mortgage with respect to the Montgomery, MN Parcel. In the event that, following the receipt of the third party appraisals required to be delivered to the Lender after the RestatementAmendment 1 Effective Date pursuant to Section 7.14(b) with respect to the Janesville, WI Parcel and the GlencoeMontgomery, MN Parcel, the Lender determines the total value of the Janesville, WI Parcel and the Glencoe, MN ParcelMortgaged Properties is insufficient to satisfy the Collateral Coverage Requirement, then, within thirty (30) days of the Lender’s delivery of notice of such determination to the Borrowers, the Loan Parties shall, at their option, either (a) prepay the Term Loan A-2 or (b) pledge additional real property or other collateral satisfactory to the Lender in its sole discretion, such that, in the case of either clause (a) or clause (b), the Collateral Coverage Requirement is satisfied after giving effect thereto (it being the intention of the parties hereto that, in the event the Collateral Coverage Requirement is not satisfied based on the total value of the Janesville, WI Parcel and, the Glencoe, MN Parcel, the Ripon, WI Parcel, the Rochester, MN Parcel, and the Mxxxxxxxxx, MN Parcel, and the Loan Parties elect to pledge additional collateral to the Lender pursuant to the preceding clause (b), the Loan Parties, as necessary, shall, first, grant a first priority Mortgage to the Lender with respect to the Rochester, MN Parcel and/orany other real property acceptable to the Ripon, WI ParcelLende...
Sample 1
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Related to Collateral Coverage Requirement

  • Collateral Coverage Ratio On the Closing Date (and after giving pro forma effect to any Borrowings on such date), the Collateral Coverage Ratio shall not be less than 2.0 to 1.0.

  • Coverage Requirements (08/19) Contractor shall comply with the following insurance requirements:

  • Collateral Covenants Until the Revolving Credit Facility has been terminated and all the Secured Obligations have been paid in full, unless the Required Lenders shall otherwise consent in the manner provided in Section 15.9:

  • Insurance Coverage Requirements 8.25.1 General Liability insurance written on ISO policy form CG 00 01 or its equivalent with limits of not less than the following: General Aggregate: $2 million Products/Completed Operations Aggregate: $1 million Personal and Advertising Injury: $1 million Each Occurrence: $1 million

  • Age Requirement The employee must have reached the age of fifty-five (55) before reduction in workload.

  • Additional Coverage To the extent that insurance coverage provided by Consultant maintains higher limits than the minimums appearing in Exhibit B, City requires and shall be entitled to coverage for higher limits maintained.

  • Special Coverages Tenant shall carry “Builder’s All Risk” insurance in an amount approved by Landlord covering the construction of the Tenant Improvements, and such other insurance as Landlord may require, it being understood and agreed that the Tenant Improvements shall be insured by Tenant pursuant to the Lease immediately upon completion thereof. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably required by Landlord, and in form and with companies as are required to be carried by Tenant as set forth in the Lease.

  • ADDITIONAL COVERAGES We cover the following in addition to the limits of liability:

  • Minimum Debt Service Coverage Ratio Borrower shall not permit its Debt Service Coverage Ratio to be less than 1.25 to 1.00, determined as of the end of each fiscal quarter and fiscal year-end on a rolling four-quarter basis, beginning September 30, 2008, and continuing as of the end of each fiscal quarter and fiscal year thereafter, all as calculated by Bank in its reasonable discretion.

  • Service Requirement Except as otherwise provided in Section 6(e) of the Plan or Section 2 of this Agreement, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only if you have continuously provided such Service since the Grant Date of this Option.

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