Minimum Collateral Coverage Sample Clauses

Minimum Collateral Coverage. Beginning on the earlier of (i) the date on which the Specified Drawing Condition is satisfied and (ii) 120 days after the Closing Date (which 120-day period may be extended up to an additional 120 days by the Agent in its sole discretion), the Borrower shall maintain (a) a ratio of the aggregate book value of Housing Collateral to the Aggregate Commitments (such ratio, the “Housing Collateral Ratio”) of at least 1.50 to 1.00 and (b) a ratio of the aggregate book value of all Collateral to the Aggregate Commitments (such ratio, the “Aggregate Collateral Ratio”) of 5.00 to 1.00. The ratios set forth in this Section 7.01 shall be calculated as of the last Business Day of each calendar month, and such calculations shall be set forth in the Financial Covenant Certificate to be delivered to the Agent as described in Section 5.08(3); provided, however, that if the Borrower shall fail to maintain either ratio set forth in this Section 7.01, then notwithstanding anything to the contrary set forth herein, no Default or Event of Default shall be deemed to exist or have occurred under this Agreement due to the failure of such ratio to be maintained so long as the Borrower shall, not later than ten (10) days after delivery of such Financial Covenant Certificate reflecting such failure, (i) pledge additional assets (including, if needed, assets qualifying as Housing Collateral) as Collateral (on terms to be agreed with the Agent), including by providing cash collateral, and/or (ii) permanently reduce the Commitments, such that, after giving effect to such pledge and/or reduction, Borrower would be in compliance with this covenant. At any time after the Borrower has pledged any such additional assets as additional Collateral (whether pursuant to this Section 7.01 or otherwise), the Borrower may request in writing that the Agent release its Lien on such additional assets or a portion thereof, and the Agent shall release such Lien as so requested within five (5) Business Days of its receipt of such request, so long as at the time of such release and after giving pro forma effect thereto, (i) the Borrower shall be in compliance with Section 7.01 and the Borrower shall have delivered to the Agent a duly completed Financial Covenant Certificate demonstrating such compliance, and (ii) no Event of Default shall then have occurred and be continuing or would result therefrom.
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Minimum Collateral Coverage. If any El Paso Pledgor shall (a) be in breach of any representation or warranty set forth in Sections 2.1.4, or 2.1.9 (a), (b), (c) or (e), (b) fail to perform or observe any term or covenant set forth in any of Sections 3.3, 3.4, 3.5, or 3.8 of this Agreement, or (c) be in default under Section 5.1.4(a) and/or 5.1.4(b) above, then in any such case such failure or default shall not constitute an Event of Default if within thirty (30) days after the earlier of written notice thereof by the Designated Representative or Collateral Agent, and a Responsible Officer of El Paso Corporation or the breaching El Paso Pledgor becoming aware of such failure or default, El Paso Corporation delivers a Compliance Certificate to the Collateral Agent certifying as of the date of such Compliance Certificate that notwithstanding such breach, the Value of the Collateral is equal to or in excess of the Minimum Collateral Coverage after taking into account the decline in the Value of the Collateral caused by such breach, failure or default.
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Minimum Collateral Coverage. The Borrowers, on a consolidated basis, shall maintain at all times, as measured at the end of each fiscal quarter, commencing March 28, 1998, a ratio of (a) the sum of (i) 80% of Receivables less than 90 days of invoice date plus (ii) 60% of Inventory adjusted for obsolescence plus (iii) 50% of the net book value of fixed assets, divided by (b) Current Funded Bank Debt, of not less than 1.0 to 1.0.
Sample 1
Minimum Collateral Coverage. Maintain at all times for each Borrower a ratio of (i) the Market Value of the Vessel registered in the name of such Borrower to (ii) the aggregate principal amount of the Advances owing by such Borrower, of not less than (x) during the Initial Period, 1.1:1.0, and (y) thereafter, 1.25:1.0.
Sample 1
Minimum Collateral Coverage. Borrower shall not permit the Present Value of its Reserves to be less than $6,000,000 nor the Present Value of its Proved Reserves to be less than $2,000,000.
Sample 1
Minimum Collateral Coverage a. Actual: (i) Present Value of Reserves $_________
Sample 1

Related to Minimum Collateral Coverage

  • Collateral Coverage Ratio On the date of such Loan or the issuance of such Letter of Credit hereunder (and after giving pro forma effect thereto), the Collateral Coverage Ratio shall not be less than 1.0 to 1.0.

  • 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.

  • General Coverages All of Tenant’s Agents shall carry worker’s compensation insurance covering all of their respective employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies as are required to be carried by Tenant as set forth in the Lease.

  • 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:

  • Collateral Value 12 Commission..............................................................................................12 Company ...............................................................................................12

  • Minimum Debt Service Coverage The Borrower will not at any time permit the outstanding principal amount of the Unsecured Indebtedness to exceed an amount such that: (a) the Unencumbered Net Operating Income, divided by (b) Pro Forma Unsecured Debt Service Charges would be less than 1.5 for any Fiscal Quarter.

  • Minimum Debt Service Coverage Ratio As of the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, the Borrowers shall not permit the Debt Service Coverage Ratio, determined on a consolidated basis for the Consolidated Parties, to be less than 2.00 to 1.00.

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Medical Coverage The Executive shall be entitled to such continuation of health care coverage as is required under, and in accordance with, applicable law or otherwise provided in accordance with the Company’s policies. The Executive shall be notified in writing of the Executive’s rights to continue such coverage after the termination of the Executive’s employment pursuant to this Section 3(d)(iv), provided that the Executive timely complies with the conditions to continue such coverage. The Executive understands and acknowledges that the Executive is responsible to make all payments required for any such continued health care coverage that the Executive may choose to receive.

  • Cash Flow Coverage The Borrower shall maintain at all times a Cash Flow Coverage of not less than one hundred twenty five percent (125%), calculated at the end of each fiscal quarter (using a rolling four quarters of Net Income).

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