Minimum Net Collateral Property Availability Sample Clauses
The Minimum Net Collateral Property Availability clause sets a required threshold for the amount of collateral property that must remain available under an agreement. In practice, this means that the party providing collateral must ensure that the value or quantity of the pledged assets does not fall below a specified minimum level, which may be periodically reviewed or adjusted. This clause is essential for protecting the interests of the secured party by ensuring there is always sufficient collateral to cover potential obligations or exposures, thereby reducing credit risk and maintaining financial stability in the transaction.
Minimum Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall not permit the Net Collateral Property Availability to be less than $600,000,000 at any time. During the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall deliver to the Administrative Agent duly completed Compliance Certificates as and when required under Section 8.3 certifying as to (i) the Borrower’s calculations of each of the financial covenants set forth in Sections 9.1(a) through (i) above, (ii) compliance with the financial covenants set forth in Sections 9.1(f), (g), (h) and (i), but excluding, for the avoidance of doubt, Sections 9.1(a) through (c) (compliance with which shall not be required during the Amendment Period), and (iii) the other matters contained in the Compliance Certificate. Immediately following the Amendment Period Termination Date, all financial covenants set forth in Section 9.1(a) through (i) shall be in full force and effect and the Borrower shall be required to be in compliance therewith. For the avoidance of doubt and without limiting the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated Subsidiaries of the Borrower shall be limited to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries in the calculation of each of the financial covenants set forth in Section 9.1.
(i) for the first fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters. Notwithstanding the foregoing, the applicable testing period for determining compliance with the covenants contained in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y), (f) and (i) for the purposes of determinin...