Security Maintenance Ratio Sample Clauses

Security Maintenance Ratio. If at any time the Borrower shall fail to maintain a Security Maintenance Ratio of at least 2.0 to 1.0, then as soon as possible but in any event no later than 30 days after such failure, to the extent such failure is continuing, at the Borrower's option (i) the Borrower will, or will cause the Parent Company or one of its Subsidiaries (provided that such Subsidiary becomes a Credit Party pursuant to Clause 25.12 (New Subsidiaries; Permitted Holding Company) to, execute and deliver to the Collateral Agent additional Rig Mortgages granting an Acceptable Security Interest in such other rigs or vessels reasonably acceptable to the Collateral Agent (acting on the instruction of the Required Revolving Lenders) (together with any required amendments to any applicable Security Agreement and such evidence of corporate authority to enter into and such legal opinions in relation to such Security Documents as the Collateral Agent may reasonably request) that have a Market Value such that the Security Maintenance Ratio is at least 2.0 to 1.0, or (ii) at the end of such 30-day period, the Total Revolving Commitments shall be reduced by the amount necessary so that the Security Maintenance Ratio is at least 2.0 to 1.0.
Sample 1
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Security Maintenance Ratio. The Borrower shall at all times maintain a Security Maintenance Ratio of at least 2.0 to 1.0; provided, however, that this Clause 25.13 shall be deemed satisfied during any period in which this Clause 25.13, but for a Collateral Disposition or Casualty Event, would have been satisfied if, during such period, the Credit Parties are in compliance with Clause 11.4(b) or (c), as the case may be (Mandatory Prepayment of Revolving Credit Facility Utilisations). Notwithstanding the foregoing, if the Borrower is in compliance with this Clause 25.13, the Collateral Agent shall, at the request of the Borrower, release any Lien granted to or held by the Collateral Agent on or relating to the Mortgaged Revolving Credit Facility Rigs (other than Liens on or relating to the Initial Mortgaged Revolving Credit Facility Rigs) if the Borrower would be in compliance with this Clause 25.13 after giving effect to such release of Lien and no Default exists or would be caused thereby.
Sample 1
Security Maintenance Ratio. Permit the Security Maintenance Ratio at any time to be less than 3.00 to 1.00.
Sample 1
Security Maintenance Ratio. If at any time any Borrower shall fail to maintain a Security Maintenance Ratio of at least 1.50 to 1.00, then as soon as possible but in any event no later than 30 days after such failure, to the extent such failure is continuing, either (A) such Borrower will, or will cause the Parent or one of its Subsidiaries (provided that such Subsidiary becomes a Loan Party pursuant to Section 5.12) to, execute and deliver to the Collateral Agent additional Rig Mortgages granting an Acceptable Security Interest in such other rigs or vessels acceptable to the Collateral Agent (acting on the instruction of the Majority Lenders) (together with any required amendments to any applicable Security Agreement and such evidence of corporate authority to enter into and such legal opinions in relation to such Security Documents as the Collateral Agent may reasonably request) that have a Market Value such that the Security Maintenance Ratio is at least 1.50 to 1.00, or (B) at the end of such 30-day period, such Borrower shall prepay its outstanding Advances by an amount necessary so that the Security Maintenance Ratio is at least 1.50 to 1.00. All such prepayments shall be applied to the applicable Tranche of the Advances in accordance with Section 2.07(c)(vi).
Sample 1
Security Maintenance Ratio. If at any time the Borrower shall fail to maintain a Security Maintenance Ratio of at least 2.0 to 1.0, then as soon as possible but in any event no later than 30 days after such failure, to the extent such failure is continuing, either (A) the Borrower will, or will cause the Parent Company or one of its Subsidiaries (provided that such Subsidiary becomes a Credit Party pursuant to Section 5.13) to, execute and deliver to the Collateral Agent additional Rig Mortgages granting an Acceptable Security Interest in such other rigs or vessels acceptable to the Collateral Agent (acting on the instruction of the Required Term Lenders) (together with any required amendments to any applicable Security Agreement and such evidence of corporate authority to enter into and such legal opinions in relation to such Security Documents as the Collateral Agent may reasonably request) that have a Market Value such that the Security Maintenance Ratio is at least 2.0 to 1.0, (B) at the end of such 30-day period, then the Borrower shall prepay the Term Loans by an amount necessary so that the Security Maintenance Ratio is at least 2.0 to 1.0, or (C) the Borrower shall deposit with the Collateral Agent into the Cash Collateral Account an amount of cash necessary so that the Security Maintenance Ratio is at least 2.0 to 1.0.
Sample 1
Security Maintenance Ratio. The Borrower shall at all times maintain a Security Maintenance Ratio of at least 2.0 to 1.0; provided, however, that this Section 5.14 shall be deemed satisfied during any period in which this Section 5.14, but for a Collateral Disposition or Casualty Event, would have been satisfied if, during such period, the Credit Parties are in compliance with Section 2.6(c)(ii) or (iii), as the case may be. Notwithstanding the foregoing, if the Borrower is in compliance with this Section 5.14, the Collateral Agent shall, at the request of the Borrower, release any Lien granted to or held by the Collateral Agent on or relating to the Mortgaged Term Loan Facility Rigs (other than Liens on or relating to the Initial Mortgaged Term Loan Facility Rigs) if the Borrower would be in compliance with this Section 5.14 after giving effect to such release of Lien and no other Default exists or would be caused thereby.
Sample 1
Security Maintenance Ratio. (a) Market Value of the Mortgaged Term Loan Facility Rigs --------------
Sample 1
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Related to Security Maintenance Ratio

  • Collateral Maintenance The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”) to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any non-compliance in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall not constitute a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower shall either (i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it being understood that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security documentation reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount sufficient to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided, further, that, subject to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested no more than once per calendar year beginning with the first calendar year end to occur after the Delivery Date in the absence of the occurrence of an Event of Default which is continuing.

  • Maintenance of Effective Leverage Ratio For so long as the Fund fails to provide the information required under Sections 6.1(o) and 6.1(p), Xxxxx Fargo shall calculate, for purposes of Section 2.5(b)(ii)(A)(y) of the Statement, the Effective Leverage Ratio using the most recently received information required to be delivered pursuant to Sections 6.1(o) and 6.1(p) and the market values of securities determined by the third-party pricing service which provided the market values to the Fund on the most recent date that information was properly provided by the Fund pursuant to the requirements of Section 6.1(o) and 6.1(p). The Effective Leverage Ratio as calculated by Xxxxx Fargo in such instances shall be binding on the Fund. If required, the Fund shall restore the Effective Leverage Ratio as provided in the Statement. For purposes of calculating the Effective Leverage Ratio, any Overconcentration Amount shall be subtracted from the sum determined pursuant to sub-section (ii) of the definition of Effective Leverage Ratio, set out in Section 2.4(d) of the Statement. In connection with calculating the Effective Leverage Ratio, the Fund’s total assets and accrued liabilities shall reflect the positive or negative net obligations of the Fund under each Derivative Contract determined in accordance with the Fund’s valuation policies.

  • Maintenance, Etc The Company will maintain, preserve and keep, and will cause each Consolidated Subsidiary to maintain, preserve and keep, its properties which are used in the conduct of its business (whether owned in fee or a leasehold interest) in good repair and working order, ordinary wear and tear excepted, and from time to time will make all necessary repairs, replacements and renewals as the Company may determine to be appropriate to the conduct of its business.

  • Maintenance of Liquidity Seller shall ensure that, at all times, it has unrestricted cash and Cash Equivalents in an amount not less than the related Liquidity Amount.

  • Maintenance of Total Unencumbered Assets The Company and its Subsidiaries will maintain Total Unencumbered Assets of not less than 200% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

  • Maintenance of Collateral Borrower will maintain the Collateral in good working condition, and Borrower will not use the Collateral for any unlawful purpose. Borrower will immediately advise Silicon in writing of any material loss or damage to the Collateral.

  • Maintenance of Rating Since the execution of this Agreement, there shall not have been any decrease in or withdrawal of the rating of any securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the 0000 Xxx) or any notice given of any intended or potential decrease in or withdrawal of any such rating or of a possible change in any such rating that does not indicate the direction of the possible change.

  • Maintenance of Tangible Net Worth The Borrower shall maintain during each Fiscal Quarter a Tangible Net Worth of not less than the Minimum Tangible Net Worth.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • 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.

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