Asset Coverage definition

Asset Coverage means asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Trust which are stock, including all Outstanding Series B Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock), determined on the basis of values calculated as of a time within 48 hours (not including Saturdays, Sundays or holidays) next preceding the time of such determination.

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Asset Coverage means “asset coverage” of a class of senior security which is a stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof, determined on the basis of values calculated as of a time within 48 hours (only including Business Days) next preceding the time of such determination.

Asset Coverage has the meaning set forth in the Statement.

Examples of Asset Coverage in a sentence

Subject to the terms and conditions set forth herein, each Lender severally agrees to make Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Credit Exposure exceeding such Lender’s Commitment, (b) the aggregate Credit Exposure of all of the Lenders exceeding the aggregate Commitments (c) a Borrowing Base Deficiency or (d) the Senior Debt Asset Coverage being less than 3.00:1.00.
The Borrower will not permit the Senior Debt Asset Coverage to be less than 3.00 to 1.00 at any time.
For the avoidance of doubt, the Senior Debt Asset Coverage requirement set forth in Section 6.07(a) constitutes the sole financial covenant governing the maximum amount of leverage permitted to be incurred by the Borrower under this Agreement.

More Definitions of Asset Coverage

Asset Coverage means the “asset coverage” of a class of senior security which is stock, as specified in Section 18 of the 1940 Act as in effect on the date hereof.

Asset Coverage means the ratio which the value of the total assets of the Company, less all liabilities and indebtedness for unsecured borrowings, bears to the aggregate amount of all unsecured borrowings of the Company.

Asset Coverage means asset coverage, as defined in Section 18(h) of the 1940 Act, of at least 200%, or such higher percentage as may be required under the 1940 Act, with respect to all outstanding senior securities of the Corporation which are stock, including all outstanding shares of Cumulative Preferred Stock.

Asset Coverage has the meaning set forth in the Articles Supplementary.

Asset Coverage means the ratio (expressed as a percentage) which the total assets of the Company bears to the aggregate amount of indebtedness (including the aggregate principal amount of the involuntary liquidation preference of redeemable preferred stock, if any), of the Company. For purposes of the Supplemental Indenture, “Indebtedness” means, without duplication: (a) all indebtedness for borrowed money; (b) all obligations evidenced by notes, bonds, debentures or similar instruments; and (c) any lease of, or other arrangement conveying the right to use, any property by a Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such Person prepared in accordance with GAAP.

Asset Coverage has the meaning set forth in the Notice.

Asset Coverage means "asset coverage," as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof, with respect to all Outstanding senior securities of the Trust which are stock, including all Outstanding VMTP Shares and Outstanding shares of Municipal Preferred, determined on the basis of values calculated as of a time within 48 hours (only including Business Days) next preceding the time of such determination.