Collateral Adjustment definition

Collateral Adjustment. The Pledgor acknowledges that the value of Collateral pledged hereunder shall at all times be in an amount not less than the greater of (a) the remainder of the aggregate principal amount of Credit Advances outstanding at any time minus $5,000,000 and (b) the lesser of (i) $5,000,000 or (ii) the principal amount of Credit Advances outstanding at any time (such amount, the "Required Collateral Amount"). If at any time the Collateral pledged hereunder exceeds the Required Collateral Amount, the Administrative Agent, upon the written request of the Pledgor, shall release such amount of the Collateral (by issuing replacement certificates of deposit) such that the Collateral remaining subject to the Pledge Agreement shall equal the Required Collateral Amount. The Pledgor acknowledges that the Administrative Agent shall have no obligation to make any Revolving Credit Advances under the Credit Agreement if after making such requested Revolving Credit Advance the aggregate principal amount of outstanding Revolving Credit Advances would exceed the Required Collateral Amount (such excess, a "Collateral Deficiency"). If after making a requested Revolving Credit Advance a Collateral Deficiency would occur, the Pledgor shall, prior to the receipt of any such requested Revolving Credit Advance, deposit additional Collateral in form and substance satisfactory to the Administrative Agent in an amount equal to the Required Collateral Amount."
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Examples of Collateral Adjustment in a sentence

  • The Collateral Adjustment Percent shall at any time be equal to or exceed twenty percent (20%).

  • As set forth in the Security Agreement, the Non-Capital Commitment Collateral will be released upon the occurrence of the Collateral Adjustment Date.

  • All of the foregoing reports shall be delivered (i) twice monthly on the first and fifteenth of each month in the event the Advance Rate is reduced as a result of the Collateral Adjustment Percent and (ii) at such times as Agent requests upon the occurrence and continuation of an Event of Default.

  • The Borrower shall not permit the Collateral Adjustment Percent as of the last day of any month to be greater than twenty-one percent (21%).

  • The Collateral Adjustment Percentage shall be calculated based on the lower of (x) the Collateral Adjustment Percentage determined based on the portfolio of Contracts subject to Agent’s Lien pursuant to the Security Documents, and (y) the Collateral Adjustment Percentage determined based on the combined portfolio of Contracts subject to Agent’s Lien pursuant to the Security Documents as well as those Contracts subject to the Existing Securitization Facility and any other Permitted ABS Transaction.

  • The Collateral Adjustment Date occurred prior to the date hereof and as such the Obligations are not secured by any Non-Capital Commitment Collateral.

  • At any time, measured as of the first day of each month, the Revolving Collateral Adjustment Percent exceeds 15%, an additional Availability Reserve shall be implemented which shall be in an amount equal to 1% for each whole percentage or fraction that the Revolving Collateral Adjustment Percent exceeds 15%.

  • Notwithstanding the foregoing, the foregoing provisions relating to Other Controlled Agreements shall terminate and be of no further effect on and after the Collateral Adjustment Date.

Related to Collateral Adjustment

  • Principal Adjustment In the event that the Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal Principal Amount or Class B-6 Optimal Principal Amount is calculated in accordance with the proviso in such definition with respect to any Distribution Date, the Principal Adjustment for such Class of Class B Certificates shall equal the difference between (i) the amount that would have been distributed to such Class as principal in accordance with Section 4.01(a) for such Distribution Date, calculated without regard to such proviso and assuming there are no Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal Balance for such Class.

  • Final Adjustment Amount has the meaning set forth in Section 2.4(c).

  • Final Adjustment has the meaning set forth in Section 10.3.B(2) hereof.

  • Working Capital Adjustment Amount means the amount (which may be positive or negative) equal to the result of the Closing Net Working Capital minus the Target Working Capital Amount.

  • Closing Adjustment Amount shall have the meaning set forth in Section 2.3(b)(i)(A).