Collateral Coverage definition

Collateral Coverage means, as of any relevant date of determination, the ratio of (i) the aggregate outstanding principal amount of Advances, to (ii) the aggregate invoice amount of, without duplication. all of Borrowers’ inventory of completed manufactured or modular homes (i.e. the amount of “Finished Goods” as listed on Borrowers’ financial. statements from time to time).”

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Collateral Coverage means the ratio of (i) the appraised value of the Appraised Collateral to (ii) the Revolving Credit Commitments.

Collateral Coverage means the quotient of Asset Value divided by the principal amount of Notes then outstanding.

Examples of Collateral Coverage in a sentence

• On the Closing Date (and after giving pro forma effect to any Borrowings on such date), the Collateral Coverage Ratio shall not be less than 2.0 to 1.0.

• 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 1.6 to 1.0 as evidenced by the delivery of a Collateral Coverage Ratio Certificate to the Administrative Agent demonstrating such compliance.

• 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.

• The Administrative Agent shall have received (x) the Initial Appraisal in form reasonably satisfactory to the Administrative Agent, and (y) an Officer’s Certificate from a Responsible Officer of the Borrower demonstrating that, using the Appraised Value listed in the Initial Appraisal, on the Closing Date and after giving effect to the Extensions of Credit to be made on such date, the Collateral Coverage Ratio shall be no less than 1.6 to 1.0.

• On the Closing Date (and after giving pro forma effect to any Borrowings on such date), the Collateral Coverage Ratio shall not be less than 2.0 to 1.0, as evidenced by a certificate of a Responsible Officer of the Parent.

• On the Restatement Effective Date (and after giving pro forma effect to any Borrowings on such date), the Collateral Coverage Ratio shall not be less than 2.0 to 1.0.

• The Total Outstandings shall not exceed the Collateral Coverage Amount.

• Notwithstanding the foregoing, Seattle Bank shall retain the right to amend from time to time the Borrowing Capacity, Collateral Coverage Factors and Collateral Maintenance Requirements applicable to Customer and its Eligible Collateral, and Customer agrees to comply with such changes upon Seattle Bank’s notice thereof to Customer.

• On the Amortization Date, the Borrower shall prepay the Loans in an aggregate principal amount (together with any accrued and unpaid interest thereon) such that the Non-Loyalty Collateral Coverage Ratio shall not be less than 2.00 to 1.00.

• If Additional Collateral is to be pledged in connection with the making of such Loan and/or the issuance of such Letter of Credit in order to cause the Collateral Coverage Ratio to be no less than 1.0 to 1.0 on such date (after giving pro forma effect to such Loan and/or Letter of Credit), the Borrower shall have complied with the requirements of Section 5.13(b) with respect to such Additional Collateral.

More Definitions of Collateral Coverage

Collateral Coverage means, at the time of determination, the ratio of (A) sum of Liquidity, plus Availability to (B) outstanding Obligations.

Collateral Coverage as at the last day of any fiscal quarter, the ratio determined by dividing (x) the sum of Lease Rental Expense and Mortgage Expense payments received from Operators (other than from an Investment which as of the date thereof is delinquent for thirty (30) days or more in payments to the Borrowers (after the application of any security deposit with respect thereto)) by (y) all interest paid or payable on the Credit Loans: with respect to each of clause (x) and clause (y), determined with regard to four fiscal quarters of Omega ending on such day.

Collateral Coverage as at the last day of any fiscal quarter, the ratio determined by dividing (x) the sum of Lease Rental Expense and Mortgage Expense payments received from Operators (other than from an Investment which as of the date thereof is delinquent for thirty (30) days or more in payments to the Borrowers (after the application of any security deposit with respect thereto)) by (y) all interest paid or payable on the Credit Loans: with respect to each of clause (x) and clause (y), determined with regard to four fiscal quarters of Omega ending on such day. 'COMMITMENT': as to each Bank, such Bank's Revolving Credit Commitment set forth opposite such Bank's name on the signature pages hereof under the caption "Revolving Credit Commitment" as such amount may be increased or reduced in accordance with the terms hereof.

Collateral Coverage means at the date of computation the aggregate market value of the Collateral with respect to each Borrower.

Collateral Coverage means, at any time, an amount equal to the Borrowing Base divided by the Aggregate Revolving Credit Exposure. For the avoidance of doubt, the Borrowing Base shall be determined (subject to changes in Reserves) by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(g).

Collateral Coverage means, with respect to (a) any Trade Letter of Credit from time to time, an amount in cash or other collateral acceptable to the Administrative Agent in its discretion, not to exceed (i) the difference between (x) the full Face Amount of such Trade Letter of Credit, and (y) the ▇. ▇▇▇▇ ▇ayment Obligation in respect of the applicable L/C Related ▇▇▇▇ Procurement Contract for the same Crude Oil in connection with which said Trade Letter of Credit was issued plus (ii) in the case of any Trade Letter of Credit issued for an FOB Crude Oil Purchase, 15% of the provisional commercial invoice issued with respect to such FOB Crude Oil Purchase for which said Trade Letter of Credit was issued (such amounts in this clause (ii), the “FOB Trade LC Additional Cash Collateral”), and (b) any Performance Letter of Credit from time to time, an amount equal to the full Face Amount of such Performance Letter of Credit.