Collateral Coverage Amount definition
Collateral Coverage Amount means on any date, an amount equal to the sum of the Adjusted Fair Market Value of all Eligible Collateral.
Collateral Coverage Amount means, as of any date of determination thereof for any period, an amount equal to the sum of (i) unrestricted cash pledged by the Borrower in favour of the Agent pursuant to the Cash Collateral Pledge Agreement, plus (ii) eighty percent (80%) of Eligible Accounts that are not Eligible Insured Accounts, plus (iii) ninety percent (90%) of Eligible Insured Accounts; provided that (x) the Collateral Coverage Amount shall be determined on the basis of the most current Collateral Coverage Certificate required or permitted to be submitted hereunder, and (y) the amount determined as the Collateral Coverage Amount shall be subject to, without duplication, any reserves for contras/offsets, drop ship receivables, potential offsets due to customer deposits, discount arrangements, chargebacks, disputed accounts (or potential chargebacks or disputed accounts), and such other reserves as reasonably established by the Agent, at the direction or with the concurrence of the Majority Revolving Lenders from time to time, including, without limitation any reserves or other adjustments established by the Agent or the Majority Lenders on the basis of any subsequent collateral audits conducted hereunder, all in accordance with ordinary and customary asset-based lending standards, as reasonably determined by the Agent and the Majority Lenders.
Collateral Coverage Amount means, at any date of determination, the sum of the aggregate amount of the Obligations (including, but not limited to, the unpaid principal amount of the Advances, but excluding any Credit Document Obligation under any Credit Document which has not expired, terminated or matured) plus the Aggregate Transaction Market Value plus the Aggregate Basic Collateral Amount for all Transactions.
Examples of Collateral Coverage Amount in a sentence
The Total Outstandings shall not exceed the Collateral Coverage Amount.
The Borrower hereby covenants and agrees that the Collateral Coverage Amount must at all times be equal to or greater than the Total Outstandings.
If at any time the Collateral Coverage Amount is less than the Total Outstandings, then the Borrower shall promptly provide to the Administrative Agent and pledge hereunder such additional Eligible Collateral as may be necessary to satisfy the foregoing Collateral Coverage Amount.
The Company shall ensure that at all times, the Collateral Coverage Amount (as defined in the Security Agreement) is equal to or greater than the Total Outstandings.
If at any time the Collateral Coverage Amount is less than the Total Outstandings, then the Company shall promptly provide to the Security Trustee and pledge such additional Eligible Collateral as may be necessary to satisfy the foregoing Collateral Coverage Amount.
More Definitions of Collateral Coverage Amount
Collateral Coverage Amount means, as of any date, the Collateral Value Amount determined as of such date or, if such date is not the last day of a fiscal quarter of the Company, as of (a) the last day of the fiscal quarter of the Company most recently ended prior to such date or (b) any more recent date as of which the Company shall have elected (at its option), or shall have been required (pursuant to clause (f) of Section 5.01), to calculate the Collateral Value Amount, provided that the Company shall have delivered to the Administrative Agent a Collateral Coverage Certificate certifying the Collateral Value Amount as of such more recent date.
Collateral Coverage Amount means an amount equal to (a) the aggregate Orderly Liquidation Value of all Mortgaged Vessels as determined by the most recent Appraisal Report delivered pursuant to Section 5.14 divided by (b) 1.4.
Collateral Coverage Amount means, at any time, the difference between (a) the sum of (i) up to 70% of the value of the Net Amount of Eligible Accounts at such time minus the Dilution Reserve plus (ii) up to 90% of the Book Value of the Eligible Inventory at such time plus (iii) up to 100% of the aggregate amount of Qualified Cash plus (iv) up to 50% of the Market Value of Eligible Securities plus (v) 50% of the difference between (x) the Appraised Value of the Eligible Real Property and (y) the Depreciation Amount at such time plus (vi) 75% of the difference between (x) the Net Orderly Liquidation Value of Eligible Above Ground Equipment and (y) the Depreciation Amount at such time plus (vii) 65% of the difference between (x) the Net Orderly Liquidation Value of the Eligible Below Ground Equipment and (y) the Depreciation Amount at such time plus (viii) 65% of the difference between (x) the Net Orderly Liquidation Value of the Eligible Production Plant Components and (y) the Depreciation Amount at such time and (b) such reserves (other than the Dilution Reserve) as the Origination Agent may deem appropriate in the exercise of its business judgment based upon the lending practices of the Origination Agent. Notwithstanding the foregoing, for purposes of calculating the Collateral Coverage Amount, at no time shall the amounts in clauses (a)(i) through (a)(viii) above exceed the Applicable Collateral Coverage Limit.
Collateral Coverage Amount means the sum of (a) the fair market value (as calculated by the Administrative Agent in its reasonable discretion) of the Pledged Collateral consisting of cash multiplied by 1.0 plus (b) the fair market value (as calculated by the Administrative Agent by reference to Bloomberg or, if Bloomberg is not available, another quotation service reasonably acceptable to the Administrative Agent) of the Pledged Collateral consisting of Freely Transferable debt obligations issued by the U.S. Treasury Department or backed by the full faith and credit of the United States of America (the "Treasury Collateral") multiplied by .90 plus (c) the fair market value (as calculated by the Administrative Agent by reference to Bloomberg or, if Bloomberg is not available, another quotation service reasonably acceptable to the Administrative Agent) of the Pledged Collateral consisting of Freely Transferable debt obligations issued by U.S. Federal Agencies other than the U.S. Treasury Department (the "Federal Agency Collateral") multiplied by .80. The Federal Agency Collateral together with the Treasury Collateral, shall be referred to collectively as the "Qualified Securities". If the Borrower's A.M. Best Rating falls below the rating of "A"-, (x) the multiplier "
Collateral Coverage Amount means, at any time, the difference between (a) 110% of the value of the Net Amount of Eligible Accounts at such time, minus the Dilution Reserve and the Partial Payment Reserve, and (b) the sum of (i) the Revolving Facility Reserve, (ii) any Landlord Reserve, (iii) the aggregate amount, if any, of all trade payables of the Loan Parties and their Subsidiaries aged in excess of historical levels, and (iv) such other reserves (other than the Dilution Reserve) as the Origination Agent may deem appropriate in the exercise of its Permitted Discretion.
Collateral Coverage Amount means, at any time, the difference between (a) the sum of (i) up to 70% of the value of the Net Amount of Eligible Accounts at such time minus the Dilution Reserve plus (ii) up to 90% of the Book Value of the Eligible Inventory at such time plus (iii) up to 100% of the aggregate amount of Qualified Cash plus (iv) up to 50% of the Market Value of Eligible Securities plus (v) 50% of the difference between (x) the Appraised Value of the Eligible Real Property and (y) the Depreciation Amount at such time plus (vi) 75% of the difference between (x) the Net Orderly Liquidation Value of Eligible Above Ground Equipment and (y) the Depreciation Amount at such time plus (vii) 65% of the difference between (x) the Net Orderly Liquidation Value of the Eligible Below Ground Equipment and (y) the Depreciation Amount at such time plus (viii) 65% of the difference between (x) the Net Orderly Liquidation Value of the Eligible Production Plant Components and (y) the Depreciation Amount at such time plus (ix) for a period of the earlier of (1) ninety (90) days after the Fifth Amendment Effective Date and (2) the date on which a Qualified Appraisal of the assets purchased by Blackjewel SPV pursuant to the Blackjewel Acquisition, an amount equal to $3,000,000 less the amounts of any amounts included in clauses (a)(i) through (a)(iii) above that are attributable to the assets owned by Blackjewel SPV and (b) such reserves (other than the Dilution Reserve) as the Origination Agent may deem appropriate in the exercise of its business judgment based upon the lending practices of the Origination Agent. Notwithstanding the foregoing, for purposes of calculating the Collateral Coverage Amount, at no time shall the amounts in clauses (a)(i) through (a)(viii) above exceed the Applicable Collateral Coverage Limit.”
Collateral Coverage Amount means, at any time, the difference between (a) the sum of (i) up to 70% of the value of the Net Amount of Eligible Accounts at such time minus the Dilution Reserve plus (ii) up to 90% of the Book Value of the Eligible Inventory at such time plus (iii) up to 100% of the aggregate amount of Qualified Cash plus (iv) up to 50% of the Market Value of Eligible Securities plus (v) 50% of the difference between (x) the Appraised Value of the Eligible Real Property and (y) the Depreciation Amount at such time plus (vi) 75% of the difference between (x) the Net Orderly Liquidation Value of Eligible Above Ground Equipment and (y) the Depreciation Amount at such time plus (vii) 65% of the difference between (x) the Net Orderly Liquidation Value of the Eligible Below Ground Equipment and (y) the Depreciation Amount at such time plus (viii) 65% of the difference between