Collateral Coverage Default definition

Collateral Coverage Default shall exist at all times when the Collateral Coverage Ratio of Borrower is less than 125%.
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Examples of Collateral Coverage Default in a sentence

  • Borrower shall at all times maintain a Collateral Coverage Ratio of 150% or greater, but in any event, Borrower shall notify Lender promptly after becoming aware that any event, condition or circumstance which has occurred or exists which could reasonably be expected to become or constitute a Collateral Coverage Deficiency or a Collateral Coverage Default.

  • Subject to Section 9.2(a)(iv), any occurrence of a Collateral Coverage Default.

  • Borrower shall notify Lender promptly after becoming aware that any event, condition or circumstance which has occurred or exists which could reasonably be expected to become or constitute a Collateral Coverage Deficiency or a Collateral Coverage Default.

Related to Collateral Coverage Default

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.