Fully Secured definition

Fully Secured means, with respect to any Undrawn L/C Obligations as of any date, that, on or before such date, such Undrawn L/C Obligations shall have been secured by the grant to the Issuing Lender by the Company of a first priority, perfected security interest in, and Lien on, (a) cash or Cash Equivalents in an amount at least equal to the excess, if any, of the amount of such Undrawn L/C Obligations over the amount of the Aggregate Commitment on such date or (b) other collateral security which is acceptable to the Issuing Lender and the Required Lenders;

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Fully Secured means, with respect to any Undrawn L/C Obligations as of any date, that, on or before such date, such Undrawn L/C Obligations shall have been secured by the grant to, or for the benefit of, the relevant Issuing Lender by the Company of a first priority, perfected security interest in, and Lien on, (a) cash or Cash Equivalents in an amount at least equal to the Equivalent in Dollars of 105% of the amount of such Undrawn L/C Obligations or (b) other collateral security which is acceptable to such Issuing Lender and the Administrative Agent.

Fully Secured means either the Loan to Security Ratio does not exceed 80 per cent, or the Facility is fully mortgage insured with a lender’s mortgage insurer acceptable to ANZ and the Loan to Security Ratio does not exceed 90 per cent;

Examples of Fully Secured in a sentence

• Amounts held in such Cash Collateral Account shall be applied by the Multi-Currency Administrative Agent (in such order as it shall elect) to the payment of the Payment Obligations on account of the Letters of Credit which are then or thereafter due and payable and to cause any then-outstanding Undrawn L/C Obligations to be Fully Secured.

• The Undrawn L/C Obligations in respect of each Letter of Credit shall be Fully Secured from and after the Effective Date.

• Each Special Letter of Credit shall (i) be denominated in Dollars, (ii) be a standby letter of credit issued to support a Permitted Special L/C Obligation and (iii) expire no later than one year from the date of issue; provided that the Undrawn Special L/C Obligations in respect of each Special Letter of Credit which expires after the last day of the Commitment Period shall be Fully Secured from and after such day.

• Certain Liabilities Assumed 40 2.1(a) Excluded Deposit Liability Accounts 41 3.1 Certain Assets Purchased 42 3.1(e) Loans Fully Secured by Assumed Deposits.

• Any prepayment required pursuant to this Section 2.8 or otherwise shall be applied, first, to the Revolving Credit Loans then outstanding, second, to the reimbursement of all outstanding Reimbursement Obligations, and, third, to cause the then outstanding Undrawn L/C Obligations to be Fully Secured.

More Definitions of Fully Secured

Fully Secured means a first priority charge on the Property, the value of which is greater than or equal to the amount of the loan. A second charge may also be included where an Authorised Firm already has a first priority charge on the Property concerned;

Fully Secured means that the Optionee shall have created in favor of the Partnership a perfected security interest in (i) the Units acquired upon exercise of the Related Option as security for such portion of the Loan equal to the Margin Loan Amount and (ii) Other Collateral that has a Fair Market Value equal to the amount of the remaining portion of the Loan (including any portion attributable to Tax Payments).

Fully Secured. “100% secured,” “fully insured,” “secure,” “safe,” “backed by rated insurance company(s),” “backed by federal and/or state law,” or similar representations;

Fully Secured means, with respect to any Letter of Credit as of any date, that, on or before such date, the Undrawn L/C Obligations with respect to such Letter of Credit shall have been secured by the grant to an Issuing Lender with respect to such Letter of Credit by the Borrower of a first priority, perfected security interest in, and Lien on, cash in an amount and pursuant to documentation satisfactory to such Issuing Lender with respect to such Letter of Credit.

Fully Secured means that the value of the property is greater than or equal to the value of the loan (ie a maximum loan to value ratio of 100%). Whilst there is no requirement for reporting institutions to revalue properties on a regular basis, where such valuation has been made and it is found that the loan to value ratio exceeds 100%, such loans should be weighted at 100% (and reported in item A100). (However, if the shortfall in the security value is fully covered by a specific/individual provision, the net amount of the exposure may continue to be weighted at 50%). Conversely, where revaluation indicates that the loan to value ratio has fallen to 100% or less, the loan may be weighted at 50% and reported in item A90.

Fully Secured means, with respect to the aggregate undrawn amount of Letters of Credit outstanding as of any date, that, on or before such date, such amount shall have been secured by the grant to the Issuing Lender by the Borrowers of a first priority, perfected security interest in, and Lien on, (a) cash or Cash Equivalents in an amount at least equal to the excess of the amount of the aggregate undrawn amount of Letters of Credit outstanding over the amount equal to the maximum commitment to issue Letters of Credit on such date or (b) other collateral security which is acceptable to such Issuing Lender and the Required Lenders.

Fully Secured means that the value of the security equals or exceeds, at all times, the amount of the exposure. The value of the security is the amount calculated by discounting the security to current market conditions and deducting reasonable and estimable costs of recovery and sale (i.e. legal fees, valuation costs, estate agent fees, insurance cover to date of sale, costs of maintenance, security, and expenses necessary to put the collateral in a saleable condition).