Maintenance Ratio definition
Examples of Maintenance Ratio in a sentence
On or after the Trigger Date, any such Dividends shall only be made if (a) Guarantor B maintains unrestricted cash and cash equivalents in an amount of at least $25,000,000 above the minimum liquidity thresholds pursuant to Clause 12.2.2 (Financial Covenants), (b) the Collateral Maintenance Ratio is not less than 200% and (c) no Default or Event of Default has occurred or is continuing or would result from making such dividend, distribution or payment.".
The Administrative Agent shall have received a certificate of a Financial Officer, dated the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent, setting forth each of the CP Maintenance Ratio, the Gross Asset Coverage Ratio and the Net Asset Coverage Ratio, in each case as of the Calculation Date immediately preceding the Closing Date after giving effect to the Initial Transactions (and attaching calculations in reasonable detail).
Such appraisals shall affirm that the Security Maintenance Ratio is greater than or equal to 2.0 to 1.0 on the Closing Date.
No Borrower shall consummate the sale of its Ship without paying or causing to be paid all amounts due and owing under this Agreement and the other Finance Documents relating to the Advance for such Ship prior to or simultaneously with the consummation of such sale; provided that the Applicable Collateral Maintenance Ratio pursuant to Clause 15.2 shall be maintained at all times.
Any additional Collateral provided pursuant to Clause 15.3 above shall be released within five (5) Business Days of the Borrower’s request provided the Collateral Maintenance Ratio has been met without such additional Collateral on the next testing date for which valuations are provided under Clause 11.1(h)(i).
Pursuant to Clause 19.1(b) of the Loan Agreement, subject to the terms and conditions of Clauses 2.3 and 2.4 hereof the Credit Parties waive, as of the Effective Date but with effect from February 20, 2009, the Obligors’ breach of the Collateral Maintenance Ratio required by Clause 10.3(a) of the Loan Agreement.
The Borrower will not permit the CP Maintenance Ratio as of the last Business Day of any calendar week to be less than 1.00:1.00.
No Borrower shall make any Distribution at any time the Loan or any portion thereof is outstanding in the event that (i) an Event of Default shall have occurred and is continuing or (ii) after giving effect to such Distribution, the Debt Yield Maintenance Ratio would be less than the Minimum Debt Yield.
It is understood and agreed that upon the sale, Total Loss or other disposition of a Ship, the Collateral Maintenance Ratio for the other Ships after such sale, Total Loss or other disposition shall be equal to or higher than the applicable aggregate Collateral Maintenance Ratio for the Ships under Clause 15.2 immediately prior to such sale, Total Loss or other disposition.
Any additional security provided by the Borrower pursuant to Clause 15.2 shall be released upon request by the Borrower to the Agent if immediately following such release, the Security Maintenance Ratio would be no greater than the Applicable Percentage.