Margined Collateral Value definition

Margined Collateral Value means, at any time, the sum of (a) for all Mortgaged Properties at such time on which material improvements have been constructed thereon for the operation of car dealerships or other motor vehicle dealerships, as reasonably determined by the Administrative Agent, the product of (i) 0.80 multiplied by (ii) the Initial Appraised Value of such Mortgaged Property, plus (b) for all other such Mortgaged Properties, the product of (i) 0.65 multiplied by (ii) the Initial Appraised Value of such Mortgaged Property.
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Margined Collateral Value means an amount, calculated as of the fiscal year then ending, equal to the sum of (i) 80% of the total of Borrower’s accounts receivable, (ii) 50% of the net book value of Borrower’s finished inventory and raw materials, (iii) 75% of the net book value of all real property and improvements owned by Borrower, (iv) 100% of the cash held in the Control Account and (v) 50% of the book value of all other assets owned by Borrower, in each case as disclosed in Borrower’s most recent 10-K. “Free Cash Flow” means EBITDA as of the fiscal year then ended less the sum of (i) unfinanced capital expenditures, (ii) cash paid interest expenses, (iii) cash paid tax expenses, (iv) amortization on any indebtedness senior to the Obligations and (v) plus or minus the change in working capital since the end of the prior fiscal year. Commencing with the Compliance Certificate to be delivered to Agent following the fiscal year ending October 31, 2009, the Compliance Certificate shall contain a calculation of the Margined Collateral Value as of such date and indicate whether a Collateral Shortfall exists.
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Margined Collateral Value means, at any time, the sum of (a) for all Mortgaged Properties at such time on which material improvements have been constructed thereon for the operation of car dealerships or other motor vehicle dealerships, as reasonably determined by the Administrative Agent, the
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Examples of Margined Collateral Value in a sentence

  • Borrower fails to pay any principal of the Note or any other sums payable by Borrower to Bank pursuant to this Agreement when due, including any part of the Line Balance which exceeds the Margined Collateral Value and which is due pursuant to Section 3.3, or Borrower fails to pay any interest on the Note within ten (10) days after any such interest payment is due.

  • Borrower agrees that the Margined Collateral Value, as determined by Bank from time to time in accordance with the foregoing, shall equal or exceed the then existing Line Balance.

  • If the Margined Collateral Value does not at any time equal or exceed the then existing Line Balance, then Borrower agrees within two (2) Banking Days either to prepay the amount by which the then existing Line Balance exceeds the Margined Collateral Value, or to deliver to Bank as additional collateral either (i) such number of unrestricted shares of Common Stock of American Land Lease, Inc.

  • Pursuant to Section 4.02 of the Existing Credit Agreement, Lender hereby notifies the Borrowers that the Borrowing Base is hereby reaffirmed at $50,000,000.00 and the MFB Margined Collateral Value shall be reduced to $95,000,000.00, effective from the Tenth Amendment Effective Date until but not including the next adjustment to the Borrowing Base in accordance with the terms of the Credit Agreement.

  • The amount of the initial Advance may not exceed the Margined Collateral Value of the securities then being delivered to Bank to be held by Bank as Collateral and pledged to secure such Advance.

  • As used herein, a “Collateral Shortfall” will be deemed to exist when the outstanding principal balance, plus any accrued unpaid interest, under the Loans exceeds the Margined Collateral Value.

  • Commencing with the Compliance Certificate to be delivered to Agent following the fiscal year ending October 31, 2009, the Compliance Certificate shall contain a calculation of the Margined Collateral Value as of such date and indicate whether a Collateral Shortfall exists.