Minimum Coverage Amount means, at any time, 105% of the Letter of Credit Exposure.
Minimum Coverage Amount is defined in Section 1.11.
Minimum Coverage Amount set forth in Section 1.1 of the Credit Agreement shall be amended to read, in its entirety, as follows:
Examples of Minimum Coverage Amount in a sentence
Xxxxxx further agrees to maintain Employers Liability Act (“ELA”) or Stop Gap coverage as required by law of at least the Minimum Coverage Amount set forth in Section 1.12.
At all times that Lessee owns at least one automobile, Lessee shall provide Automobile Liability insurance with coverage at least as broad as Business Automobile Liability ISO form CA 0001, covering all owned, non-owned and hired automobiles brought on the premises, with coverage of at least the Minimum Coverage Amount set forth in Section 1.11.
More Definitions of Minimum Coverage Amount
Minimum Coverage Amount means, as of any Funding Date, an amount equal to the sum of (1) the product of (i) 1.5 and (ii) the sum of the estimated aggregate amount that will be payable on the next following Payment Date pursuant to clauses (i), (ii), (iii), (iv), and (vi) of Section 2.08 and (2) the product of (i) 2.0 and (ii) the product of (x) the Annualized Net Loss Ratio for the prior Determination Date, (y) 1/12, and (z) the Aggregate Receivables Balance as of such date of determination. In determining the amount for clause (1)(ii) above: (a) the Borrower will deliver to the Administrative Agent as part of the related Funding Request its reasonable estimate of each item set forth in such clauses (i), (ii), (iii), (iv), and (vi) of Section 2.08; (b) such estimates and the resulting determination of the Minimum Coverage Amount will not be effective under this Agreement if the Administrative Agent reasonably disagrees with any estimated expense item set forth in the related Funding Request and notifies the Borrower in writing thereof (but the determination will become effective if the items of disagreement are resolved with the mutual consent of the Borrower and the Administrative Agent); (c) the expected Interest amount for the following Payment Date shall be calculated using the Interest Rate determined for the Interest Period immediately preceding the related Interest Period, the then current Loans Outstanding and the number of days for such Interest Period; (d) the Unused Fee shall also be calculated based on and using the then current Loans Outstanding and the number of days for such Interest Period; (e) the Usage Fee shall also be calculated using the then current Loans Outstanding and the number of days for such Interest Period; and (f) each other expense item shall be assumed to be equal to the same amount that was payable for the immediately preceding Payment Date, unless either the Borrower or the Administrative Agent has a good faith belief that any such amount will be different, in which case the different amount will be used subject to clauses (a) and (b) above.
Minimum Coverage Amount means with respect to each Equipment Group or Facility, an amount (such amount, including the amounts in clauses (x) and (y) of item (ii) below, to be estimated by Administrative Agent in the exercise of its reasonable judgment using information delivered to Administrative Agent under the Operative Agreements) equal to the product of (i) three (3) and (ii) the difference between (x) the aggregate amount of Advances which Administrative Agent estimates will be made with respect to such Equipment Group or Facility, including Capitalized Costs and all other amounts allocated to such Equipment Group or Facility pursuant to Section 3.2(b) of the Participation Agreement and (y) the estimated Lease Supplement RVG Amount.
Minimum Coverage Amount has the meaning set forth in Section 5.15(a)(ix).
Minimum Coverage Amount means, at any time of determination, the sum of (i) the aggregate amount which is undrawn and available under all issued and outstanding Letters of Credit, (ii) the aggregate amount of all unpaid and outstanding reimbursement obligations hereunder, and (iii) the aggregate principal amount of Loans (as defined in the Revolving Note) outstanding under the Revolving Note.