Minimum Security Cover definition

Minimum Security Cover means a Security Cover of 1.10 (One Decimal Point One Zero) times; (nn) “Nominee Director” shall have the meaning assigned in Clause 31 (Nominee);
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Minimum Security Cover means a Security Cover of at least time of the total amount borrowed along with the Coupon thereon and other costs, charges, all fees, remuneration of Debenture Trustee and expenses payable in respect thereof;
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Minimum Security Cover means the Security Cover Ratio of 1 (one) time or such other ratio that is to be maintained in respect of the Debentures 1 outstanding under any Tranche / Series, as may be mutually agreed to in writing by the Company and the Debenture Holders of or pertaining to that relevant Tranche/Series of the Debentures 1.
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Examples of Minimum Security Cover in a sentence

  • The Release Request Letter shall be accompanied by a certificate from the independent chartered accountant of the Company confirming to the Debenture Trustee in writing the amount of Released Assets and that the Asset Cover Ratio shall be maintained at or above the Minimum Security Cover post such excess release.

  • Evidence that sufficient collateral has been provided in respect of the Utilisation requested, in accordance with Clause 22.4 (Minimum Security Cover).

  • No permission / consent would be required from the debenture holders / debenture trustee to securitize or to create further charge on exclusive or pari-passu basis on security, for securing the future borrowings, subject to maintenance of the Minimum Security Cover, mentioned herein, throughout the tenor of the debentures.

  • If, at any time, the Security Agent holds additional security provided under this clause 15 and the aggregate of the Market Value of the Ships disregarding the value of any additional security provided pursuant to clause 15.2 above exceeds the Minimum Security Cover required pursuant to clause 15.1 with reference to valuations provided no more than 30 days previously, the Borrowers may, by notice to the Agent, require the release and discharge of that additional security.


More Definitions of Minimum Security Cover

Minimum Security Cover means the minimum Asset Cover Ratio of 100% (One Hundred Percent) or such other ratio that is to be maintained in respect to the Debentures issued under any tranche / series, as may be mutually agreed between the Company and the Debenture Holders pertaining to that relevant series/ tranche of the Debentures;
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