Net Asset Coverage Ratio definition

Net Asset Coverage Ratio means, at any time, the ratio of (i) Total Asset Value less Junior Liabilities of the Borrower to (ii) Liabilities of the Borrower in respect of Senior Securities Representing Indebtedness.
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Net Asset Coverage Ratio means, at the end of any Business Day, the ratio which (i) the sum of (x) Net Assets plus (y) the aggregate amount of the Loans outstanding at such time bears to (ii) the aggregate face amount of Senior Securities Representing Indebtedness at such time.
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Examples of Net Asset Coverage Ratio in a sentence

  • 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).

  • The Borrower will not permit its Net Asset Coverage Ratio to be less than 10 to 1.

  • Either (x) the Borrower shall default in the due performance and observance of its obligations under Section 7.2.4 and such default shall continue unremedied for a period of two consecutive Business Days, or (y) the Net Asset Coverage Ratio is 5 to 1 or less at any time.