RCF Collateral Coverage Ratio definition

RCF Collateral Coverage Ratio means, as of any Measurement Date, the ratio of (a) Collateral Value Amount to (b) Consolidated Total Debt outstanding under the Facility (including for the avoidance of doubt, under any Incremental Facilities), net of unrestricted cash and Cash Equivalents of up to $25 million, in each case, as of such date of determination.
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RCF Collateral Coverage Ratio means, as of any date of determination, (a) prior to the RCF Discharge Date, the “RCF Collateral Coverage Ratio” as defined in the Revolving Loan Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the ratio of (i) the Collateral Rig Value as of such date, based on an Acceptable Appraisal, to (ii) the aggregate outstanding principal amount of all loans and letter of credit obligations under the primary revolving credit facility of the Company and its Restricted Subsidiaries.
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Examples of RCF Collateral Coverage Ratio in a sentence

  • Commencing with the Test Period ending on the last day of the first full fiscal quarter ended after the Closing Date, the Borrower shall not permit the RCF Collateral Coverage Ratio on any Measurement Date be less than 3.00 to 1.00.

  • No Loan Party shall be required to ▇▇▇▇▇ ▇ ▇▇▇▇ in any Excluded Vessel to the Collateral Agent for the benefit of the Secured Parties; provided, however, any Loan Party or Restricted Subsidiary may elect to ▇▇▇▇▇ ▇ ▇▇▇▇ in any Excluded Vessel to the Collateral Agent for the benefit of the Secured Parties, including for purposes of including any such Vessel in the calculation of the Collateral Coverage Ratio and the RCF Collateral Coverage Ratio.

Related to RCF Collateral Coverage Ratio

  • Collateral Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate amount of the Rig Value of all of the Collateral Rigs as of such date to (b) the Revolving Credit Commitment Amount in effect as of such date.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Interest Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.