Collateral Cover Sample Clauses

Collateral Cover. If: 13.9.1 the financial strength rating of Max Bermuda from AM Best is less than B++, the Account Party must provide collateral cover (or ensure that collateral cover is provided) in the form of Investment Collateral or Cash Collateral and in an amount equal to the face value of each issued Letter of Credit, such collateral cover to be provided within 2 Banking Days of the date on which the relevant financial strength rating becomes less than B++; or 13.9.2 any Obligor or any Relevant Corporate Member reports on its solvency statements prepared by Lloyd’s a solvency deficit in its individual open year of account and the applicable amount is not funded directly at Lloyd’s by depositing cash or similar assets into the relevant Corporate Member’s personal reserves by 30 June and 31 December of the corresponding calendar year, the Account Party must provide collateral cover (or ensure that collateral cover is provided) in the form of Investment Collateral or Cash Collateral in an amount equal to the relevant solvency deficit or residual solvency deficit if part funded, such collateral cover to be provided within 2 Banking Days of 30 June and 31 December of the corresponding calendar year; 13.9.3 notice of termination of a Letter of Credit is served in accordance with the provisions of Clause ý3.10 all amounts payable under such Letter of Credit shall be fully collateralised in the form of Investment Collateral or Cash Collateral within 3 Banking Days following the 31 December of the applicable last year of account except where the appropriate Corporate Member does not provide any underwriting capacity to any Syndicate for the following underwriting year of account, in which case, such collateralisation will only be required from the date falling 18 months after 31 December of the last year of account agreed to have been supported by the applicable Letter of Credit; 13.9.4 the net loss to the Syndicate on any RDS would, without the prior written consent of the Majority Banks (not to be unreasonably withheld of delayed), exceed 20% of the Syndicate’s overall premium limit for the year of account concerned then all amounts payable under each Letter of Credit shall be fully collateralised in the form of Investment Collateral or Cash Collateral within 3 Banking Days of the date on which the relevant net loss would exceed the specified percentage or, if at any time Lloyd’s redefines any existing RDS or prescribes any new RDS which in each case is applicable in resp...
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Collateral Cover. 3.7.1 Collateral cover shall be provided in the form of Investment Collateral and/or in the form of Cash Collateral. 3.7.2 The value of the Investment Collateral may be calculated by the Agent, as often as it deems necessary, using its reasonable credit judgement, by reference to any information that the Agent deems appropriate (including, but not limited to, the most recent Borrowing Base Certificate), but in the event of challenge by the Account Party it shall, in the absence of manifest error, be conclusively determined by the Custodian using normal pricing sources. 3.7.3 The Account Party, subject to there being no continuing Event of Default, may request the Agent to vary the extent to which Letters of Credit are secured (or not secured as the case may be) by Investment Collateral or Cash Collateral, or to exchange one form of collateral cover for another form of collateral cover, or to transfer collateral to Lloyd’s to reduce the amount of any Letter of Credit, by giving at least 3 Banking Days written notice to the Agent and such variation or exchange or transfer shall take effect, for all purposes under this Agreement, as from the first day of the next following month. 3.7.4 If at any time the Managing Agent makes a cash call on a Corporate Member and the circumstances are such that, if that cash call were not satisfied by the Corporate Member, Lloyd’s would demand payment under any Letter of Credit then, at the request of the Account Party and upon receiving from the Account Party evidence of those circumstances, the Security Trustee shall: (a) cause Cash Collateral or Investment Collateral to be applied in discharge of that cash call; and/or (b) notwithstanding the terms of the Quota Share Assignments, permit any payment that becomes due to the Corporate Member under either of the Quota Share Agreements by reason of that cash call to be made to the appropriate account of a Syndicate in or towards discharge thereof; in each case, in a maximum amount equal to the payment that would be demanded by Lloyd’s under such Letter of Credit if that cash call were not satisfied by the Corporate Member; provided that the foregoing provisions shall not affect the obligation of the Account Party to procure the provision of collateral cover in accordance with the terms of Clause 3.6.1 if the aggregate exposure of ING Bank N.V., London Branch under Letters of Credit in issue continues to exceed £60,000,000 after a cash call is discharged as contemplated by paragr...
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Collateral Cover. Any requirement of Clause 7 (Collateral Cover) is not satisfied.
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Collateral Cover 
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Related to Collateral Cover

  • Collateral Covenants Until the Revolving Credit Facility has been terminated and all the Secured Obligations have been paid in full, unless the Required Lenders shall otherwise consent in the manner provided in Section 15.9:

  • Collateral Coverage Ratio ‌ (i) Within ten (10) Business Days after (x) the last day of March, June, September and December of each year (beginning with December 2020) or (y) any date on which an Appraisal is delivered pursuant to clause Error! Reference source not found. of Section 5.16 (each such date in clauses (x) and (y), a “CCR Reference Date” and the tenth Business Day after a CCR Reference Date, a “CCR Certificate Delivery Date”), the Parent shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Parent containing a calculation of the Collateral Coverage Ratio (a “CCR Certificate”). (ii) If the Collateral Coverage Ratio with respect to any CCR Reference Date is less than 1.60 to 1.00, the Borrower shall, no later than ten (10) Business Days after the applicable CCR Certificate Delivery Date, (x) prepay any outstanding Loans such that following such prepayment, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by subtracting any such prepaid portion of the Loans, shall be no less than 1.60 to 1.00 and/or (y) designate Additional Collateral as additional Eligible Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount such that following such designation, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by adding such Additional Collateral, shall be no less than 1.60 to 1.00. (iii) At the Parent’s request, the Lien on any Collateral will be released; provided, in each case, that the following conditions are satisfied or waived: (a) no Event of Default shall have occurred and be continuing, (b) either (x) after giving effect to such release, the Collateral Coverage Ratio is not less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than 1.60 to 1.00) or (y) the Parent shall prepay or cause to be prepaid the Loans and/or shall designate Eligible Collateral as Additional Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount necessary to cause the Collateral Coverage Ratio to not be less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than‌

  • Special Coverages Tenant shall carry “Builder’s All Risk” insurance in an amount approved by Landlord covering the construction of the Tenant Improvements, and such other insurance as Landlord may require, it being understood and agreed that the Tenant Improvements shall be insured by Tenant pursuant to the Lease immediately upon completion thereof. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably required by Landlord, and in form and with companies as are required to be carried by Tenant as set forth in the Lease.

  • General Coverages All of Tenant’s Agents shall carry worker’s compensation insurance covering all of their respective employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies as are required to be carried by Tenant as set forth in the Lease.

  • Additional Coverage To the extent that insurance coverage provided by Consultant maintains higher limits than the minimums appearing in Exhibit B, City requires and shall be entitled to coverage for higher limits maintained.

  • Initial Collateral Custodian The role of Collateral Custodian with respect to the Required Loan Documents shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 11.01. The Administrative Agent hereby designates and appoints the Collateral Custodian to act as its agent and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian pursuant to the terms hereof.

  • ADDITIONAL COVERAGES We cover the following in addition to the limits of liability: A. Claim Expenses 1. Expenses we incur and costs taxed against an "insured" in any suit we defend;

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Designation of Collateral Custodian The role of Collateral Custodian with respect to the Collateral Obligation Files shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 18.1. Xxxxx Fargo Bank, National Association is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof.

  • Collateral Access Agreements Such Grantor shall use commercially reasonable efforts to obtain a Collateral Access Agreement, from the lessor of each leased property, mortgagee of owned property or bailee or consignee with respect to the operator of any warehouse, processor or converter facility or other location (each of which is identified on Exhibit B hereto), where Collateral in excess of $1,000,000 is stored or located at any given time (other than (i) company-owned facilities and (ii) retail stores), which agreement or letter shall provide access rights, contain a waiver or subordination of all Liens or claims that the landlord, mortgagee, bailee or consignee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the Administrative Agent. With respect to such locations or warehouse space leased as of the Effective Date and thereafter where Collateral in excess of $1,000,000 is stored or located (other than (i) company-owned facilities and (ii) retail stores), if the Administrative Agent has not received a Collateral Access Agreement as of the Effective Date (or, if later as of the date such location is acquired or leased), the Borrower’s Eligible Inventory at that location shall be subject to such Reserves as may be established by the Administrative Agent. After the Effective Date, no real property or warehouse space shall be leased by such Grantor (other than retail stores) and no Inventory shall be shipped to a processor or converter under arrangements established after the Effective Date, unless and until a satisfactory Collateral Access Agreement shall first have been obtained with respect to such location or if it has not been obtained, the Borrower’s Eligible Inventory at that location shall be subject to the establishment of Reserves acceptable to the Administrative Agent. Such Grantor shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or third party warehouse where any Collateral is or may be located.

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