Collateral Coverage. At all times the Borrowers will maintain a Collateral Coverage Ratio of at least 1.5 to 1.0. Failure to maintain a Collateral Coverage Ratio of at least 1.5 to 1.0 shall not be considered a Default or an Event of Default provided the Borrowers comply with Section 4.10(c) on a timely basis.
Collateral Coverage. Each of the El Paso Settling Parties covenants and agrees that the aggregate Value of the Acceptable Collateral shall be equal to or greater than the sum of the following, measured as of the close of each calendar quarter, so long as any Deferred Payments or Additional Payments, as the case may be, remain outstanding: (1) the Discounted Amount of the Deferred Payments, and (2) the Discounted Amount of the Additional Payments. As used herein, the "Value" of the Collateral shall be the following:
(i) with respect to any Letter of Credit or cash equivalent Collateral, 100% of the stated amount thereof (as reduced from time to time in accordance with the terms thereof);
(ii) with respect to any Oil & Gas Collateral, 130% of the Reported Value thereof, as determined by an Independent Consultant in the most recent report delivered with respect to Oil & Gas Collateral pursuant to this Agreement; and
(iii) with respect to any Other Collateral, that percentage of the fair market value thereof determined by the Designated Representative in its reasonable discretion at the time such Other Collateral is pledged to the Settling Claimants pursuant to any Security Documents. The El Paso Settling Parties shall be entitled to designate as of the date of any Compliance Certificate a portion of the Collateral to be held exclusively for the benefit of the Settling Claimants (the "MSA Portion") and a portion of the Collateral to be held exclusively for the benefit of the Additional Payees (the "AP Portion") to be allocated, respectively, between the Settling Claimants and the Additional Payees in proportion to the Deferred Payments of the Settling Claimants and the Additional Payments of the Additional Payees, provided that at the time of such designation, the El Paso Settling Parties are in compliance with the Collateral maintenance requirements set forth in this Paragraph 8.3(a) (as determined as of the date of such Compliance Certificate).
Collateral Coverage. The Borrower hereby covenants and agrees that the Collateral Coverage Amount must at all times be equal to or greater than the Total Outstandings. If at any time the Collateral Coverage Amount is less than the Total Outstandings, then the Borrower shall promptly provide to the Administrative Agent and pledge hereunder such additional Eligible Collateral as may be necessary to satisfy the foregoing Collateral Coverage Amount. Failure to do so within two (2) Business Days shall constitute an immediate and automatic Event of Default under the terms and conditions of this Reimbursement and Pledge Agreement. Notwithstanding the monthly reporting obligations set forth in §6.4(e), the covenant contained herein shall be tested at all times.
Collateral Coverage. At all times the Current Market Value of the Pledged Investment Property and/or Letter of Credit must equal or exceed the greater of (i) the amount required under the Order, or (ii) the principal amount of the Obligations (the “Required Value”). In the event Pledgor, Secured Party or the Safekeeping Agent determines that the Current Market Value of the Pledged Investment Property and/or Letter of Credit is less than the Required Value, Pledgor shall either (i) deposit in the Pledged Account additional Eligible Asset Securities sufficient to cause the Current Market Value of the Pledged Investment Property to be at least equal to the Required Value or (ii) post a Letter of Credit or increase a current Letter of Credit in an amount sufficient to cause the Current Market Value of the Pledged Collateral to be at least equal to the Required Value by noon (prevailing eastern time) on the Business Day following the date of such deficiency determination. In the event Pledgor determines that the Current Market Value of the Pledged Collateral exceeds the Required Value, Pledgor, only upon written authorization from Secured Party, shall be entitled to withdraw from the Pledged Account a portion of the Pledged Investment Property having a Current Market Value not greater than the amount of the excess of the Required Value, and Secured Party’s security interest in such withdrawn Pledged Investment Property shall terminate and be released without the necessity of any further action on the part of Pledgor, Secured Party, or the Safekeeping Agent; and/or reduce any Letter of Credit in an amount not greater than the amount in excess of the Required Value.
Collateral Coverage. (a) Set forth below are the Borrowing Base and the Total Extensions of Credit as of the last day of the [fiscal quarter][fiscal year] ended . Borrowing Base: Total Extensions of Credit:
Collateral Coverage. Not permit (a) the sum of the Borrowing Base, plus the unrestricted cash of all Obligors; divided by (b) the Revolving Outstandings, to be less than one and one-fifth (1.20).
Collateral Coverage. (i) Within 45 days (or such longer period of time permitted by the Administrative Agent in its sole discretion) (the “Collateral Coverage Cure Period”) after the deadline for delivering an Officer’s Certificate pursuant to Section 5.01(c) with respect to any fiscal quarter that, if such Officer’s Certificate is delivered by such deadline, shows or, if not delivered by such deadline for such fiscal quarter, could reasonably be expected to show, that the Collateral Rig Value is less than the Collateral Coverage Threshold, Holdings shall either (A) cause Marketed Rigs that are not currently Collateral Rigs to become Collateral Rigs or Related Yard Equipment that is not currently Collateral to become Collateral and to satisfy the Collateral Rig Requirements with respect thereto to the extent necessary to cause the Collateral Rig Value to be at least equal to the Collateral Coverage Threshold and deliver (1) an updated Officer’s Certificate setting forth a calculation of the Collateral Rig Value (including, for the avoidance of doubt, an updated Appraisal Report with respect to any such additional Collateral Rigs or Related Yard Equipment) giving pro forma effect to such additional Collateral Rigs or Related Yard Equipment and (2) such other security documents and/or amendments thereto as may be reasonably requested by the Collateral Agent, which shall include such representations and warranties to be made by the applicable Loan Parties party thereto with respect to Sections 3.19 and 3.20 herein with respect to Collateral Rigs as of the Closing Date or (B) prepay the Loans (which prepayment shall not be required to be accompanied by a corresponding permanent reduction of the Revolving Commitments) in an amount nxxxxxxxx.xx cause the Collateral Rig Value to be at least equal to the Collateral Coverage Threshold. For the avoidance of doubt, notwithstanding anything to the contrary contained herein, the Collateral Rig Value being less than the Collateral Coverage Threshold at the end of any fiscal quarter shall not constitute a Default or Event of Default so long as Holdings and/or its Subsidiaries shall have taken the actions specified in the preceding sentence prior to the expiration of the Collateral Coverage Cure Period.
Collateral Coverage. The Aggregate Appraised Value of the Mortgaged Vessels shall at all times be at least 150% of the then aggregate Total Commitment.
Collateral Coverage. Not later than sixty (60) days after each delivery of audited financial statements pursuant to Section 6.01(a) (commencing with the fiscal year ending December 31, 2018), Restricted Subsidiaries as are required to ensure that (1) the aggregate of earnings before interest, tax, depreciation and amortization (calculated on the same basis as Consolidated EBITDA but calculated as to the EMEA Credit Parties as a consolidated group and excluding all entities that are U.S. Credit Parties (the “Non-U.S. EMEA Credit Parties”)) of the Non-U.S. EMEA Credit Parties represents not less than 55% of earnings before interest, tax, depreciation and amortization (calculated on the same basis as Consolidated EBITDA but calculated as to the Non-U.S. Group as a consolidated group) of the Non-U.S. Group and (2) the aggregate consolidated total assets (excluding goodwill and intercompany items) of the Non-U.S. EMEA Credit Parties represents not less than 50% of the consolidated total assets (excluding goodwill and intercompany items) of the Non-U.S. Group, will provide a duly executed Non-U.S. Subsidiary Guaranty to the Administrative Agent and will grant Liens on their assets in accordance with Section 6.10(a) on terms consistent with the Agreed Security Principles, as applicable (the “Collateral Coverage Requirement”); provided that (i) the test in this clause (g) shall be tested by reference to the most recent annual financial statements delivered to the Administrative Agent as confirmed by a Compliance Certificate from the U.S. Borrower which shall be prima facie evidence thereof and in the event of any dispute as to whether or not such tests are satisfied, a determination by the auditors of the Borrowers, in the absence of manifest error, will be conclusive and binding on the Lenders and (ii) notwithstanding the foregoing, the Administrative Agent shall not be required to release any Subsidiary Guarantor from its obligations under the Loan Documents solely as a result of compliance with the Collateral Coverage Requirement.
Collateral Coverage. Cause, subject to the provisions set forth in this Section 5.01(n), the Aggregate Collateral Value, as determined pursuant to the Appraisal Report most recently delivered to the Lenders pursuant to Section 5.01(m)(i), to be equal to or greater than the Required Collateral Amount.
