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. 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. 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. 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:
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. It will ensure that:
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. The Aggregate Appraised Value of the Mortgaged Vessels shall at all times be at least 150% of the then applicable 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. In the case of a Revolving Loan, the Collateral Rig Value shall not be less than the Collateral Coverage Threshold on a pro forma basis after giving effect to such Revolving Loan. Each of the delivery of a Borrowing Request and the acceptance by Borrower of the proceeds of such Loan or of the issuance of, increase in the amount of, or extension date of, a Letter of Credit shall constitute a representation and warranty by each Loan Party that on the date of such Loan or date of the issuance of, increase in the amount of, or extension date of, such Letter of Credit (both immediately before and after giving effect to such Loan or such Letter of Credit and the application of the proceeds thereof) the conditions contained in Sections 4.02(b)-(g) have been satisfied. Borrower shall provide such information (including calculations in reasonable detail of the covenants in Section 5.02) as the Administrative Agent may reasonably request to confirm that the conditions in Sections 4.02(b)-(g) have been satisfied.
