Collateral Coverage Requirement Sample Clauses

Collateral Coverage Requirement. The Loan Parties shall be required to pledge or cause to be pledged to the Lender, and keep in full force and effect until Full Payment of the Secured Obligations, Collateral having an aggregate value sufficient to collateralize the original principal amount of the Term Loan A-2 Principal Balance as of the Amendment 1 Effective Date on at least a 1:1 basis (the “Collateral Coverage Requirement”). ConcurrentlyParent has granted and will grant the Lender the following Mortgages: (a) concurrently with the execution and delivery of this Agreement on the Restatement Date, Parent will grantgranted the Lender the Initial Mortgages with respect to the Janesville, WI Parcel and the Glencoe, MN Parcel; (b) following the Restatement Date, [Parent] granted the Lender the Mortgages with respect to the Rochester, MN Parcel and the Ripon, WI Parcel; and (c) concurrently with the execution and delivery of Amendment 1 on the Amendment 1 Effective Date, [Parent] will grant the Lender a Mortgage with respect to the Montgomery, MN Parcel. In the event that, following the receipt of the third party appraisals required to be delivered to the Lender after the RestatementAmendment 1 Effective Date pursuant to Section 7.14(b) with respect to the Janesville, WI Parcel and the GlencoeMontgomery, MN Parcel, the Lender determines the total value of the Janesville, WI Parcel and the Glencoe, MN ParcelMortgaged Properties is insufficient to satisfy the Collateral Coverage Requirement, then, within thirty (30) days of the Lender’s delivery of notice of such determination to the Borrowers, the Loan Parties shall, at their option, either (a) prepay the Term Loan A-2 or (b) pledge additional real property or other collateral satisfactory to the Lender in its sole discretion, such that, in the case of either clause (a) or clause (b), the Collateral Coverage Requirement is satisfied after giving effect thereto (it being the intention of the parties hereto that, in the event the Collateral Coverage Requirement is not satisfied based on the total value of the Janesville, WI Parcel and, the Glencoe, MN Parcel, the Ripon, WI Parcel, the Rochester, MN Parcel, and the Mxxxxxxxxx, MN Parcel, and the Loan Parties elect to pledge additional collateral to the Lender pursuant to the preceding clause (b), the Loan Parties, as necessary, shall, first, grant a first priority Mortgage to the Lender with respect to the Rochester, MN Parcel and/orany other real property acceptable to the Ripon, WI ParcelLende...
Sample 1
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Related to Collateral Coverage Requirement

  • 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

  • Coverage Requirements (08/19) Contractor shall comply with the following insurance requirements:

  • 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:

  • Insurance Coverage Requirements Without limiting CONTRACTOR’s duty to indemnify, CONTRACTOR shall maintain in effect throughout the term of this Agreement a policy or policies of insurance with the following minimum limits of liability:

  • 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.

  • 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.

  • 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;

  • Minimum Debt Service Coverage Ratio as at the end of each Fiscal Quarter, the Debt Service Coverage Ratio shall not be less than 1.20 to 1.00; and

  • Debt Service Coverage Ratio Calculation: If school owns its facility or if the school leases its facility and the lease is capitalized: (Net Income + Depreciation Expense + Interest Expense) divided by (Principal + Interest + Lease Payments) If school leases its facility and the lease is not capitalized: (Facility Lease Payments + Net Income + Depreciation Expense + Interest Expense) divided by (Principal + Interest + Lease Payments) Data Source: Annual Fiscal Audit Report

  • 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.

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