Collateral Maintenance Test. On the Initial Borrowing Date and immediately after giving effect to the Loans incurred on such date, the Borrower shall be in compliance with Section 8.07(d).
Collateral Maintenance Test. If on September 30, 2011 and any Quarterly Date occurring thereafter, the Aggregate Management Fee Collateral for such Quarterly Date is not at least equal to 70% of the Aggregate Management Fees for such Quarterly Date (the “Collateral Maintenance Test”), the Obligors shall, within 90 days of such Quarterly Date, cause Management Fee Subsidiaries to be subject to the Collateral Requirement such that, if such Management Fee Subsidiaries were subject to the Collateral Requirement on such Quarterly Date, the Collateral Maintenance Test would have been satisfied on such Quarterly Date. The Obligors shall cause (x) each Subsidiary thereof that shall hold any ownership interests, directly or indirectly, in any Management Fee Guarantor and (y) other than with respect to Carlyle Investment Management L.L.C. and CIM Global, L.L.C., each Subsidiary of each Management Fee Guarantor to be subject to the Collateral Requirement.
Collateral Maintenance Test. Upon a non-compliance of Clause 25.1 (Minimum Market Value), the Facilities shall be repaid and/or reduced (as applicable) on the date falling one (1) Month after such breach by an amount equal to the amount which is required for the Borrowers to become compliant with Clause 25.1 (Minimum Market Value) again, or provide cash collateral, or other collateral satisfactory to all the Lenders, in an amount necessary to remedy the shortfall. Collateral provided under this Clause 8.3 shall be released to the Borrowers as soon as the Borrowers can demonstrate compliance with Clause 25.1 (Minimum Market Value).
Collateral Maintenance Test. On the Amendment and Restatement Effective Date and at the time of each Credit Event and immediately after giving effect thereto, the Aggregate Collateral Rig Value shall be at least 150% of the sum of the aggregate outstanding amount of Loans and Letters of Credit Outstanding at such time. The acceptance by each of the Parent and the Borrower of the benefits of each Credit Event shall constitute a representation and warranty by each of them to the Administrative Agent and each of the Lenders that all the conditions specified in this Section 7 and applicable to such Credit Event are satisfied as of that time. All of the documents and papers referred to in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of each of the Lenders and in the number of counterparts or copies reasonably requested by the Administrative Agent and shall be in form and substance reasonably satisfactory to the Administrative Agent.
Collateral Maintenance Test. On each Borrowing Date and immediately after giving effect to the Loans incurred on such date, the sum of (i) the Aggregate Appraised Value of the Collateral Vessels which have not been sold, transferred, lost or otherwise disposed of (it being understood that permitted chartering arrangements do not constitute disposals for this purpose) on such Borrowing Date and (ii) the fair market value of any Additional Collateral (as determined in good faith by the Administrative Agent) shall be equal to or greater than 140% of the aggregate outstanding principal amount of the Loans. Notwithstanding anything to the contrary in this Section 5.02, Loans on any Borrowing Date may be borrowed before the applicable conditions set forth above in Section 5.02 are met, provided that:
Collateral Maintenance Test. On the Amendment and Restatement Effective Date and at the time of each Credit Event and immediately after giving effect thereto, the Aggregate Collateral Rig Value shall be at least 150% of the sum of the aggregate outstanding amount of Loans and Letters of Credit Outstanding at such time.
Collateral Maintenance Test. At the time of each Credit Event, the Administrative Agent shall have received evidence from the Parent reasonably satisfactory to the Administrative Agent demonstrating that after giving effect to such Credit Event, the Aggregate Collateral Rig Value is at least 150% of the sum of the aggregate outstanding amount of Loans at such time 56 SECTION 8. Representations, Warranties and Agreements 57 8.01 Corporate/Limited Liability Company/Limited Partnership Status 57 8.02 Corporate Power and Authority 57 8.03 No Violation 57 8.04 Governmental Approvals 58 8.05 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections; etc. 58 8.06 Litigation 59 8.07 True and Complete Disclosure 59 8.08 Use of Proceeds; Margin Regulations 60 8.09 Tax Returns and Payments 60 8.10 Compliance with ERISA 60 8.11 The Security Documents 61 8.12 Capitalization 61 8.13 Subsidiaries 62 8.14 Compliance with Statutes, etc. 62 8.15 Investment Company Act 62
Collateral Maintenance Test. At the time of each Credit Event, the Administrative Agent shall have received evidence from the Parent reasonably satisfactory to the Administrative Agent demonstrating that after giving effect to such Credit Event, the Aggregate Collateral Rig Value is at least 150% of the sum of the aggregate outstanding amount of Loans at such time. The acceptance by each of the Parent and the Borrower of the benefits of each Credit Event shall constitute a representation and warranty by each of them to the Administrative Agent and each of the Lenders that all the conditions specified in Section 6 (with respect to Credit Events occurring on the Initial Borrowing Date) and in this Section 7 (with respect to Credit Events occurring on or after the Initial Borrowing Date) and applicable to such Credit Event are satisfied as of that time. All of the Notes, certificates, legal opinions and other documents and papers referred to in Section 6 and in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of each of the Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent.
Collateral Maintenance Test. Upon a non-compliance with Clause 22.3 (Minimum Market Value), the Borrowers shall within the date falling sixty (60) calendar days after such non-compliance occurred repay the Facility by an amount equal to the amount which is required for the Borrowers to become compliant with Clause 22.3 (Minimum Market Value) again, unless the Borrowers have within that date provided security to the Security Agent in the form of cash on a blocked account pledged on first priority in favour of the Security Agent as security for the Secured Obligations, in form and substance satisfactory to the Agent (acting on the instruction of the Lenders), and in such amount as required to restore compliance with Clause 22.3 (Minimum Market Value).
Collateral Maintenance Test. On each Borrowing Date and immediately after giving effect to the Loans incurred on such date, the Borrower shall be in compliance with Section 8.07(d). Notwithstanding anything to the contrary in Sections 5.02(a) through (f), Loans on any Borrowing Date may be borrowed before the applicable conditions set forth above in Sections 5.02(a) (other than clause (i) thereof) through (f) are met, provided that:
