Loan to Value Covenant. The Borrowers shall not permit the aggregate outstanding principal amount of the Term Loan and any Protective Overadvances at any time to exceed the Borrowing Base.
Loan to Value Covenant. The Borrower shall, at all time, ensure that the outstanding amount of the Facility is not more than 80 % of the unpaid amount of the Borrower’s Invoices to the Account Debtors listed in Schedule II. If the Bank notifies the Borrower that there is a breach of loan to value covenant, the Borrower shall prepay the Facility within 2 Business Days of the Bank’s notification in an amount and in a manner calculated and specified by the Bank to ensure compliance with the loan to value covenant.
Loan to Value Covenant. The Borrower shall, at all time, ensure that the outstanding amount of the Facility is not more than 80 % of the total unpaid amount of the Borrower’s Invoices and the Invoices of Luxoft Eastern Europe Ltd. to the Account Debtors listed in Schedule II. If the Bank notifies the Borrower that there is a breach of loan to value covenant, the Borrower shall prepay the Facility within 2 Business Days of the Bank’s notification in an amount and in a manner calculated and specified by the Bank to ensure compliance with the loan to value covenant.”
Loan to Value Covenant. Borrower agrees to maintain at all times during the remaining term of the Loan a Loan to Value ratio of less than or equal to seventy-five percent (75%).
Loan to Value Covenant. At all times during the term of the Loan, Mortgagor shall maintain a Loan To Value Ratio (the “LTV Ratio”) of not greater than 65%. Notwithstanding the foregoing, unless there is an uncured Event of Default, Mortgagee will not test this covenant more than once every twelve months and will not require Mortgagor to reimburse Mortgagee for an updated appraisal (and Mortgagee’s customary review fee) more frequently than every twenty-four (24) months. Should the LTV Ratio be determined to be above 65%, Mortgagor shall have the option to pay down the Loan or pledge additional collateral, acceptable to Mortgagee, to achieve this requirement within ninety (90) days following Mortgagee’s determination that the LTV Ratio exceeds 65%.
Loan to Value Covenant. The Borrower undertakes and covenants that at all times from and including the Utilisation Date the aggregate sum of the Loan shall not at any time exceed 90% of 75.2601 per cent of the Market Value of the Properties determined in accordance with the most recent Valuation.
Loan to Value Covenant. Subject to Clause 20.8 (Deposit Account), the Borrower undertakes and covenants with the Agent that:
Loan to Value Covenant. At all times the Property shall have a Loan-to-Value Ratio of not greater than 25%. Any appraisal used to determine the Market Value shall be satisfactory to Lender in all respects and shall be obtained at the sole cost and expense of Borrower, provided, however, that unless an Event of Default shall have occurred, Borrower shall not be required to pay the cost of more than one such appraisal per calendar year. In the event this Loan-to-Value Ratio is not met, Borrower may satisfy this Loan-to-Value Ratio prior to the Maturity Date by doing the following within thirty (30) days of Notice from Lender to Borrower of any failure to meet the required Loan-to-Value Ratio: either (A) making a voluntary paydown of the Loan, subject to the satisfaction of any conditions to prepayment, including the payment of any prepayment fee or premium, together with a mutually agreed-upon reduction in the committed amount of the Loan, and/or (B) providing additional collateral acceptable to Lender (which may include an acceptable stand-by letter of credit in favor of Lender), which shall have value (as determined by Lender) which when added to the Property value is sufficient to satisfy this Loan-to-Value Ratio. If the required Loan-to-Value Ratio is not met and Borrower fails to satisfy this covenant as aforesaid within such thirty (30) day period, such occurrence shall constitute an Event of Default.
Loan to Value Covenant. The Borrowers shall not permit the aggregate outstanding principal amount of the Term Loan and any Protective Overadvances at any time to exceed the product of (i) the TPB Pledged Stock Value at such time multiplied by (ii) 0.25.
Loan to Value Covenant. (i) Notwithstanding anything to the contrary contained in any Financing Agreement, Agent may, in its sole and absolute discretion, exclude the undrawn amount of any Letter of Credit for purposes of determining (A) Borrower's compliance with Section 6(b) of the Eleventh Amendment and (B) the amount of Loans and Letters of Credit available to Borrower pursuant to the Loan Agreement; provided, that, with respect to the Letter of Credit currently outstanding for the benefit of Tenaska Energy ("Tenaska"), upon the receipt by Agent of a written agreement, in form and substance satisfactory to Agent, of Tenaska to reduce the face amount of such Letter of Credit by up to $5,000,000 (the "Reduction"), Agent shall exclude such Reduction from the Obligations solely for purposes of determining (x) Borrower's compliance with Section 6(b) of the Eleventh Amendment and (y) the amount of Loans and Letters of Credit available to Borrower pursuant to the Loan Agreement.
