Asset Cover definition

Asset Cover means, at the relevant time, the aggregate of the Fair Market Values (Sale) of all of the Mortgaged Ships divided by the aggregate of the Revolving Credit Facility Loans outstanding and any undrawn and uncancelled Revolving Credit Facility Commitments that are not part of the Suspended Undrawn Revolving Credit Facility.
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Asset Cover means the ratio of specified assets of the Company to specified obligations of the Company, calculated in accordance with the following formula:-
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Asset Cover means the ratio set out in Clause 12 (Financial Covenants)
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Examples of Asset Cover in a sentence

  • The Administrator agrees to prepare monthly asset cover reports for the CBC including the relevant calculations in respect of the Asset Cover Test (each an "Asset Cover Report").

  • The Administrator shall on behalf of the CBC conduct the Asset Cover Test, the Amortisation Test and the Liquidity Reserve Test and where required give any and all related notices, with a copy to the CBC, all in accordance with the Asset Monitoring Agreement.

  • To the extent within its powers, the Issuer shall ensure that the CBC, the Administrator, the Internal Cover Pool Monitor and the Asset Monitor shall receive all such information that is required to check compliance with the Asset Cover Test, the Amortisation Test and the Mandatory Liquidity Test and to verify compliance with Articles 3:33b and 3:33ba of the Wft and Articles 40e up to and including 40m of the Decree, in accordance with the requirements prescribed by the CB Regulations.

  • The Asset Monitor is not required to test the arithmetic accuracy of α, β, the Current Balance and the Indexed Valuation for each Mortgage Receivable as well as the accuracy of the Asset Percentage and the LTV Cut-Off Percentage and/or any other parameters used in the Asset Cover Test.

  • Upon each issue of Covered Bonds under the Programme, the Administrator shall on behalf of the CBC assess whether such issue of Covered Bonds will result in a breach of the Asset Cover Test at the end of the calendar month in which such Covered Bonds are issued and where required give any and all related notices, with a copy to the CBC, for the purpose of Clause 3.2.1(m) of the Programme Agreement.

  • The Borrower fails to perform or observe any provision of Clause 12 (Asset Cover Covenant) or Clause 13.17 (Additional Security) within any applicable grace periods referred to therein.

  • Upon each issue of Covered Bonds under the Programme, the Administrator shall on behalf of the CBC assess whether such issue of Covered Bonds will result in a breach of the Asset Cover Test at the end of the calendar month in which such Covered Bonds are issued and where required give any and all related notices, with a copy to the CBC, for the purpose of Clause 3.2.1 (m) of the Programme Agreement.

  • The Group Borrower fails to perform its obligations under Clause 12.1 (Asset Cover Test) and (except in any case where, in the opinion of the Security Trustee, the failure is incapable of remedy when no such continuation or notice as is hereinafter mentioned will be required) the failure continues for the period of 60 days next following the service by the Security Trustee on the Group Borrower of notice requiring the same to be remedied.

  • Asset Cover Company shall maintain minimum 100% asset cover on the outstanding balance of the Debentures plus accrued interest thereon in terms of reg.

  • Upon each issue of Covered Bonds under the Programme, the Administrator shall on behalf of the CBC assess whether such issue of Covered Bonds will result in a breach of the Asset Cover Test at the end of the calendar month in which such Covered Bonds are issued and where required give any and all related notices, with a copy to the CBC, for the purpose of Clause 3.2(j) of the Programme Agreement.


More Definitions of Asset Cover

Asset Cover means the ratio of the aggregate value (as per the most recent audited accounts) of the Borrower's gross fixed assets and capital work in progress as reduced by accumulated depreciation (including un-provided depreciation, if any), to all Financial Indebtedness (as per its most recent audited accounts) having a first pari passu charge over the fixed assets of the Borrower. Revaluation of assets would not be taken into account for determining the Security Cover.
Sample 1
Asset Cover means aggregate of the assets consisting of net block, investments, as increased by the capital works in progress divided by the loans secured by such assets.
Sample 1
Asset Cover means, at the relevant time, the aggregate of the Fair Market Values (Sale) of all of the Mortgaged Ships divided by the outstanding amounts under the Facilities (including any undrawn Revolving Credit Facility Commitments that are not part of the Suspended Undrawn Revolving Credit Facility); CONFIDENTIAL TREATMENT REQUESTED BY HAFNIA LIMITED PURSUANT TO 17 C.F.R. SECTION 200.83
Sample 1
Asset Cover means aggregate of the assets consisting of net block, investments, as increased by the capital works in progress divided by the loans secured by such Assets, from time to time. "DEBT SERVICE COVER RATIO" "DSCR" means EBITDA minus tax divided by interest and current maturity of long term debts. "EBITDA" means, in relation to any Relevant Period, the total operating profit of the Borrower for that Relevant Period before taking into account: (a) Interest Expense; (b) Tax; (c) Any share of the profit of any associated company or undertaking, except for dividends received in cash by the Borrower; and (d) Extraordinary and exceptional items, 31 <PAGE> after adding back all amounts provided for depreciation and amortisation for that Relevant Period, as determined (except as needed to reflect the terms of this Clause 8.3) from the financial statements of the Borrower and Compliance Certificates delivered under Clause 8.2 (Other Financial statements) and Clause 8.2.2 (Compliance Certificates). "INTEREST COVER" means EBITDA divided by Gross Interest. "GROSS INTEREST" means interest expenses shown in the profit and loss account schedule and excludes any interest income. "TOTAL DEBT" means all secured and unsecured liabilities such as loans, difference of current liabilities over current assets as disclosed in the financial statements of the Borrower prepared from time to time, as reduced by cash balances and liquid investments. "TANGIBLE NET WORTH" means net worth of the Borrower excluding deferred revenue expenditure and goodwill but including deferred taxation. 8.4
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Related to Asset Cover

  • Asset Coverage means asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Fund which are stock, including all Outstanding Series A Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock), determined on the basis of values calculated as of a time within 48 hours (not including Saturdays, Sundays or holidays) next preceding the time of such determination.

  • 1940 Act Asset Coverage means “asset coverage,” as defined for purposes of Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Fund which are shares of stock for purposes of the 1940 Act, including all outstanding MuniFund Term Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation or order of United States Securities and Exchange Commission as the minimum asset coverage for senior securities which are shares of stock of a closed-end investment company).

  • Asset Coverage Test is met if the Adjusted Aggregate Asset Amount (as defined below) shall be in an amount at least equal to the Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the relevant Calculation Date. For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.

  • Asset Coverage Cure Date means, with respect to the failure by the Fund to maintain Asset Coverage as of the close of business on a Business Day (as required by Section 2.4(a)), the date that is thirty (30) calendar days following such Business Day.

  • Foreign Asset Control Regulations has the meaning set forth in Section 10.18.

  • Foreign Assets means any of the Portfolios’ investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios’ transactions in such investments.

  • Foreign Asset Sale shall have the meaning provided in Section 5.2(i).

  • Foreign Assets Control Regulations has the meaning set forth in Section 10.18.

  • Asset Coverage Ratio means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive order issued by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee.

  • Foreign Air Carrier means any air carrier which is not a U.S. Air Carrier and which performs maintenance, preventative maintenance and inspections for the Aircraft, Airframe and/or any Engine or engine to standards which are approved by, or which are substantially equivalent to those required by, the Federal Aviation Administration, the Civil Aviation Authority of the United Kingdom, the Direction Generale de l'Aviation Civile of the French Republic, the Luftfahrt Bundesamt of the Federal Republic of Germany, the Rijflauchtraatdienst of the Kingdom of the Netherlands, the Ministry of Transportation of Japan or the Federal Ministry of Transport of Canada (and any agency or instrumentality of the applicable government succeeding to the functions of any of the foregoing entities).

  • Specially Designated Nationals and Blocked Persons list maintained by the Office of Foreign Assets Control of the United States Department of the Treasury found at: xxxxx://xxx.xxxxxxxx.xxx/ofac/downloads/sdnlist.pdf;

  • State Sanctions List means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.

  • Sanctions List means the "Specially Designated Nationals and Blocked Persons" list issued by OFAC, the Consolidated List of Financial Sanctions Targets issued by Her Majesty's Treasury, or any similar list issued or maintained or made public by any of the Sanctions Authorities;

  • Closing protection letter means an agreement by the division to indemnify a lender or owner or both for loss caused by a division closer’s theft of settlement funds or failure to comply with written closing instructions relating to title certificate coverage when agreed to by the division closer.

  • EU Bail-In Legislation Schedule means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

  • Administrative order means a written notice from the commissioners to the landowner or landowners of record and to the occupants of land informing them they are violating the district’s soil loss limit regulations or maintenance agreement and advising them of action required to conform to the regulations.

  • Shelter care facility means a facility used for the shelter care of youth. The term is limited to

  • OFAC SDN List means the list of the Specially Designated Nationals and Blocked Persons maintained by OFAC.

  • Policy Schedule means a schedule attached to these Terms and Benefits, which sets out, among others, the Policy Effective Date, Renewal Date, the name and the relevant particulars of the Policy Holder and the Insured Person, the eligible benefits, premium and other relevant details in respect of these Terms and Benefits.

  • Insurance Ordinance means the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong).

  • Property Insurance is defined in Section 6.10(a).

  • First party insurance means an insurance policy or contract in which the insurer agrees to pay a claim submitted to it by the insured for the insured's losses.

  • Environmental Protection Agency (EPA) means the United States Environmental Protection Agency.

  • terrorist financing means the act of, directly or indirectly, providing or collecting funds with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out terrorist acts.4

  • Credit property insurance means insurance:

  • U.S. Economic Sanctions is defined in Section 5.16(a).