Collateral Base has the meaning assigned to such term in Section 5.13.
Collateral Base. With respect to any Mortgage Loan, the value of any Additional Collateral related to such Mortgage Loan, plus the value of the Mortgaged Property related to such Mortgage Loan.
Collateral Base means, at any time, the fair market value, determined by the Lender in its sole discretion, of the Pledged Financial Assets in the Pledged Account securing the Secured Obligations which the Lender, in its sole discretion, deems acceptable for inclusion in the Collateral Base (other than with respect to securities of the Issuer). The Lender may at any time in its sole discretion exclude certain Pledged Financial Assets from the determination of the Collateral Base (other than securities of the Issuer). Lender shall provide Grantor with written notice of any such determination to exclude Pledged Financial Assets from the determination of the Collateral Base and Grantor shall have two (2) Business Days after the receipt of such notice to substitute other acceptable Collateral. After the Effective Date, so long as no Default or Event of Default has occurred and is continuing, the Grantor may make trades in the Pledged Account, provided that, after giving effect to any such trade, the Collateral Base will not be less than the Floor Amount. In the event that the Collateral Base as determined by the Lender at any time falls below the Floor Amount, the Grantor shall immediately deposit in or transfer to the Pledged Account additional Pledged Financial Assets so that the Collateral Base as determined by the Lender equals or exceeds the Floor Amount; provided, however, that in the event the fair market value of the Collateral Base as determined by the Lender is not less than 125% of the outstanding principal amount of advances (or other credit extended) under the Note, the Grantor shall have a cure period of five (5) days to cause the Collateral Base to equal or exceed the Floor Amount without being in default under this Section 2(b) of this Agreement (provided, further, however, that in the event the Collateral Base as determined by the Lender falls below 125% of the outstanding principal amount of advances (or other extensions of credit) under the Note during any such five (5) day cure period, such cure period shall immediately terminate, the Grantor shall immediately be in default under this Section 2(b) at such time, and such default shall constitute an Event of Default under the Note).
Examples of Collateral Base in a sentence
If, based upon such weekly internal review, the Borrower determines that a Collateral Base Deficiency exists, then the Borrower shall, promptly and in any event within two Business Days as provided in Section 5.01(e), deliver a Collateral Base Certificate reflecting the new amount of the Collateral Base and shall take the actions, and make the payments and prepayments (if any), all as more specifically set forth in Section 2.08(b).
The Borrower will not permit the aggregate Value of the Eligible Portfolio Investments that can be converted to Cash in fewer than 10 Business Days without more than a 5% change in price to be less than 10% of the Covered Debt Amount for more than 30 Business Days during any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted Collateral Base.
Notwithstanding the foregoing, the Borrower shall pay interest in accordance with Section 2.10(c) for so long as the Covered Debt Amount exceeds the Collateral Base during such 30-Business Day Period.
For clarity, in the event that the Collateral Base Deficiency is not cured prior to the end of such 5 Business Day period (or, if applicable, such 30- Business Day period), it shall constitute an Event of Default under clause (a) of Article VIII.
Beginning October 1, 2016, if, at any time the amount of Credit Party Debt exceeds the Collateral Base, Debtor shall, on demand, repay the Credit Party Debt in an amount sufficient to reduce the Credit Party Debt by an amount equal to such excess.
More Definitions of Collateral Base
Collateral Base means an amount equal to: (i) Eighty-Five percent (85%) of Eligible Accounts plus (ii) Fifty percent (50%) of Eligible Inventory minus (iii) the aggregate amount of any indebtedness for borrowed money (including guarantees thereof) owed to any senior secured creditor approved by Secured Party.
Collateral Base means for any Business Day as of which it is being calculated, the amount equal to the aggregate fair market value (or, as to cash, the amount thereof) of each item of Eligible Collateral held in a Custodial Account of a Borrower multiplied by the Eligible Percentage for such Eligible Collateral as set forth on Schedule 1.1(b), in each case as of the close of business on the immediately preceding Business Day or, if such amount is not determinable as of the close of business on such immediately preceding Business Day, as of the close of business on the most recent Business Day on which such amount is determinable, which Business Day shall be not more than two (2) Business Days prior to the Business Day as of which the Collateral Base is being calculated; provided that the calculation of the Collateral Base shall be further subject to the terms and conditions set forth on Schedule 1.1(b); and provided further that (i) no Eligible Collateral (including cash) shall be included in the calculation of the Collateral Base unless the Administrative Agent has a first priority perfected Lien on and security interest in such Eligible Collateral pursuant to the Security Documents and (ii) no Eligible Collateral which is subject to a securities lending arrangement shall be included in a Collateral Base.
Collateral Base means, as of any date of calculation, the excess of:
Collateral Base means, for any week during the term of this Agreement, the sum of (i) seventy-five percent (75%) of "Net Receivables Outstanding" (shown as line item 233 in attached Exhibit "A") plus (ii) one-third (1/3) of "Net Xxxxxx Inventory at End of Week" (shown as line item 213 in attached Exhibit "A") as shown in the respective Weekly Report.
Collateral Base means, at any time, the Collateral Value of the FoxMeyer Stock and Publicly-Traded Stock that is (a) subject to Lender Liens, (b) subject to no other Liens except Permitted Liens, and (c) subject to no restrictions on transfer except under general corporate and securities Laws and, solely in respect of Phar-Mor stock, the LLC Agreement and Proxy. COLLATERAL-BASE CERTIFICATE means a certificate that is completed and executed by a Responsible Officer and delivered to Lender in substantially the form of EXHIBIT C-3 or EXHIBIT C-4, as applicable. COLLATERAL-BASE DEFICIENCY means -- at any time and if positive -- the amount by which (a) 525% of the unpaid principal balance of the Loan exceeds the total Collateral Base, (b) 400% of the unpaid principal balance of the Loan exceeds the Collateral Base applicable solely to FoxMeyer Stock, or (c) 125% of the unpaid principal balance of the Loan exceeds the Collateral Base applicable to Publicly-Traded Stock.
Collateral Base means, at any time, the Collateral Value of the Carsxx Xxxck and Publicly-Traded Stock and the actual amount of cash collateral held in escrow in each case that is (a) subject to Lender Liens, (b) subject to no other Liens except Permitted Liens, and (c) subject to no restrictions on transfer except under general corporate and securities Laws and (i) solely in respect of Phar-Mor stock, the LLC Agreement and Proxy, and (ii) solely in respect of the Carsxx Xxxck, the Supplementary Agreement dated August 18, 1995, as amended by the Amendment to Supplementary Agreement dated October 3, 1996, between M&A and DNL Group, L.L.C. COLLATERAL-BASE DEFICIENCY means -- at any time and if positive -- the amount by which (a) 200% times (i) the unpaid principal balance of the Loan less (ii) the aggregate amount held in the Interest Expense Escrow Accounts (after subtracting the amount necessary for the Interest Payment for the immediately subsequent one-month period) exceeds the total Collateral Base, or (b) 87.5% times (i) the unpaid principal balance of the Loan less (ii) the aggregate amount held in the Interest Expense Escrow Accounts (after subtracting the amount necessary for the Interest Payment for the immediately subsequent one-month period) exceeds the Collateral Base applicable to Publicly-Traded Stock.
Collateral Base as defined in the Credit Agreement or as defined in any Designated Debt Document.