Examples of Collateral Coverage Failure in a sentence
The Borrower may at any time after the Closing Date designate any Obligor (other than a Principal Obligor) (or, following the formation or acquisition by any Obligor of a Subsidiary, such Subsidiary) as an Unrestricted Subsidiary, so long as (i) after giving pro forma effect thereto, the Borrower would be compliance with the covenants in Section 6.3 on the date of such designation and (ii) no Collateral Coverage Failure, Default or Event of Default has occurred and is continuing or would result therefrom.
The Administrative Agent and the Lenders shall have received the Baseline Appraisals, demonstrating that no Collateral Coverage Failure shall have occurred as of the Closing Date.
The Borrower may at any time after the Closing Date designate any Obligor (other than a Principal Obligor) (or, following the formation or acquisition by any Obligor of a Subsidiary, such Subsidiary) as a Receivables Subsidiary, so long as (i) after giving pro forma effect thereto, the Borrower would be compliance with the covenants in Section 6.3 on the date of such designation and (ii) no Collateral Coverage Failure, Default or Event of Default has occurred and is continuing or would result therefrom.