Collateral Maintenance Ratio definition
Collateral Maintenance Ratio has the meaning given in Clause 15.2;
Collateral Maintenance Ratio means, as of the applicable date of determination, the ratio of (a) the Aggregate Mortgaged Vessel Value to (b) the sum of all Loans outstanding, LC Exposure and unused Revolving Commitments.
Collateral Maintenance Ratio means if at any time the Lender notifies the Borrowers that the aggregate Fair Market Value of the Vessels fall below 125% of the outstanding principal balance of the Loan.
Examples of Collateral Maintenance Ratio in a sentence
Subject to Section 9.4, at all times after the Effective Date, the Collateral Maintenance Ratio shall be at least 2.50:1.00.
None of the Borrower, any Obligor or any Subsidiary that owns Equity Interests of the Borrower or any Obligor, nor any Collateral Vessel Owner, may be designated as an Unrestricted Subsidiary except if, immediately after giving pro forma effect to such designation, (A) the Collateral Maintenance Ratio is equal to or greater than 5.00 to 1.00 at such time, and (B) no Default or Event of Default shall have occurred and is continuing or would result therefrom.
More Definitions of Collateral Maintenance Ratio
Collateral Maintenance Ratio. Waived until extraordinary repayment of $25 million has been made, however no later than January 31, 2009 • 90% from date of extraordinary repayment of $25 million until June 29, 2009 • 100% from June 30, 2009 until December 30, 2009 • 110% from December 31, 2009 until March 30, 2010 • 115% from March 31, 2010 until June 29, 2010 • 125% thereafter
Collateral Maintenance Ratio means, as of the applicable date of determination, the ratio of (a) the Aggregate Subject Collateral Value to (b) the sum, without duplication, of (i) the sum of all Loans outstanding, LC Exposure and unused Revolving Commitments, (ii) the sum of all other obligations secured by a Ship Mortgage that are then due and payable, and (iii) the aggregate amount of obligations secured by a Lien on a Mortgaged Vessel that is permitted pursuant to Section 6.02(q) (it being understood that the amount determined pursuant to subclauses (ii) and (iii) shall not have been deducted in determining the Aggregate Mortgaged Vessel Value).”
Collateral Maintenance Ratio means the ratio set out in Clause 24.1 (Minimum required security cover).
Collateral Maintenance Ratio has the meaning assigned such term in Clause 10.3(d);
Collateral Maintenance Ratio means, as at any date of determination, the ratio of (a) the Collateral Market Value (as adjusted pursuant to Section 2.04 for purposes of calculating this ratio) as of such date to (b) the Total Commitment as of such date.
Collateral Maintenance Ratio means the ratio of (i) the aggregate Fair Market Value of the Collateral Vessels as of the latest valuations provided by the Borrower pursuant to Section 9.1(e) (provided that if the Borrower has, since the last appraisal delivery date made capital expenditures in respect of certain Collateral Vessels, the Borrower can, at its option, deliver updated valuations for such Collateral Vessels), divided by (ii) the total amount of the Commitments then in effect.