Collateral Maintenance Ratio definition

Collateral Maintenance Ratio has the meaning given in Clause 15.2;
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Collateral Maintenance Ratio means if at any time the Lender notifies the Borrower that the aggregate Fair Market Value of the Vessel fall below 125% of the outstanding principal balance of the Loan.
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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.
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Examples of Collateral Maintenance Ratio in a sentence

  • No Borrower shall consummate the sale of its Ship without paying or causing to be paid all amounts due and owing under this Agreement and the other Finance Documents relating to the Advance for such Ship prior to or simultaneously with the consummation of such sale; provided that the Applicable Collateral Maintenance Ratio pursuant to Clause 15.2 shall be maintained at all times.

  • Any additional Collateral provided pursuant to Clause 15.3 above shall be released within five (5) Business Days of the Borrower’s request provided the Collateral Maintenance Ratio has been met without such additional Collateral on the next testing date for which valuations are provided under Clause 11.1(h)(i).

  • On or after the Trigger Date, any such Dividends shall only be made if (a) Guarantor B maintains unrestricted cash and cash equivalents in an amount of at least $25,000,000 above the minimum liquidity thresholds pursuant to Clause 12.2.2 (Financial Covenants), (b) the Collateral Maintenance Ratio is not less than 200% and (c) no Default or Event of Default has occurred or is continuing or would result from making such dividend, distribution or payment.".

  • The Administrative Agent shall have received from the Borrower an Officer’s Certificate certifying that the Collateral Maintenance Ratio (as amended by this Amendment and assuming for purposes of this clause (d) that (x) the Vessels listed on Annex C attached hereto constitute Mortgaged Vessels as of the Amendment Effective Date and (y) the desktop appraisal, dated July 7, 2009, by BASSØE Offshore (USA) Inc.

  • It is understood and agreed that upon the sale, Total Loss or other disposition of the BULK ENDURANCE, the Collateral Maintenance Ratio for the BULK PRIDE after such sale, Total Loss or other disposition shall be equal to or higher than the applicable aggregate Collateral Maintenance Ratio for the Ships under Clause 15.2 immediately prior to such sale, Total Loss or other disposition.

  • The Borrower shall at all times maintain a Collateral Maintenance Ratio of at least 2.0 to 1.0.

  • As an alternative to (i) or (ii) of this Clause 10.3(d), the Agent may agree with the Borrower to reduce any unutilized Commitment in respect of the Tranche A Loan in such amount as may be necessary to cause such aggregate Fair Market Value of the Ships plus deposits as per Clause 7.9(b) (including in respect of insurance proceeds receivable, on a pro forma basis before such proceeds are deposited with the Security Trustee) to equal or exceed the Collateral Maintenance Ratio.

  • The Borrower shall at all times maintain a Collateral Maintenance Ratio of at least 2 to 1 and a Preferred Rig Ratio of at least 1.5 to 1.

  • The Obligors acknowledge and agree that, since December 9, 2008 and as of the date of this Agreement, the Obligors have been and are in breach of the Collateral Maintenance Ratio required by Clause 10.3(d) of the Amended and Restated Loan Agreement.

  • The Obligors acknowledge and agree that, since February 20, 2009 and as of the date of this Agreement, the Borrowers have been and are in breach of the Collateral Maintenance Ratio required by Clause 10.3(a) of the Loan Agreement.


More Definitions of Collateral Maintenance Ratio

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.
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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
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Collateral Maintenance Ratio has the meaning assigned such term in Clause 10.3(d);
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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).”
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Collateral Maintenance Ratio means the ratio set out in Clause 24.1 (Minimum required security cover).
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Related to Collateral Maintenance Ratio

  • Debt Service Ratio means for any period the Modified Cash NOI for all consolidated and unconsolidated properties of the Operating Partnership based on its share (determined on a proportional ownership basis based upon the Operating Partnership’s ownership (direct or indirect) in each of its Subsidiaries and Joint Ventures) divided by Debt Service.

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

  • Liquidity Ratio means, for any date of determination, the ratio of (a)(i) the aggregate amount of unrestricted and unencumbered cash (other than Liens in favor of Bank) held at such time by Borrower in Deposit Accounts maintained with Bank, plus (ii) accounts receivable determined according to GAAP for the Borrower and its consolidated Subsidiaries, divided by (b) the principal amount of outstanding Credit Extensions.

  • Performance Ratio (PR) means the ratio of plant output versus installed plant capacity at any instance with respect to the radiation measured.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.

  • Collateral Value The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal (as reviewed and approved by the Seller) made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal (as reviewed and approved by the Seller) obtained at the time of refinancing.

  • Secured Net Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Loss Reserve Ratio means, for any Calculation Period, the product of (a) the Stress Factor, (b) the highest three-month average, during the twelve-month period ending on the most recent Month End Date, of the Default Ratio and (c) the Loss Horizon Ratio for such Calculation Period.

  • CET1 Ratio means, as of any Balance Sheet Date, the CET1 Capital as of such Balance Sheet Date, divided by the BIS Risk Weighted Assets as of such Balance Sheet Date, expressed as a percentage, such ratio (or the components thereof) as determined by the Group Holding Company, and (i) as disclosed in the Quarterly Financial Accounts published on the relevant Ordinary Publication Date or (ii) constituting (or as disclosed in) the Reviewed Interim Measurement published upon the instruction of the FINMA on the relevant Extraordinary Publication Date, as applicable.

  • Coverage Ratio As to any one or more of the Combined Leased Properties, the ratio of the EBITDARM generated by such Combined Leased Property(ies) to Base Rent allocable thereto under the applicable Combined Leases, in each case for the four (4) full calendar quarters ending not less than sixty (60) days prior to the occurrence of a Section 16.10.3.1

  • Delinquency Ratio means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day by (b) the aggregate Outstanding Balance of all Pool Receivables on such day.

  • Collateral Pool means, at any time, each Portfolio Investment that has been Delivered (as defined in the Guarantee and Security Agreement) to the Collateral Agent and is subject to the Lien of the Guarantee and Security Agreement, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein and in which the Collateral Agent has a first-priority perfected Lien as security for the Secured Obligations (subject to any Lien permitted by Section 6.02 hereof with respect to such Portfolio Investment), provided that in the case of any Portfolio Investment in which the Collateral Agent has a first-priority perfected (subject to Permitted Liens under clause (g) of the definition thereof) security interest pursuant to a valid Uniform Commercial Code filing, such Portfolio Investment may be included in the Collateral Pool so long as all remaining actions to complete “Delivery” are satisfied in full within the longest period of (i) seven (7) days of such inclusion and (ii) as the Collateral Agent may agree in its reasonable discretion.

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by Senior Securities, to (b) the aggregate amount of Senior Securities representing indebtedness in each case, of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders, declarations, opinions, relief or letters issued by the SEC or any other government or regulatory authority, in each case as of the Effective Date, but excluding the effects of SEC Release No. 33837/April 8, 2020)). The calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive relief or order granted or issued by the SEC with respect to the 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 to which the Borrower or any other Obligor is a party. The outstanding utilized notional amount of any Credit Default Swap where an Obligor is a protection seller, in each case, less the value of the margin posted by the Borrower or any of its Subsidiaries thereunder at such time shall be treated as a Senior Security of the Borrower for the purposes of calculating the Asset Coverage Ratio.

  • Consolidated First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Consolidated Senior Secured Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Senior Secured Indebtedness on such date to (b) the sum, without duplication, of (i) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date plus (ii) the amount of Specified Non-Recurring Charges taken during the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.

  • Consolidated Senior Secured Net Leverage Ratio means as of any date of determination the ratio, on a Pro Forma Basis, of (a) Consolidated Senior Secured Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Test Period.

  • Average Delinquency Ratio on any Payment Date means the average of the Delinquency Ratios for the preceding three calendar months.

  • Net Leverage Ratio means, at any time, the ratio of (a)(i) Consolidated Total Indebtedness at such time minus (ii) the Qualified Cash Amount to (b) Consolidated EBITDA for the most recently completed period of four fiscal quarters.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • Consolidated Asset Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Assets to (b) the sum of the aggregate amount of Revolving Borrowings and Term Loans then outstanding.

  • Secured Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Cash Flow Ratio means, as at any date, the ratio of (a) the sum of the aggregate outstanding principal amount of all Indebtedness of the Company and the Restricted Subsidiaries determined on a consolidated basis, but excluding all Interest Swap Obligations entered into by the Company or any Restricted Subsidiary and one of the Banks outstanding on such date, plus (but without duplication of Indebtedness supported by letters of credit) the aggregate undrawn face amount of all letters of credit outstanding on such date to (b) Annualized Operating Cash Flow determined as at the last day of the most recent month for which financial information is available.

  • Consolidated Senior Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Senior Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period.