Loan Coverage Ratio definition

Loan Coverage Ratio means, as of any date of determination, the ratio of (i) the aggregate amount in respect of Export Contract Receivables actually paid in cash directly for credit of the Collection Accounts during the 12-calendar months period then ended (or if such date of determination falls before the 12-month anniversary of the Closing Date, during the period commencing on the Closing Date and ending on such date of determination) (calculated as of 4:00 p.m. (New York City time) as of such date of determination), to (ii) the aggregate principal amount of, and interest on, the Loans, and any other fees payable under any Financing Document, outstanding as of such date of determination.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Loan Coverage Ratio means, at any time, an amount equal to the ratio of (a) the Coverage Base to (b) the aggregate outstanding principal amount of the Loans.

Loan Coverage Ratio means, on a Combined Basis, the ratio obtained by dividing:

Examples of Loan Coverage Ratio in a sentence

Qualified Purchase Contracts providing not less than the Minimum Loan Coverage Ratio.
So long as any Obligations remain outstanding, Borrower shall maintain a Loan Coverage Ratio of at least 2.50:1.00 measured quarterly as of the last day of each quarter.
At all times during the term of this Agreement, Borrower shall maintain the Minimum Loan Coverage Ratio.
Administrative Agent shall have received satisfactory evidence that Borrower has a Loan Coverage Ratio equal to or greater than 2.50:1.00, measured as of the Closing Date.
If as of the end of such 30-day period the Borrowing Base has not increased in a sufficient amount to restore compliance with the Working Capital Loan Coverage Ratio, then pursuant to Section 1(c)(i) above Borrowers shall immediately prepay, in cash, outstanding principal of Working Capital Loans in an amount necessary to restore compliance with the Working Capital Loan Coverage Ratio as of the end of the most recent month-end.
At all times after the initial Working Capital Loan is advanced, Borrowers shall maintain a Working Capital Loan Coverage Ratio of not less than 1.0 to 1.0 (provided that failure to maintain such ratio shall not, by itself, constitute an Event of Default).
Subject to Section 1(c)(ii) below, if as of such date of determination the Working Capital Loan Coverage Ratio is less than 1.0 to 1.0, then Borrowers shall immediately prepay outstanding principal of Working Capital Loans in an amount necessary to restore compliance with such Ratio, without premium or penalty.
If at any time Borrower shall fail to maintain the Minimum Loan Coverage Ratio, Borrower shall, within thirty (30) days after receipt of notice from Administrative Agent, (a) repay the Loan in an amount sufficient to comply with the Minimum Loan Coverage Ratio, or (b) provide evidence satisfactory to Administrative Agent in its sole discretion, that Qualified Purchase Contracts are in place to provide Net Sales Proceeds sufficient to meet the Minimum Loan Coverage Ratio.
No later than five (5) days after the end of each month, Borrowers shall deliver to Lender a certificate of the chief financial officer or other authorized representative of Parent substantially in the form of Exhibit “D” to this Supplement (“Borrowing Base Certificate"), setting forth a calculation of the Working Capital Loan Coverage Ratio.
Notwithstanding anything to the contrary in Section 1(c)(i) above, if as of the end of any month that the Working Capital Loan Coverage Ratio is less than 1.0 to 1.0, and if as of such date of determination no Event of Default has occurred and is continuing, then Borrowers may, without penalty, delay prepaying the Loans as required by Section 1(c)(i) above for up to 30 days after the date on which the related Borrowing Base Certificate was or should have been delivered.

More Definitions of Loan Coverage Ratio

Loan Coverage Ratio means the ratio of (x) the sum, without duplication, of the Company’s Net Loan Assets plus Cash or Cash Equivalents held by the Company, in each case which are subject to a perfected first priority Lien created pursuant to this Agreement or the other Loan Documents and not subject to any other Lien, to (y) all secured Indebtedness of the Company and its Subsidiaries incurred pursuant to this Agreement. For purposes of determining the Loan Coverage Ratio, there shall be excluded any Cash Equivalents of any SBIC Subsidiary.

Loan Coverage Ratio means, with respect to a Loan requested by the Borrower in connection with an Eligible Railcar Lease, the ratio of (a) the annual amount of Net Operating Cash Flow receivable by the Borrower under such Eligible Railcar Lease to (b) the sum of (i) the aggregate annual amount of interest to be paid on the requested Loan (as estimated by the Administrative Agent); and (ii) the aggregate annual amount of Depreciation to accrue on the Eligible Railcars to be leased pursuant to such Eligible Railcar Lease, all as set forth and described in the Borrower’s Projections for such Eligible Railcar Lease.