Minimum Asset Coverage Ratio definition

Minimum Asset Coverage Ratio means, as of any date of determination, determined on a Consolidated basis, the ratio of: (a) the sum of Consolidated Accounts Receivable (as defined by GAAP) of the Company as of such date, plus Consolidated Inventory (as defined by GAAP) of the Company as of such date to (b) the outstanding “Revolving Credit Exposure” (as defined in the Credit Agreement as in effect as of the Second Amendment Date) at such time.

Minimum Asset Coverage Ratio means asset coverage, as defined in Section 18(h) of the 1940 Act (as of the date hereof), of at least 200% with respect to all outstanding senior securities of the Fund which are shares of stock, including all outstanding Preferred Shares.

Minimum Asset Coverage Ratio means 100%.

Examples of Minimum Asset Coverage Ratio in a sentence

• Proposal 3 (Reduction in Required Minimum Asset Coverage Ratio) a majority of the votes cast.

• The Fund shall maintain, as of the last Friday of each month or, if such Friday is not a Business Day, the first Business Day that falls after such Friday, in which any share of a series of Preferred Shares is outstanding, the Minimum Asset Coverage Ratio; provided, however, that the mandatory redemption pursuant to Section 11(b) shall be the sole remedy in the event the Fund fails to do so.

• In determining the Preferred Shares required to be redeemed in accordance with the foregoing, the Fund shall allocate the number required to be redeemed to satisfy the Preferred Shares Basic Maintenance Test Amount or the Minimum Asset Coverage Ratio, as the case may be, pro rata among Preferred Shares and other preferred stock subject to redemption or retirement (and then, pro rata among each series of Preferred Shares).

• For so long as Series A Shares are Outstanding, unless the Fund receives the prior consent of a majority of the Holders, the Fund shall maintain, as of the close of business on any Business Day, the Minimum Asset Coverage Ratio; provided, however, that the mandatory redemption pursuant to Section 11(b)(i) shall be the sole remedy in the event the Fund fails to do so.

• The Board of Trustees shall not declare any dividend (except a dividend payable in Common Shares), or declare any other distribution, upon the Common Shares, or purchase Common Shares, unless in every such case immediately after such transaction the Trust would satisfy the Minimum Asset Coverage Ratio after deducting the amount of such dividend, distribution or purchase price, as the case may be.

More Definitions of Minimum Asset Coverage Ratio

Minimum Asset Coverage Ratio means 275%.

Minimum Asset Coverage Ratio is defined in Section 7.1(b).

Minimum Asset Coverage Ratio means, at all times, 1.50 to 1.00.

Minimum Asset Coverage Ratio means, in respect of the Parent and its Subsidiaries on a consolidated basis, as of any date of determination, (i) the sum of cash and net accounts receivable, divided by (ii) Total Debt, as of such date.

Minimum Asset Coverage Ratio. “Second Amendment Date” and “Second Amendment to Credit Agreement” in appropriate alphabetical order and (2) replacing the definition of “EBITDA” and “Subsidiary” in their entirety with the following definitions of “EBITDA” and “Subsidiary”:

Minimum Asset Coverage Ratio means, as of any date of determination, determined on a Consolidated basis, the ratio of: (a) the sum of Consolidated Accounts Receivable (as defined by GAAP) of the Company as ofsuch date, plus Consolidated Inventory (as defined by GAAP) of the Company as of such date to (b) the outstanding “Revolving Credit Exposure” (as defined in the Credit Agreement as in effect as of the Second Amendment Date) at such time.

Minimum Asset Coverage Ratio means asset coverage, as defined in Section 18(h) of the 1940 Act (as of the date hereof), of at least 225% with respect to all outstanding Senior Securities of the Fund which are shares of stock, including all outstanding Preferred Shares or such lower percentage between 200% and 225% as may be agreed or consented to by the Series D Shares Required Holders.