Sufficient Assets definition

Sufficient Assets means any combination of the following:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Sufficient Assets means cash, cash equivalents and/or Acceptable Securities in an aggregate face amount equal to 120% of the amount of a requested advance or USD-denominated Letter of Credit or 120% of the USD Equivalent Amount of a OAC-denominated Letter of Credit,” and

Sufficient Assets means, in respect of each Obligor having Projects that have not achieved Project Completion in respect of the period commencing on the Interest Payment Date following delivery of the then most recent Drawdown Report and ending on the last date on which Project Completion is projected to be achieved for each such Project, an aggregate amount of Available Liquid Assets which is or will be available to such Obligor during such period that is equal to or greater than all Anticipated Costs for all such Projects and including a contingent amount considered prudent by the Facility Agent (acting reasonably) and taking into account, where relevant, any guarantee or advance of funds provided by Shurgard Europe or any of its affiliates in respect of the financing of Cost Overruns in respect of each such Project (in each case as set out in the most recent Drawdown Report).

Examples of Sufficient Assets in a sentence

• Seller may terminate this Agreement if Purchaser is unable to deliver a Pre- Approval Letter or a Sufficient Assets Confirmation to Seller within 7 days of Seller’s written request therefor, whereupon the ▇▇▇▇▇▇▇ Money will be returned to Purchaser and the parties will be released from all obligations under this Agreement, except those that expressly survive termination.

• Borrower shall deliver to Bank any additional agreements and documents reasonably requested by Bank to evidence such security interest and control of the Sufficient Assets so delivered.

• At any time, the Required Banks may amend, supplement or otherwise modify the requirements of this Section 6.10, including amending the terms and/or conditions of an Approved Strategic Alternative, releasing the Company from its obligations to proceed with the sale of Sufficient Assets or otherwise.

• Borrower shall have deposited Sufficient Assets into the Pledged Account not later than seven (7) Business Days prior to the date of a requested advance or Letter of Credit.

• Borrower shall continue to maintain Sufficient Assets in the Pledged Account with respect to the Post Maturity Letters of Credit, for so long as any Post Maturity Letter of Credit is outstanding, as collateral security for the repayment of any drawings made under any Post Maturity Letters of Credit and Borrower hereby grants to Bank a security interest in all such Sufficient Assets.

• Ten Business Days prior to the maturity date of the Line of Credit, Borrower shall deliver to Bank Sufficient Assets with respect to the Post Maturity Letters of Credit as collateral security for the repayment of any drawings made under any Post Maturity Letters of Credit and Borrower hereby grants to Bank a security interest in all such Sufficient Assets.

More Definitions of Sufficient Assets

Sufficient Assets means with respect to the Parity Debt Obligations for any Parity Debt, any combination of the following:

Sufficient Assets means with respect to the Bond Obligations for any Bond or Bonds, any combination of the following:

Sufficient Assets. As of the Closing: (i) with regard to funded plans, the assets of each such Employee Benefit Plan listed in the attached Schedule 4.16 will be equal to or greater than the accrued benefits of the participants and beneficiaries of such plans determined, if they are defined benefit plans, pursuant to the actuarial methods and assumptions utilized by the Pension Benefit Guaranty Corporation in the event of plan termination and any applicable foreign law and/or agency; (ii) with regard to Employee Benefit Plans listed in the attached Schedule 4.16 that are funded by the Companies' general assets, a sufficient reserve has been established on the Companies' books to pay all accrued benefits of participants and beneficiaries who are Employees or Former Employees; and (iii) with regard to insured Employee Benefit Plans listed in the attached Schedule 4.16, all insurance premiums to provide benefits under such plans through the Closing are paid;

Sufficient Assets means, for any period commencing on the last date in the calendar month the subject of the then most recent Drawdown Report, aggregate Available Liquid Assets of each Obligor having Projects which have not achieved Project Completion as disclosed in that Drawdown Report (in form and substance satisfactory to the Agent (acting reasonably)) which are available or will be available during that period to the Obligors to satisfy all Anticipated Costs for all such Projects and including a contingent amount considered prudent by the Agent (acting reasonably).