Total Collateral Coverage Ratio shall have the meaning set forth in Section 6.06(a).

Total Collateral Coverage Ratio means, as of any date, the ratio of (a) the Appraised Value of the Eligible Collateral as of such date to (b) the sum of (i) the Total Priority Lien Principal Amount as of such date plus (ii) the sum of (x) the aggregate principal amount of all Junior Lien Debt minus the amount of cash, Cash Equivalents or the undrawn amount of “back-to-back” letters of credit that are (1) issued by a bank approved by the Administrative Agent to cash collateralize Letters of Credit hereunder and (2) in an amount up to an amount approved to collateralize Letters of Credit hereunder, and that separately securing the undrawn amounts of any outstanding letters of credit that constitute Junior Lien Debt, in an amount not to exceed the maximum undrawn amount of such letter of credit, plus (y) the aggregate amount of all Hedging Obligations that constitute “Junior Lien Obligations” then outstanding, in each case, as of such date.

Examples of Total Collateral Coverage Ratio in a sentence

On the date of such Loan or the issuance of such Letter of Credit hereunder (and after giving pro forma effect thereto), the Collateral Coverage Test shall be satisfied and the Total Collateral Coverage Ratio shall not be less than 1.0 to 1.0, in each case, on a pro forma basis.
On the date of such Loan hereunder (and after giving pro forma effect thereto), the Collateral Coverage Test shall be satisfied and the Total Collateral Coverage Ratio shall not be less than 1.0 to 1.0, in each case, on a pro forma basis.

More Definitions of Total Collateral Coverage Ratio

Total Collateral Coverage Ratio means, at any time, the ratio of (i) the Appraised Value of the Collateral to (ii) the sum of (a) the Total Revolving Extensions of Credit then outstanding, plus (b) the aggregate principal amount of all Term Loans outstanding, plus (c) the aggregate outstanding principal amount of the Pari Passu Senior Secured Debt and all other Priority Lien Debt (other than Obligations), plus (d) the aggregate amount of all Designated Hedging Obligations that constitute “Obligations” then outstanding, plus (e) the aggregate outstanding principal amount of Junior Secured Debt.

Total Collateral Coverage Ratio means, as of any date of determination, (a) prior to the RCF Discharge Date, the “Total Collateral Coverage Ratio” as defined in the Revolving Loan Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the ratio of (i) the Collateral Rig Value as of such date, based on an Acceptable Appraisal, to (ii) the sum of (1) the aggregate outstanding principal amount of all loans and letter of credit obligations under the primary revolving credit facility of the Company and its Restricted Subsidiaries, plus (2) the aggregate outstanding principal amount of the Last Out Term Loans as of such date, plus (3) the aggregate outstanding principal amount of the Notes as of such date, plus (4) the aggregate outstanding principal amount of the Last Out Incremental Debt as of such date.

Total Collateral Coverage Ratio means, as of any date, the ratio of (a) the Appraised Value of the Eligible Collateral as of such date to (b) the sum of (i) the Total Priority Lien Principal Amount as of such date plus (ii) the sum of (x) the aggregate principal amount of all Junior Lien Debt minus the amount of cash, Cash Equivalents or the undrawn amount of “back-to-back” letters of credit (meeting the requirements of all applicable Secured Debt Documents with respect thereto), and that are separately securing the undrawn amounts of any outstanding letters of credit that constitute Junior Lien Debt, in an amount not to exceed the maximum undrawn amount of such letter of credit, plus (y) the aggregate amount of all Hedging Obligations that constitute “Junior Lien Obligations” then outstanding, in each case, as of such date.

Total Collateral Coverage Ratio means the ratio of (i) the aggregate Appraised Value of all Appraised Collateral plus the book value of all Pledged Accounts plus the Pledged Cash and Cash Equivalents to (ii) the sum, without duplication, of (w) the Total Revolving Extensions of Credit then outstanding (other than Revolving Facility LC Exposure that has been Cash Collateralized in accordance with Section 2.02(j)), plus (x) the LC Facility Exposure then outstanding (other than LC Facility Exposure that has been Cash Collateralized in accordance with Section 2.29(j)), plus (y) the aggregate amount of all Designated Hedging Obligations that constitute “Obligations” then outstanding, plus (z) the aggregate outstanding principal amount of Junior Secured Debt.

Total Collateral Coverage Ratio means, at any date for which such ratio is to be determined, the ratio expressed as a percentage of (i) the Collateral Value as of such date to (ii) (x) the aggregate outstanding amount of all Secured Obligations as of such date, plus (y) the aggregate outstanding principal amount of Junior Secured Debt as of such date.