Unencumbered Tangible Assets definition
Unencumbered Tangible Assets means Tangible Assets (excluding the Book Value of any assets of any Subsidiaries, the shares or stock or any evidence of Indebtedness of which have been pledged to secure any obligation), less the sum of (without duplication) (a) Attributable Debt and (b) the Book Value of any assets of OSG and any Subsidiary which have become or have agreed to become subject to a Lien securing any Secured Debt.
Examples of Unencumbered Tangible Assets in a sentence
OSG shall not permit the ratio of Unencumbered Tangible Assets to Unsecured Debt on the last day of any fiscal quarter to be less than 1.5 to 1.0.