Collateral Coverage Failure definition

Collateral Coverage Failure means either (i) a Collateral Coverage Ratio Failure or (ii) a Core Collateral Failure.
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Examples of Collateral Coverage Failure in a sentence

  • The Borrower may at any time after the Closing Date designate any Obligor (other than a Principal Obligor) (or, following the formation or acquisition by any Obligor of a Subsidiary, such Subsidiary) as an Unrestricted Subsidiary, so long as (i) after giving pro forma effect thereto, the Borrower would be compliance with the covenants in Section 6.3 on the date of such designation and (ii) no Collateral Coverage Failure, Default or Event of Default has occurred and is continuing or would result therefrom.

  • The Borrower may at any time after the Closing Date designate any Obligor (other than a Principal Obligor) (or, following the formation or acquisition by any Obligor of a Subsidiary, such Subsidiary) as a Receivables Subsidiary, so long as (i) after giving pro forma effect thereto, the Borrower would be compliance with the covenants in Section 6.3 on the date of such designation and (ii) no Collateral Coverage Failure, Default or Event of Default has occurred and is continuing or would result therefrom.

  • The Administrative Agent and the Lenders shall have received the Baseline Appraisals, demonstrating that no Collateral Coverage Failure shall have occurred as of the Closing Date.

Related to Collateral Coverage Failure

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • Minimum Credit Enhancement Test means, with respect to any Payment Date, a test that will be satisfied if the Subordinate Percentage (solely for purposes of such test, rounded to the sixth decimal place) is greater than or equal to 4.500000%.

  • Asset Coverage Test has the meaning given to it in Schedule 2 of the Guarantor Agreement;

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).