Collateral Coverage Requirement definition
Collateral Coverage Requirement has the meaning specified in Section 6.10(g).
Collateral Coverage Requirement means, as of any date, the requirement that (x) the Consolidated Total Assets of (or attributable to) the Loan Parties constitutes at least 50.0% of the Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries as of such date and (y) the Consolidated EBITDA of the Loan Parties constitutes at least 50.0% of the Consolidated EBITDA of the Lead Borrower and its Restricted Subsidiaries for the Test Period most recently ended prior to such date for which the financial statements and certificates required by Section 5.04(a) or 5.04(b), as the case may be, have been delivered.
Collateral Coverage Requirement shall have the meaning given in Section 2.2(d)(ii).
Examples of Collateral Coverage Requirement in a sentence
Notwithstanding the foregoing, the Collateral Agent shall not be required to release any Guarantor from its obligations under the Loan Documents solely as a result of compliance with the Collateral Coverage Requirement.
For purposes of testing compliance with the Collateral Coverage Requirement, the value of Real Estate will be determined using the fair market value thereof as set forth in the third party appraisals required to be delivered to the Lender after the Restatement Date pursuant to Section 7.14 and the value of Equipment will be determined using the Net Book Value thereof.
If the Funding Date Report states that the Collateral Coverage Requirement is satisfied, then the Indenture Trustee shall withdraw from the Reimbursement Account, and shall remit to the Issuer, cash in an amount requested by the Issuer up to the Excess Amount.
As of the Closing Date, after giving effect to the Transactions, the Collateral Coverage Requirement is satisfied.
The Administrator may not collect any fee if the payment of such fee would cause the Collateral Coverage Requirement to go below the minimum threshold set forth in the Note and Security Agreement.
More Definitions of Collateral Coverage Requirement
Collateral Coverage Requirement means (i) Coverage EBITDA for the most recently completed Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements) is at least 75% of EBITDA of the Company and its Subsidiaries for such Financial Covenant Period and (ii) Coverage Assets as of the end of the most recently completed Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements) is at least 75% of the Consolidated Total Assets of the Company and its Subsidiaries as of the end of such Financial Covenant Period.
Collateral Coverage Requirement means the requirement that the Mortgaged Properties represent at least 90% of the total value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report after giving effect to exploration and production activities, acquisitions, dispositions and production.
Collateral Coverage Requirement means the requirement that the Mortgaged Properties represent at least 70% of the total value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report after giving effect to exploration and production activities, acquisitions, dispositions and production; provided that in no event shall Kodiak, Holdco (US) or any of their Subsidiaries be required to ▇▇▇▇▇ ▇ ▇▇▇▇ hereunder to secure amounts in excess of the maximum amount which Kodiak, Holdco (US) and any of their Subsidiaries may secure without violation of the Kodiak Indentures.
Collateral Coverage Requirement means any time that the aggregate ▇▇▇▇-to-market value of all Collateral is equal to or greater than 105% of the Total Credit Exposure.
Collateral Coverage Requirement has the meaning specified in Section 6.10(g). “Commercial Letter of Credit” means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of materials, goods or services in the ordinary course of business. “Commitment” means, with respect to each Lender, its Revolving Commitment, U.S. Term Commitment, Closing Date EMEA Term Commitment, 2020 EMEA Term Commitment, Incremental Term Loan Commitment, Incremental Revolving Credit Commitment, Extended Revolving Commitment, Replacement Revolving Commitment, commitment in respect of Extended Term Loans or commitment in respect of Refinancing Term Loans, if any, or, in the case of such Lender, all of such Commitments. “Commitment Fees” has the meaning provided in Section 2.11(a). “Commodities Hedge Agreement” means a commodities contract purchased by the U.S. Borrower or any of its Subsidiaries in the ordinary course of business, and not for speculative purposes, with respect to raw materials necessary to the manufacturing or production of goods in connection with the business of the U.S. Borrower and its Subsidiaries. “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. “Communications” has the meaning provided in Section 9.16(a). “Competitor” means any competitor of the U.S. Borrower or its Subsidiaries that directly or indirectly is engaged in the same or similar line of business as the U.S. Borrower or its Subsidiaries. “Compliance Certificate” has the meaning provided in Section 6.01(c). “Confidential Information” has the meaning provided in Section 11.15(b). “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes, Canadian capital Taxes or branch profits Taxes. “Consolidated Current Assets” means, as at any date of determination, the total assets of the U.S. Borrower and its Restricted Subsidiaries which may properly be classified as current assets (excluding deferred tax assets without duplication of amounts otherwise added in calculating Excess Cash Flow) on a consolidated balance sheet of the U.S. Borrower and its Restricted Subsidiaries in accordance with GAAP, excluding cash and Cash Equivalents; provided that Consolidated Current Assets shall be calculated without giving effect to the impact of purchase accounting.
Collateral Coverage Requirement. With respect to any date, the requirement that the Collateral Value of the Collateral shall be greater than or equal to the Note Principal Balance as of such date (after giving effect to any purchase of Additional Note Balance or Additional Receivables on such date).
Collateral Coverage Requirement means, at any date of determination, the requirement that the aggregate consolidated gross revenue (excluding intra-group items) attributable to, and gross assets (excluding goodwill and intra-group items) of, the Loan Parties is not less than 85% of the consolidated gross revenue (excluding intra-group items) and Consolidated Total Assets, respectively, of Parent and its Subsidiaries (in each case, provided that, for this purpose, any entity having negative assets shall be treated as having zero assets) for the four consecutive fiscal quarters ending on the last day of the most recently ended period of four consecutive fiscal quarters of Parent ended on or prior to such date of determination in respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 6.01(a) or (b), as applicable; provided that, prior to the first date that financial statements have been or are required to be delivered pursuant to Section 6.01(a) or (b), the period of four consecutive fiscal quarters of Parent ended September 30, 2014. It is understood and agreed that, for purposes of determining compliance with Sections 5.18 and 6.12 and the Collateral and Guarantee Requirement, the consolidated gross revenue (excluding intra-group items) attributable to, and gross assets (excluding goodwill and intra-group items) of, each Subsidiary organized in any Excluded Jurisdiction that is a not a Loan Party shall not be included as consolidated gross revenue and Consolidated Total Assets of Parent and its Subsidiaries for purposes of this definition so long as, subject to the Agreed Security Principles, Parent’s indirect equity interest in the holding company in such Excluded Jurisdiction, if directly owned by a Loan Party, is pledged to the Collateral Agent in accordance with Section 6.12 and the Collateral and Guarantee Requirement.