Required Coverage Amount definition
Required Coverage Amount means, on a Calculation Date or, on any Business Day after such Calculation Date but prior to the Cut-Off Date preceding the relevant Due Date, an amount equal to the product of (a) the scheduled amounts due from the Issuer in respect of Guaranteed Amounts under the Trust Deed or in respect of Notes on the related Due Date and (b) the Required Coverage Percentage.
Required Coverage Amount means, with respect to any country described in clause (b)(2) of the definition of Approved Country List, an amount of available coverage under Political Risk/Repossession Insurance with respect to covered events affecting the related Funded Aircraft, which amount results in net proceeds available under such coverage at least equal to 105% of the aggregate Allocable Advance Amounts of Funded Aircraft registered in such country or leased by a Lessee organized or domiciled in such country (with such Allocable Advance Amount measured as of the date the Aircraft became a Funded Aircraft hereunder).
Required Coverage Amount means an amount not less than (a) 1.50 times the amount of the January Required Semiannual Debt Service Deposit required within the then current Bond Year, plus (b) the amount necessary to make an interest payment on a current advance from the federal trust fund due within the then current Bond Year; plus (c) the estimated amount of Bond Administration Expenses due within the next 12 months.
Examples of Required Coverage Amount in a sentence
The Borrower will maintain, at all times, Cash on Hand in an amount not less than the Required Coverage Amount.
If at any time the sum referred to in Section 7.6(b)(i) is less than the Required Coverage Amount, the Company shall promptly pledge and assign to the Bank additional Collateral acceptable to the Bank so that thereafter the sum referred to in Section 7.6(b)(i) shall equal or exceed the Required Coverage Amount.
More Definitions of Required Coverage Amount
Required Coverage Amount means, with respect to each Series of outstanding Certificates on any date of determination, without duplication, an amount equal to the sum of (a) the Quarterly Interest (excluding any accrued Quarterly Interest that became due on any prior Distribution Date that has not been distributed) due on the Investor Certificates for such Series on such date (if such date is a Distribution Date) or on the next succeeding Distribution Date (if such date is not a Distribution Date), (b) the Principal Amortization Amount scheduled to be due on the next Distribution Date (other than the Expected Final Distribution Date) for such Series, (c) the Trustee's Fees and the Servicer's fees due with respect to such Series on such date (if such date is a Distribution Date) or on the next succeeding Distribution Date (if such date is not a Distribution Date), and (d) the aggregate fees and other aggregate required transaction costs due quarterly for all other outstanding Series of Certificates (such as servicing, administration, Enhancement and other fees due to third parties regularly as part of any such Series).
Required Coverage Amount shall have the meaning specified in Section 4.04.
Required Coverage Amount. With respect to the Class A-1 Certificates, the Class A-1 Required Coverage Amount and with respect to the Class A-2 Certificates, the Class A-2 Required Coverage Amount.
Required Coverage Amount for any Distribution Date occurring during the period commencing on the Closing Date and ending on the later of the thirtieth Distribution Date following the Closing Date and the date upon which principal equal to one-half of the Original Pool Balance plus the amount of the Prefunding Account Deposit has been received, the greater of the Base Specified Overcollateralization Amount and two times the excess of (i) the Adjusted 90 Day Delinquent Dollar Balance over (ii) the Projected Net Monthly Excess Cashflow as of such Distribution Date; and
Required Coverage Amount. With respect to the Bonds and any Payment Date on which an Excess Spread Trigger has not occurred, an amount equal to 5.50% of the aggregate of the Principal Balances of the Mortgage Loans as of the applicable Cut-off Dates plus the Assumed Prefunding Account Deposit Amount (plus any Additional Required Coverage Amount with respect to Additional Mortgage Loans), subject to the following: (i) if the Step Up Trigger has occurred, the Required Coverage Amount for such Payment Date will be an amount equal to 13.75% of the aggregate of the Principal Balances of the Mortgage Loans as of such Payment Date, plus the product of 50% and the aggregate of the Principal Balances of all Mortgage Loans that are 90 or more days delinquent as of such Payment Date, such sum not to exceed an amount equal to 25.00% of the aggregate of the Principal Balances of all Mortgage Loans as of the applicable Cut-off Dates plus the Assumed Prefunding Account Deposit Amount (plus any Additional Required Coverage Amount with respect to Additional Mortgage Loans), or (ii) if the Step Up Trigger has not occurred but the Step Down Trigger has occurred, the Required Coverage Amount for such Payment Date will be an amount equal to the greater of (a) 0.50% of the aggregate of the Principal Balances of the Mortgage Loans as of the applicable Cut-off Dates plus the Assumed Prefunding Account Deposit Amount (plus any Additional Required Coverage Amount with respect to Additional Mortgage Loans) and (b) the lesser of (x) 5.50% of the aggregate of the Principal Balances of the Mortgage Loans as of the applicable Cut-off Dates plus the Assumed Prefunding Account Deposit Amount (plus any Additional Required Coverage Amount with respect to Additional Mortgage Loans) and (y) the Stepped Down Required Coverage Percentage of the aggregate of the Principal Balances of the Mortgage Loans as of such Payment Date. With respect to the Bonds and any Payment Date on which an Excess Spread Trigger has occurred, an amount equal to 9.0% of the aggregate of the Principal Balances of the Mortgage Loans as of the applicable Cut-off Dates plus the Assumed Prefunding Account Deposit Amount, subject to the following: (i) if the Step Up Trigger has occurred, the Required Coverage Amount for such Payment Date will be an amount equal to the lesser of (x) 22.50% of the aggregate of the Principal Balances of the Mortgage Loans as of such Payment Date, plus the product of 50% of the aggregate of the Principal Balances of all ...
Required Coverage Amount with respect to any Interest Period shall mean the aggregate amount of the interest and principal payments to be made by Pledgor to all Holders under the Notes on the Payment Date that is the last day of such Interest Period and on the next following Payment Date. For purposes of determining the Withdrawal Threshold and the Required Coverage Amount as of any date, (i) the aggregate amount of the interest payments to be made on any Payment Date if, as of the date of determination, LIBOR has not been determined for the Interest Period in which such Payment Date occurs, shall be determined based on LIBOR as in effect on such date of determination, and (ii) the Collateral Agent shall at all times be entitled to rely on the most recent notices delivered by the Determination Agent pursuant to Section 2.1.4 of the Notes.
Required Coverage Amount means, at any time of determination, an amount equal to the greater of (a) $8.0 million and (b) 18% of the Total Outstandings.