Common use of Asset Maintenance Clause in Contracts

Asset Maintenance. If at any time after the Drawdown Date but prior to December 15, 2000, the aggregate Fair Market Value of the First Vessels then mortgaged to the Security Agent (based upon valuations obtained pursuant to Section 9.4) (together with the value of any additional collateral theretofore provided under this Section) is less than one hundred percent (100%) of the Loan, or if at any time after December 15, 2000 such aggregate Fair Market Value is less than one hundred ten percent (110%) of the Loan (in either such case, such percentage herein called the "Required Percentage"), the Borrower shall, within a period of thirty (30) days following receipt by the Borrower of written notice from the Administrative Agent notifying the Borrower of such shortfall and specifying the amount thereof (which amount shall, in the absence of manifest error, be deemed to be conclusive and binding on the Borrower), either (a) deliver to the Security Agent, upon the Administrative Agent's request, such additional collateral as may be satisfactory to the Lenders in their sole discretion of sufficient value to restore compliance with the Required Percentage or (b) the Borrower shall prepay such amount of the Loan (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.6) as shall result in the Fair Market Value of the Vessels then mortgaged to the Security Agent being not less than the Required Percentage.

Asset Maintenance. If at any time after during the Drawdown Date but prior to December 15, 2000term of this Agreement, the aggregate Fair Market Value of either of the First Vessels then mortgaged to the Security Agent (based upon valuations obtained pursuant to Section 9.4) (together with the value of any additional collateral theretofore provided under this Section) is less than one hundred percent (100%) the Required Percentage of the Loan, or if at any time after December 15, 2000 such aggregate Fair Market Value is less than one hundred ten percent (110%) outstanding amount of the Loan (in either Tranche relating to such case, such percentage herein called the "Required Percentage")Vessel, the Borrower Borrowers shall, within a period of thirty (30) days immediately following receipt by the Borrower Borrowers of written notice from the Administrative Facility Agent notifying the Borrower Borrowers of such shortfall and specifying the amount thereof (which amount shall, in the absence of manifest error, be deemed to be conclusive and binding on the BorrowerBorrowers), either (ai) deliver to the Security Agent, upon the Administrative Agent's request, such additional collateral as may be satisfactory to the Lenders in their sole discretion of sufficient value to restore compliance with the Required Percentage or (b) the Borrower shall prepay such amount of the Loan relevant Tranche (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.65.4) as shall result in the Fair Market Value of the Vessels then mortgaged to the Security Agent relevant Vessel being not less than the Required PercentagePercentage of the outstanding amount of the relevant Tranche or (ii) place on charged deposits with the Facility Agent an amount in Dollars (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.4) as shall result in the Fair Market Value of such Vessel together with the amount deposited being not less than the Required Percentage of the outstanding amount of the relevant Tranche. The charged deposit shall be released to the Borrowers when the Fair Market Value of the relevant Vessel is not less than the Required Percentage of the outstanding amount of the relevant Tranche. Compliance with this Section 9.4 shall be measured within ten (10) Banking Days following the end of the second fiscal quarter and within ten (10) Banking Days following the end of the fourth fiscal quarter of each year during the term of this Agreement.

Asset Maintenance. If at any time after the Drawdown Date but prior to December 15, 2000, the aggregate Fair Market Value of the First Vessels then mortgaged to the Security Trustee (evidenced by the valuations provided to the Facility Agent (based upon valuations obtained pursuant to Section 9.49.1(q) (together with on or prior to the value last day of any additional collateral theretofore provided under this SectionJune and December of each calendar year) is less than the one hundred forty percent (100140%) (the “Required Percentage”) of the Loan, or if at any time after December 15, 2000 such aggregate Fair Market Value is less than one hundred ten percent (110%) principal amount of the Loan (in either such case, such percentage herein called the "Required Percentage")then outstanding, the Borrower shall, within a period of thirty fifteen (3015) days (which period may be extended by the Facility Agent (acting with the consent of the Majority Lenders)) following receipt by the Borrower of written notice from the Administrative Facility Agent notifying the Borrower of such shortfall and specifying the amount thereof (which amount shall, in the absence of manifest error, be deemed to be conclusive and binding on the Borrower), either (ai) deliver pledge (or cause to be pledged) to the Security Agent, upon the Administrative Agent's request, such Trustee additional collateral as may be satisfactory to the Lenders in their sole discretion Collateral of sufficient value such that the aggregate Fair Market Value of the Vessels mortgaged to restore compliance with the Security Trustee plus the additional Collateral equals the Required Percentage of the outstanding amount of the Loan or (bii) the Borrower shall prepay such amount of the Loan (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.65.5) as shall result in the Fair Market Value of the Vessels then mortgaged to the Security Agent Trustee being not less than the Required PercentagePercentage of the outstanding principal amount of the Loan.

Asset Maintenance. If at any time after during the Drawdown Date but prior to December 15, 2000term of this Agreement, the aggregate Fair Market Value of the First Vessels then mortgaged to the Security Agent (based upon valuations obtained pursuant to Section 9.4) (together with the value of any additional collateral theretofore provided under this Section) is are less than one hundred percent (100%) the Required Percentage of the Loan, or if at any time after December 15, 2000 such aggregate Fair Market Value is less than one hundred ten percent (110%) outstanding amount of the Loan (in either such case, such percentage herein called the "Required Percentage")Facility, the Borrower Borrowers shall, within a period of thirty (30) days following receipt by the Borrower Borrowers of written notice from the Administrative Facility Agent notifying the Borrower Borrowers of such shortfall and specifying the amount thereof (which amount shall, in the absence of manifest error, be deemed to be conclusive and binding on the BorrowerBorrowers), either (a1) deliver to the Security Agent, upon the Administrative Agent's request, such additional collateral as may be satisfactory to the Lenders in their sole discretion of sufficient value to restore compliance with the Required Percentage or (b) the Borrower shall prepay such amount of the Loan Facility (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.65.5) as shall result in the Fair Market Value of the Vessels then mortgaged to the Security Agent being not less than the Required PercentagePercentage of the outstanding amount of the Facility, or (2) place on charged deposits with the Facility Agent an amount in Dollars (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.5) as shall result in the Fair Market Value of the Vessels together with the amount deposited being not less than the Required Percentage of the outstanding amount of the Facility. Any charged deposit shall be released to the Borrowers when the Fair Market Value of the Vessels is not less than the Required Percentage of the outstanding amount of the Facility.

Asset Maintenance. If at any time after the Drawdown Date but prior to December 15, 2000, the aggregate Fair Market Value of the First Vessels then mortgaged to the Security Trustee (evidenced by the valuations provided to the Facility Agent (based upon valuations obtained pursuant to Section 9.49.1(s) (together with on or prior to the value last day of any additional collateral theretofore provided under this SectionJune and December of each calendar year) is less than the one hundred forty percent (100140%) (the “Required Percentage”) of the Loan, or if at any time after December 15, 2000 such aggregate Fair Market Value is less than one hundred ten percent (110%) principal amount of the Loan (in either such case, such percentage herein called the "Required Percentage")then outstanding, the Borrower shall, within a period of thirty fifteen (3015) days (which period may be extended by the Facility Agent (acting with the consent of the Majority Lenders)) following receipt by the Borrower of written notice from the Administrative Facility Agent notifying the Borrower of such shortfall and specifying the amount thereof (which amount shall, in the absence of manifest error, be deemed to be conclusive and binding on the Borrower), either (ai) deliver pledge (or cause to be pledged) to the Security Agent, upon the Administrative Agent's request, such Trustee additional collateral as may be satisfactory to the Lenders in their sole discretion Collateral of sufficient value such that the aggregate Fair Market Value of the Vessels mortgaged to restore compliance with the Security Trustee plus the additional Collateral equals the Required Percentage of the outstanding amount of the Loan or (bii) the Borrower shall prepay such amount of the Loan (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.65.5) as shall result in the Fair Market Value of the Vessels then mortgaged to the Security Agent Trustee being not less than the Required PercentagePercentage of the outstanding principal amount of the Loan.