Common use of Asset Maintenance Clause in Contracts

Asset Maintenance. If at any time after the date hereof, the aggregate Fair Market Value of the Vessels owned by the Borrowers is less than the one hundred fifty percent (150%) (the "Required Percentage") of the outstanding amount of the Loan, the Borrowers shall, within a period of fourteen (14) days following receipt by the Borrowers of written notice from the Facility Agent notifying the 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 Borrowers), either (i) deliver to the Lenders such additional collateral as may be satisfactory to the Lenders in their sole discretion of sufficient value to make the aggregate Fair Market Value of the Vessels owned by the Borrowers plus the additional collateral, equal to the Required Percentage of the outstanding amount of the Loan or (ii) the Borrowers shall prepay such amount of the Loan (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.5) as shall result in the Fair Market Value of the relevant Vessels owned by the Borrowers and then mortgaged to the Security Trustee being not less than the Required Percentage of the outstanding amount of the Loan.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement (Dorian LPG Ltd.)

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Asset Maintenance. If at any time time (a) after the date hereofDrawdown Date but prior to December 31, 2001, the aggregate Fair Market Value of the Vessels owned by then mortgaged to the Borrowers Security Agent (based upon the valuations obtained pursuant to Section 9.4) (together with the value of any additional collateral theretofore provided under this Section) is less than the one hundred fifty fifteen percent (150115%) of the Loan, or (b) if at any time after December 31, 2001 but prior to December 31, 2002 such aggregate Fair Market Value is less than one hundred twenty percent (120%) of the Loan, or (c) if at any time thereafter the aggregate Fair Market Value of the Vessels is less than one hundred thirty percent (130%) of the Loan, (in each case as applicable, such percentage being the "Required Percentage") of the outstanding amount of the Loan, the Borrowers Borrower shall, within a period of fourteen thirty (1430) days following receipt by the Borrowers Borrower of written notice from the Facility Administrative Agent notifying the Borrowers 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 BorrowersBorrower), either (i) deliver to the Lenders 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 make the aggregate Fair Market Value of the Vessels owned by the Borrowers plus the additional collateral, equal to restore compliance with the Required Percentage of the outstanding amount of the Loan or (ii) the Borrowers 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 5.55.4) as shall result in the Fair Market Value of the relevant Vessels owned by the Borrowers and then mortgaged to the Security Trustee Agent being not less than the Required Percentage of the outstanding amount of the LoanPercentage.

Appears in 1 contract

Samples: Loan Agreement (Omi Corp/M I)

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Asset Maintenance. If at any time after prior to the date hereofredemption of Debenture or the Fee Debentures, the aggregate Fair Market Value of the Vessels owned by Vessel (together with the Borrowers value of any additional collateral theretofore provided under this Section) is less than the one hundred fifty thirty percent (150130%) (the "Required Percentage") of the outstanding amount of the LoanDebenture and the Fee Debentures together with interest thereon (such percentage herein called the “Required Percentage”), the Borrowers Company shall, within a period of fourteen thirty (1430) days following receipt by the Borrowers Company of written notice from the Facility Agent Buyer notifying the Borrowers Company 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 BorrowersCompany), either (ia) deliver to the Lenders Buyer such additional collateral as may be satisfactory to the Lenders Buyer in their its sole and absolute discretion of sufficient value in total to make the aggregate Fair Market Value of the Vessels owned by the Borrowers plus the additional collateral, equal to restore compliance with the Required Percentage of the outstanding amount of the Loan or (iib) the Borrowers shall prepay redeem such amount of the Loan Debenture and the Fee Debentures (together with interest thereon and any other monies payable in respect of such prepayment pursuant to Section 5.5redemption) as shall result in the Fair Market Value of the relevant Vessels owned by the Borrowers and then mortgaged to the Security Trustee Vessel being not less than the Required Percentage of the outstanding amount of the LoanPercentage.

Appears in 1 contract

Samples: Securities Purchase Agreement (NewLead Holdings Ltd.)

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