Collateral Maintenance. The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”) to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any non-compliance in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall not constitute a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower shall either (i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it being understood that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security documentation reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount sufficient to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided, further, that, subject to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested no more than once per calendar year beginning with the first calendar year end to occur after the Delivery Date in the absence of the occurrence of an Event of Default which is continuing.
Collateral Maintenance. (a) The Parent will not permit the aggregate Fair Market Value of all Collateral Vessels owned by the Credit Parties which have not been sold, transferred, lost or otherwise disposed of at any time (such value, the “Aggregate Collateral Vessel Value”), as determined by the most recent appraisal delivered by the Borrower to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 8.01(d), at any time to equal less than (I) from the Third Amendment to and including June 30, 2015, 110% of an amount equal to (x) the amount of the Aggregate Credit Agreement Exposure at such time minus (y) the sum of the 508 Blocked Amount and the 273 Blocked Amount at such time, (II) from July 1, 2015 to and including December 31, 2016, 115% of an amount equal to (x) the amount of the Aggregate Credit Agreement Exposure at such time minus (y) the sum of the 508 Blocked Amount and the 273 Blocked Amount at such time and (III) thereafter, 120% of an amount equal to (x) the Aggregate Credit Agreement Exposure at such time minus (y) the sum of the 508 Blocked Amount and the 273 Blocked Amount at such time; provided that, so long as any default in respect of this Section 9.09(a) is not caused by any voluntary Collateral Disposition, such default shall not constitute an Event of Default (but shall constitute a Default) so long as within 45 days of the occurrence of such default, the Borrower shall either (i) post additional collateral satisfactory to the Required Lenders, pursuant to security documentation reasonably satisfactory in form and substance to the Collateral Agent, sufficient to cure such default (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) (it being understood that (a) the Borrower may, in its sole discretion, decide whether the additional collateral posted to cure such default shall constitute Primary Collateral or Secondary Collateral and (b) cash denominated in US$ Dollars shall always be deemed to constitute collateral satisfactory to the Required Lenders and shall be valued at par) or (ii) make such repayment of Loans under this Agreement and loans under the Other Credit Agreement on a pro rata basis based on the outstanding principal amount of Loans under this Agreement at such time and the outstanding principal amount of loans under the Other Credit Agreement at such time, in each case in an amount sufficient to cure such default (it being underst...
Collateral Maintenance. The Borrower will not permit, at all times, the sum of (i) the Aggregate Appraised Value of the Collateral Vessels which have not been sold, transferred, lost or otherwise disposed of (it being understood that permitted chartering arrangements do not constitute disposals for this purpose) and (ii) the fair market value of any Additional Collateral to fall below an amount that is equal to or less than 135% of the aggregate outstanding principal amount of the Term Loans and Revolving Loans (but not to include, for the avoidance of doubt, any unutilized Revolving Loan Commitment); provided that any non-compliance with this Section 8.07(d) shall not constitute an Event of Default (but shall constitute a Default), so long as within thirty (30) days of the occurrence of such non-compliance, the Borrower shall either (x) post Additional Collateral (and shall during such period, and prior to satisfactory completion thereof, be diligently carrying out such actions) or (y) prepay Loans pursuant to Section 4.02(c) in an amount sufficient to cure such non-compliance.
Collateral Maintenance. The Parent will not permit the sum of the fair market value of all Collateral Vessels which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the "Aggregate Collateral Vessel Value"), as determined by the most recent appraisal delivered by the Borrowers to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 8.01(c), to equal less than 200% of the aggregate principal amount of the Total Revolving Loan Commitment at such time; provided that, so long as any violation of this Section 9.12 is not caused by any voluntary Collateral Disposition, such violation shall not constitute a Default or an Event of Default so long as within 14 days of the occurrence of such violation, the Borrowers shall either (i) post additional collateral (at the expense of the Borrowers) satisfactory to the Required Lenders, pursuant to security documentation referred to in Section 8.11 and otherwise satisfactory in form and substance to the Collateral Agent, sufficient to cure such violation (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions to the Total Revolving Loan Commitment (and any required repayments of outstanding Revolving Loans resulting therefrom) in an amount sufficient to cure such violation (it being understood that any action taken in respect of this proviso shall only be effective to cure such violation pursuant to this Section 9.12 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).
Collateral Maintenance. Maintain and preserve all Collateral and each and every part and parcel thereof that is necessary to or useful in the proper conduct of its business in good repair, working order, and condition, ordinary wear and tear excepted, and make all alterations, replacements, and improvements thereto as may from time to time be necessary in order to ensure that its properties remain in good working order and condition. At Secured Party's request, but not more than once a year, Debtor will furnish to Secured Party a report on the condition of the Collateral prepared by a professional engineer satisfactory to Secured Party.
Collateral Maintenance. (a) The Borrower hereby authorizes the Bank to instruct the Custodian to move items of Eligible Collateral from the Borrower’s general custody accounts created under the custody agreement between the Custodian and the Borrower to the Collateral Account to satisfy the Borrower’s obligations hereunder and authorizes the Custodian to follow any such instructions.
(b) If at the close of any Business Day of the Borrower, (i) the Aggregate Collateral Value is less than the Aggregate Outstanding Amount and (ii) such difference is greater than the Minimum Transfer Amount, then the Borrower shall immediately deliver additional Eligible Collateral to the Collateral Account such that, after giving effect to such delivery to the Collateral Account, the Aggregate Collateral Value is greater than or equal to the Aggregate Outstanding Amount. The Collateral Value shall be determined by the Bank on each Business Day during the term of this Agreement. The Bank’s determination of the Collateral Value shall be conclusive and binding.
(c) If at the close of business on any Business Day, (i) there is Excess Collateral Value with respect to any Margin Loan, and (ii) such Excess Collateral Value is greater than the Minimum Transfer Amount, then the Bank shall, upon two (2) Business Days’ notice from the Borrower, return to the Borrower and release from the Lien of this Agreement items of Eligible Collateral for such Margin Loan having an aggregate Collateral Value equal to such Excess Collateral Value; provided that (i) no Event of Default with respect to the Borrower shall have occurred and be continuing and (ii) the Borrower shall be entitled to a return of such Excess Collateral Value only to the extent that a Collateral Value Deficit does not exist with respect to any other Margin Loan at such time of transfer.
(d) At any time and from time to time, the Bank shall, upon two (2) Business Days’ notice from the Borrower, return any item(s) of Collateral to the Borrower indicated by the Borrower provided that the Borrower shall, prior to the Bank giving such instruction, delivered substitute item(s) of Eligible Collateral to the Collateral Account; provided, however, that after giving effect to any such substitution, the Aggregate Collateral Value shall not be less than the Aggregate Outstanding Amount.
(e) At all times prior to the disposition of Collateral by the Bank pursuant to Section 7.02, the Borrower may, in its sole discretion, exercise, or refrain from exercising, any ...
Collateral Maintenance. The Borrower will not permit the Aggregate Appraised Value at any time to equal less than the Required Percentage of the Facility Amount, provided that, so long as any Default in respect of this Section 9.07 is not caused by any voluntary Collateral Disposition or a Vessel Exchange, such Default shall not constitute an Event of Default so long as within 45 days after such shortfall, the Borrower (i) makes such repayments of Loans in an amount sufficient to cure such Default, or (ii) permanently reduces the Total Commitment or (iii) delivers to the Security Trustee such additional collateral, as may be satisfactory to the Required Lenders in their sole discretion, of sufficient value to make the Aggregate Appraised Value plus such additional collateral equal to or greater than the Required Percentage of the Facility Amount, provided that the Lenders shall not unreasonably withhold or delay such determination (it being understood that any action taken in respect of items (i) through (iii) above shall only be effective to cure such default pursuant to this Section 9.07 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).
Collateral Maintenance. The Collateral Maintenance Requirements set forth in SCHEDULE C to the Pledge Agreement are hereby amended so that Debtor shall be required to pledge additional collateral or repay Obligations if at any time the Obligations as a percentage of market value of the Collateral are greater than 60%. Accordingly, the figure "65%" appearing in the third line of paragraph 1 of said SCHEDULE C is hereby deemed deleted and substituted therefor is the figure "60%". In addition, for clarity sake, the word "Loan" appearing in the 5th line of said paragraph is deemed deleted and substituted therefor is the word "Obligations". Finally, for a release of Collateral to occur under paragraph 2 of said SCHEDULE C, the Collateral Maintenance Requirement to be satisfied thereunder is the requirement that the Obligations as a percentage of market value of the Collateral shall be not greater than 50% after giving effect to any such release.
Collateral Maintenance. The Borrower will not permit the Aggregate Appraised Value at any time to equal less than 130% of the aggregate principal amount of outstanding Loans and all Letter of Credit Outstandings at such time, provided that, so long as any Default in respect of this Section 11.09 is not caused by any voluntary Collateral Disposition or a Vessel Exchange, such Default shall not constitute an Event of Default so long as within 30 days after such shortfall, the Borrower makes such repayments of Loans or reduces the Letter of Credit Outstandings in an amount sufficient to cure such Default (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 11.09 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).
Collateral Maintenance. If the FMV of the Vessels, as determined pursuant to Clause 7.2 falls below the Relevant Percentage, within a period of ten (10) Banking Days following receipt by the Obligors of written notice from the Agent notifying the Obligors 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 Obligors)
(a) the Obligors shall deliver to the Agent, upon its request, additional collateral satisfactory to the Banks, in their sole discretion (including the deposit of cash in a cash collateral account maintained with the Agent), such that (x) the sum of (i) the value of the Vessels, as determined in accordance with the latest valuation delivered pursuant to Clause 7.2, plus (ii) the value of additional collateral other than cash collateral, such value to be determined by the Banks when divided by (y) the Adjusted Stated Amount (less any cash collateral held by the Agent in a cash collateral account) shall be equal to or greater than the Relevant Percentage or (b) the Obligors shall prepay the Letter of Credit Liabilities or part thereof (together with interest thereon) as shall result in the FMV of the Vessels being not less than the Relevant Percentage.