Collateral Maintenance Ratio. If, at any time, the Agent notifies the Borrowers that the aggregate Fair Market Value of the Ships plus the net realizable value of any additional Collateral previously provided under this Clause 15 is below:
Collateral Maintenance Ratio. (a) If, at any time, the aggregate Fair Market Value of the Ships shall be less than 135% of the unpaid principal amount of the Loan (the “Collateral Maintenance Ratio”), the Facility Agent shall have the right to require the Borrowers, within 30 Business Days of the date of the written demand of the Facility Agent, to either (x) prepay the Loan in such amount as may be necessary to cause such aggregate Fair Market Value of the Ships to equal or exceed 135% of the unpaid principal amount of the Loan or (y) provide such additional Collateral as may be acceptable to the Facility Agent in its sole reasonable discretion so that aggregate Fair Market Value of the Ships and such additional Collateral equals or exceeds 135% of the unpaid principal amount of the Loan, and the Borrowers hereby agree to comply with any such written demand made by the Facility Agent.
Collateral Maintenance Ratio. If, at any time the Lender notifies the Borrower that the Fair Market Value of the Vessel is below 125% of the outstanding principal balance of the Loan (such ratio being the “Collateral Maintenance Ratio”), the Lender shall have the right to require the Borrower to prepay (without payment of any Prepayment Fee) such part of the Loan as will eliminate the shortfall on or before the date falling one (1) month after the date on which the Lender serves such notice (the “Prepayment Date”). Any such prepayment shall be applied to the Borrower’s Obligations in the inverse order of maturity.
Collateral Maintenance Ratio. If, at any time, the aggregate Fair Market Value of the Ships that have been delivered to the Obligors shall be less than the sum of (i) 125% of the aggregate unpaid principal amount of the Advances in respect of such delivered non-Brazilian flagged Ships and (ii) 133.3% of the aggregate unpaid principal amount of the Advances in respect of such delivered Brazilian flagged Ships (such ratio being the “Collateral Maintenance Ratio”), the Facility Agent (acting upon the instruction of the Majority Lenders) shall have the right to require the Borrower, within 30 Business Days of the date of the written demand of the Facility Agent, to either:
Collateral Maintenance Ratio. (a) If at any time the Owner notifies the Charterer that the ratio of (i) the aggregate of the Fair Market Value (determined pursuant to clause 12.4(m)) of the Vessel and the net realisable value of any additional security provided at any time under this clause 13.18 to
Collateral Maintenance Ratio. The Borrower shall not at any time permit its Collateral Maintenance Ratio (determined on the basis of the most recent Desktop Appraisal required to be delivered by the Borrower under this Agreement) to be less than 1.25 to 1.00.”
Collateral Maintenance Ratio. If, at any time, the Agent notifies the Borrowers that the aggregate Fair Market Value of the Ships plus the net realizable value of any additional Collateral previously provided under this Clause 15 is below (i) 125 percent of the Loan between the Drawdown Date with respect to the first Advance relating to a Ship until December 31, 2015, (ii) 133.33 percent of the Loan after December 31, 2015 and prior to December 31, 2017, and (iii) 166.66 percent of the Loan thereafter (such ratio being the “Collateral Maintenance Ratio”), the Agent (acting upon the instruction of the Lenders) shall have the right to require the Borrowers to comply with the requirements of Clause 15.3.
Collateral Maintenance Ratio. Sections 1.01, 2.10, 5.11 and 6.06 of the Credit Agreement are hereby amended as follows:
