Collateral Maintenance Ratio. If, at any time, the Agent notifies the Borrower that:
(a) the aggregate Fair Market Value of the Vessels subject to a Mortgage and not the subject of a Total Loss; plus
(b) the net realizable value of any additional Collateral previously provided under this Clause 15, is below 145% of the Loans outstanding (such ratio being the “Collateral Maintenance Ratio”), the Agent (acting upon the instruction of the Majority Lenders) shall have the right to require the Borrower to comply with the requirements of Clause 15.3.
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.
(b) Any prepayment made pursuant to this Clause 10.3 shall be applied to the remaining repayment installments of principal and interest in inverse order of maturity, may not be re-borrowed, and shall be subject to the requirements of Clause 7.8, provided that any prepayment made pursuant to this Clause 10.3 shall not be subject to a prepayment penalty under Clause 7.8(c).
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:
(a) with respect to NORDIC ODYSSEY and NORDIC ORION, 154% of the Loan between the Effective Date and the Drawdown Date with respect to the Advance relating to NORDIC OSHIMA;
(b) with respect to the Ships in the aggregate,
(i) 143% of the Loan between the Drawdown Date with respect to the Advance relating to NORDIC OSHIMA and December 31, 2015; and
(ii) 167% of the Loan thereafter; and (such ratio being the “Collateral Maintenance Ratio”), then the Agent (acting upon the instruction of the Majority Lenders) shall have the right to require the Borrowers to comply with the requirements of Clause 15.3.
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 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:
(i) Section 1.01 of the Credit Agreement is hereby amended by deleting each reference to “1.25 to 1.00” in the definitions of “Asset Swap”, “Flag Jurisdiction Transfer” and “Permitted Acquisition” and replacing each such reference with “1.50 to 1.00”.
(ii) Section 1.01 of the Credit Agreement is hereby further amended by amending the definition of “Collateral Maintenance Ratio” in its entirety as follows:
Collateral Maintenance Ratio. The Administrative Agent shall have received from the Borrower an Officer’s Certificate certifying that the Collateral Maintenance Ratio (as amended by this Amendment and assuming for purposes of this clause (d) that (x) the Vessels listed on Annex C attached hereto constitute Mortgaged Vessels as of the Amendment Effective Date and (y) the desktop appraisal, dated July 7, 2009, by BASSØE Offshore (USA) Inc. furnished to UBS Securities LLC is the Current Desktop Appraisal), exceeds 1.25 to 1.00 (which shall have attached thereto reasonably detailed calculations showing such compliance, with such backup information as the Administrative Agent may reasonably request).
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.”
