Common use of Collateral Maintenance Clause in Contracts

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 Borrower will not permit the Aggregate Appraised Value at any time of the Mortgaged Vessels to equal less than the Required Percentage 120% of the Facility Amount, Total Commitment at any time; provided that, so long as any Default in respect of this Section 9.07 10.19 is not caused by any voluntary Collateral Disposition or a Vessel ExchangeDisposition, such Default shall not constitute an Event of Default so long as within 45 60 days after of the occurrence of such shortfallDefault, the Borrower shall either (i) makes post additional Collateral satisfactory to the Required Lenders, pursuant to security documentation reasonably satisfactory in form and substance to the Administrative Agent, sufficient to cure such repayments Default (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 of Loans the Total Commitment in an amount sufficient to cure such Default, or (ii) permanently reduces default and repay the Total Commitment or (iii) delivers Revolving Loans and/or cash collateralize Letters of Credit 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 extent required by Section 5.02(a) (it being understood that (i) any action taken in respect of items (i) through (iii) above this proviso shall only be effective to cure such default Default pursuant to this Section 9.07 10.19 to the extent that no Default or Event of Default exists hereunder immediately after giving effect theretothereto and (ii) so long as such Default is in existence and has not been cured, the Borrower shall not be permitted to incur and Revolving Loans or request the issuance of any Letters of Credit).”.