Common use of Collateral Maintenance Clause in Contracts

Collateral Maintenance. If the FMV of the Vessels, as determined pursuant to Clause 9.2 falls below the Relevant Percentages, within a period of ten (10) Banking Days following receipt by the Borrowers of written notice from the Administrative Agent notifying the 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 Borrowers) (a) the Borrowers shall deliver to the Administrative Agent, upon its request, such additional collateral as may be satisfactory to the Lenders, in their sole discretion (including the deposit of cash in a cash collateral account maintained with the Administrative Agent), such that the sum of (i) the value of the Vessels, as determined in accordance with the latest Valuation delivered pursuant to Clause 9.2, and (ii) such additional collateral (other than cash collateral) shall be greater or equal to the Relevant Percentage of the Credit Facility less any cash collateral held by the Administrative Agent in a cash collateral account or (b) the Lenders shall reduce their Commitments hereunder and the Borrowers shall, if necessary, prepay such Advances or part thereof (together with interest thereon) as shall result in the FMV of the Vessels being not less than the Relevant Percentage of the Credit Facility. The Commitments of the Lenders shall be reduced accordingly and shall be adjusted proportionally to reflect such as required by Clause 5.5 hereof.

Collateral Maintenance. If the FMV of the Vessels, as determined pursuant to Clause 9.2 7.2 falls below the Relevant PercentagesPercentage, within a period of ten (10) Banking Days following receipt by the Borrowers Obligors of written notice from the Administrative Agent notifying the Borrower 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 BorrowersObligors) (a) the Borrowers Obligors shall deliver to the Administrative Agent, upon its request, such additional collateral as may be satisfactory to the LendersBanks, in their sole discretion (including the deposit of cash in a cash collateral account maintained with the Administrative Agent), such that (x) the sum of (i) the value of the Vessels, as determined in accordance with the latest Valuation valuation delivered pursuant to Clause 9.27.2, and plus (ii) such the value of additional collateral (other than cash collateral, such value to be determined by the Banks when divided by (y) shall be greater or equal to the Relevant Percentage of the Credit Facility Adjusted Stated Amount (less any cash collateral held by the Administrative Agent in a cash collateral account account) shall be equal to or greater than the Relevant Percentage or (b) the Lenders Obligors shall reduce their Commitments hereunder and prepay the Borrowers shall, if necessary, prepay such Advances 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 of the Credit Facility. The Commitments of the Lenders shall be reduced accordingly and shall be adjusted proportionally to reflect such as required by Clause 5.5 hereofPercentage.

Collateral Maintenance. If the FMV of the Vessels, as determined pursuant to Clause 9.2 falls below the Relevant Percentages, within a period of ten (10) Banking Days following receipt by the Borrowers of written notice from the Administrative Agent notifying the Borrower 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) (a) the Borrowers shall deliver to the Administrative Agent, upon its request, such additional collateral as may be satisfactory to the Lenders, in their sole discretion (including the deposit of cash in a cash collateral account maintained with the Administrative Agent), such that (x) the sum of (i) the value of the Vessels, as determined in accordance with the latest Valuation valuation delivered pursuant to Clause 9.2, and plus (ii) such the value of additional collateral (other than cash collateral, such value to be determined by the Lenders when divided by (y) shall be greater or equal to the Relevant Percentage of the Credit Facility Loan (less any cash collateral held by the Administrative Agent in a cash collateral account account) shall be equal to or greater than the Relevant Percentage of the Loan or (b) the Lenders Borrowers shall reduce their Commitments hereunder and prepay the Borrowers shall, if necessary, prepay such Advances Loan or part thereof (together with interest thereon) as shall result in the FMV of the Vessels being not less than the Relevant Percentage of the Credit Facility. The Commitments of the Lenders shall be reduced accordingly and shall be adjusted proportionally to reflect such as required by Clause 5.5 hereofLoan.

Collateral Maintenance. If the FMV of the Vessels, as determined pursuant to Clause 9.2 falls below the Relevant Percentages, within a period of ten (10) Banking Days following receipt by the Borrowers of written notice from the Administrative Agent notifying the Borrower 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) (a) the Borrowers shall (a) deliver to the Administrative Agent, upon its request, such additional collateral as may be satisfactory to the Lenders, in their sole discretion (including the deposit of cash in a cash collateral account maintained with the Administrative Agent), or (b) prepay the Loan or part thereof such that (x) the sum of (i) the value of the Vessels, as determined in accordance with the latest Valuation valuation delivered pursuant to Clause 9.2, and plus (ii) such the value of additional collateral (other than cash collateral, such value to be determined by the Lenders, when divided by (y) shall be greater or equal to the Relevant Percentage of the Credit Facility Loan (less any cash collateral held by the Administrative Agent in a cash collateral account account) shall be equal to or (b) the Lenders shall reduce their Commitments hereunder and the Borrowers shall, if necessary, prepay such Advances or part thereof (together with interest thereon) as shall result in the FMV of the Vessels being not less greater than the Relevant Percentage of the Credit Facility. The Commitments of the Lenders shall be reduced accordingly and shall be adjusted proportionally to reflect such as required by Clause 5.5 hereofLoan.