Collateral Value. 12 Commission..............................................................................................12 Company ...............................................................................................12
Collateral Value. The Borrower shall maintain at all times, subject to the next sentence, Collateral Value of not less than one hundred five percent (105%) of the Revolving Credit Commitments. If at any time the Collateral Value is less than one hundred five percent (105%) of the Revolving Credit Commitments (the amount of such shortage, the “Collateral Shortfall”), an Event of Default shall occur unless within three (3) Business Days of the date the Collateral Shortfall occurred no Collateral Shortfall exists as a result of (i) a change in the Collateral Value due to market fluctuations, (ii) a deposit of additional securities in the Collateral Account and/or (iii) a reduction of the Revolving Credit Commitments pursuant to Section 2.07.
Collateral Value. The Borrower will not at any time permit the Outstanding Principal Amount to exceed the sum of (i) sixty percent (60%) of the total of the Collateral Values of the Mortgaged Properties other than the Assigned Mortgaged Properties plus (ii) fifty percent (50%) of the total of the Collateral Values of the Assigned Mortgaged Properties.
Collateral Value. 4 Company .......................................................................................... 4
Collateral Value. The Outstanding Amount shall not, as a result of the making, continuation or conversion of such Loan, exceed the Borrowing Base;
Collateral Value. The Borrowers shall cause the fair market value of the Vessels (and other vessels of Guarantor Subsidiaries or (subject to the second sentence hereafter) other Subsidiaries of Guarantor included within the Collateral in accordance with subsections 3.01(h) and (i) hereof) at all times to be greater than or equal to two hundred (200%) percent of the Borrowing Base from time to time in effect. If from time to time, in order for Borrowers to comply with the preceding sentence, additional vessels are required to be mortgaged to the Agent, then (i) the Agent shall be entitled to choose in its sole and absolute discretion which additional vessel or vessels owned (subject to the next following sentence) by any Subsidiary of Guarantor, not otherwise subject to a mortgage Permitted Lien (as to the Borrowers) or a mortgage Lien securing Debt that otherwise does not violate this Agreement (as to any other Subsidiary of Guarantor), shall be so mortgaged so that Borrowers will be in compliance with the preceding sentence (and the parties acknowledge that the Borrowers may suggest what additional vessel or vessels they would prefer but such suggestions nevertheless shall not have the effect of impairing the fact that the selection is at the Agent’s sole and absolute discretion), and (ii) the applicable Borrower(s) or Guarantor Subsidiary(ies) or other Subsidiary(ies) of Guarantor owning such vessel(s) shall promptly supplement and amend the applicable Collateral Documents and this Agreement, or enter into Collateral Documents, pursuant to documentation in form and substance satisfactory to the Agent, so as to grant to the Agent, for the ratable benefit of the Banks, first preferred ship mortgage liens (or the foreign equivalent) thereon and first priority security interests (or the foreign equivalent) in all related assets (see, subsections 3.01(a) - (d)), and in connection therewith Borrowers shall provide to the Agent evidence of insurance required under the Loan Documents and applicable Certificates of Documentation as to the vessels and vessel abstracts thereon showing the HOS Mortgage or the HOT Mortgage (or other first preferred ship mortgage, if by a Guarantor Subsidiary or other Subsidiary), as the case may be, as the only recorded Lien thereon. Notwithstanding the foregoing, to the extent necessary so that no Subsidiary formed outside the United States will be considered under the U.S. Internal Revenue Code (as amended) and the regulations promulgated thereunder...
Collateral Value. With respect to any Loan, other than Refinance Loans, an amount equal to the lesser of (a) the appraised value of the related Mortgaged Property based on an appraisal obtained by the originator from an independent fee appraiser at the time of the origination of such Loan, and (b) if the Loan was originated either in connection with the acquisition of the Mortgaged Property by the borrower or within one year after acquisition of the Mortgaged Property by the borrower, the purchase price paid by such borrower for the Mortgaged Property. In the case of Refinance Loans (a) that are not Borrower Retention Loans, the Collateral Value is the appraised value of the Mortgaged Property based upon the appraisal obtained at the time of refinancing and (b) that are Borrower Retention Loans, the Collateral Value is the value of the mortgaged property determined as follows (i) if the Refinance Loan is not a cash-out refinance mortgage loan, the value of the mortgaged property is typically determined using an existing appraisal that is no more than twenty-four months old; however, if the existing appraisal is more than twenty-four months old, the value of the mortgaged property based on the existing appraisal is validated through the use of an AVM at the time of the refinancing, and if the AVM evidences that the value of the mortgage property has materially declined, a new appraisal is required at the time of refinancing, and the value of the mortgaged property is determined using this new appraisal, and (ii) if the Refinance Loan is a cash-out refinance mortgage loan, the value of the mortgaged property is determined using an existing appraisal that is no more than twenty-four months old, and the existing appraisal value is validated through the use of an AVM at the time of the refinancing; if the AVM evidences that the value of the mortgaged property has materially declined, or if the existing appraisal is more than twenty-four months old, a new appraisal is required at the time of refinancing, and the value of the mortgaged property is determined using this new appraisal.
Collateral Value. (a) So long as this Pledge and Security Agreement remains in full force and effect, and subject to subparagraph (d) below, if as of the first Business Day of any calendar quarter beginning April 1, 1995, Pledgee shall determine, after receipt of the calculation of Market Value provided for in subparagraph (c) below, that the aggregate Market Value of the Pledged Interests and the fair market value of any other Collateral theretofore pledged by Pledgor under, this Section 4.16 and then constituting a part of the Collateral hereunder, is less than 90% of the Pledge Amount, then Pledgor shall promptly pledge and deliver to Pledgee additional unencumbered Common Units and/or unencumbered Common Stock (including certificates and transfer instruments relating thereto), and/or other collateral acceptable to Pledgee, such that, after giving effect to the pledge of such additional Common Units and/or Common Stock and/or other collateral, all Pledged Interests and other Collateral pledged under this Pledge and Security Agreement and then constituting a part of the Collateral shall have a fair market value (valuing Pledged Interests at Market Value) equal to or greater than the Pledge Amount. Such additional Common Units and/or Common Stock shall constitute Pledged Interests and, together with any other collateral pledged hereunder, shall be deemed to be part of the Collateral hereunder.
Collateral Value. 18 COMBINED LOAN-TO-VALUE RATIO............... 18
Collateral Value. At the end of the Term Loan Period and on other dates as may be requested by either Lender, but not more than once in any twelve (12) month period (unless required by Section 2.01(t) or Section 2.02(b) below, the Agent shall arrange to have the Fair Market Value and the Orderly Liquidation Value of each of the Rigs determined at the Borrowers' expense by an independent appraisal firm chosen by the Agent and reasonably acceptable to the Borrowers. Each such valuation shall be based on the Fair Market Value of each Rig and the oil field tubular or drill pipe attributable to such Rig. The most recent determination of the lesser of (A) 50% of the aggregate Fair Market Values of all of the Rigs that are working or available for work (a "Working Rig") or (B)75% of the aggregate Orderly Liquidation Values of all of the Working Rigs is hereinafter referred to as the "Collateral Value". If, after any Advance, the outstanding principal amount of the Loan shall exceed the Collateral Value, then the Borrowers shall either prepay within five days of the Agent's demand the amount of the Loan necessary to restore the ratio referred to herein together with payment of accrued interest thereon or provide additional security for the Loan which shall be acceptable in the sole opinion of the Lenders for these purposes. The Lenders shall apply payments received under this Section 1.06(a)(iii) in accordance with Section 1.05(c) hereof, provided, however, that the principal repayments shall be applied so that the remaining installments of principal of the selected Advance, if any, shall be reduced on a pro rata basis, such reduction to be confirmed by the Agent in a certificate delivered to the Borrowers which certificate shall be conclusive absent manifest error. No Prepayment Premium shall be payable with respect to any prepayment required by this Section 1.06(a)(iii).
