Determination of Leverage Ratio. The Agent shall calculate the Leverage Ratio on the first Drawdown Date and on each Compliance Date thereafter (each a “Margin Calculation Date”) for the purposes of calculating the Margin and shall advise the Borrower and the Lenders in writing, within 10 Business Days of each Margin Calculation Date, of the Margin which will apply for the 3-month period commencing on the relevant Margin Calculation Date Provided that in respect of each Margin Calculation Date other than the first Margin Calculation Date, the Agent shall only be obliged to advise the Borrowers and the Lenders of the Margin which will apply for the 3-month period commencing on the relevant Margin Calculation Date if that Margin will be different to the Margin which applies immediately prior to the relevant Margin Calculation Date. For the purposes of calculating the Leverage Ratio pursuant to this Clause 5.14, the Market Value of the Ships shall be determined no more than 15 days prior to the relevant Margin Calculation Date.
Determination of Leverage Ratio. In addition to the determination of the Leverage Ratio in a Compliance Certificate, the Leverage Ratio shall be determined by the Administrative Agent, as follows:
Determination of Leverage Ratio. The Leverage Ratio shall ------------------------------- be determined by the Administrative Agent, as follows:
