Financial Undertakings. The Borrower will not enter into or remain liable upon, nor will it permit any Subsidiary to enter into or remain liable upon, any Financial Undertaking, except to the extent required to protect the Borrower and its Subsidiaries against increases in interest payable by them under variable interest Indebtedness.
Financial Undertakings. The Guarantor hereby agrees and undertakes to the Beneficiary that it will at all times until expiry of this guarantee in accordance with paragraph 4 hereof:
10.2.1 ensure that:
Financial Undertakings. 14.4.1 Financial definitions In this Clause 14.4:
Financial Undertakings. The PARTIES further agree:
Financial Undertakings. The Charter Guarantor hereby agrees and undertakes to the Mortgagee (as security agent and trustee for and on behalf of the Secured Creditors) that it will at all times throughout the Security Period:
7.2.1 ensure that:
(a) a minimum amount of Twenty million Dollars ($20,000,000) shall be standing to the credit of the Charter Guarantor's Account for the period commencing on the first Drawdown Date and ending on 31 December 2006 and thereafter and until the final date of the Security Period a minimum amount of Twenty Five million Dollars ($25,000,000) shall be standing to the credit of the Charter Guarantor's Account and further ensure that there are no Encumbrances whatsoever existing over or in relation to such minimum amount; and
(b) it maintains cash balances of at least Fifty million Dollars ($50,000,000) in bank accounts in its name or in the name of a member of the Group and agreed by the Mortgagee in writing from time to time and for the purposes of this clause 7.2.1
Financial Undertakings. Any requirement in Clause 14.4 (Financial undertakings) is not satisfied at any time.
Financial Undertakings. The Borrower will not, nor will it permit any Significant Guarantor to, enter into or remain liable upon any Financial Undertaking, except as permitted under this Agreement.
Financial Undertakings. The Charter Guarantor hereby agrees and undertakes to the Mortgagee that it will at all times throughout the Security Period:
7.2.1 ensure that:
(a) a minimum amount of Twenty million Dollars ($20,000,000) shall be standing to the credit of the Charter Guarantor's Account for the period commencing on the first Drawdown Date and ending on 31 December 2006 and thereafter and until the final date of the Security Period a minimum amount of Twenty Five million Dollars ($25,000,000) shall be standing to the credit of the Charter Guarantor's Account and further ensure that there are no Encumbrances whatsoever existing over or in relation to such minimum amount; and
(b) it maintains cash balances of at least Fifty million Dollars ($50,000,000) in bank accounts in its name or in the name of a member of the Group and agreed by the Mortgagee in writing from time to time and for the purposes of this clause 7.2.1
Financial Undertakings. The Charter Guarantor hereby agrees and undertakes to the Mortgagee (as security agent and trustee for and on behalf of the Secured Creditors) that it will at all times throughout the Security Period:
7.2.1 ensure that, for the first nine (9) months after the Drawdown Date, a minimum amount of twenty million Dollars ($20,000,000) shall be standing to the credit of the Charter Guarantor's Account and that for the period commencing nine months after the Drawdown Date and ending on the final date of the Security Period, a minimum amount of twenty five million dollars ($25,000,000) shall be standing to the credit of the Charter Guarantor's Account and further ensure that at any time there are no Encumbrances whatsoever existing over or in relation to such minimum amounts;
7.2.2 ensure that an aggregate minimum amount of fifty million Dollars shall at all times during the Security Period be standing to the credit of accounts of the Charter Guarantor (including the Charter Guarantor's Account) and the Charter Guarantor shall evidence compliance with the terms of this clause at no later than three (3) monthly intervals throughout the Security Period or otherwise promptly upon the Mortgagee's first written request;
7.2.3 endeavour that any Excess Cash Flow in relation to the Ship will be paid into the Charter Guarantor's Account;
7.2.4 provide details to the Agent at three (3) monthly intervals evidencing the operating expenses and the Earnings of the Ship;
7.2.5 ensure that on the Drawdown Date, the minimum average length of time that Fleet Vessels are employed on time charter for is eighteen months;
7.2.6 ensure that its Net Asset Value at all times exceeds $125,000,000; and
7.2.7 ensure that its Book Equity shall at all times exceed $75,000,000.
7.2.8 For the purpose of this clause 7.2 and clause 7.3, the following expressions shall have the following meanings:
Financial Undertakings. The Guarantor undertakes with the Security Agent that from the date of this Guarantee and so long as any moneys are owing under the Security Documents and while all or any part of the Total Commitment remains outstanding, it will ensure that:
