Minimum Liquidity and Additional Minimum Liquidity. The Borrower shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than:
(a) $600,000 ("Minimum Liquidity") commencing from the Drawdown Date and at all times thereafter until the irrevocable and unconditional payment of any and all Secured Liabilities; and
(b) in addition to the amount required under paragraph (a) of this Clause, an additional amount of $280,000 ("Additional Minimum Liquidity") commencing from the Drawdown Date and at all times thereafter up to and including the Repayment Date of the 8th Instalment, at which time, the Additional Minimum Liquidity shall be released to or to the order of the Borrower upon its written request Provided that the 8th Instalment is paid by the Borrower and no Event of Default or Potential Event of Default has occurred or is continuing or will occur as a result of the release of the relevant Additional Minimum Liquidity amount.
Minimum Liquidity and Additional Minimum Liquidity. The Borrower shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than:
(a) $800,000 ("Minimum Liquidity") for the period commencing from the Drawdown Date and at all times thereafter until the irrevocable and unconditional payment of any and all Secured Liabilities; and
(b) in addition to the amount required under paragraph (a) of this Clause, an additional amount ("Additional Minimum Liquidity") of $900,000 for the period commencing from the Drawdown Date and at all times thereafter, which amount may be reduced to: (i) $600,000 on the first anniversary of the Drawdown Date and (ii) $300,000 on the second anniversary of the Drawdown Date and subsequently on the third anniversary of the Drawdown Date may be released to or to the order of the Borrower upon its written request, Provided that on each anniversary of the Drawdown Date: (i) the Instalments which are due then have been paid by the Borrower, (ii) the Borrower is in compliance with the minimum liquidity requirements set out in this Clause 11.19 and (iii) no Event of Default or Potential Event of Default has occurred or is continuing or will occur as a result of the reduction or release (as the case may be) of the relevant Additional Minimum Liquidity amount.";
(e) by construing all references throughout schedule 1, schedule 2, schedule 6, schedule 8 and in the cover page thereof to "$19,000,000" as if the same were references to "$11,000,000";
(f) by construing references throughout the Loan Agreement to "this Agreement", "hereunder" and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Agreement; and
(g) by construing references throughout the Loan Agreement to each of the other Finance Documents as if the same referred to that Finance Document as amended and supplemented by this Agreement.
Minimum Liquidity and Additional Minimum Liquidity. The Borrower shall maintain in the Minimum Liquidity Account credit balances in an aggregate amount as specified in Schedule 8 (Additional Provisions).
Minimum Liquidity and Additional Minimum Liquidity. The Borrower shall maintain in the Minimum Liquidity Account credit balances (which may be fixed on a time deposit basis on commercial terms and interest rates to be mutually agreed between the Borrower and the Agent (acting on the instructions of the Lenders)) in an aggregate amount of:
(a) not less than $200,000 (the "Minimum Liquidity"), commencing from the Drawdown Date and at all times thereafter throughout the remainder of the Security Period; and
(b) in addition to the amount required to be maintained under paragraph (a)(i) of this Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity), an additional amount equal to $200,000 (the "Additional Minimum Liquidity") commencing from the Drawdown Date and at all times thereafter Provided that:
Minimum Liquidity and Additional Minimum Liquidity. If the Agent so requires, in respect of any of the documents referred to above, an original English translation.
Minimum Liquidity and Additional Minimum Liquidity. The Borrowers shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than:
(a) $550,000 in respect of each Mortgaged Ship (amounting to $3,850,000 in aggregate) (“Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter throughout the remainder of the Security Period; and
(b) in addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, an additional amount of $250,000 In respect of Ship B and Ship C (amounting to $500,000 in aggregate) (“Additional Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter up to and including the date such Ship’s next special survey/dry-dock is scheduled, at which time, the Additional Minimum Liquidity applicable to the relevant Ship shall be released to or to the order of the Borrower which is the owner thereof for such purpose, Provided that no Event of Default or Potential Event of Default has occurred or is continuing at that time or will occur as a result of the release of the relevant part of the Additional Minimum Liquidity
Minimum Liquidity and Additional Minimum Liquidity. (a) Subject to paragraph (c) below, the Borrowers shall maintain in the Liquidity Account:
Minimum Liquidity and Additional Minimum Liquidity. The Borrowers shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than:
(a) $150,000 in respect of each Ship (amounting to $300,000 in aggregate) (“Minimum Liquidity”) commencing from the Drawdown Date in respect of the Advance which will finance the relevant Ship and at all times thereafter throughout the remainder of the Security Period; and
(b) in addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, an additional amount of $400,000 in respect of each Ship (amounting to $800,000 in aggregate) (“Additional Minimum Liquidity”) commencing from the Drawdown Date in respect of the Advance which will finance the relevant Ship and at all times thereafter up to and including the date falling on the first anniversary of the relevant Drawdown Date, at which time, the Additional Minimum Liquidity applicable to the relevant Ship shall be released to or to the order of the Borrower which is the owner thereof, Provided that no Event of Default or Potential Event of Default has occurred or is continuing at that time or will occur as a result of the release of the relevant part of the Additional Minimum Liquidity.
Minimum Liquidity and Additional Minimum Liquidity. The Borrower shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than:
(a) $200,000 (“Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter throughout the remainder of the Security Period; and
(b) in addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, an additional amount of $1,200,000 (“Additional Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter up to and including (i) the date falling on the fourth Repayment Date, at which time, $500,000 of the Additional Minimum Liquidity shall be released to or to the order of the Borrower and (ii) the date falling on the eighth Repayment Date, at which time, the remaining $700,000 of the Additional Minimum Liquidity shall be released to or to the order of the Borrower, Provided that no Event of Default or Potential Event of Default has occurred or is continuing at that time or will occur as a result of the release of the relevant part of the Additional Minimum Liquidity.
Minimum Liquidity and Additional Minimum Liquidity. (a) The Borrowers shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than $400,000 in respect of each Mortgaged Ship ($2,400,000 in aggregate, the “Minimum Liquidity”) commencing from the Drawdown Date in respect of the Advance which will finance the relevant Mortgaged Ship and at all times thereafter until the earlier of (i) the full repayment or, as the case may be prepayment, of the Advance financing the relevant Mortgaged Ship provided that no Event of Default has occurred and is continuing on the date of such repayment and (ii) the end of the Security Period.
(b) In addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, the Borrowers shall maintain in the Liquidity Account from the Drawdown Date in respect of the Advance which will finance the relevant Mortgaged Ship credit balances in an aggregate amount of not less than $300,000 in respect of each Mortgaged Ship ($1,800,000 in aggregate, the “Additional Minimum Liquidity”). The Additional Minimum Liquidity shall remain in the Liquidity Account and shall be released to the Borrowers as follows:
(i) the aggregate amount of up to $600,000 (being $100,000 per Mortgaged Ship) shall be released to the Borrowers upon full repayment of the fourth Instalment in respect of each Advance;
(ii) the aggregate amount of up to $600,000 (being $100,000 per Mortgaged Ship) shall be released to the Borrowers upon full repayment of the eighth Instalment in respect of each Advance; and
(iii) the aggregate amount of up to $600,000 (being $100,000 per Mortgaged Ship) shall be released to the Borrowers upon full repayment of the twelfth Instalment in respect of each Advance.
