Minimum Market Value. Upon a non-compliance of Clause 26.1 (Minimum Market Value), the Facility shall be repaid or reduced (as applicable) in accordance with Clause 10.6 (Terms and conditions for prepayments/reductions and cancellation) on the date falling 60 days after such breach by an amount equal to the amount which is required for the Borrower to become compliant with Clause 26.1 (Minimum Market Value) again.
Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs (taken in aggregate) is at least one hundred and thirty five per cent (135%) of the sum of the Loans outstanding from, and tested first time with reference to the period ending, 30 June 2017 and up until the Final Maturity Date.”
Minimum Market Value. The Obligors will procure that the Market Value of all the Drillships that have been delivered is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) from the third anniversary of the Closing Date and up until the relevant Final Maturity Date.
Minimum Market Value. Upon a non-compliance of Clause 26.1 (Minimum Market Value), the Commercial Facility Loan Commitment shall be reduced and the ECA Lender Loans prepaid on the date falling 60 days after such breach by an amount equal to the amount which is required for the Borrower to become compliant with Clause 26.1 (Minimum Market Value) again.
Minimum Market Value a) The Market Value of the Vessel shall not at any time be less than one hundred and thirty per cent (130%) of the Loan.
Minimum Market Value. (a) Subject to sub-paragraph (b) below, the Obligors will procure that the Market Value of the Drillship is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) of the sum of the Loans from the third anniversary of the Closing Date and up until the relevant Final Maturity Date. For the avoidance of doubt, Clause 8.4 (Minimum Market Value) will not apply whilst the covenant in this Clause 24.1 is suspended.
Minimum Market Value. (a) Subject to sub-paragraph (b) below, upon a non-compliance with Clause 24.1 (Minimum Market Value), the Facility shall be repaid or reduced (as applicable) in accordance with Clause 8.7 (
Minimum Market Value. The Obligors will procure that the Market Value of the Drilling Unit is at least one hundred and twenty five per cent (125%) of the sum of the Loans from, and tested first time with reference to the period ending, 30 June 2017 and up until the Final Maturity Date.”
Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs (taken in aggregate) is (i) at least one hundred and twenty per cent (120%) of the sum of the Loans outstanding from the First Utilisation Date until the second anniversary thereafter and (ii) at least one hundred and thirty five per cent (135%) of the sum of the Loans outstanding from the second anniversary of the First Utilisation Date until the Final Maturity Date. 57 (129) 24.2 Market Valuation of the Rigs The Parent shall (at its own expense) (i) arrange for the Market Value of each of the Rigs to be determined and valued for the purpose of every Compliance Certificate to be delivered to the Agent pursuant to clause 21.2 (Compliance Certificate) for the financial quarters ending 30 June and 31 December each year and (ii), if an Event of Default has occurred and is continuing, upon the Agent’s request, arrange for the Market Value of each of the Rigs to be determined.
