Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrowers that:
(a) the aggregate of the Market Values of the Ships; plus
(b) the net realisable value of any additional security previously provided under this Clause 15, is below 140 per cent. of the aggregate of the Loan and the Swap Exposure.
Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that the Security Cover Ratio is below 125 per cent.
Minimum required security cover. Clause 27.2 (Provision of additional security; prepayment) applies if, on or after the Delivery Date of a Ship, the Facility Agent notifies the Borrowers that:
(i) the aggregate Fair Market Value of each Ship then subject to a Mortgage and which has not become a Total Loss; plus
(ii) the net realisable value of additional Security previously provided under this Clause 27 (Security Cover), is below 130 per cent. of the Loan.
Minimum required security cover. Clause 14.2 applies if the Lender notifies the Borrowers that the Asset Cover Ratio is below 1.25 to 1.
Minimum required security cover. If, and so often as, the aggregate, charter-free market value of the Ships (as determined in accordance with Clauses 16.5 and 16.6) plus the market value of any additional security for the time being actually provided to the Lender pursuant to Clause 16.3 falls below 125 per cent. of the aggregate of:
(a) the Loan; and
(b) such amount (the “Termination Amount”) as determined by the Lender in its absolute discretion as the amount due from the Borrower on terminating any Transaction under the Master Agreement in the same manner as if it were a Terminated Transaction (as defined in Section 14 of the Master Agreement) effected by the Lender after an Event of Default,
Minimum required security cover. If, and so often as, the aggregate, charter-free market value of the Ships (as determined in accordance with Clause 15.5 at such times as the Lender may from time to time require) plus the market value of any additional security for the time being actually provided to the Lender pursuant to Clause 15.2 falls below 125 per cent. of the aggregate of:
(a) the Loan; and
(b) the Termination Amount, (the above being the “Minimum Security Cover Ratio”) the Borrower shall, within 10 days of being notified by the Lender of such requirement (which notification shall be conclusive and binding on the Borrower), comply with Clause 15.2 or 15.3.
Minimum required security cover. The Borrower shall ensure that at all times during the Security Period the market value (determined as provided in Clause 15.3) of the Ship is at least 125 per cent of the Loan. Clause 15.2 applies if the Agent notifies the Borrower that:
Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that:
Minimum required security cover. Clause 14.2 applies if the Lender notifies the Borrowers that the Asset Cover Ratio is below:
(a) at any time on or prior to 30 June 2009, 1.25 to 1; and
(b) at all times thereafter, 1.3 to 1.
Minimum required security cover. Clause 14.2 applies if the Lender notifies the Borrower that:
(a) the aggregate of (i) the Market Value of the Financed Ship and (ii) at any time when Tranche B is outstanding, the Market Value of the Collateral Ship (after deducting from the same the amount of the Market Value for that Ship which is required for the Collateral Owner to satisfy the minimum security cover requirement in clause 14.1 of the Prospero Loan Agreement); plus
(b) the net realisable value of any additional security previously provided under this Clause 14, is below 130 per cent. of the Loan.
