Minimum required security cover Sample Clauses

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate market values (determined as provided in Clause 15.3) of the Ships; plus (b) the amount standing to the credit of the Collateral Account; plus (c) the net realisable value of any additional security previously provided under this Clause 15, is below 200 per cent. of the Loan.

Minimum required security cover. Clause 15.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ship)) of the Ships subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is below 140% of the Loan.

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 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 (Provision of additional security; prepayment) applies if the Agent notifies the Borrowers that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ship)) of the Ships subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is below 130% of the Loan.

Minimum required security cover. Clause 23.2 (Provision of additional security; prepayment) applies if the Facility Agent notifies the Borrowers that: (a) the aggregate Market Value of the Ships; plus (b) the net realisable value of additional Security previously provided under this Clause 23 (Security Cover), is below 130 per cent. of the Loan.

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 15.2 applies if, after the end of the third financial quarter of2017, the Agent notifies the Borrowers that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3) of the Ships ; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is below 130 per cent of the aggregate of the Loan and the Loan (as defined in the New Facility Agreement).”.

Minimum required security cover. If, and so often as, the aggregate market value of the Ships which are the subject of a Mortgage (as determined in accordance with Clauses 15.5 and 15.6) plus the market value of any additional security for the time being actually provided to the Lender pursuant to Clause 15.3 falls below 120 per cent, of: (a) the Facility; 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, the Borrower shall, within 15 days of being notified by the Lender of such requirement (which notification shall be conclusive and binding on the Borrower), comply with Clause 15.3 or 15.4.

Minimum required security cover. Clause 14.2 applies if the Lender notifies the Borrower that the Security Cover Ratio is below 1.25 to 1.