Common use of Minimum Value Clause in Contracts

Minimum Value. (a) The Borrower shall ensure that the aggregate Market Value of the Vessels (plus any additional security previously provided by the Borrower under paragraph (b) below) is at all times: (i) during the period from and including the first Utilisation Date until the second anniversary thereof, at least equal to 110 per cent. of the aggregate of the principal amount of the Loans; (ii) during the period from and including the second anniversary of the first Utilisation Date until fourth anniversary thereof, at least equal to 120 per cent. of the aggregate of the principal amount of the Loans; and (iii) at any time thereafter at least equal to 125 per cent. of the aggregate of the principal amount of the Loans. (b) The Borrower shall, if the Market Value does not at any time comply with the requirements set out in paragraph (a) above, within thirty (30) days from receipt of a written demand from the Agent (acting on the instructions of the Majority Lenders) either make a prepayment of the Loans in accordance with Clause 7.5 (Voluntary prepayment), or provide the Finance Parties with such additional security, in form and substance satisfactory to the Lenders, required to restore the aforesaid ratio.

Minimum Value. (a) The Borrower Borrowers shall ensure that the aggregate Market Value of the Vessels (plus any additional security previously provided by the Borrower Borrowers under paragraph (b) below) is at all times: (i) during the period from and including the first Utilisation Date until the second anniversary thereof, at least equal to 110 per cent. of the aggregate of the principal amount of the Loans; (ii) during the period from and including the second anniversary of the first Utilisation Date until fourth anniversary thereof, at least equal to 120 per cent. of the aggregate of the principal amount of the Loans; and (iii) at any time thereafter at least equal to 125 per cent. of the aggregate of the principal amount of the Loans. (b) The Borrower Borrowers shall, if the Market Value does not at any time comply with the requirements set out in paragraph (a) above, within thirty (30) days from receipt of a written demand from the Agent (acting on the instructions of the Majority Lenders) either make a prepayment of the Loans in accordance with Clause 7.5 (Voluntary prepayment), or provide the Finance Parties with such additional security, in form and substance satisfactory to the Lenders, required to restore the aforesaid ratio.

Minimum Value. (a) The Borrower Borrowers shall ensure that the aggregate Market Value of the Vessels (plus any additional security previously provided by the Borrower Borrowers under paragraph (b) below) is at all times: (i) during the period from and including the first Utilisation Date until the second anniversary thereof, at least equal to 110 per cent. of the aggregate of the principal amount of the Loans; (ii) during the period from and including the second anniversary of the first Utilisation Date until fourth anniversary thereof, at least equal to 120 per cent. of the aggregate of the principal amount of the Loans; and (iii) at any time thereafter at least equal to 125 per cent. of the aggregate of the principal amount of the Loans. (b) The Borrower Borrowers shall, if the Market Value does not at any time comply with the requirements set out in paragraph (a) above, within thirty (30) days from receipt of a written demand from the Agent (acting on the instructions of the Majority Lenders) either make a prepayment of the Loans in accordance with Clause 7.5 7.6 (Voluntary prepayment), or provide the Finance Parties with such additional security, in form and substance satisfactory to the Lenders, required to restore the aforesaid ratio.