Security Cover Sample Clauses

Security Cover. 15.1 Minimum required security cover (a) the aggregate of the Market Value of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15, is below an amount equal to 125 per cent. of the Loan.

Security Cover. 26.1 Minimum required security cover (a) Clause 26.2 (Provision of additional security; prepayment) applies if, on or after the first Utilisation Date, the Facility Agent notifies the Borrower that: (i) the aggregate Market Value each Mortgaged Ship; plus (ii) the net realisable value of additional Security previously provided under this Clause 26 (Security Cover), is below 125 per cent. of the aggregate of (i) the Loan and (i) the Hedging Close Out Liabilities. (b) Valuations of the Ship from Approved Valuers shall be provided to, or obtained by, the Facility Agent in accordance with Clause 26.7 (Provision of Valuations) for the purpose of determining compliance with this Clause 26.1 (Minimum required security cover).

Security Cover. The Borrower shall ensure that the Loan is fully covered by the value of the Security less the market value of the Plant, Machinery and Equipment purchased. If at any time the value of the security cover falls below the amounts disbursed under the Term Loan Facility, the Borrower shall forthwith inform the Lender and repay the excess outstandings.

Security Cover. 24.1 Minimum required security cover (a) Clause ‎24.2 (Provision of additional security; prepayment) applies if, at any time during the Security Period, the Facility Agent (acting on the instructions of the Majority Lenders) notifies the Borrowers that: (i) the aggregate Market Value of the Ships; plus (ii) the aggregate of the credit balances held on the Earnings Accounts; plus (iii) the net realisable value of additional Security previously provided under this Clause ‎24 (Security Cover); is below the Relevant Percentage of the Loan. (b) Compliance with this Clause ‎24 (Security Cover) will be tested on a quarterly basis throughout the Security Period and shall be evidenced by a Compliance Certificate (commencing with the financial quarter ending on 30 September 2020). (c) In this Clause ‎24 (Security Cover):

Security Cover. 25.1. Minimum required security cover (i) the aggregate Market Value of each Ship then subject to a Mortgage; plus (ii) the net realisable value of additional Security previously provided under this Clause 25 (Security Cover), is below 125 per cent. of the Loan. 25.2. Provision of additional security; prepayment (a) If the Facility Agent serves a notice on the Borrowers under Clause 25.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days after the date (the "Prepayment Date") on which the Facility Agent's notice is served, prepay such part of the Loan as shall eliminate the shortfall. (b) A Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders: (i) has a net realisable value at least equal to the shortfall; and (ii) is documented in such terms as the Facility Agent may reasonably approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation. 25.3. Value of additional vessel security

Security Cover. The minimum required security cover shall be suspended for the duration of the Waiver Period.

Security Cover. 15.1 Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that, if the Agent notifies the Borrower that at any time after the Drawdown Date of the first Advance to be drawn under this Agreement the aggregate Market Value of the Ships subject to a Mortgage is below 125 per cent. of the Loan, the Borrower will, within 1 month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which consists of either (i) cash pledged to the Security Trustee or (ii) a Security Interest (including, but not limited to, a first priority or, as the case may be, preferred mortgage over another vessel), covering such asset or assets and documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require; or (b) prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall.

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