Common use of Facility Amount Clause in Contracts

Facility Amount. 2.6.1 If the Maturity Date is extended in accordance with clause 4.3.1, the Bank shall notify the Borrower of the Facility Amount that shall be applicable to, and available under, the Facility for the period until the extended Maturity Date which Facility Amount, in any event, shall not exceed the aggregate of the Security Value. 2.6.2 Any such notification by the Bank shall be sent to the Borrowers together with the Bank's agreement (if any) to extend the Maturity Date pursuant to clause 4.3.1. 2.6.3 For the purposes of this clause 2.6, the Bank shall be entitled to obtain any valuations of the Ships in accordance with clause 8.3.2 for the purpose of determining the Security Value and the Facility Amount that will apply until the extended Maturity Date. 2.6.4 The amount notified by the Bank to the Borrowers under this clause 2.6 shall be binding on the Borrowers and the Bank and shall constitute the applicable Facility Amount for the purposes of this Agreement from the day the notification is sent to the Borrowers until the extended Maturity Date agreed to by the Bank pursuant to clause 4.3.1 and advised in the same notice to the Borrowers and until any further notification by the Bank under this clause 2.6. 2.6.5 If as a result of a notification by the Bank pursuant to this clause 2.6, the applicable Facility Amount is reduced, the Borrowers shall prepay forthwith such part of the Overdraft as shall ensure that the Overdraft does not exceed the reduced Facility Amount notified by the Bank to be applicable. 2.6.6 The Facility Amount shall in any event be reduced to zero (0) on the Termination Date.

Facility Amount. 2.6.1 If the Maturity Date is extended in accordance with clause 4.3.1, the Bank shall notify the Borrower Borrowers of the Facility Amount that shall be applicable to, and available under, the Facility for the period until the extended Maturity Date which Facility Amount, in any event, shall not exceed 125% of the aggregate of the Security Value. 2.6.2 Any such notification by the Bank shall be sent to the Borrowers together with the Bank's agreement (if any) to extend the Maturity Date pursuant to clause 4.3.1. 2.6.3 For the purposes of this clause 2.6, the Bank shall be entitled to obtain any valuations of the Ships in accordance with clause 8.3.2 for the purpose of determining the Security Value and the Facility Amount that will apply until the extended Maturity Date. 2.6.4 The amount notified by the Bank to the Borrowers under this clause 2.6 shall be binding on the Borrowers and the Bank and shall constitute the applicable Facility Amount for the purposes of this Agreement from the day the notification is sent to the Borrowers until the extended Maturity Date agreed to by the Bank pursuant to clause 4.3.1 and advised in the same notice to the Borrowers Borrowers, and until any further notification by the Bank under this clause 2.6. 2.6.5 If as a result of a notification by the Bank pursuant to this clause 2.6, the applicable Facility Amount is reduced, the Borrowers shall prepay forthwith after the relevant notification such part of the Overdraft as shall ensure that the Overdraft does not exceed the reduced Facility Amount notified by the Bank to be applicable. 2.6.6 The Facility Amount shall in any event be reduced to zero (0) on the Termination Date.

Facility Amount. 2.6.1 If the Maturity Date is extended in accordance with clause 4.3.1, the Bank shall notify the Borrower of the Facility Amount that shall be applicable to, and available under, the Facility for the period until the extended Maturity Date which Facility Amount, in any event, shall not exceed 70% of the aggregate of the Security Value. 2.6.2 Any such notification by the Bank shall be sent to the Borrowers Borrower together with the Bank's agreement (if any) to extend the Maturity Date pursuant to clause 4.3.1. 2.6.3 For the purposes of this clause 2.6, the Bank shall be entitled to obtain any valuations of the Ships in accordance with clause 8.3.2 for the purpose of determining the Security Value and the Facility Amount that will apply until the extended Maturity Date. 2.6.4 The amount notified by the Bank to the Borrowers Borrower under this clause 2.6 shall be binding on the Borrowers Borrower and the Bank and shall constitute the applicable Facility Amount for the purposes of this Agreement from the day the notification is sent to the Borrowers Borrower until the extended Maturity Date agreed to by the Bank pursuant to clause 4.3.1 and advised in the same notice to the Borrowers Borrower, and until any further notification by the Bank under this clause 2.6. 2.6.5 If as a result of a notification by the Bank pursuant to this clause 2.6, the applicable Facility Amount is reduced, the Borrowers Borrower shall prepay forthwith after the relevant notification such part of the Overdraft as shall ensure that the Overdraft does not exceed the reduced Facility Amount notified by the Bank to be applicable. 2.6.6 The Facility Amount shall in any event be reduced to zero (0) on the Termination Date.