Minimum Market Value Sample Clauses
The Minimum Market Value clause sets a baseline value that an asset or property must maintain during the term of an agreement. In practice, this means that if the market value of the specified asset falls below the agreed minimum, certain actions may be triggered, such as requiring additional collateral, adjusting payment terms, or even terminating the agreement. This clause primarily serves to protect parties from significant losses due to market fluctuations, ensuring that the asset retains sufficient value to support the obligations or expectations set out in the contract.
Minimum Market Value. Upon a non-compliance of Clause 10.1 (Minimum Market Value) of the Common Terms Agreement, the Facility shall be repaid or reduced (as applicable) in accordance with Clause 8.7 (Terms and conditions for mandatory prepayments/reductions and cancellation) on the date falling 60 days after such breach by an amount equal to the amount which is required for the Borrower to become compliant with Clause 5.1 (Minimum Market Value) of the Common Terms Agreement again.
Minimum Market Value. The Obligors will procure that the Market Value of all the Drillships that have been delivered is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) from the third anniversary of the Closing Date and up until the relevant Final Maturity Date.
Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs:
(a) is higher than 100 % of the sum of the Loans outstanding and the Lenders’ Available Commitments from 11 June 2010 and up until the 1st anniversary thereof;
(b) is higher than 110 % of the sum of the Loans outstanding and the Lenders’ Available Commitments from 11 June 2011 and up until 11 June 2012; and
(c) thereafter is higher than 120% of the sum of the Loans outstanding and the Lenders’ Available Commitments. For the purpose of this Clause 26.1, the Market Value allocated to “West Vencedor” shall always be the lower of (i) the Market Value as calculated in accordance with the definition of “Market Value” in Clause 1.1 (Definitions) and (ii) the amount equal to the “West Vencedor Liability Amount”.
Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs (taken in aggregate) is at least one hundred and thirty five per cent (135%) of the sum of the Loans outstanding from, and tested first time with reference to the period ending, 30 June 2017 and up until the Final Maturity Date.”
Minimum Market Value. Upon a non-compliance of Clause 26.1 (Minimum Market Value), the Commercial Facility Loan Commitment shall be reduced and the ECA Lender Loans prepaid on the date falling 60 days after such breach by an amount equal to the amount which is required for the Borrower to become compliant with Clause 26.1 (Minimum Market Value) again.
Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs:
(a) is higher than 115% of the sum of the Loans outstanding and the Lenders’ Available Commitments from the signing of the Agreement and up until the 2nd anniversary thereof; and
(b) thereafter is higher than 120% of the sum of the Loans outstanding and the Lenders’ Available Commitments. For the purpose of this Clause 26.1, the Market Value allocated to each of the “West Capella” and the “West Aquarius”, respectively, shall always be the lower of (i) the Market Value as calculated in accordance with the definition of “Market Value” in Clause 1.1 (Definitions) and (ii) the “West Aquarius Liability Amount” and “the West Capella Liability Amount” respectively.
Minimum Market Value a) The Market Value of the Vessel shall not at any time be less than one hundred and thirty per cent (130%) of the Loan.
b) The Borrower shall, at its own expense, arrange for the Market Value of the Vessel to be determined quarterly (or if a Default has occurred, upon the request of the Agent) and shall include the amount of the Market Value in the Compliance Certificate B to be delivered in accordance with paragraph b) of Clause 20.3 (Compliance Certificate B).
Minimum Market Value. (a) Subject to sub-paragraph (b) below, the Obligors will procure that the Market Value of the Drillship is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) of the sum of the Loans from the third anniversary of the Closing Date and up until the relevant Final Maturity Date. For the avoidance of doubt, Clause 8.4 (Minimum Market Value) will not apply whilst the covenant in this Clause 24.1 is suspended.
(b) The covenant in sub-paragraph (a) above has been waived by the Finance Parties up until the Final Maturity Date and the provisions of sub-paragraph (a) above are therefore suspended until the Final Maturity Date.
Minimum Market Value. The Obligors will procure that the Market Value of the Rig:
(a) is at least 115 % of the sum of the then aggregate outstanding principal amount under the Loan Agreements from the First Utilisation Date and up until the 3rd anniversary thereof;
(b) is at least 130 % of the sum of the then aggregate outstanding principal amount under the Loan Agreements from the 3rd anniversary of the First Utilisation Date and up until the 4th anniversary thereof; and
(c) thereafter is higher than 135 % of the sum of the then aggregate outstanding principal amount under the Loan Agreements.
Minimum Market Value. Following
(a) the date of this Agreement and until the three (3) year anniversary of the date of this Agreement, the Borrowers will procure that the aggregate Market Value of the Vessels is at least one hundred per cent. (100%) of the sum of the then aggregate outstanding principal amount of the Facility A Loans; and
(b) the three (3) year anniversary of this Agreement and until the end of the Security Period, the Borrowers will procure that the aggregate Market Value of the Vessels is at least hundred and twenty-five per cent. (125%) of the sum of the then aggregate outstanding principal amount of the Facility A Loans.