Common use of Minimum Market Value Clause in Contracts

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.