Common use of Minimum required security cover Clause in Contracts

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if, on or after the Utilisation Date, the Facility Agent notifies the Borrower that: (a) the Market Value of the Ship; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 125 per cent. of the Loan.

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if, on or after the Utilisation Date, if the Facility Agent notifies the Borrower Borrowers that: (a) the aggregate Market Value of the ShipShips; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 125 per cent. of the Loan.

Minimum required security cover. Clause 24.2 25.2 (Provision of additional security; prepayment) applies if, if on or after the Utilisation first Delivery Date, the Facility Agent notifies the Borrower Borrowers that: (a) the aggregate Market Value of the Shipeach Ship then subject to a Mortgage; plus (b) the net realisable value of additional Security previously provided under this Clause 24 25 (Security Cover), is below 125 135 per cent. of (i) the LoanLoan and (ii) any Hedging Close-Out Liabilities.

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if, on or after the Utilisation Date, the Facility Agent notifies the Borrower that: (a) the Market Value of the Ship; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 125 170 per cent. of the Loan.

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if, on or after the Utilisation Date, if the Facility Agent notifies the Borrower Borrowers that: (a) the aggregate Market Value of the ShipShips; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 125 120 per cent. of the Loan.

Minimum required security cover. Clause 24.2 23.2 (Provision of additional security; prepayment) applies if, on or after the Utilisation Date, if the Facility Agent notifies the Borrower Borrowers that: (a) the aggregate Market Value of the ShipShips; plus (b) the net realisable value of additional Security previously provided under this Clause 24 23 (Security Cover), is below 125 130 per cent. of the Loan.