Common use of Minimum required security cover Clause in Contracts

Minimum required security cover. Clause 27.2 applies if the Facility Agent notifies the Borrowers that the aggregate Market Value of each Ship then subject to a Mortgage is:

Minimum required security cover. Clause 27.2 (Provision of additional security; prepayment) applies if if, on or after the Delivery Date of a Ship, the Facility Agent notifies the Borrowers that that: (i) the aggregate Fair Market Value of each Ship then subject to a Mortgage is:and which has not become a Total Loss; plus (ii) the net realisable value of additional Security previously provided under this Clause 27 (Security Cover), is below 130 per cent. of the Loan.

Minimum required security cover. Clause 27.2 15.2 applies if (after a Ship has been delivered to an Owner under the Facility Shipbuilding Contract) the Agent notifies the Borrowers that Borrower that: (a) the aggregate Market Value (determined as provided in Clause 15.3) of each Ship then the delivered Ships subject to a Mortgage is:Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15, is below 130 per cent. of the Loan.