Common use of Minimum required security cover Clause in Contracts

Minimum required security cover. If, and so often as, the aggregate, charter-free market value of the Ships (as determined in accordance with Clauses 16.5 and 16.6) plus the market value of any additional security for the time being actually provided to the Lender pursuant to Clause 16.3 falls below 125 per cent. of the aggregate of: (a) the Loan; and (b) such amount (the “Termination Amount”) as determined by the Lender in its absolute discretion as the amount due from the Borrower on terminating any Transaction under the Master Agreement in the same manner as if it were a Terminated Transaction (as defined in Section 14 of the Master Agreement) effected by the Lender after an Event of Default,

Minimum required security cover. If, and so often as, the aggregate, charter-free aggregate market value of the Ships which are the subject of a Mortgage (as determined in accordance with Clauses 16.5 15.5 and 16.615.6) plus the market value of any additional security for the time being actually provided to the Lender pursuant to Clause 16.3 15.3 falls below 125 130 per cent. of the aggregate of: (a) the LoanFacility; and (b) such amount (the “Termination Amount”) as determined by the Lender in its absolute discretion as the amount due from the Borrower on terminating any Transaction under the Master Agreement in the same manner as if it were a Terminated Transaction (as defined in Section 14 of the Master Agreement) effected by the Lender after an Event of Default,, the Borrower shall, within 15 days of being notified by the Lender of such requirement (which notification shall be conclusive and binding on the Borrower), comply with Clause 15.3 or 15.4.

Minimum required security cover. If, and so often as, the aggregate, charter-free aggregate market value of the Ships which are the subject of a Mortgage (as determined in accordance with Clauses 16.5 15.5 and 16.615.6) plus the market value of any additional security for the time being actually provided to the Lender pursuant to Clause 16.3 15.3 falls below 125 120 per cent. of the aggregate , of: (a) the LoanFacility; and (b) such amount (the “Termination Amount”) as determined by the Lender in its absolute discretion as the amount due from the Borrower on terminating any Transaction under the Master Agreement in the same manner as if it were a Terminated Transaction (as defined in Section 14 of the Master Agreement) effected by the Lender after an Event of Default,, the Borrower shall, within 15 days of being notified by the Lender of such requirement (which notification shall be conclusive and binding on the Borrower), comply with Clause 15.3 or 15.4.