Common use of Minimum required security cover Clause in Contracts

Minimum required security cover. Clause 15.2 applies if, after the end of the third financial quarter of2017, the Agent notifies the Borrowers that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3) of the Ships ; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is below 130 per cent of the aggregate of the Loan and the Loan (as defined in the New Facility Agreement).”.

Minimum required security cover. Clause 15.2 applies if, after the end of the third financial quarter of2017of 2017, the Agent notifies the Borrowers that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3) of the Ships Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is below 130 120 per cent of the aggregate of the Loan and the Loan (as defined in the New Facility Agreement)Loan.”.

Minimum required security cover. Clause 15.2 applies if, after the end of the third financial quarter of2017of 2017, the Agent notifies the Borrowers Borrower that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3) of the Ships Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is below 130 per cent of the aggregate of the Loan and the Loan (as defined in the New Facility Agreement)Collateral Loan.”.