Collateral Maintenance. The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”) to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any non-compliance in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall not constitute a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower shall either (i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it being understood that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security documentation reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount sufficient to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided, further, that, subject to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested no more than once per calendar year beginning with the first calendar year end to occur after the Delivery Date in the absence of the occurrence of an Event of Default which is continuing.
Collateral Maintenance. (a) The Parent will not permit the aggregate Fair Market Value of all Collateral Vessels owned by the Credit Parties which have not been sold, transferred, lost or otherwise disposed of at any time (such value, the “Aggregate Collateral Vessel Value”), as determined by the most recent appraisal delivered by the Borrower to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 8.01(d), at any time to equal less than (I) from the Third Amendment to and including June 30, 2015, 110% of an amount equal to (x) the amount of the Aggregate Credit Agreement Exposure at such time minus (y) the sum of the 508 Blocked Amount and the 273 Blocked Amount at such time, (II) from July 1, 2015 to and including December 31, 2016, 115% of an amount equal to (x) the amount of the Aggregate Credit Agreement Exposure at such time minus (y) the sum of the 508 Blocked Amount and the 273 Blocked Amount at such time and (III) thereafter, 120% of an amount equal to (x) the Aggregate Credit Agreement Exposure at such time minus (y) the sum of the 508 Blocked Amount and the 273 Blocked Amount at such time; provided that, so long as any default in respect of this Section 9.09(a) is not caused by any voluntary Collateral Disposition, such default shall not constitute an Event of Default (but shall constitute a Default) so long as within 45 days of the occurrence of such default, the Borrower shall either (i) post additional collateral satisfactory to the Required Lenders, pursuant to security documentation reasonably satisfactory in form and substance to the Collateral Agent, sufficient to cure such default (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) (it being understood that (a) the Borrower may, in its sole discretion, decide whether the additional collateral posted to cure such default shall constitute Primary Collateral or Secondary Collateral and (b) cash denominated in US$ Dollars shall always be deemed to constitute collateral satisfactory to the Required Lenders and shall be valued at par) or (ii) make such repayment of Loans under this Agreement and loans under the Other Credit Agreement on a pro rata basis based on the outstanding principal amount of Loans under this Agreement at such time and the outstanding principal amount of loans under the Other Credit Agreement at such time, in each case in an amount sufficient to cure such default (it being underst...
Collateral Maintenance. The Borrower will not permit, at all times, the sum of (i) the Aggregate Appraised Value of the Collateral Vessels that are subject to a Collateral Vessel Mortgage and (ii) the Fair Market Value of any Additional Collateral to fall below an amount that is equal to or less than 135% of the aggregate outstanding principal amount of the Term Loans and Revolving Loans (but not to include, for the avoidance of doubt, any unutilized Revolving Loan Commitment); provided that any non-compliance with this Section 8.10(d) shall not constitute an Event of Default (but shall constitute a Default), so long as within thirty (30) days of the occurrence of such non-compliance, the Borrower shall either (x) post Additional Collateral (and shall during such period, and prior to satisfactory completion thereof, be diligently carrying out such actions) or (y) prepay Loans pursuant to Section 4.02(c) in an amount sufficient to cure such non-compliance.
Collateral Maintenance. Maintain and preserve all Collateral and each and every part and parcel thereof that is necessary to or useful in the proper conduct of its business in good repair, working order, and condition, ordinary wear and tear excepted, and make all alterations, replacements, and improvements thereto as may from time to time be necessary in order to ensure that its properties remain in good working order and condition. At Secured Party's request, but not more than once a year, Debtor will furnish to Secured Party a report on the condition of the Collateral prepared by a professional engineer satisfactory to Secured Party.
Collateral Maintenance. 1. Aggregate outstanding principal amount of Loans on the Computation Date. $
Collateral Maintenance. The Borrower will not permit the Aggregate Appraised Value at any time to equal less than the Required Percentage of the Facility Amount, provided that, so long as any Default in respect of this Section 9.07 is not caused by any voluntary Collateral Disposition or a Vessel Exchange, such Default shall not constitute an Event of Default so long as within 45 days after such shortfall, the Borrower (i) makes such repayments of Loans in an amount sufficient to cure such Default, or (ii) permanently reduces the Total Commitment or (iii) delivers to the Security Trustee such additional collateral, as may be satisfactory to the Required Lenders in their sole discretion, of sufficient value to make the Aggregate Appraised Value plus such additional collateral equal to or greater than the Required Percentage of the Facility Amount, provided that the Lenders shall not unreasonably withhold or delay such determination (it being understood that any action taken in respect of items (i) through (iii) above shall only be effective to cure such default pursuant to this Section 9.07 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).
Collateral Maintenance. The Collateral Maintenance Requirements set forth in SCHEDULE C to the Pledge Agreement are hereby amended so that Debtor shall be required to pledge additional collateral or repay Obligations if at any time the Obligations as a percentage of market value of the Collateral are greater than 60%. Accordingly, the figure "65%" appearing in the third line of paragraph 1 of said SCHEDULE C is hereby deemed deleted and substituted therefor is the figure "60%". In addition, for clarity sake, the word "Loan" appearing in the 5th line of said paragraph is deemed deleted and substituted therefor is the word "Obligations". Finally, for a release of Collateral to occur under paragraph 2 of said SCHEDULE C, the Collateral Maintenance Requirement to be satisfied thereunder is the requirement that the Obligations as a percentage of market value of the Collateral shall be not greater than 50% after giving effect to any such release.
Collateral Maintenance. The Borrower will not permit the Aggregate Appraised Value at any time to equal less than 130% of the aggregate principal amount of outstanding Loans at such time, provided that, so long as any Default in respect of this Section 9.09 is not caused by any voluntary Collateral Disposition or a Vessel Exchange, such Default shall not constitute an Event of Default so long as within 30 days after such shortfall, the Borrower makes such repayments of Loans in an amount sufficient to cure such Default (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 9.09 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).
Collateral Maintenance. If the FMV of the Vessels, as determined pursuant to Clause 9.2 falls below the Relevant Percentages, within a period of ten (10) Banking Days following receipt by the Borrowers of written notice from the Administrative Agent notifying the Borrower of such shortfall and specifying the amount thereof (which amount shall, in the absence of manifest error, be deemed to be conclusive and binding on the Borrowers) (a) the Borrowers shall deliver to the Administrative Agent, upon its request, such additional collateral as may be satisfactory to the Lenders, in their sole discretion (including the deposit of cash in a cash collateral account maintained with the Administrative Agent), such that the sum of (i) the value of the Vessels, as determined in accordance with the latest Valuation delivered pursuant to Clause 9.2, and (ii) such additional collateral (other than cash collateral) shall be greater or equal to the Relevant Percentage of the Credit Facility less any cash collateral held by the Administrative Agent in a cash collateral account or (b) the Lenders shall reduce their Commitments hereunder and the Borrowers shall, if necessary, prepay such Advances or part thereof (together with interest thereon) as shall result in the FMV of the Vessels being not less than the Relevant Percentage of the Credit Facility. The Commitments of the Lenders shall be reduced accordingly and shall be adjusted proportionally to reflect such as required by Clause 5.5 hereof.
Collateral Maintenance. Grantor shall keep and maintain the Collateral in good operating condition, working order and repair, ordinary wear and tear excepted, and from time to time will make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable toward such end. Grantor shall not misuse or abuse the Collateral, or waste or allow it to deteriorate, except for the ordinary wear and tear of its normal and expected use in Grantor's business in accordance with Grantor's policies as then in effect (provided that no changes are made to Grantor's policies as in effect on the date hereof that would be materially adverse to the interests of any of the Secured Parties), and Grantor shall comply with all laws, statutes and regulations pertaining to the use or ownership of the Collateral where failure to comply could reasonably be expected to result in a Material Adverse Effect.
