Common use of Collateral Maintenance Clause in Contracts

Collateral Maintenance. The Borrower will not permit the aggregate fair market value of all Mortgaged Vessels owned by the Borrower and its Subsidiaries which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the “Aggregate Mortgaged 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 5.12 or Section 8.01(c), to equal less than 300% of the Total Commitment (or, if during the Term-Out Period, the aggregate principal amount of all Loans outstanding) at such time; provided that, so long as any default in respect of this Section 9.11 is not caused by any voluntary Collateral Disposition, such default shall not constitute an Event of Default so long as within 14 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) or (ii) make such reductions of the Total Commitment or repay Loans, as applicable, in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a) (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 9.11 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Borrower Commencing with the fiscal quarter ending March 31, 2011, the Parent will not permit the aggregate fair market value Fair Market Value of all Mortgaged Primary Collateral Vessels owned by the Borrower and its Subsidiaries Credit Parties which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, of at any time (such value, the “Aggregate Mortgaged Primary 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 5.12 or Section 8.01(c), ) to equal less than 300135% of the Total Commitment sum of (or, if during the Term-Out Period, x) the aggregate principal amount of all outstanding Term Loans outstandingat such time and (y) the Total Revolving Commitments at such time (or, after the termination of the Total Revolving Commitment, the Revolving Loans outstanding at such time); provided that, so long as any default in respect of this Section 9.11 9.10 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 14 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) or (ii) make (x) such repayment of Term Loans and (y) voluntary commitment reductions of the Total Commitment or repay Loans, as applicable, Revolving Commitments in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a) (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 9.11 9.10 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Borrower Commencing with the fiscal quarter ending March 31, 2011, the Parent will not permit the aggregate fair market value Fair Market Value of all Mortgaged Primary Collateral Vessels owned by the Borrower and its Subsidiaries Credit Parties which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, of at any time (such value, the “Aggregate Mortgaged Primary 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 5.12 or Section 8.01(c), 9.01(c) to equal less than 300135% of the Total Commitment (or, if during the Term-Out Period, the aggregate principal amount of all Loans outstanding) at such time; provided that, so long as any default in respect of this Section 9.11 10.10 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 14 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) or (ii) make such reductions of the Total Commitment or repay Loans, as applicable, in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a5.02(a) (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 9.11 10.10 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Borrower will not permit the aggregate sum of the fair market value of all Mortgaged Vessels owned by the Borrower and its Subsidiaries which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the “Aggregate Mortgaged 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 5.12 or Section 8.01(c), to equal less than 300130% of the Total Commitment (or, if during the Term-Out Period, the aggregate principal amount of all outstanding Term Loans outstanding) at such time plus the Total Revolving Loan Commitment at such time; provided that, so long as any default in respect of this Section 9.11 is not caused by any voluntary Collateral Disposition, such default shall not constitute an Event of Default so long as within 14 63 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) or (ii) make such repayments of Term Loans and reductions of the Total Revolving Loan Commitment or repay Loans, as applicable, in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a) (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 9.11 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Borrower Parent will not permit the aggregate sum of the fair market value of all Mortgaged Collateral Vessels owned by the Borrower and its Subsidiaries which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the “"Aggregate Mortgaged Collateral Vessel Value”"), as determined by the most recent appraisal delivered by the Borrower Borrowers to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 5.12 or Section 8.01(c), to equal less than 300200% of the Total Commitment (or, if during the Term-Out Period, the aggregate principal amount of all Loans outstanding) the Total Revolving Loan Commitment at such time; provided that, so long as any default in respect violation of this Section 9.11 9.12 is not caused by any voluntary Collateral Disposition, such default violation shall not constitute a Default or an Event of Default so long as within 14 days of the occurrence of such defaultviolation, the Borrower Borrowers shall either (i) post additional collateral (at the expense of the Borrowers) satisfactory to the Required Lenders, pursuant to security documentation reasonably referred to in Section 8.11 and otherwise satisfactory in form and substance to the Collateral Agent, sufficient to cure such default violation (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions of to the Total Revolving Loan Commitment or repay Loans, as applicable, (and any required repayments of outstanding Revolving Loans resulting therefrom) in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a) violation (it being understood that any action taken in respect of this proviso shall only be effective to cure such default violation pursuant to this Section 9.11 9.12 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Borrower Parent will not permit the aggregate sum of the fair market value of all Mortgaged Vessels owned by the Borrower and its Subsidiaries Collateral Rigs which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the “Aggregate Mortgaged Vessel Collateral Rig Value”), as determined by calculating the appraised value set forth in the most recent appraisal report related to each respective Collateral Rig and delivered by the Borrower to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 5.12 or Section 8.01(c), to equal less than 300150% of the Total Commitment (or, if during the Term-Out Period, sum of the aggregate principal amount of all Loans outstanding) the Total Commitment at such time; provided that, so long as any default in respect violation of this Section 9.11 9.09 is not caused by any voluntary Collateral Disposition, such default violation shall not constitute a Default or an Event of Default so long as within 14 60 days of the occurrence of such defaultviolation, the Borrower shall either (i) post additional collateral (at the expense of the Borrower) satisfactory to the Required Lenders, pursuant to security documentation reasonably referred to in Section 8.11 and otherwise satisfactory in form and substance to the Collateral Agent, sufficient to cure such default violation (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions of to the Total Commitment or repay Loans, as applicable, (and any required repayments of outstanding Loans resulting therefrom) in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a) violation (it being understood that any action taken in respect of this proviso shall only be effective to cure such default violation pursuant to this Section 9.11 9.09 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Borrower Parent will not permit the aggregate fair market value of all Mortgaged Vessels owned by the Borrower and its Subsidiaries the Subsidiary Guarantors which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the “Aggregate Mortgaged Vessel Value”), as determined deter­mined by the most recent appraisal delivered by the Borrower to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 5.12 or Section 8.01(c), ) to equal less than 300135% of the Total Commitment sum of (or, if during the Term-Out Period, x) the aggregate principal amount of all outstanding Term Loans outstandingat such time and (y) the Total Revolving Loan Commitments at such time (or, after the termination of the Total Revolving Loan Commitment, the Revolving Loans outstanding at such time); provided that, so long as any default in respect of this Section 9.11 9.09 is not caused by any voluntary Collateral Disposition, such default shall not constitute an Event of Default so long as within 14 60 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) or (ii) make (x) such repayment of Term Loans and (y) voluntary commitment reductions of the Total Commitment or repay Loans, as applicable, Revolving Loan Commitments in an amount sufficient to cure such default and repay the Loans and/or cash collateralize the Letters of Credit to the extent required by Section 4.02(a) (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 9.11 9.09 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).