Common use of Collateral Maintenance Clause in Contracts

Collateral Maintenance. The Parent will not permit the sum of the fair market value of all 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 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 8.01(c), to equal less than 150% of the sum of the aggregate principal amount of the Total Commitment at such time; provided that, so long as any violation of this Section 9.09 is not caused by any voluntary Collateral Disposition, such violation shall not constitute a Default or an Event of Default so long as within 60 days of the occurrence of such violation, the Borrower shall either (i) post additional collateral (at the expense of the Borrower) satisfactory to the Required Lenders, pursuant to security documentation referred to in Section 8.11 and otherwise satisfactory in form and substance to the Collateral Agent, sufficient to cure such 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 to the Total Commitment (and any required repayments of outstanding Loans resulting therefrom) in an amount sufficient to cure such violation (it being understood that any action taken in respect of this proviso shall only be effective to cure such violation 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. The Parent will not permit the sum of the fair market value of all Collateral Rigs Vessels which have not been sold, transferred, lost or otherwise disposed of, on an individual charter-free basis, at any time (such value, the “"Aggregate Collateral Rig Vessel 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 Borrowers to the Administrative Agent or obtained by the Administrative Agent in accordance with Section 8.01(c), to equal less than 150200% of the sum of the aggregate principal amount of the Total Revolving Loan Commitment at such time; provided that, so long as any violation of this Section 9.09 9.12 is not caused by any voluntary Collateral Disposition, such violation shall not constitute a Default or an Event of Default so long as within 60 14 days of the occurrence of such violation, the Borrower Borrowers shall either (i) post additional collateral (at the expense of the BorrowerBorrowers) satisfactory to the Required Lenders, pursuant to security documentation referred to in Section 8.11 and otherwise satisfactory in form and substance to the Collateral Agent, sufficient to cure such 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 to the Total Revolving Loan Commitment (and any required repayments of outstanding Revolving Loans resulting therefrom) in an amount sufficient to cure such violation (it being understood that any action taken in respect of this proviso shall only be effective to cure such violation pursuant to this Section 9.09 9.12 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Parent Borrower will not permit the sum of the fair market value of all Collateral Rigs 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 Collateral Rig Mortgaged Vessel 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 8.01(c), to equal less than 150130% of the sum of the aggregate principal amount of outstanding Term Loans at such time plus the Total Revolving Loan Commitment at such time; provided that, so long as any violation default in respect of this Section 9.09 9.11 is not caused by any voluntary Collateral Disposition, such violation default shall not constitute a Default or an Event of Default so long as within 60 63 days of the occurrence of such violationdefault, the Borrower shall either (i) post additional collateral (at the expense of the Borrower) satisfactory to the Required Lenders, pursuant to security documentation referred to in Section 8.11 and otherwise reasonably satisfactory in form and substance to the Collateral Agent, sufficient to cure such violation 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 to of the Total Revolving Loan Commitment (and any required repayments of outstanding Loans resulting therefrom) in an amount sufficient to cure such violation default (it being understood that any action taken in respect of this proviso shall only be effective to cure such violation default pursuant to this Section 9.09 9.11 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Collateral Maintenance. The Parent will not permit the sum of the aggregate fair market value of all Collateral Rigs Mortgaged Vessels owned by the Borrower and 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 Collateral Rig Mortgaged Vessel Value”), as determined 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 8.01(c), ) to equal less than 150135% of the sum of (x) the aggregate principal amount of outstanding Term Loans at such time and (y) the Total Commitment 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 violation default in respect of this Section 9.09 is not caused by any voluntary Collateral Disposition, such violation default shall not constitute a Default or an Event of Default so long as within 60 days of the occurrence of such violationdefault, the Borrower shall either (i) post additional collateral (at the expense of the Borrower) satisfactory to the Required Lenders, pursuant to security documentation referred to in Section 8.11 and otherwise reasonably satisfactory in form and substance to the Collateral Agent, sufficient to cure such violation 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 to of the Total Commitment (and any required repayments of outstanding Loans resulting therefrom) Revolving Loan Commitments in an amount sufficient to cure such violation default (it being understood that any action taken in respect of this proviso shall only be effective to cure such violation 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. The Parent Borrower will not permit the sum of the aggregate fair market value of all Collateral Rigs 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 Collateral Rig Mortgaged Vessel 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 150300% of the sum of Total Commitment (or, if during the Term-Out Period, the aggregate principal amount of the Total Commitment all Loans outstanding) at such time; provided that, so long as any violation default in respect of this Section 9.09 9.11 is not caused by any voluntary Collateral Disposition, such violation default shall not constitute a Default or an Event of Default so long as within 60 14 days of the occurrence of such violationdefault, the Borrower shall either (i) post additional collateral (at the expense of the Borrower) satisfactory to the Required Lenders, pursuant to security documentation referred to in Section 8.11 and otherwise reasonably satisfactory in form and substance to the Collateral Agent, sufficient to cure such violation 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 to of the Total Commitment (and any required repayments of outstanding Loans resulting therefrom) or repay Loans, as applicable, in an amount sufficient to cure such violation 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 violation default pursuant to this Section 9.09 9.11 to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).