Common use of Initial Commitment Clause in Contracts

Initial Commitment. Prior to the date of delivery of m.v.s “CALIPSO”, “CLIO” and “▇▇▇▇ ▇.▇.” (more particularly described in Schedule 3) to the relevant members of the Group, the Commitment shall be limited to the greater of: (a) $168,000,000; and (b) 60 per cent. of the aggregate market value (as determined by one or more Approved Brokers in the manner provided for in Clauses 15.5 and 15.6) of the Ships which are the subject of a Mortgage subject to a maximum amount of $230,000,000.

Initial Commitment. Prior to the date of delivery of m.v.s “CALIPSO”, “CLIO” and “▇▇▇▇ ▇.▇PANTELIS SP.” (more particularly described in Schedule 3) to the relevant members of the Group, the Commitment shall be limited to the greater of: (a) $168,000,000; and (b) 60 per cent. , of the aggregate market value (as determined by one or more Approved Brokers in the manner provided for in Clauses 15.5 and 15.6) of the Ships which are the subject of a Mortgage subject to a maximum amount of $230,000,000.