LUCID TRUSTEE SERVICES LIMITED Sample Clauses

LUCID TRUSTEE SERVICES LIMITED as security agent for the Secured Parties (the "Security Agent") BackgroundThe Lenders have agreed to make available to the Borrowers a senior secured term loan facility of up to US$22,500,000 in two Tranches for the purpose of refinancing part of the Existing Indebtedness in respect of the Ships in an aggregate amount of up to the lesser of (i) $22,500,000 and (ii) 80 per cent. of the aggregate of the Initial Market Value of Ship A and Ship B.OPERATIVE PROVISIONS