Common use of Minimum required security cover Clause in Contracts

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the Lenders.

Minimum required security cover. Clause 15.2 applies if the Agent notifies in writing the Borrower that: (a) the aggregate Market Value of the Market Values of the ShipsShip; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15; plus, at any time during the Security Period is below 120 an amount equal to 125 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 140 per cent. of an amount equal to the aggregate of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ship)) of the ShipsShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during 15; is below 140% of the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower that: (a) the aggregate Market Value of the Market Values of the ShipsShip; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is14, at any time during the Security Period is below 120 130 per cent. , of an amount equal to the aggregate of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Market Values market values (determined as provided in Clause 15.3) of the Ships; plus (b) the amount standing to the credit of the Collateral Account; plus (c) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 200 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Fair Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 140 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.";

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower Borrowers (at any time other than during the Waiver Period) that: (a) the aggregate of the Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is14, at any time during is below 135 per cent of the Security Period below 120 per cent. aggregate of an amount equal to (i) the Loan less any cash held in accounts pledged to and (ii) the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (ai) the aggregate of the Fair Market Values Value of the Ships; plus (bj) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 140 per cent. of an amount equal to the Loan less any cash held in accounts pledged to aggregate of the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is(for the avoidance of the doubt excluding any balance standing to the credit of the Liquidity Account pursuant to Clause 11.18), at any time during the Security Period is below 120 an amount equal to 125 per cent. of an amount equal to the aggregate of (A) the Loan less and (B) any cash held in accounts pledged to the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) a. the aggregate of the Fair Market Values Value of the Ships; plus (b) b. the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 140 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if (after a Ship has been delivered to an Owner under the Shipbuilding Contract) the Agent notifies the Borrower that: (a) the aggregate Market Value (determined as provided in Clause 15.3) of the Market Values of the Shipsdelivered Ships subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 130 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower Borrowers that: (a) the aggregate of the Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is14, at any time during the Security Period is below 120 135 per cent. of an amount equal to the aggregate of (i) the Loan less any cash held in accounts pledged to and (ii) the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 24.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower that: (a) the aggregate of the Market Values market values (determined as provided in Clause 24.3 (Valuation of Ships) of the ShipsShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during 24; is below the Security Period below 120 per cent. Relevant Percentage of an amount equal to the Loan less any cash held in accounts pledged to aggregate of (i) the LendersLoans and (ii) the Hedge Exposure of each Hedging Counterparty.

Minimum required security cover. Clause 15.2 applies if if, at any relevant time during the Security Period, the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during is below 125 per cent of the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values market values (determined as provided in Clause 15.3) of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 130 per cent. of an amount equal to the Loan less any cash held in accounts pledged to aggregate of the LendersTotal Commitments and of the Swap Exposure under each Master Agreement.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Market Values Value of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 per cent. of an amount equal to the Relevant Percentage of the aggregate of (i) the Loan less and (ii) any cash held in accounts pledged to the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 13.2 applies if the Agent notifies the Borrower that: (a) the aggregate Fair Market Value of the Market Values of the ShipsOcean Rig Shares; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 13; is below 120 150 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 17.2 applies if the Agent notifies the Borrower that: (a) the aggregate Fair Market Value of the Market Values of the ShipsOcean Rig Shares; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 17; is below 120 150 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoans.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values market values (determined as provided in Clause 15.3) of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during is below 130 per cent of the Security Period below 120 per cent. aggregate of an amount equal to the Loan less any cash held in accounts pledged to Total Commitments and of the LendersSwap Exposure under each Master Agreement.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 per cent. of an amount equal to the Relevant Percentage of the aggregate of (A) the Loan and (B) any Swap Exposure less any cash held in accounts pledged the Minimum Liquidity standing to the Lenderscredit of the Liquidity Account pursuant to Clause 11.17 at the relevant time.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values market values (determined as provided in Clause 15.3) of the Shipseach Ship subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 15; is below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at is below the Relevant Percentage of the aggregate of the Loan and any time Swap Exposure Provided that during the Security Period below 120 per cent. period commencing on the date of an amount equal the Amending and Restating Agreement and ending on 30 June 2014 (inclusive) any amounts standing to the Loan less any cash held in accounts pledged to credit of the LendersAccounts shall be deducted from such aggregate.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of (i) the aggregate Market Values Value of the ShipsShip, RAPALLO and the Collateral Ship and (ii) any amounts standing to the credit of the Retention Account; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during is below the Security Period below 120 per cent. Relevant Percentage of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Fair Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 140 per cent. of an amount equal to the Loan less any cash held in accounts pledged to aggregate of the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during is below the Security Period below 120 per cent. Relevant Percentage of an amount equal to the aggregate of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Fair Market Values of the Shipseach Ship; plus (b) the net realisable value of any additional security previously provided by the Borrower under this Clause 15 is, at any time during the Security Period 15; is below 120 154 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 15,2 applies if the Agent notifies the Borrower that: (a) the aggregate Market Value of the Market Values of the ShipsShip; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 15; is below 120 125 per cent. , of an amount equal to the aggregate of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower Borrowers that: (a) the aggregate of the Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is14, at any time during the Security Period is below 120 125 per cent. of an the amount equal to of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of (a) the Market Values of the Ships subject to a Mortgage plus the aggregate of the Market Values of the ShipsCollateral Ships less at any relevant time the aggregate of (i) the principal amount outstanding under the Existing Loan Agremeent and (ii) any swap exposure under the Existing Master Agreement; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the Lenders.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values Value of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 an amount equal to 125 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower (at any time other than during the Waiver Period) that: (a) the aggregate Market Value of the Ship plus the aggregate Market Values Value of the New Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the Lenders.”

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3) of the Shipseach Ship subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 15; is below 120 125 per cent. of an amount equal to the aggregate of the Term Loan less any cash held in accounts pledged to and the LendersNewbuilding Loan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate Market Value (determined as provided in Clause 15.3) of the Market Values of the ShipsShip; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 15; is below 120 125 per cent. of an amount equal to the Loan less any cash held in accounts pledged to aggregate of the LendersLoan.

Minimum required security cover. Clause 15.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ship)) of the ShipsShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during 15; is below 130% of the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower Borrowers that: (a) the aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period Clause; is below 120 per cent. cent of an amount equal to the Loan less any cash held in accounts pledged to aggregate of the LendersAdvances and the Swap Exposure.

Minimum required security cover. Clause 15.2 applies applies, at any time after 30 September 2017, if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values Value of the Mortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below an amount equal to 120 per cent. of an amount equal to the aggregate of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 applies if if, at any relevant time during the Security Period, the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during is below 125 per cent of the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 isClause15, at any time during is below the Security Period below 120 per cent. Relevant Percentage of an amount equal to the aggregate of the Loan less and any cash held in accounts pledged to the LendersSwap Exposure.

Minimum required security cover. Clause 15.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower Borrowers that: (a) the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of the Ships) of each Ship subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the (Security Period Cover); is below 120 125 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower Borrowers that: (a) the aggregate of the Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is14, at any time during the Security Period is below 120 125 per cent. of an the amount equal to of the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if if, at any relevant time during the Security Period, the Agent notifies the Borrower Borrowers that: (a) the The aggregate of the Market Values of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during is below 125 per cent of the Security Period below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Facility Agent notifies the Borrower that: (a) the aggregate Market Value of the Market Values of the ShipsShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is15, at any time during the Security Period is below 120 125 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: (a) the aggregate market value (determined as provided in Clause 15.3) of the Market Values of the ShipsShip; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is, at any time during the Security Period 15; is below 120 per cent. of an amount equal to the Loan less any cash held in accounts pledged to the LendersLoan.

Minimum required security cover. Clause 15.2 14.2 applies if the Agent Lender notifies the Borrower that: (a) the aggregate of the Market Values Value of the Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15 is14, at any time during the Security Period is below 120 130 per cent. of an amount equal to the aggregate of the Loan less any cash held in accounts pledged to and the LendersSwap Exposure.