Common use of Minimum required security cover Clause in Contracts

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if the Facility Agent notifies the Borrowers that: (a) the aggregate Market Value of the Ships; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 120 per cent. of the Loan.

Minimum required security cover. Clause 24.2 22.2 (Provision of additional security; prepayment) applies if the Facility Agent Lender notifies the Borrowers Borrower that: (a) the aggregate Market Value of the ShipsShip; plus (b) the net realisable value of additional Security previously provided under this Clause 24 22 (Security Cover), (items (a) and (b) collectively known as "Security Cover") is below 120 per cent. 120% of the Loan.

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if if, on or after the Utilisation Date, the Facility Agent notifies the Borrowers Borrower that: (a) the aggregate Market Value of the ShipsShip; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 120 125 per cent. of the Loan.

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if the Facility Agent notifies the Borrowers that: (a) the aggregate Market Value of the Ships; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 120 125 per cent. of the Loan.

Minimum required security cover. Clause 24.2 (Provision of additional security; prepayment) applies if if, on or after the Utilisation Date, the Facility Agent notifies the Borrowers Borrower that: (a) the aggregate Market Value of the ShipsShip; plus (b) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover), is below 120 170 per cent. of the Loan.

Minimum required security cover. Clause 24.2 23.2 (Provision of additional security; prepayment) applies if the Facility Agent notifies the Borrowers that: (a) the aggregate Market Value of the Ships; plus (b) the net realisable value of additional Security previously provided under this Clause 24 23 (Security Cover), is below 120 130 per cent. of the Loan.

Minimum required security cover. Clause 24.2 25.2 (Provision of additional security; prepayment) applies if on or after the first Delivery Date, the Facility Agent notifies the Borrowers that: (a) the aggregate Market Value of the Shipseach Ship then subject to a Mortgage; plus (b) the net realisable value of additional Security previously provided under this Clause 24 25 (Security Cover), is below 120 135 per cent. of (i) the LoanLoan and (ii) any Hedging Close-Out Liabilities.