Release of additional security. If the amounts calculated under Clause 14.1 shall at any time exceed the minimum required security cover (the “Minimum Security Cover”) and the Borrower has provided additional security pursuant to Clause 14.2, the Lender, after receiving notice from the Borrower (such notice to include evidence satisfactory to the Lender that the Minimum Security Cover has been maintained for a period of at least 90 consecutive days prior to such notice (without taking into account of the additional security whose release the Borrower is requesting pursuant to this Clause 14.8)) shall, subject to being indemnified to the Lender’s satisfaction against any costs and expenses arising out of such release, proceed with the release of any additional security to the extent that the Minimum Security Cover is maintained following such release Provided that no Event of Default is in existence or will result from such release.
Release of additional security. It is agreed that where a Borrower or a third party has provided additional security pursuant to Clause 15.2, the Borrowers are entitled to request the release of such additional security at their expense at any time following a testing of compliance by the Borrowers of the minimum required security cover under Clause 15.1 where the Borrowers are shown to have been in compliance with such minimum required security cover for at least 90 consecutive days (without including the additional security within the calculation) and where the Borrowers are in compliance with the minimum required security cover under Clause 15.1, such additional security shall be released at the Borrowers' cost.
Release of additional security. If the amounts calculated under Clause 15.1 shall at any time exceed the minimum required security cover (the "Minimum Security Cover") and the Borrowers have provided additional security pursuant to Clause 15.2, the Agent, after receiving notice from the Borrowers (such notice to include evidence satisfactory to the Lenders that the Minimum Security Cover has been maintained for a period of at least 90 consecutive days prior to such notice (without taking into account of the additional security whose release the Borrowers are requesting pursuant to this Clause 15.9)) will, subject to being indemnified to the Agent's satisfaction against any costs arising out of such release, proceed with the release of any additional security to the extent that the Minimum Security Cover is maintained following such release Provided that no Event of Default is in existence or will result from such release.
Release of additional security. If the Borrower or a third party has provided additional security in accordance with Clause 15.2 and subsequently, as evidenced by a Recent Valuation, the Security to Exposure Ratio, expressed as a percentage, exceeds 130%, such additional security or part thereof shall be released to the Borrower so that immediately after such release the Minimum Security Ratio is maintained.
Release of additional security. If the Security Value shall at any time exceed the Security Requirement, and the Borrowers shall have previously provided further security to the Lenders and the other Creditors pursuant to clause 8.2.1(b), the Agent (acting on the instructions of the Majority Lenders) shall, as soon as reasonably practicable after notice from the Borrowers to do so and subject to being indemnified to its reasonable satisfaction against the cost of doing so, release or procure the release of any such further security specified by the Borrowers provided that the Agent is satisfied that, immediately following such release (a) the Security Value will continue to exceed the Security Requirement and (b) no Event of Default will occur as a result of such release.
Release of additional security. If a Borrower or a third party has provided additional security as specified in Clause 15.1(b) and the Borrowers at a later time provide the Agent with a valuation of each Ship made in accordance with Clause 15.3, each evidencing that the aggregate Market Value of the Ships exceeds 120 per cent. of the Loan, the additional security (or the relevant part thereof) shall be released at the Borrowers’ expense to the extent that the minimum security cover specified in Clause 15.1 would be maintained following such release Provided at that time there is no Event of Default nor will an Event of Default occur as a result of such release.
Release of additional security. If at the time of delivery of a Compliance Certificate to the Agent:
Release of additional security. If at any time the Security Agent holds additional security provided under this clause 25 and the Security Value, disregarding the value of that additional security, is equal to or greater than the Minimum Value and the Security Value has been determined by reference to valuations provided no more than 90 days previously, the Borrower may, by notice to the Agent, require the release and discharge of that additional security. The Agent shall then promptly direct the Security Agent to release and discharge that additional security if no Default is then continuing or will result from such release and discharge and, upon such release and discharge and, if so required by the Agent, the Borrower shall reimburse to the Agent any costs and expenses payable under clause 16.1 (Transaction expenses) in relation to that release and discharge.
Release of additional security. If, based on valuations obtained in accordance with the provisions of clause 8.2.2, the Security Value for a Ship shall at any time exceed the Security Requirement for a Ship, and the Borrowers shall have previously provided further security to the Banks and the other Creditors pursuant to clause 8.2.1(b), the Agent (acting on the instructions of the Majority Banks) shall, as soon as reasonably practicable after notice from the Borrowers to do so and subject to being indemnified for its reasonable cost of doing so, release or procure the release of any such further security specified by the Borrowers provided that the Agent is satisfied that, immediately following such release (a) the Security Value for each Ship to which clause 8.2.1 is applicable will exceed the Security Requirement for that Ship and (b) no Event of Default has occurred which is then continuing or will occur as a result of such release. The Borrowers shall be entitled to obtain and provide the valuations directly to the Agent (to avoid any delay) subject to the valuations being in accordance with Clause 8.2.2 and at the cost of the Borrowers.
Release of additional security. If the aggregate of the Market Values of all of the Mortgaged Ships at any date exceeds 135 per cent. of the Loan and no Event of Default or Potential Event of Default has occurred or would occur as a result of this Clause 24.8 (Release of additional security), the Borrowers may request that any additional security previously provided pursuant to Clause 24.2(a) be released at the Borrowers’ cost and the Security Agent shall release the relevant additional security as soon as reasonably practical after receiving instructions to do so by the Facility Agent.
