Common use of Security Cover Clause in Contracts

Security Cover. 15.1 Minimum required security cover (a) the aggregate Market Value of the Ships subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15, is below 125 per cent. of the Loan.

Appears in 1 contract

Sources: Loan Agreement

Security Cover. 15.1 23.1 Minimum required security cover (a) the aggregate Market Value of the Ships subject to a MortgageShips; plus (b) the net realisable value of any additional security Security previously provided under this Clause 1523 (Security Cover), is below 125 130 per cent. of the Loan.

Appears in 1 contract

Sources: Facility Agreement (Navios Maritime Partners L.P.)

Security Cover. 15.1 25.1 Minimum required security cover (a) the aggregate Market Value of the Ships each Ship then subject to a Mortgage; plus (b) the net realisable value of any additional security Security previously provided under this Clause 1525 (Security Cover), is below 125 per cent. of the aggregate of the Loan.

Appears in 1 contract

Sources: Loan Agreement (International Seaways, Inc.)

Security Cover. 15.1 24.1 Minimum required security cover (a) the aggregate of (i) Shares Market Value of the Ships Grindrod Shares and (ii) the Ship Market Value of each Ship then subject to a Mortgage; plus (b) the net realisable value of any additional security Security previously provided under this Clause 1524 (Security Cover) ((a) and (b) collectively, the “Collateral”), is below 125 140 per cent. of the Loan.

Appears in 1 contract

Sources: Facility Agreement (Taylor Maritime Investments LTD)

Security Cover. 15.1 24.1 Minimum required security cover (a) the aggregate Market Value of the Ships subject to a Mortgageall Mortgaged Ships; plus (b) the net realisable value of any additional security Security previously provided under this Clause 1524 (Security Cover), is below 125 per cent. , of the Senior Loan.

Appears in 1 contract

Sources: Term Loan Facility (Global Ship Lease, Inc.)

Security Cover. 15.1 27.1 Minimum required security cover (a) the aggregate Market Value of the Ships then subject to a Mortgage; plus (b) the net realisable value of any additional security Security previously provided under this Clause 1527 (Security Cover), is Is below 125 130 per cent. of the Loanaggregate of (i) the Loan and (ii) the Hedging Close-Out Liabilities.

Appears in 1 contract

Sources: Term Loan Facility (Okeanis Eco Tankers Corp.)

Security Cover. 15.1 24.1 Minimum required security cover (a) the aggregate Market Value of the Ships subject to a MortgageShips; plus (b) the net realisable value of any additional security Security previously provided under this Clause 1524 (Security Cover), is below 125 per cent. of the Loan.

Appears in 1 contract

Sources: Term Loan Facility (Navios Maritime Partners L.P.)

Security Cover. 15.1 Minimum required security cover (a) the aggregate of the Market Value of the Ships subject to a MortgageMortgaged Ships; plus (b) the net realisable value of any additional security previously provided under this Clause 15, is below an amount equal to 125 per cent. of the Loan.

Appears in 1 contract

Sources: Loan Agreement (Navios Maritime Partners L.P.)