Security Cover. 24.1 Minimum required security cover (a) Clause 24.2 (Provision of additional security; prepayment) applies if, at any time during the Security Period, the Facility Agent (acting on the instructions of the Majority Lenders) notifies the Borrowers that: (i) the aggregate Market Value of the Ships; plus (ii) the aggregate of the credit balances held on the Earnings Accounts; plus (iii) the net realisable value of additional Security previously provided under this Clause 24 (Security Cover); is below the Relevant Percentage of the Loan. (b) Compliance with this Clause 24 (Security Cover) will be tested on a quarterly basis throughout the Security Period and shall be evidenced by a Compliance Certificate (commencing with the financial quarter ending on 30 September 2020). (c) In this Clause 24 (Security Cover):
Appears in 2 contracts
Sources: Facility Agreement (United Maritime Corp), Term Loan Facility (Seanergy Maritime Holdings Corp.)