Relevant Reduction Amount definition
Relevant Reduction Amount means, in respect of each Vessel, a figure equal to (x) a fraction in which (i) the numerator is the market value of such Vessel (based on the most recent Valuation) and (ii) the denominator is the aggregate market value of all the Vessels (based on the most recent Valuations) multiplied by (y) the Maximum Amount.
Relevant Reduction Amount means, in respect of each Vessel, the percentage set out in the column headed “Relevant Share” opposite that Vessel in Schedule 2, as amended pursuant to Clause 2.1.1. from time to time at or around an Upsize Trigger Date.
Relevant Reduction Amount means, in respect of each Collateral Vessel, the amount which is obtained by multiplying the Maximum Amount at the time of making the calculation by the Relevant Percentage for such Collateral Vessel.
Examples of Relevant Reduction Amount in a sentence
The Borrower will deliver to the Agent a Valuation of each of the Vessels (i) on the due date for delivery of the annual Borrower's Accounts pursuant to Clause 12.1 (ii) on a sale or Total Loss of any Vessel to determine the Relevant Reduction Amount for the purposes of clauses 3.4.3 and 3.4.4 respectively and (iii) following the occurrence of an Event of Default which is continuing unremedied and unwaived on such other occasions as the Agent may request.
More Definitions of Relevant Reduction Amount
Relevant Reduction Amount means, in respect of each Vessel, a figure equal to