Common use of Provision of additional security; prepayment Clause in Contracts

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 5 contracts

Samples: Loan Agreement (DryShips Inc.), Loan Agreement (Box Ships Inc.), Loan Agreement (Star Bulk Management Inc.)

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Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.115.2, the Borrowers shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days one (1) month after the date on which the Agent's ’s notice is served under Clause 15.1 15.2 (the "Prepayment Date") unless at least 1 one (1) Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security Collateral which, in the opinion of the Majority Lenders, has a net realisable realizable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require.

Appears in 4 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Provision of additional security; prepayment. If the Agent serves a written notice on the Borrowers Borrower under Clause 15.1, the Borrowers Borrower shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 14 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 3 Business Day before the Prepayment Date the Borrowers have Borrower has provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 3 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least least) of the Loan Total Commitments as will eliminate the shortfall on or before the date falling 20 Business Days 1 month after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers they have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 3 contracts

Samples: Loan Agreement, Agreement (Dynagas LNG Partners LP), Loan Agreement (Dynagas LNG Partners LP)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.1, the Borrowers Borrower shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 1 month after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 3 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Agreement (Star Bulk Carriers Corp.), Loan Agreement (Paragon Shipping Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 1 month after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, provided additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 1 month after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers they have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Agreement, Loan Agreement (Product Shipping Ltd.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 14 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Star Bulk Carriers Corp.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least least) of the Loan Total Commitments as will eliminate the shortfall on or before the date falling 20 Business Days 1month after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business 1Business Day before the Prepayment Date the Borrowers they have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement (Dynagas LNG Partners LP), Loan Agreement

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 14 Business Days after the date on which the Agent's ’s notice is served under Clause 15.1 notifying the amount of the shortfall (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement (Navios Maritime Partners L.P.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 30 days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Pyxis Tankers Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 7 days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers they have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Agreement (Scorpio Bulkers Inc.), Agreement (Scorpio Tankers Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.115.2, the Borrowers shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days one (1) month after the date on which the Agent's ’s notice is served under Clause 15.1 15.2 (the "Prepayment Date") unless at least 1 one (1) Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security Collateral which, in the opinion of the Majority Lenders, has a net realisable realizable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 1 month after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or requireshortfall.

Appears in 2 contracts

Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Acquisition CORP)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.1, the Borrowers Borrower shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 1 month after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers they have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 2 contracts

Samples: Loan Agreement (Product Shipping Ltd.), Loan Agreement (Product Shipping Ltd.)

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Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 14 Business Days after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Acquisition CORP)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.1, the Borrowers Borrower shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 7 days after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days after the date on which the Agent's ’s notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Box Ships Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.1, the Borrowers Borrower shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment DateDate of Prepayment") unless at least 1 Business Day before the Date of Prepayment Date the Borrowers Borrower have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.115.3, the Borrowers Borrower shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days one (1) month after the date on which the Agent's ’s notice is served under Clause 15.1 15.3 (the "Prepayment Date") unless at least 1 three (3) Business Day Days before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security Collateral which, in the opinion of the Majority Lenders, has a net realisable realizable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.124.1 (Minimum required security cover), the Borrowers Borrower shall prepay such part (at least least) of the Loan Loans as will eliminate the shortfall on or before the date falling 20 Business Days 15 days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security which, in the opinion of the Agent acting on the instructions of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, may approve or require.

Appears in 1 contract

Samples: Facility Agreement (Diana Containerships Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 30 days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security . which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Diana Shipping Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers Borrower under Clause 15.1, the Borrowers Borrower shall prepay such part (at least least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days 7 days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have it has provided, or ensured that a third party has provided, additional security which, in the opinion of all the Majority Lenders, has a net realisable value at least equal to the shortfall and is which has been documented in such terms as the Agent may, with the authorisation of all the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.

Appears in 1 contract

Samples: Loan Agreement (Box Ships Inc.)

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