Common use of Security shortfall - Additional Security Clause in Contracts

Security shortfall - Additional Security. If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower in full compliance with its obligations in relation to such Total Loss) either: (i) prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for five (5) days’ notice) within a period of thirty (30) days of the date of receipt by the Borrower of the Lender’s said notice (the “Prepayment Date”) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being at least equal to the Security Value; or (ii) on or before the Prepayment Date constitute to the satisfaction of the Lender such further security for the Loan as shall be acceptable to the Lender having a value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such additional security shall be constituted by:

Security shortfall - Additional Security. If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower is in full compliance with its obligations in relation to such Total Loss) either: (i) prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for five seven (57) daysBusiness Days’ notice) within a period of thirty (30) days Business Days of the date of receipt by the Borrower of the Lender’s said notice (the “Prepayment Date”) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being at least equal to the Security Value; or (ii) on or before the Prepayment Date constitute to the satisfaction of the Lender such further additional security for the Loan as shall be acceptable to the Lender having a net realizable value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further additional security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such additional security shall be constituted by:

Security shortfall - Additional Security. If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total Loss of the a Vessel and the Borrower is in full compliance with its his obligations in relation to such Total Loss) either:; (i) prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for five (5) days10 RFR Banking Days’ notice) within a period of thirty (30) days Business Days of the date of receipt by the Borrower of the Lender’s said notice (the “Prepayment Date”) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made or to be made between the date of the notice and the date of such prepayment) being at least equal to the Security Value; or (ii) on or before the Prepayment Date constitute to the satisfaction of the Lender such further additional security for the Loan as shall be acceptable to the Lender having a net realisable value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further additional security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such additional security shall be constituted by: a) additional pledged cash deposits in favor of the Lender in an amount equal to such shortfall with the Lender and in an account and manner to be determined by the Lender; and/or b) any other security acceptable to the Lender at its absolute discretion to be provided in a manner determined by the Lender.

Security shortfall - Additional Security. If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower is in full compliance with its obligations in relation to such Total Loss) either: (i) prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for five (5) days’ Banking days notice) within a period of thirty (30) days of the date of receipt by the Borrower of the Lender’s said notice (the “Prepayment Date”) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being at least equal to the Security Value; or (ii) on or before within thirty (30) days of the Prepayment Date date of receipt by the Borrower of the Lender’s said notice constitute to the satisfaction of the Lender such further security for the Loan as shall be acceptable to the Lender having a value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such additional security shall be constituted by: a) additional pledged cash deposits in favor of the Lender in an amount equal to such shortfall with the Lender and in an account and manner to be determined by the Lender; and/or b) any other security acceptable to the Lender at its absolute discretion to be provided in a manner determined by the Lender. Any such additional security provided by the Borrower shall be promptly released by the Lender once the Security Requirement ratio has been restored. The provisions of Clauses 4.2 (Voluntary prepayment) and 4.4 (Amounts payable on prepayment) shall apply to prepayments under Clause 8.5(a)(i).

Security shortfall - Additional Security. If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower is in full compliance with its his obligations in relation to such Total Loss) either:; (i) prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for five (5) days’ noticeprior notice or for minimum amount prepaid) within a period of thirty forty five (3045) days of the date of receipt by the Borrower of the Lender’s said notice (the “Prepayment Date”) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made or to be made between the date of the notice and the date of such prepayment) being at least equal to the Security Value; or (ii) on or before the Prepayment Date constitute to the satisfaction of the Lender such further additional security for the Loan as shall be acceptable to the Lender having a net realisable value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further additional security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such additional security shall be constituted by: a) additional pledged cash deposits in favor of the Lender in an amount equal to such shortfall with the Lender and in an account and manner to be determined by the Lender; and/or b) any other security acceptable to the Lender at its absolute discretion to be provided in a manner determined by the Lender. Any such additional security provided to the Lender shall be promptly released by the Lender once the Lender has been satisfied that i) the Security Requirement Ratio has been and remains restored for ninety (90) days and ii) at the relevant time, no Event of Default has occurred and is continuing or will result from such release. The provisions of Clause 4.4 (Amounts payable on prepayment) shall apply to prepayments under Clause 8.5(a)(i).

Security shortfall - Additional Security. If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower Borrowers requiring that such deficiency be remedied and then the Borrower Borrowers shall (unless the sole cause of such deficiency is the Total Loss of the relevant Vessel and the Borrower Owner thereof in full compliance with its obligations in relation to such Total Loss) either: (i) prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for five (5) days’ notice) within a period of thirty (30) days of the date of receipt by the Borrower Borrowers of the Lender’s said notice (the “Prepayment Date”) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being at least equal to the Security Value; or (ii) on or before the Prepayment Date constitute to the satisfaction of the Lender such further security for the Loan as shall be acceptable to the Lender having a value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such additional security shall be constituted by: