Common use of Security shortfall Clause in Contracts

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders having a value for security purposes (as determined by the Lenders in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan Delivered Tranches as will result in the Security Value after such prepayment (taking into account any other repayment of the Loan Delivered Tranches made between the date of the notice and the date of such prepayment) being equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders having a value for security purposes (as determined by the Lenders in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata in inverse order of maturity and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after the first Delivery Date, the Security Value X shall be less higher than the Required Security AmountY, the Agent (acting on the instructions of the Majority LendersBanks) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall either: (a) prepay within a period of thirty two (302) days of the date of receipt by the Borrowers Borrower of the Agent’s 's said notice such part sum of the Loan RC Facility in Dollars as will result in the Security Value X 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 or higher lower than the Required Security AmountY; orand/or (b) within thirty two (302) days of the date of receipt by the Borrowers Borrower of the Agent’s 's said notice notice: (i) provide in accordance with clause 2.4 further Receivables which are Qualifying Receivables by delivering to the Agent and the Security Agent a Schedule of Receivables with such Receivables together with copies of documents, receipts and invoices of the type specified in clause 2.4 and relating to such Receivables; and/or (ii) place further funds to the credit of the cash of the Cash Collateral Account; and/or (iii) constitute to the satisfaction of the Agent such further security for the Loan Aggregate Liabilities as shall be acceptable to the Lenders Banks, in each case having a value for security purposes (as determined by the Lenders Agent in their its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security ValueY, shall not be less at least equal to or higher than the Required Security Amount X as at such date. (a) provided that , or which would remedy the deficiency referred to above. The Agent shall test the Borrower's compliance with this clause 8.2.1 on each date when a Borrowing Base Report is available to the Agent and at any other times as and when the Agent (acting on the instructions of the Majority Banks) shall require and, in any event, on each Reset Date. The provisions of clause 4.4 and any relevant provision of clause 4.5 shall apply such to prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments made under clause 4.1 pro rata and 8.2.1(a). For the amounts purposes of the Loan prepaid hereunder shall not be available to be re-borrowed.this clause 8.2.1:

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata in order of their maturity and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the Drawdown Date of the first Delivery DateAdvance to be drawn down, the Security Value shall be less than the Required Security AmountRequirement (unless the sole cause of such deficiency is that a Mortgaged Ship has become a Total Loss and the Borrowers are in compliance with their obligations under clause 4.3 in respect of such Total Loss), the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay shall, within a period of thirty forty five (3045) days of the date of receipt by the Borrowers of the Agent’s 's said notice notice, either: (a) prepay such part of the Loan sum in Dollars as will result in the Security Value 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 equal to or higher than the Required Security AmountValue; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan and any amounts owing under the Master Swap Agreement as shall be acceptable to the Lenders having a value for security purposes (as determined by the Lenders Agent in their absolute its 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 Required Security Amount Requirement as at such date.. Such additional security shall be constituted by: (a) provided that the Agent shall apply such prepayments (i) pro rata against pledged cash deposits in favour of the Advances, Lenders and the Agent in an amount equal to such shortfall in an account to be pledged in a manner to be determined by the Agent (acting on the instructions of the Majority Lenders); and/or (ii) any other security acceptable to the Lenders in reduction their absolute discretion, to be provided in a manner determined by the Agent (acting on the instructions of the repayment instalments Majority Lenders). The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed8.2.1(a).

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan Delivered Tranches as will result in the Security Value after such prepayment (taking into account any other repayment of the Loan Delivered Tranches made between the date of the notice and the date of such prepayment) being equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the 31 Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after the first Delivery Date, the Security Value for any Ship Loan shall be less than the Required Security AmountRequirement, the Facility Agent (acting on the instructions of may, and if so directed by the Majority Lenders) , shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must shall (unless such deficiency has been caused exclusively by the associated Ship having become a Total Loss) either: (a) prepay the relevant Ship Loan within a period of thirty fifteen (3015) days of the date of receipt by the Borrowers of the Facility Agent’s said notice such part of the Loan sum in Dollars as will result in the Security Value 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 equal to or higher than the Required Security AmountValue; or (b) within thirty fifteen (3015) days of the date of receipt by the Borrowers of the Facility Agent’s said notice constitute to the satisfaction of the Facility Agent such further security for the Loan as shall be acceptable to the Lenders Facility Agent (acting on the instructions of the Majority Lenders) having a value for security purposes (as determined by the Lenders Facility Agent in their 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 Required Security Amount Requirement as at such date. . The provisions of clause 9.7 (aAmounts payable on prepayment) provided that the Agent shall apply such to prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments made under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed13.2.1(a).

Security shortfall. If, at any time after the first Delivery anniversary of the second (or if Tranche B is not drawn down, first) Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s 's said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s 's said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery anniversary of the second (or if Tranche B is not drawn down, first) Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders having a value for security purposes (as determined by the Lenders in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata in inverse order of maturity and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after the first Delivery Date, the Security Value shall be less than the Required Security AmountRequirement (unless the sole cause of such deficiency is that a Mortgaged Ship has become a Total Loss and the Borrowers are in compliance with their obligations under clause 4.3 in respect of such Total Loss), the Agent (acting on the instructions of the Majority LendersBanks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay shall, within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s 's said notice notice, either: (a) prepay such part of the Loan sum in Dollars as will result in the Security Value 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 equal to the Security Value, or higher than the Required Security Amount; or(at their discretion); (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders Banks having a value for security purposes (as determined by the Lenders Agent in their absolute its 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 Required Security Amount Requirement as at such date.. Such additional security shall be constituted by: (a) provided that the Agent shall apply such prepayments (i) pro rata against pledged cash deposits in favour of the AdvancesBanks and the Agent in an amount equal to such shortfall, in such account, and pledged in such manner as may be determined by the Agent (acting on the instructions of the Majority Banks); and/or (ii) any other security acceptable to the Banks in reduction their absolute discretion to be provided in a manner determined by the Agent (acting on the instructions of the repayment instalments Majority Banks). The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed8.2.1(a).

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent Bank shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in reduction of the repayment instalments under clause 4.1 pro rata in inverse order of maturity and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata in order of their maturity and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute provide to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s 's said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s 's said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) Loan in reduction of the repayment instalments (including the Balloon Instalment) under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) Lender shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the AgentLender’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the AgentLender’s said notice constitute to the satisfaction of the Agent Lender such further security for the Loan as shall be acceptable to the Lenders Lender having a value for security purposes (as determined by the Lenders Lender in their 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 Required Security Amount as at such date. (a) provided that the Agent Lender shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowedclauses 4.

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30fourteen(14) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty fourteen (3014) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after the first Delivery Date, the Security Value shall be less than the Required Security AmountRequirement (except where this occurs solely as a result of either Ship becoming a Total Loss in which event this clause 8. 3.1 shall apply on the basis that the Security Value shall be determined by reference to the remaining Ship and the Security Requirement shall be determined as though the Borrower had made a prepayment in accordance with the provisions of clause 4.3), the Agent (acting on the instructions of the Majority Lenders) shall may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall (unless both Ships have become a Total Loss) either: (a) prepay within a period of thirty (30) 21 days of the date of receipt by the Borrowers Borrower of the Agent’s 's said notice such part of the Loan sum in Dollars as will result in the Security Value 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 equal to or higher than the Required Security AmountValue; or (b) within thirty (30) 21 days of the date of receipt by the Borrowers Borrower of the Agent’s 's said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders Agent having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount Requirement as at such date. (a) provided that the Agent . Clauses 4.4 and 4.5 shall apply such to prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed8.3.1(a).

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent Bank shall apply such prepayments (i) in pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) Lender shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the AgentLender’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the AgentLender’s said notice constitute to the satisfaction of the Agent Lender such further security for the Loan as shall be acceptable to the Lenders Lender having a value for security purposes (as determined by the Lenders Lender in their 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 Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent Bank shall apply such prepayments (i) in pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent Bank shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders in their discretion having a value for security purposes (as determined by the Lenders in their absolute discretiondiscretion which valuation shall be final and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date. (a) provided that the Agent shall apply such prepayments (i) pro rata against the AdvancesTranches, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Agent (acting on the instructions of the Majority Lenders) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower must either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice such part of the Loan as will result in the Security Value 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 equal to or higher than the Required Security Amount; or (b) within thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Majority Lenders having a value for security purposes (as determined by the Lenders Agent in their 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 Required Security Amount as at such date. (a) provided that the Agent Lenders shall apply such prepayments (i) in pro rata against the Advances, (ii) in reduction of the repayment instalments under clause clauses 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after the first Delivery Date, the Security Value shall be less than the Required Security AmountRequirement (unless the sole cause of such deficiency is that a Mortgaged Ship has become a Total Loss and the Borrowers are in compliance with their obligations under clause 4.3 in respect of such Total Loss), the Agent (acting on the instructions of the Majority LendersBanks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must either: (a) prepay shall, within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice notice, either: (a) prepay such part of the Loan sum in Dollars as will result in the Security Value 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 equal to the Security Value, or higher than the Required Security Amount; or(at their discretion); (b) within thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Lenders Banks having a value for security purposes (as determined by the Lenders Agent in their absolute its 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 Required Security Amount Requirement as at such date.. Such additional security shall be constituted by: (a) provided that the Agent shall apply such prepayments (i) pro rata against pledged cash deposits in favour of the AdvancesBanks and the Agent in an amount equal to such shortfall, in such account, and pledged in such manner as may be determined by the Agent (acting on the instructions of the Majority Banks); and/or (ii) any other security acceptable to the Banks in reduction their absolute discretion to be provided in a manner determined by the Agent (acting on the instructions of the repayment instalments Majority Banks). The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed8.2.1(a).

Security shortfall. If, If at any time after the first Delivery Date, the Security Value shall be less than the Required Security AmountRequirement, the Agent (acting on the instructions of the Majority Lenders) shall Bank may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall (unless the Ship has become a Total Loss) either: (a) prepay within a period of thirty fifteen (3015) days of the date of receipt by the Borrowers Borrower of the AgentBank’s said notice such part of the Loan sum in Dollars as will result in the Security Value 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 equal to or higher than the Required Security AmountValue; or (b) within thirty fifteen (3015) days of the date of receipt by the Borrowers Borrower of the AgentBank’s said notice constitute to the satisfaction of the Agent Bank such further security for the Loan as shall be acceptable to the Lenders Bank having a value for security purposes (as determined by the Lenders Bank in their 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 Required Security Amount Requirement as at such date.; or (ac) provided that within fifteen (15) days of the Agent date of receipt by the Borrower of the Bank’s said notice, pay such additional amount to the credit of the Cash Collateral Account as will result in the Security Value after such payment being not less than the Security Requirement as at the date of such payment. Clause 5.4 shall apply such to prepayments (i) pro rata against the Advances, (ii) in reduction of the repayment instalments under clause 4.1 pro rata and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed9.2.1(a).