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 Bank 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 Bank’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 Borrower of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 Bank shall apply such prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 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 Bank 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 Bank’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 Borrower of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 Bank shall apply such prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 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 Bank Agent (acting on the instructions of the Majority Lenders) shall give written 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 BankAgent’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 Borrower of the BankAgent’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as Agent such further security for the Loan as shall be acceptable to the Bank Lenders in their discretion having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable discretion8.2.5) 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 Bank Agent shall apply such prepayments (i) pro rata against the Tranches, (ii) Advances in pro rata reduction of all the repayment instalments (including the Balloon Instalment) under clause 4.1 4.1 (a) in the case of Advance A, in inverse order of maturity, starting with the Balloon Instalment and (b) in the case of Advance B, 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 during the first Delivery DateSecurity Period, the Security Value shall be less than the Required Security AmountRequirement, the Bank 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 must Borrower shall either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the BankAgent’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) days (or such longer period as the Lenders may agree to) of the date of receipt by the Borrower of the BankAgent’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as Agent (acting on the instructions of the Lenders) such further security for the Loan Outstanding Indebtedness as shall be acceptable to the Bank Lenders having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 Bank shall apply such prepayments (i) pro rata against additional pledged cash deposits in favour of the Tranches, Lenders in an amount equal to such shortfall with the Account Bank and in an account and manner to be determined by the Agent (acting on the instructions of the Lenders); and/or (ii) additional first preferred/priority mortgages on vessel(s) acceptable to the Agent (acting on the instructions of the Lenders) the Market Value of which shall be determined in accordance with clause 8.2.2; and/or (iii) any other security acceptable to all the Lenders at their absolute discretion to be provided in a manner determined by the Agent (acting on the instructions of the Lenders). The provisions of clauses 4.5 and 4.6 shall apply to prepayments under clause 8.2.1(a). Any amount prepaid pursuant to clause 8.2.1(a) shall be applied as follows: (i) if it is made prior to the Amalgamation Date, in or towards prepayment of the Loan, but without affecting the amount of the first 12 Repayment Instalments, and (ii) if it is made after the Amalgamation Date, in or towards pro rata reduction prepayment of the repayment instalments under clause 4.1 Repayment Instalments and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowedBalloon Instalment.

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Bank 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 BankAgent’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 Borrower of the BankAgent’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Agent such further security for the Loan as shall be acceptable to the Bank Majority Lenders having a value for security purposes (as determined by the Bank Agent in its reasonable 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 Bank shall apply such prepayments (i) pro rata against amounts in the Tranches, (ii) in pro rata reduction applicable one of the repayment instalments Loan Amount Outstanding columns shall be reduced by the Repayment Proportion of such amount (where “Prepayment Proportion” means the amount of the prepayment being made under this clause 4.1 8.2.1 divided by the amount of the Loan immediately prior to such prepayment) 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 Bank 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 BankLender’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 Borrower of the BankLender’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Lender such further security for the Loan as shall be acceptable to the Bank Lender having a value for security purposes (as determined by the Bank Lender in its reasonable 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 Bank Lender shall apply such prepayments (i) pro rata first to the Balloon Instalment and thereafter against the Tranches, (ii) in pro rata reduction outstanding of the repayment instalments under clause 4.1 4. 1.1 in inverse 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 shall be less than the Required Security Amount, the Bank 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 BankAgent’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 Borrower Borrowers of the BankAgent’s said notice constitute provide to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Agent such further security for the Loan as shall be acceptable to the Bank Majority Lenders having a value for security purposes (as determined by the Bank Agent in its reasonable 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 Bank Agent shall apply such prepayments (i) pro rata against the TranchesAdvances, (ii) in pro rata reduction of the repayment instalments under clause 4.1 (including the Balloon Instalments) pro rata (or in such other manner and order as shall be agreed between the Borrowers and the Lenders at the time of such prepayment) and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after time: (A) during the first Delivery DateNon-Split Period, the Security Value shall be less than the Required relevant Security AmountRequirement at the time; or (B) during the Split Period, the Security Value A and/or the Security Value B shall be less than the relevant Split Security Requirement at the time, the Bank 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 (prior to the Effective Date (as such term is defined in the Fifth Supplemental Agreement)) thirty (30) days of or (after the date Effective Date (as such term is defined in the Fifth Supplemental Agreement)) fourteen (14) days, in either case, of receipt by the Borrowers of the Bank’s said notice notice: (a) prepay such part of the Loan sum in Dollars as will result in: (i) in respect of a notice given during the Non-Split Period, the applicable 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; and (ii) in respect of a notice given during the Split Period, the applicable Split Security Requirement after such prepayment (taking into account any other repayment of the relevant Advance made between the date of the notice and the date of such prepayment) being equal to the relevant Split Security Value; or (b) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable absolute discretion) at the date upon which such further security shall be constituted which, when added to to: (i) in respect of a notice given during the Non-Split Period, the Security Value shall not be less than the applicable Security Requirement as at such date; and (ii) in respect of a notice given during the Split Period, the relevant Split Security Value, shall not be less than the Required applicable Split Security Amount Requirement as at such date. (a) provided that the Bank . The provisions of clauses 4.4, 4.5.1, 4.5.4 and 4.5.5 shall apply such to prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 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 in respect of any of the first Delivery DateShips, (i) the Security Value shall be less than the Required Security AmountRequirement and (ii) the RG Security Value shall be less than the RG Security Requirement, the Bank shall Facility Agent acting on the instructions of the Majority Lenders may give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers must shall either: (a) prepay within a period of thirty twenty (3020) days Banking Days of the date of receipt by the Borrowers of the BankFacility Agent’s said notice such part of the Loan sum in Dollars 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) (i) the Security Value after such prepayment being equal to or higher greater than the Required Security AmountRequirement and/or, as the case may be (ii) the RG Security Value after such prepayment being equal to or greater than the RG Security Requirement; or (b) within thirty twenty (3020) days Banking Days of the date of receipt by the Borrower Borrowers of the BankFacility Agent’s said notice notice, constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as Majority Lenders such further security (in the form of an Encumbrance) for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank Majority Lenders having a value for security purposes (as determined by the Bank Majority Lenders in its reasonable their absolute discretion) at the date upon which such further security shall be constituted which, (i) when added to the Security Value, shall not be less than the Required Security Amount Requirement as at such date and/or, as the case may be, (ii) when added to the RG Security Value, shall not be less than the RG Security Requirement as at such date. (a) provided that the Bank . The provisions of clause 4.6 shall apply such to prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 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 during the first Delivery Date, Security Period the Security Value shall be less than the Required applicable Security AmountRequirement, the Bank shall may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall either: (ai) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Bank’s said notice such part of the Loan sum in Dollars as will result in the applicable 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 Borrower of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (cii) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan Outstanding Indebtedness as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 applicable Security Amount Requirement as at such date.. Such additional security shall be constituted by: (a) provided that additional pledged cash deposits in favour of the Bank in an amount equal to the amount which would be required to be prepaid under Clause 8.2(a)(i) with the Bank and in an account and manner to be determined by the Bank; and/or b) any other security acceptable to the Bank at its absolute discretion to be provided in a manner determined by the Bank. The provisions of Clause 4.3 and 4.6 shall apply such to prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowedClause 8.2(a)(i).

Security shortfall. If, If at any time after the first Delivery Date, the any Security Value shall be less than the Required relevant Security AmountRequirement, the Bank Facility Agent shall (upon the instructions of the Lenders) give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall (unless any relevant Mortgaged Vessel has become a Total Loss (in which case clause 6.4 shall apply)) either: (a) prepay within a period of thirty fifteen (3015) days of the date of receipt by the Borrowers Borrower of the Bank’s Facility Agent's said notice such part of the Loan sum in Dollars as will result in the relevant Security Value Requirement after such prepayment (taking into account any other repayment of the Loan Outstandings made between the date of the notice and the date of such prepayment) being equal to or higher than the Required corresponding Security AmountValue; or (b) within thirty fifteen (3015) days of the date of receipt by the Borrower of the Bank’s Facility Agent's said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as Lenders such further security for the Loan Outstandings as shall be acceptable to the Bank Security Trustee having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable discretion) at the date upon which such further security shall be constituted which, when added to the relevant Security Value, shall not be less than the Required corresponding Security Amount Requirement as at such date. , and until the Facility Agent is satisfied with any action taken pursuant to paragraph (a) provided that or paragraph (b) above, the Bank shall apply such prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 and the amounts of the Loan prepaid hereunder Borrower shall not be available entitled to be re-borrowed.drawdown or continue any further Advances. Clause 6.5 shall apply to prepayments under clause 10.2.1(a);

Security shortfall. If, If at any time after during the first Delivery Date, Security Period the Security Value shall be less than the Required applicable Security AmountRequirement, the Bank shall may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall either: (ai) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Bank’s said notice such part of the Loan sum in Dollars as will result in the applicable 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 Borrower of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (cii) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan Outstanding Indebtedness as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 applicable Security Amount Requirement as at such date.. Such additional security shall be constituted by: (a) provided that additional pledged cash deposits in favour of the Bank in an amount equal to the amount which would be required to be prepaid under Clause 8.2(a)(i) with the Bank and in an account and manner to be determined by the Bank; and/or b) any other security acceptable to the Bank at its absolute discretion to be provided in a manner determined by the Bank. The provisions of Clause 4.3 and 4.4 shall apply such to prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowedClause 8.2(a)(i).

Security shortfall. If, If at any time after the first Delivery Date, the any Security Value shall be less than the Required relevant Security AmountRequirement, the Bank Facility Agent shall (upon the instructions of the Lenders) give notice to the Borrowers relevant Borrower requiring that such deficiency be remedied and then the Borrowers must such Borrower shall (unless any relevant Mortgaged Vessel has become a Total Loss (in which case clause 6.3 shall apply)) either: (ai) prepay within a period of thirty fifteen (3015) days of the date of receipt by the relevant Borrower or Borrowers of the Bank’s Facility Agent's said notice such part of the Loan sum in Dollars or other Optional Currency as will result in the relevant Security Value Requirement after such prepayment (taking into account any other repayment of the Loan Outstandings made between the date of the notice and the date of such prepayment) being equal to or higher than the Required corresponding Security AmountValue; or (bii) within thirty fifteen (3015) days of the date of receipt by the relevant Borrower or Borrowers of the Bank’s Facility Agent's said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as Lenders such further security for the Loan Outstandings as shall be acceptable to the Bank Security Trustee having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable discretion) at the date upon which such further security shall be constituted which, when added to the relevant Security Value, shall not be less than the Required corresponding Security Amount Requirement as at such date. (a) provided that , and until the Bank shall apply such prepayments Facility Agent is satisfied with any action taken pursuant to paragraph (i) pro rata against the Tranches, or paragraph (ii) in pro rata reduction of above, the repayment instalments under clause 4.1 and the amounts of the Loan prepaid hereunder relevant Borrower or Borrowers shall not be available entitled to be re-borrowed.drawdown or continue any further Advances. Clause 6.4 shall apply to prepayments under clause 10.2(a)(i);

Security shortfall. If, as from the 1st January, 2018 and thereafter at any time after during the first Delivery DateSecurity Period, the Security Value shall be less than the Required Security AmountRequirement, the Bank shall Lender may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall (unless if the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower is in full compliance with his obligations in relation to such Total Loss) either:; (ai) prepay (in accordance with Clause 4.2 (but without regard to the requirement for ten (10) days notice) within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Bank’s Lender'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 at least equal to or higher than the Required Security AmountValue; or (bii) within thirty (30) days of the date of receipt by the Borrower of the Bank’s Lender's said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Lender such further security for the Loan as shall be acceptable to the Bank Lender having a value for security purposes (as determined by the Bank Lender in its reasonable 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.. 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 that in a manner determined by the Bank Lender. Any such additional security provided to the Lender shall be promptly released by the Lender once the Security Requirement ratio has been restored. The provisions of Clauses 4.3 and 4.4 shall apply such to prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowedClause 8.5(a)(i).

Security shortfall. If, at any time after the first Delivery Drawdown Date, the Security Value shall be less than the Required Security Amount, the Bank 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 BankLender’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 Borrower of the BankLender’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Lender such further security for the Loan as shall be acceptable to the Bank Lender having a value for security purposes (as determined by the Bank Lender in its reasonable 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 Bank Lender shall apply such prepayments (i) pro rata first to the Balloon Instalment and thereafter against the Tranches, (ii) in pro rata reduction outstanding of the repayment instalments under clause 4.1 4. 1.1 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 Bank 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 Bank’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 Borrower of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 Bank shall apply such prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 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 Bank 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: (ai) prepay within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the BankAgent’s said notice such part of the Loan and/or the Revolving Loan as will result in the Security Value after such prepayment (taking into account any other repayment of the Loan and/or the Revolving 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 (bii) within thirty (30) days of the date of receipt by the Borrower of the BankAgent’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as Agent such further security for the Loan and/or the Revolving Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank Lenders having a value for security purposes (as determined by the Bank Agent in its reasonable 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 Bank Lenders shall apply such prepayments (i) pro rata against the TranchesLoan and the Revolving Loan, (ii) in pro rata reduction of the repayment instalments under clause 4.1 clauses 4.1.3 and (iii) in pro rata reduction of the reduction instalments under Clause 2.8, and the amounts of the Loan and the Revolving 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 Bank 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 BankAgent’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 Borrower of the BankAgent’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Agent such further security for the Loan as shall be acceptable to the Bank Majority Lenders having a value for security purposes (as determined by the Bank Agent in its reasonable 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 Bank shall apply such prepayments (i) pro rata against amounts in the Tranches, (ii) in pro rata reduction applicable one of the repayment instalments Loan Amount Outstanding columns shall be reduced by the Repayment Proportion of such amount (where “Prepayment Proportion” means the amount of the prepayment being made under this clause 4.1 8.2.1 divided by the amount of the Loan immediately prior to such prepayment) and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.

Security shortfall. If, If at any time after during the first Delivery DateSecurity Period, the Security Value shall be less than the Required Security AmountRequirement, the Bank shall Lender may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers must Borrower shall (unless if the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower is in full compliance with his obligations in relation to such Total Loss) either:; (ai) prepay (in accordance with Clause 4.2 (but without regard to the requirement for ten (10) days notice) within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Bank’s Lender'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 at least equal to or higher than the Required Security AmountValue; or (bii) within thirty (30) days of the date of receipt by the Borrower of the Bank’s Lender's said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute to the satisfaction of the Bank Lender such further security for the Loan as shall be acceptable to the Bank Lender having a value for security purposes (as determined by the Bank Lender in its reasonable 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.. 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 that in a manner determined by the Bank Lender. Any such additional security provided to the Lender shall be promptly released by the Lender once the Security Requirement ratio has been restored. The provisions of Clauses 4.3 and 4.4 shall apply such to prepayments (i) pro rata against the Tranches, (ii) in pro rata reduction of the repayment instalments under clause 4.1 and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowedClause 8.5(a)(i).

Security shortfall. If, at any time after the first Delivery Datetime, the Security Value shall be less than the Required Security Amount, the Bank 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 Bank’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 Borrower Borrowers of the Bank’s said notice constitute to the satisfaction of the Bank a first preferred ship mortgage over a ship as security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined in accordance with Clause 8.2.2) at the date upon which such mortgage is provided which, when added to the Security Value, shall not be less than the Required Security Amount as at such date; or (c) within thirty (30) days of the date of receipt by the Borrower of the Bank’s said notice constitute provide to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank having a value for security purposes (as determined by the Bank in its reasonable 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 Bank shall apply such prepayments (i) pro rata against the TranchesAdvances, (ii) in pro rata reduction of the repayment instalments under clause 4.1 (including the Balloon Instalments) pro rata (or in such other manner and order as shall be agreed between the Borrowers and the Bank at the time of such prepayment) and the amounts of the Loan prepaid hereunder shall not be available to be re-borrowed.