Common use of Security shortfall Clause in Contracts

Security shortfall. If, at any time the Security Value shall be less than the Security Requirement, the Agent shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall within a period of thirty (30) days of receipt by the Borrowers of the Agent’s notice: (a) prepay such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; or (b) constitute to the satisfaction of the Agent such further security for the Loan and any moneys owing under the Master Swap Agreement as shall be acceptable to the Agent having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. The provisions of clauses 4.4 and 4.5 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If, If at any time the Security Value shall be less than the Security Requirement, the Agent shall may give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall shall, within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s said notice, either: (a) prepay such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; orand/or (b) provide cash collateral (to be held in an account which has been pledged in favour of the Agent (as security agent and trustee on behalf of the Creditors) of such sum which, when added to the Security Value, shall not be less than the Security Requirement as at such date; and/or (c) constitute to the satisfaction of the Agent Banks such further security for the Loan and any moneys owing under the Master Swap Agreement as shall be acceptable to the Agent Banks having a value for security purposes (as determined by the Agent Banks in its 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 Security Requirement as at such date. The provisions of clauses 4.4 4.5 and 4.5 4.6 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If, at any time after the earlier of (i) the Drawdown Date of the second Delivery Advance to be drawn down and (ii) the latest Termination Date, the Security Value shall be less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s notice: (a) prepay said notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; 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 moneys owing under the Master Swap Agreement as shall be acceptable to the Agent Banks having a value for security purposes (as determined by the Agent in its absolute 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 Security Requirement as at such date. The provisions of clauses 4.4 and 4.5 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If, If at any time the Security Value shall be less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of thirty ten (3010) days of the date of receipt by the Borrowers of the Agent’s said notice: (a) prepay , such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to or less than the Security Value; or (b) within ten (10) 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 moneys amounts owing under the Master Swap Agreement Agreement, as shall be acceptable to the Agent Banks, having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. The provisions of clauses clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If, If at any time the Security Value shall be less than the Security Requirement, the Agent shall may and if so directed by the Majority Banks shall, give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall within a period of thirty (30) days of the date of receipt by the Borrowers Borrower of the Agent’s said notice: (a) prepay such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to or lower than the Security Value; or (b) constitute to the satisfaction of the Agent such further security for the Loan and any moneys owing under the Master Swap Agreement as shall be acceptable to the Agent Banks having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. The provisions of clauses clause 4.4 and any relevant provisions of clause 4.5 shall apply to any prepayments made under clause 8.2.1(a).

Security shortfall. If, If at any time throughout the Facility Period the Security Value shall be less than the Required Security RequirementAmount, the Agent Lender shall give written notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers shall Borrower must within a period of thirty (30) 30 days of receipt by the Borrowers of the AgentLender’s said notice, either: (a) prepay such sum in Dollars part of the Loan as will result in the Security Requirement 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 ValueAmount; or (b) constitute to the satisfaction of the Agent Lender such further security for the Loan and any moneys owing under the Master Swap Agreement as shall be acceptable to the Agent Lender having a value for security purposes (as determined by the Agent Lender in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Requirement Amount as at such date. The provisions of clauses 4.4 and 4.5 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If, at any time after the earlier of (i) the Drawdown Date of the fourth Delivery Advance to be drawn down and (ii) the Termination Date, the Security Value shall be less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of thirty (30) days of the date of receipt by the Borrowers of the Agent’s notice: (a) prepay 's said notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; 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 moneys amounts owing under the Master Swap Agreement as shall be acceptable to the Agent Banks having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. The provisions of clauses 4.4 and 4.5 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If, If at any time on or after the Drawdown Date the Security Value shall be less than the Security Requirement, the Agent shall may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall within (unless a period of thirty (30Ship has become a Total Loss) days of receipt by the Borrowers of the Agent’s noticeeither: (a) prepay within a period of fifteen (15) days of the date of receipt by the Borrower of the Agent’s said notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; or (b) within thirty (30) days of the date of receipt by the Borrower of the Agent’s said notice constitute to the satisfaction of the Agent Banks such further security for the Loan and any moneys owing under the Master Swap Agreement Facility as shall be acceptable to the Agent Banks having a value for security purposes (as determined by the Agent Banks in its 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 Security Requirement as at such date. The provisions of clauses 4.4 and 4.5 Clause 4.6 shall apply to prepayments under clause 8.2.1(a)8.2.10.