Common use of Security shortfall Clause in Contracts

Security shortfall. If at any time on or after the first Drawdown Date the Security Value shall be less than the relevant Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless a Ship has become a Total Loss) either: (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 Banks such further security for the Loan as shall be acceptable to the Banks having a value for security purposes (as determined by the Banks 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 Security Requirement as at such date. Clause 4.6 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If at any time on or after If, upon receipt of a valuation of the first Drawdown Date Ship in accordance with Clause 13.18, the Security Value shall be less than the relevant Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless a the Ship has become a Total Loss) either: (a) prepay within a period of fifteen (15) 30 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 repayment (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) 30 days of the date of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Banks Agent such further security for the Loan as shall be reasonably acceptable to the Banks Agent having a value for security purposes (as determined by the Banks 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 Security Requirement as at such date. Clause 4.6 Clauses 14.2 and 14.4 shall apply to prepayments under clause 8.2.1(aClause 14.1 (a).

Security shortfall. If at any time on or after the first date falling 30 months after the Drawdown Date the Security Value shall be less than the relevant Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless a Ship has become a Total Loss) either: (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 Banks such further security for the Loan as shall be acceptable to the Banks having a value for security purposes (as determined by the Banks 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 Security Requirement as at such date. Clause 4.6 4.7 shall apply to prepayments under clause 8.2.1(a).

Security shortfall. If at any time on or after If, upon receipt of a valuation of the first Drawdown Date Ship in accordance with Clause 13.18, the Security Value shall be less than the relevant Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless a the Ship has become a Total Loss) either: (a) prepay within a period of fifteen (15) 30 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 repayment (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) 30 days of the date of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Banks Agent such further security for the Loan as shall be reasonably acceptable to the Banks Agent having a value for security purposes (as determined by the Banks 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 Security Requirement as at such date. Clause 4.6 Clauses 14.2 and 14.4 shall apply to prepayments under clause 8.2.1(aClause 14.1(a).

Security shortfall. If at any time on or after If, upon receipt of a valuation of the first Drawdown Date Ship in accordance with Clause 13.18, the Security Value shall be less than the relevant Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless a the Ship has become a Total LossLess) either: (a) prepay within a period of fifteen (15) 30 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 repayment (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) 30 days of the date data of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Banks Agent such further security for of the Loan as shall be reasonably acceptable to the Banks Agent having a value for security purposes (as determined by the Banks 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 Security Requirement as at such date. Clause 4.6 Clauses 14.2 and 14.4 shall apply to prepayments under clause 8.2.1(aClause 14.1(a).

Security shortfall. If at any time on or after the first Drawdown Date the Security Value shall be less than the relevant Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless a Ship has become a Total Loss) either: (a) prepay within a period of fifteen (15) days of the date of receipt by the Borrower of the Agent’s '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 's said notice constitute to the satisfaction of the Banks such further security for the Loan as shall be acceptable to the Banks having a value for security purposes (as determined by the Banks 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 Security Requirement as at such date. Clause 4.6 4.7 shall apply to prepayments under clause 8.2.1(a).