Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 23.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the Ship has become a Total Loss) either:
Appears in 4 contracts
Sources: Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.)
Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 23.4 13.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the Ship has become a Total Loss) either:
Appears in 2 contracts
Sources: Loan Agreement (Prestige Cruises International, Inc.), Loan Agreement (Seven Seas Cruises S. DE R.L.)