Common use of Security shortfall Clause in Contracts

Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 13.18, 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: (a) prepay within a period of 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 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 30 days of the date of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Agent such further security for the Loan as shall be reasonably 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. Clauses 14.2 and 14.4 shall apply to prepayments under Clause 14.1 (a).

Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 13.18, 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: (a) prepay within a period of 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 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 30 days of the date of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Agent such further security for the Loan as shall be reasonably 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. Clauses 14.2 and 14.4 shall apply to prepayments under Clause 14.1 (a14.1(a).

Security shortfall. If, upon receipt of a valuation of If at any time on or after the Ship in accordance with Clause 13.18, 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 the a Ship has become a Total Loss) either: (a) prepay within a period of 30 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 repayment 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 30 thirty (30) days of the date of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Agent Banks such further security for the Loan as shall be reasonably 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. Clauses 14.2 and 14.4 Clause 4.7 shall apply to prepayments under Clause 14.1 (aclause 8.2.1(a).

Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 13.18, 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 LossLess) either: (a) prepay within a period of 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 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 30 days of the date data of receipt by the Borrower of the Agent’s said notice constitute to the reasonable satisfaction of the Agent such further security for of the Loan as shall be reasonably 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. Clauses 14.2 and 14.4 shall apply to prepayments under Clause 14.1 (a14.1(a).

Security shortfall. If, upon receipt of a valuation of If at any time on or after the Ship in accordance with Clause 13.18, 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 the a Ship has become a Total Loss) either: (a) prepay within a period of 30 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 repayment 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 30 thirty (30) days of the date of receipt by the Borrower of the Agent’s 's said notice constitute to the reasonable satisfaction of the Agent Banks such further security for the Loan as shall be reasonably 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. Clauses 14.2 and 14.4 Clause 4.7 shall apply to prepayments under Clause 14.1 (aclause 8.2.1(a).