Partial prepayments or additional security Sample Clauses

Partial prepayments or additional security. (a) If and so often as, at any time on or after the Delivery Date of the first Vessel to be delivered until the date falling on the last day of the third year after the Delivery Date of the first Vessel to be delivered, the market value of either of the delivered Vessels (determined in accordance with Clause 19) shall be less than the First Required Amount in respect of that Vessel, the Borrowers will (and the Guarantor shall procure that the Borrowers will), within thirty days of the request of the Facility Agent to do so, either (i) prepay such amount of the Loan relating to that Vessel as will ensure that the market value of that Vessel (determined as aforesaid) is not less than the First Required Amount in respect of that Vessel; or (ii) provide or cause to be provided to the Facility Agent such additional security as may be satisfactory to each of the Lenders acting in good faith but otherwise in their absolute discretion. Clauses 6.9 and 6.10 shall apply, mutatis mutandis, to any prepayment made pursuant to this Clause save that no prepayment fee equal to 0.5% of the amount of principal of the Tranche A Loan shall be payable. Any prepayment made in accordance with Clause 17.13(a)(i) shall be applied against the Repayment Instalments of the relevant Loan in the inverse order of their maturity. (b) If and so often as, at any time on or after the date falling on the last day of the third year after the Delivery Date of the first Vessel until the date falling on the last day of the fifth year after the Delivery Date of the first Vessel, the market value of either of the delivered Vessels (determined in accordance with Clause 19) shall be less than the Second Required Amount in respect of that Vessel, the Borrowers will (and the Guarantor shall procure that the Borrowers will), within thirty days of the request of the Facility Agent to do so, either (i) prepay such amount of the Loan relating to that Vessel as will ensure that the market value of that Vessel (determined as aforesaid) is not less than the Second Required Amount in respect of that Vessel or (ii) provide or cause to be provided to the Facility Agent such additional security acceptable to each of the Lenders acting in good faith but otherwise in their entire discretion. Clauses 6.9 and 6.10 shall apply, mutatis mutandis, to any prepayment made pursuant to this Clause save that no prepayment fee equal to 0.5% of the amount of principal of the Tranche A Loan shall be payable. Any prepayment mad...