Provision of additional security cover; prepayment of Loan. The Borrower undertakes with the Lender that, if the Lender notifies the Borrower that:
(a) the Market Value of the Ship; plus
(b) the net realisable value of any additional security previously provided under this Clause 14, is at any time below 125 per cent. of the aggregate of (i) the Loan and (ii) the Swap Exposure, the Borrower will, within 30 Business Days after the date on which the Lender’s notice is served, either:
(i) provide, or ensure that a third party provides, additional security which, in the reasonable opinion of the Lender, has a net realisable value at least equal to the shortfall and which consists of either (a) cash pledged to the Lender or (b) a Security Interest (including, but not limited to, a first priority or preferred (as the case may be) mortgage over another vessel), covering such asset or assets and documented in such terms as the Lender may, approve or require; or
(ii) prepay in accordance with Clause 7 such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. Each Borrower undertakes with each Creditor Party that if the Agent (acting on the instructions of the Majority Lenders) notifies the Borrowers that:
(a) the Market Value (determined as provided below) of a Ship; plus
(b) the net realisable value of any additional security previously provided under this Clause 15, is below 140% of the aggregate of the Relevant Tranche and any Swap Exposure relating thereto, the Borrowers will, within 10 days after the date on which the Agent's notice is served, either:
(i) provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which covers such asset or assets, and is documented in such terms, as the Agent may, with authorisation from the Majority Lenders, approve or require; or
(ii) prepay in accordance with Clause 8 such part (at least) of the Relevant Tranche as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that if the Agent notifies the Borrower that:
(a) the aggregate Market Values of the Ships; plus
(b) the net realisable value of any additional security previously provided under this Clause 15; is:
(i) for the period commencing on the earlier of (A) the Drawdown Date for Tranche C and (B) the Drawdown Date for Tranche D and ending on the date falling 36 months thereafter, 125 per cent. of the aggregate of the Loan and the Swap Exposure (if any exists at the relevant time); and
(ii) at all times thereafter, 135 per cent. of the aggregate of the Loan and the Swap Exposure (if any exists at the relevant time), the Borrower will, within 14 days after the date on which the Agent’s notice is served, either:
(i) provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which, if it consists of or includes a Security Interest, covers such asset or assets and is documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require; or
(ii) prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with the Lender that if the Lender notifies the Borrower that:
(a) the Market Value of the Ship; plus
(b) the net realisable value of any additional security previously provided under this Clause 14; is below 125 per cent. of the Loan, the Borrower will, within 14 days after the date on which the Lender’s notice is served, either:
(i) provide, or ensure that a third party provides, additional security which, in the opinion of the Lender, has a net realisable value at least equal to the shortfall and which, if it consists of or includes a Security Interest, covers such asset or assets and is documented in such terms as the Lender may approve or require; or
(ii) prepay in accordance with Clause 7 such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that if the Agent notifies the Borrower that:
(a) the aggregate Market Value of the Ships subject to a Mortgage; plus
(b) the net realisable value of any additional security previously provided under this Clause 15; is below the Relevant Percentage. of the Loan, the Borrower will on the first Business Day after the date on which the Agent’s notice is served prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall. If the Borrower satisfies the Majority Lenders that it is unable to make the prepayment of the Loan required pursuant to this Clause 15.1, the Agent (acting upon the instructions of the Majority Lenders) may (in its sole and absolute discretion) agree instead to accept within 14 days after the date on which its notice is served, additional security from the Borrower or a third party which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which, if it consists of or includes a Security Interest, covers such asset or assets and is documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that, if the Facility Agent notifies the Borrower that at any time after the Drawdown Date of the first Advance to be drawn under this Agreement the aggregate Market Value of the Ships subject to a Mortgage is below 125 per cent. of the Loan, the Borrower will, within 1 month after the date on which the Facility Agent’s notice is served, either:
(a) provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which consists of either (i) cash pledged to the Security Trustee or (ii) a Security Interest (including, but not limited to, a first priority or, as the case may be, preferred mortgage over another vessel), covering such asset or assets and documented in such terms as the Facility Agent may, with authorisation from the Majority Lenders, approve or require; or Index
(b) prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that, if the Agent notifies the Borrower that:
(a) the aggregate Market Value of the Ships subject to a Mortgage; plus
(b) the net realisable value of any additional security previously provided under this Clause 15; falls below the following percentages of the Loan (the “Relevant Percentage”) at any time during the following periods, the Borrower will, on the first Business Day after the date on which the Agent’s notice is served, prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall. 31 March 2013 to 30 September 2013 65 on 31 December 2013 70 31 March 2014 to 30 June 2014 85 30 September 2014 to 31 December 2014 95 31 March 2015 to the Final Maturity Date 100 If the Borrower satisfies the Majority Lenders that it is unable to make the prepayment of the Loan required pursuant to this Clause 15.1, the Agent (acting upon the instructions of the Majority Lenders) may (in its sole and absolute discretion) agree instead to accept within 14 days after the date on which its notice is served, additional security from the Borrower or a third party which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which, if it consists of or includes a Security Interest, covers such asset or assets and is documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that if the Agent notifies the Borrower that:
(a) the Fair Market Value (determined as provided below) of the Ship; plus
(b) the net realisable value of any additional security previously provided under this Clause 15; is below one hundred and sixty seven per cent (167%) of the aggregate amount of the Loan and the Swap Exposure, the Borrower will, within 1 month after the date on which the Agent's notice is served, either:
(i) provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which consists of either (a) cash pledged to the Security Trustee or (b) a Security Interest (including, but not limited to, a first priority mortgage over another vessel), covering such asset or assets and documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require; or
(ii) prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that, if the Agent notifies the Borrower that:
(a) the market value (determined as provided below) of the Ship; plus
(b) the net realisable value of any additional security (other than security over freely available cash deposits) previously provided under this Clause 15; is below 125 per cent. of the Loan (less the amount of any freely available cash deposits provided as additional security under this Clause 15), the Borrower will, within 14 Business Days after the date on which the Agent’s notice is served, either:
(i) provide, or ensure that a third party provides, additional security acceptable to the Lenders which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which, if it consists of or includes a Security Interest, covers such asset or assets and is documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require; or
(ii) prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security cover; prepayment of Loan. The Borrower undertakes with each Creditor Party that, if the Agent notifies the Borrower that:
(a) the aggregate Market Value of the Ships subject to a Mortgage; plus
(b) the net realisable value of any additional security previously provided under this Clause 15; falls below the following percentages of the Loan (less, in the circumstances referred to below in this Clause 15.1, amounts standing to the credit of the Earnings Accounts) at any time during the following periods, the Borrower will, on the first Business Day after the date on which the Agent's notice is served, prepay in accordance with Clause 8 such part (at least) of the Loan as will eliminate the shortfall. For the purposes of calculating the Security Cover Percentages and Provided that the Borrower is in compliance with Clause 12.4(f) as evidenced in its latest Compliance Certificate, the minimum amount standing to the credit of the Earnings Accounts as required under Clause 12.4(g) (but, for the avoidance of doubt, not including any surplus above the minimum amounts to be maintained pursuant to such Clauses) shall be deducted from the Loan. 1 October 2009 to 31 December 2010 100 1 January 2011 to 31 December 2011 110 1 January 2012 to 30 June 2012 130