Common use of Provision of additional security cover; prepayment of Loan Clause in Contracts

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. The Borrower undertakes with the Lender that, if at any time the Lender notifies the Borrower that: (a) the aggregate Market Value of the ShipShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 14, is at any time below 125 115 per cent. of the aggregate of (i) the Loan and (ii) the Swap Exposure, the Borrower will, within 30 14 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 acceptable to the Lender 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 or second 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; orrequire or (c) assignment of the refund guarantees of newbuildings Fleet Vessels; (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 the Lender each Creditor Party that, if at any time the Lender Agent notifies the Borrower that: (a) the aggregate Market Value of the ShipShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 1415, 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 14 Business Days after the date on which the LenderAgent’s notice is served, either: (i) provide, or ensure that a third party provides, additional security acceptable to the Agent which, in the reasonable opinion of the LenderMajority Lenders, has a net realisable value at least equal to the shortfall and which consists of either (a) cash pledged to the Lender Security Trustee or the Lenders or (b) a Security Interest (including, including but not limited to, a first or second priority or preferred (as the case may be) mortgage over another vessel), Fleet Vessel) covering such asset or assets and documented in such terms as the Lender may, Lenders may approve or requirerequire or (c) an assignment of the refund guarantee(s) of a Fleet Vessel which is a newbuilding; or (ii) prepay in accordance with Clause 7 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 at any time the Lender notifies the Borrower that: (a) the aggregate Market Value of the ShipShips subject to a Mortgage; 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 14 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 acceptable to the Lender 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 or second 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; orrequire or (c) assignment of the refund guarantees of newbuildings Fleet Vessels; (ii) prepay in accordance with Clause 7 such part (at least) of the Loan as will eliminate the shortfall.