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 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 each Creditor Party that if the Agent notifies the Borrower that: (a) the aggregate Market Values of the Shipsmarket value, (determined as provided below) of the Ship and the Collateral Ships subject to a Collateral Mortgage of the relevant time; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is: 15 (i) for together, the period commencing on the earlier of (A) the Drawdown Date for Tranche C “Security Value”), is below one hundred and (B) the Drawdown Date for Tranche D and ending on the date falling 36 months thereafter, 125 twenty five per cent. (125%) of the aggregate of the Loan Loan, the Existing Loan, the Existing Swap Exposure and the Swap Exposure (if any exists at any) (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“Required Security Amount”), the Borrower will, within 14 days 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 (cash, other ships or otherwise) 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, which covers such asset or assets assets, and is documented in such terms 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 Values Value of the ShipsShips subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 15; is: (i) for is below the period commencing Relevant Percentage of the Loan, the Borrower will on the earlier of (A) the Drawdown Date for Tranche C and (B) the Drawdown Date for Tranche D and ending on first Business Day after the date falling 36 months thereafter, 125 per cent. of on which the aggregate Agent's notice is served prepay in accordance with Clause 8 such part (at least) of the Loan and as will eliminate the Swap Exposure (if any exists at shortfall. If the relevant time); and (ii) at all times thereafter, 135 per cent. of Borrower satisfies the aggregate Majority Lenders that it is unable to make the prepayment of the Loan and the Swap Exposure (if any exists at the relevant time)required pursuant to this Clause 15.1, the Borrower will, 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 the Agent’s its notice is served, either: (i) provide, additional security from the Borrower 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 each Creditor Party that if the Agent notifies the Borrower that: (a) the aggregate Market Values Value of the ShipsShips subject to a Mortgage; 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 is below 140 per cent. of the aggregate 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 and as will eliminate the Swap Exposure (if any exists at shortfall. If the relevant time); and (ii) at all times thereafter, 135 per cent. of Borrower satisfies the aggregate Majority Lenders that it is unable to make the prepayment of the Loan and the Swap Exposure (if any exists at the relevant time)required pursuant to this Clause 15.1, the Borrower will, 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 the Agent’s its notice is served, either: (i) provide, additional security from the Borrower 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.