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

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.115.2, the Borrower shall, within 1 one (1) month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security Collateral which, in the opinion of the Majority Lenders, has a net realisable realizable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan in such amount as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower Borrowers shall, within 1 month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable market value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security whichwhich is acceptable to the Agent and, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.115.1 (Minimum required security cover), the Borrower shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay and/or cancel, in accordance with Clause 8 (Repayment and Prepayment), such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower Borrowers shall, within 1 month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the opinion of all the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of all the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower shall, within Borrowers shall prepay such part (at least) of the Loan as will eliminate the shortfall on or before the date falling 1 month after the date on which the Agent’s notice is served, either: served under Clause 15.1 (athe “Prepayment Date”) provideunless at least 1 Business Day before the Prepayment Date it has provided, or ensure ensured that a third party provideshas provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.115.2, the Borrower Borrowers shall, within 1 one month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security Collateral which, in the reasonable opinion of the Majority Lenders, is in form and substance acceptable to the Majority Lenders and has a net realisable realizable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require; or (b) prepay such part (at least) the relevant Tranche of the Loan in such amount as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month 45 days after the date on which the Agent’s 's notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the reasonable authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfallshortfall (with such prepayment applied against the Advances pro rata to their respective amounts).

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower Borrowers shall, within 1 month 30 days after the date on which the Agent’s '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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower Borrowers shall, within 1 month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party providesprovides cash, cash equivalents or any other additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is charged and/or documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month 2 weeks, (or such other period as is mutually agreed between the Agent and the Borrower) after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.115.2, the Borrower shall, within 1 one (1) month after the date on which the Agent’s 's notice is served, either: (a) provide, or ensure that a third party provides, additional security Collateral which, in the opinion of the Majority Lenders, has a net realisable realizable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan in such amount as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.113.1, the Borrower shall, within 1 month two weeks after the date on which the Agent’s '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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.115.1 (Minimum required security cover), the Borrower Borrowers shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay and/or cancel, in accordance with Clause 8 (Repayment and Prepayment), such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within shall prepay such part (at least) of the Loan as will eliminate the shortfall on or before the date falling 1 month after the date on which the Agent’s notice is served, either: served under Clause 15.1 (athe “Prepayment Date”) provideunless at least 1 Business Day before the Prepayment Date it has provided, or ensure ensured that a third party provideshas provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month 45 days after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the reasonable authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfallshortfall (with such prepayment applied against the Advances pro rata to their respective amounts).

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower Borrowers shall, within 1 month after the date on which the Agent’s 's notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the opinion of all the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of all the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority all Lenders, approve or require; or (b) prepay such part (at least) firstly of the Revolving Loan as and secondly of the Term Loan which will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower Borrowers under Clause 15.1, the Borrower Borrowers shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay and/or cancel, in accordance with Clause 8, such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.115.2, the Borrower shall, within 1 one (1) month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security Collateral which, in the opinion of the Majority Lenders, is in form and substance acceptable to the Majority Lenders and has a net realisable realizable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation authorization of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan in such amount as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the Agent’s notice is served, either: (a) provide, or ensure that a third party provides, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay and/or cancel, in accordance with Clause 8, such part (at least) of the Loan as will eliminate the shortfall.

Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the 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 is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or (b) prepay prepay, on a pro rata basis, such part (at least) of the Term Loan as and the Newbuilding Loan which will eliminate the shortfall.