Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days after the date (the "Prepayment Date") on which the Facility Agent's notice is served, prepay such part of the Loan as shall eliminate the shortfall. (b) A Borrower may, instead of, or as well as making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders, (i) has a net realisable value at least equal to the shortfall; and (ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 3 contracts
Samples: Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp), Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp), Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 24.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days Business Days after the date (the "Prepayment Date") on which the Facility Agent's ’s notice is servedserved (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower The Borrowers may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 2 contracts
Samples: Term Loan Facility (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 23.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days Business Days after the date (the "Prepayment Date") on which the Facility Agent's ’s notice is servedserved (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower The Borrowers may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 2 contracts
Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 25.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days after the date (the "“Prepayment Date"”) on which the Facility Agent's ’s notice is served, prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; , and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Samples: Term Loan Facility Agreement (Castor Maritime Inc.)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 27.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days one month after the date (the "Prepayment Date") on which the Facility Agent's notice is served, prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
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Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 23.1 (Minimum required security coverMaximum allowed loan to value ratio), the Borrowers shall, on or before the date falling 30 days Business Days after the date (the "Prepayment Date") on which the Facility Agent's ’s notice is servedserved (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower The Borrowers may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers Borrower under Clause 29.1 24.1 (Minimum required security cover), the Borrowers Borrower shall, on or before the date falling 30 days one Month after the date (the "Prepayment Date") on which the Facility Agent's notice is servedserved (the "Prepayment Date"), prepay such part of the Loan as shall eliminate the shortfall.
(b) A The Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Samples: Facility Agreement (Euroseas Ltd.)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days after the date (the "“Prepayment Date"”) on which the Facility Agent's ’s notice is served, prepay such part of the Loan as shall eliminate the shortfall..
(b) A Borrower may, instead of, or as well as making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Samples: Term and Accordion Facilities Agreement (Ardmore Shipping Corp)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers Borrower under Clause 29.1 25.1 (Minimum required security cover), the Borrowers Borrower shall, on or before the date falling 30 days one Month after the date (the "“Prepayment Date"”) on which the Facility Agent's ’s notice is served, prepay such part of the Loan as shall eliminate the shortfall.
(b) A The Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Samples: Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 25.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days 10 Business Days after the date (the "Prepayment Date") on which the Facility Agent's ’s notice is servedserved (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
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Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers Borrower under Clause 29.1 24.1 (Minimum required security cover), the Borrowers Borrower shall, on or before the date falling 30 45 days after the date (the "Prepayment Date") on which the Facility Agent's notice is served, prepay such part of the Loan relating to the Term Loan Facility as shall eliminate the shortfall.
(b) A The Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may reasonably approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Samples: Facility Agreement (Taylor Maritime Investments LTD)
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 27.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days one month after the date (the "“Prepayment Date"”) on which the Facility Agent's ’s notice is served, prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 27.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 days after the date (the "Prepayment Date") on which the Facility Agent's notice is served, prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Appears in 1 contract
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 29.1 25.1 (Minimum Maximum allowed required security coverloan to value ratio), the Borrowers shall, on or before the date falling 30 days 15 Business Days after the date (the "Prepayment Date") on which the Facility Agent's notice is served, prepay such part of the Loan as shall eliminate the shortfall.
(b) A Borrower may, instead of, or as well as of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
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