Security Margin. 7.5.1 The Customer undertakes to maintain such margin of security in relation to the Indebtedness as may be required at any time by the Bank:
7.5.1.1 by immediately depositing in the Charged Account additional sums, up to such amount as may be notified by the Bank in the currency in which the Charged Account is denominated (or in any such account as the Bank may select); and
7.5.1.2 by immediately transferring to and depositing with the Bank title to and the certificates of title (including uncertificated securities) and policies for other intangible moveable property up to such value as may be required by the Bank.
7.5.2 The Customer agrees that the Bank shall have the power to terminate any facility where, in the Bank’s opinion, the margin of security which has been provided has become inadequate and the provision of further security would not resolve the situation satisfactorily.
Security Margin. In the event that during the Security Period the aggregate Market Values of the Ships determined pursuant to Clause 21.26 and the value of any additional security (valued in accordance with normal banking practice) previously provided to the Lender pursuant to this Clause is less than one hundred and thirty five per cent (135%) of the aggregate of (i) the outstanding amounts of both Facilities and (ii) any amount available for drawing under the Revolving Facility, at any time less the aggregate amount of all deposits maintained by the Borrowers and any other of the Security Parties with the Lender in the pledge accounts under or in connection with this Agreement in order to ensure compliance with Clause 19.27 (d) and (e), then the Borrowers shall within twenty one (21) Banking Days of receipt of a notice from the Lender advising the Borrowers of the amount of such deficiency (which notice shall be conclusive) either provide to the Lender additional security (valued in accordance with normal banking practice) which shall in all respects be satisfactory to the Lender so that the aggregate Market Values of the Ships (determined in accordance with Clause 21.26 and the value of any additional security (valued as aforesaid) previously provided to the Lender pursuant to this Clause is at least one hundred and thirty five per cent (135%) of the aggregate amount of (i) the outstanding the Facilities and (ii) any amount available for drawing under the Revolving Facility, or prepay part of the Facilities in accordance with Clause 10 so that the aggregate Market Values of the Ships (determined in accordance with Clause 21.26 and the value of any additional security (valued as aforesaid) previously provided to the Lender pursuant to this Clause is at least one hundred and thirty five per cent (135%) of the aggregate of (i) the outstanding amount of the Facilities and (ii) any amount available for drawing under the Revolving Facility.
Security Margin. If, at any time, the market value is less than the amount we consider provides us with an acceptable security margin, or in our opinion, the secured property materially decreases from its value at the date of this facility agreement or the secured property becomes less saleable than its saleability at the date of this facility agreement, we may do any one or more of the following:
a) reduce the facility limit;
b) require you to provide additional security interests to us (in form and substance satisfactory to us);
c) require you to repay part or all of the total amount owing for all facilities on demand.
Security Margin. 23.01 In the event that at any time during the Security Period the Security Value is less than the Security Requirement, then the Borrower shall within thirty (30) Banking Days of receipt of a written notice from the Lender advising the Borrower of the amount of such deficiency (which notice in the absence of manifest error shall be conclusive) either provide to the Lender additional security (valued in accordance with normal banking practice) which shall in all respects be acceptable and satisfactory to the Lender in its sole discretion and which in the opinion of the Lender shall be equal to the shortfall or prepay in accordance with Clause 10 such part (at least) of the Facility that in the opinion of the Lender is required in order to eliminate the shortfall.
Security Margin. If the value of the Floating Charge Assets and rights of the Borrower have fallen below what the Bank considers to be an adequate security margin, the Bank shall be entitled, without prejudice to any other right that the Bank may have, to vary, revise, reduce, cancel, withhold disbursement of the banking facilities or any part thereof and/or require the Borrower to provide additional security and/or to repay or prepay such amount as the Bank may specify. The Bank may conduct its own valuation of the Floating Charge Assets and rights of the Borrower or call for valuation thereof by a valuer and all expenses, fees and charges incurred in the valuation shall be borne by the Borrower. The Borrower accepts the valuation by the Bank or the valuer as final and conclusive.
Security Margin. In the event that the Market Value of the Ship (determined pursuant to Clause 20.25) is less than the Applicable Security Margin at any relevant time then the Borrower shall within fifteen (15) Banking Days of receipt of a notice from the Lender advising the Borrower of the amount of such deficiency (which notice shall be conclusive) either constitute to the satisfaction of the Lender such further security for the Facility as shall be acceptable to the Lender having a value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Market Value of the Ship (determined in accordance with Clause 20.25) shall not be less than the Applicable Security Margin at the relevant time or prepay part of the Facility in accordance with Clause 9 so that the Market Value of the Ship (determined in accordance with Clause 20.25) equals at least to the Applicable Security Margin.
Security Margin. 21.1 If the market value of any Security falls below what the Bank in the Bank‟s sole discretion considers to be adequate security for the Banking Facilities, the Bank may do any one or more of the following without affecting any other right which the Bank may have:-
21.1.1 reduce the credit limit of the Banking Facilities;
21.1.2 withhold further release or utilisation of any part of the Banking Facilities;
21.1.3 require the Borrower to make repayment of such amount of the Banking Facilities as the Bank may decide upon;
21.1.4 require the Borrower to make prepayment of the Banking Facilities in which case the Bank will not charge the Borrower any prepayment fee;
21.1.5 require additional security acceptable to the Bank to be provided for the Banking Facilities; and/or
21.1.6 provide cash cover for the Banking Facilities.
Security Margin. 6.1 The Client undertakes to ensure that the Marginable Value shall at all times exceed the aggregate of the Debit Balance by the Margin. The Company shall compute the value of Marginable Securities in accordance with Applicable Rules.
6.2 Subject always to Applicable Rules, the Company shall be entitled at any time to alter or vary the bases upon which the Marginable Value is calculated in any manner whatsoever whether by way of the addition or deletion of categories of collateral to be provided or by way of modifying the percentages or bases of valuation of such collateral.
6.3 If the Client has substituted any of the Charged Securities with any other form of Eligible Collateral, the Company shall be entitled (but shall not be obliged to), in its absolute discretion, to determine the basis upon which the value of such Eligible Collateral shall be calculated, and to include the value of such security as part of the Marginable Value.
6.4 If any of the Eligible Collateral is denominated in a currency other than Singapore Dollars, the Marginable Value will be converted to Singapore Dollars at such rate of exchange as the Company may determine.
6.5 For the avoidance of doubt, the Company shall be entitled, daily or at such other intervals as the Company may deem fit at its absolute discretion to do a valuation of the Eligible Collateral and any such valuation shall be accepted by the Client and all other Obligors as final and conclusive.
Security Margin. If the aggregate market value of such Security (whose value is agreed by the Bank to be used in computing the Security Margin) falls below what the Bank has determined in its sole discretion to be adequate security for the Banking Facilities (“Security Margin”) or such Security Margin as stated in the Letter of Offer, the Borrower must within such period as permitted by the Bank to maintain and keep the Security Margin satisfied and for this purpose, the Bank may, without affecting any other right which the Bank may have, take any one or more of the following actions:-
9.5.1 reduce the credit limit of all or any of the Banking Facilities;
9.5.2 withhold further release or utilization of all or any part of the Banking Facilities;
9.5.3 require the Borrower to make repayment of such amount of the Banking Facilities as the Bank may decide upon;
9.5.4 require the Borrower to make prepayment of the Banking Facilities, in which case the Bank will not charge the Borrower any prepayment fee;
9.5.5 require additional security acceptable to the Bank to be provided as additional security for the Banking Facilities; and/or
9.5.6 provide cash cover for the Banking Facilities.
Security Margin. If the aggregate market value of such Security (whose value is agreed by the Bank to be used in computing the Security Margin) falls below what the Bank has determined in its sole discretion to be adequate security for the Facility (“Security Margin”) or such Security Margin as stated in the Letter of Offer, the Customer must within such period as permitted by the Bank to maintain and keep the Security Margin satisfied and for this purpose, the Bank may, without affecting any other right which the Bank may have, take any one or more of the following actions:-
(a) reduce the financing limit of all or any of the Facility;
(b) withhold further release or utilisation of all or any part of the Facility;
(c) require the Customer to make payment of such amount of the Facility as the Bank may decide upon;
(d) require the Customer to make prepayment of the Facility, in which case the Bank will not charge the Customer any prepayment fee;
(e) require additional security acceptable to the Bank to be provided as additional security for the Facility; and/or
(f) provide cash cover for the Facility.
