Common use of Security Margin Clause in Contracts

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. In the event that during the Security Period 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 twenty per cent (135120%) 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 twenty per cent (135120%) 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 twenty per cent (135120%) of the aggregate of (i) the outstanding amount of the Facilities and (ii) any amount available for drawing under the Revolving Facility.". 2.6 With effect from the Effective Date, Clauses 7.3, 11.3and 19.31 of the Financial Agreement shall be deleted and left intentionally blank. 2.7 With effect from the Effective Date, the Clause 36.2(a) of the Financial Agreement shall be amended to read as follows: (a) to the Borrowers: c/o Seanergy Maritime Holdings Corp. 1-3, P. Xxxxxxxxx & Vxxxxxxxxxxx Xxxxxx Xxxxxxx 000 00, Xxxxxx Xxxxxx Fax No.: +00 000 000-0000". 2.8 With effect from the Effective Date, the Clause 34.3 shall be amended to read as follows:

Security Margin. In the event that during that, any time after the date falling six (6) months after the Drawdown Date first to occur until the expiry of the Security Period the aggregate Market Values Value of the Ships Ship determined pursuant to Clause 21.26 and the value of any additional security (each valued by the Lender in accordance with normal banking practice) previously provided to the Lender pursuant to this Clause 23, is less than one hundred and thirty five twenty per cent (135120%) of the aggregate of (i) the outstanding amounts of both Facilities Facility 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)Swap Exposure, 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 Value of the Ships Ship (determined in accordance with Clause 21.26 21.26) and the value of any additional security (each valued as aforesaidby the Lender in accordance with normal banking practice) previously provided to the Lender pursuant to this Clause 23 is at least one hundred and thirty five twenty per cent (135120%) of the aggregate amount of (i) the outstanding Facility and the Facilities and (ii) any amount available for drawing under the Revolving FacilitySwap Exposure, or prepay part of the Facilities Facility in accordance with Clause 10 so that the aggregate Market Values Value of the Ships Ship (determined in accordance with Clause 21.26 21.26) and the value of any additional security (each valued as aforesaidby the Lender in accordance with normal banking practice) previously provided to the Lender pursuant to this Clause 23 is at least one hundred and thirty five twenty per cent (135120%) of the aggregate of (i) the outstanding amount of Facility and the Facilities and (ii) any amount available for drawing under the Revolving FacilitySwap Exposure.

Security Margin. In the event that during the Security Period the aggregate Market Values of the Ships subject to a Mortgage 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 forty per cent (135140%) of the aggregate of the Facility and the Swap Exposure (i) the outstanding excluding any amounts of both Facilities and (ii) any amount available for drawing under the Revolving Facility, standing at any time less to the aggregate amount of all deposits maintained by the Borrowers and any other credit 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 (eRetention Account), 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 subject to a Mortgage (determined in accordance with Clause 21.26 21.26) together with the value of any additional security (valued as aforesaid) previously provided to the Lender pursuant to this Clause is at least one hundred forty per cent (140%) of the aggregate of the Facility and the Swap Exposure (excluding any amounts standing at any time to the credit of the Retention Account), or prepay part of the Facility in accordance with Clause 10 so that the aggregate Market Values of the Ships subject to a Mortgage (determined in accordance with Clause 21.26) together with 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 forty 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 (135140%) of the aggregate of the Facility and the Swap Exposure (i) excluding any amounts standing at any time to the outstanding amount credit of the Facilities and (ii) any amount available for drawing under the Revolving FacilityRetention Account).