Common use of Security shortfall Clause in Contracts

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten (10) days of the date of receipt by the Borrowers of the Agent's said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment made between the date of the notice and the date of such prepayment) being higher than the Security Value; or (b) within ten (10) days of the date of receipt by the Borrowers of the Agent's said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Banks, having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher than the Security Requirement as at such date. The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten (10) days of the date of receipt by the Borrowers of the Agent's ’s said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment made between the date of the notice and the date of such prepayment) being higher equal to or less than the Security Value; or (b) within ten (10) days of the date of receipt by the Borrowers of the Agent's ’s said notice constitute to the satisfaction of the Agent such further security for the Loan and amounts owing under the Master Swap Agreement, as shall be acceptable to the Banks, having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten fifteen (1015) days of the date of receipt by the Borrowers of the Agent's ’s said notice, such sum in Dollars as will result in the Security Requirement Value after such prepayment (taking into account any other repayment made between the date of the notice and the date of such prepayment) being equal to or higher than the Security ValueRequirement; or (b) within ten fifteen (1015) days of the date of receipt by the Borrowers of the Agent's ’s said notice constitute to the satisfaction of the Agent such further security for the Loan and amounts owing under the Master Swap Agreement, as shall be acceptable to the Banks, having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be equal to or higher than the Security Requirement as at such date. The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) Bank shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall either: (a) prepay prepay, within a period of ten fifteen (1015) days of the date of receipt by the Borrowers Borrower of the Agent's Bank’s said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment prepayment of the Loan (or part thereof) made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten fifteen (1015) days of the date of receipt by the Borrowers Borrower of the Agent's Bank’s said notice notice, constitute to the satisfaction of the Agent Bank such further security for the Loan and any amounts owing under the Master Swap Agreement as shall be acceptable to the BanksBank, having a value for security purposes (as determined by the Agent Bank in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4,6 shall apply to prepayments made under this clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten (10) days of the date of receipt by the Borrowers of the Agent's said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten (10) days of the date of receipt by the Borrowers of the Agent's said notice constitute to the satisfaction of the Agent such further security for the Loan and amounts owing under the Master Swap Agreement, as shall be acceptable to the Banks, having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Required Security RequirementAmount, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers shall Borrower must either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's ’s said notice, notice such sum in Dollars USD as will result in the Required Security Requirement Amount after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's ’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Banks, Banks having a value for security purposes (as determined by the Agent in its absolute discretion, which shall be final, conclusive and binding) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Required Security Requirement Amount as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4.6 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall Bank may give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall at their discretion either: (a) prepay within a period of ten fourteen (1014) days of the date of receipt by the Borrowers of the Agent's Bank’s said notice, notice such sum of the Term Loan or the Overdraft in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment made in accordance with clause 4.1 between the date of the notice and the date of such prepayment) being higher than at least equal to the Security Value; or (b) within ten fourteen (1014) days of the date of receipt by the Borrowers of the Agent's Bank’s said notice constitute to the satisfaction of the Agent Bank such further security for the Loan Aggregate Liabilities as shall be acceptable to the Banks, Bank having a value for security purposes (as determined by the Agent Bank in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause clauses 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice in writing to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers of the Agent's ’s said notice, notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten thirty (1030) days of the date of receipt by the Borrowers of the Agent's ’s said notice constitute to the satisfaction of the Agent (acting on the instructions of the Majority Banks) such further security for the Loan as shall be acceptable to the Banks (including, without limitation, security by way of a cash deposit held in a bank account or accounts acceptable to the Agent (acting on the instructions of the Majority Banks) and pledged in favour of the Creditors or any of them but excluding, for the avoidance of doubt, moneys held from time to time in any Account) having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause clauses 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under this clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers of the Agent's ’s said notice, notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten thirty (1030) days of the date of receipt by the Borrowers of the Agent's ’s said notice constitute to the satisfaction of the Agent such further security for the Loan and any amounts owing under the Master Swap Agreement as shall be acceptable to the Banks, Banks having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 clauses 4.5 and any the relevant provisions of clause 4.5 4.6 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If If, at any time after 28 February 2012, the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall Bank may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's Bank’s said notice, notice such sum in Dollars as will result in the relevant Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's Bank’s said notice notice, constitute to the satisfaction of the Agent Bank such further security for the Loan and amounts owing under the Master Swap Agreement as shall be acceptable to the Banks, Bank having a value for security purposes (as determined by the Agent Bank in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the relevant Security Requirement as at such date. The provisions of clause 4.4 4.3 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a8.3.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of may, and if so directed by the Majority Banks) shall Banks shall, give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers of the Agent's said notice, notice either: (a) prepay such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten (10) days of the date of receipt by the Borrowers of the Agent's said notice constitute to the satisfaction of the Agent Creditors such further security for the Loan and any amounts owing under the Master Swap Agreement, as shall be acceptable to the Banks, having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date, and the choice between clause 8.2.1(a) and clause 8.2.1(b) shall be at the Borrowers' option. The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to any prepayments made under clause 8.2.1(a).

Security shortfall. If if at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of may, and if so instructed by the Majority Banks) Lenders, shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall either: (a) prepay within a period of ten (10) days Banking Days of the date of receipt by the Borrowers them of the Agent's ’s said notice, notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan for the Ships made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten (10) days Banking Days of the date of receipt by the Borrowers Borrower of the Agent's ’s said notice notice, constitute to the satisfaction of the Agent Lenders such further security (in the form of an Encumbrance) for the Loan to be held by the Security Trustee, and as shall be acceptable to the Banks, Lenders having a value for security purposes (as determined by the Agent Lenders in its their absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4.6 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of may and if so directed by the Majority Banks) shall Banks shall, give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's said notice, notice either: (a) prepay such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten (10) days of the date of receipt by the Borrowers of the Agent's said notice constitute to the satisfaction of the Agent Creditors such further security for the Loan and any amounts owing under the Master Swap Agreement as shall be acceptable to the Banks, Banks having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date, and the choice between clause 8.2.1(a) and clause 8.2.1(b) shall be at the Borrower's option. The provisions of clause 4.4 and any relevant provisions of clause 4.5 shall apply to any prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Required Security RequirementAmount, the Agent (acting on the instructions of the Majority Banks) shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers shall Borrower must either: (a) prepay within a period of ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's ’s said notice, notice such sum in Dollars USD as will result in the Required Security Requirement Amount after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten thirty (1030) days of the date of receipt by the Borrowers Borrower of the Agent's ’s said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Banks, Banks having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Required Security Requirement Amount as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4.6 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Facility Agent (may, and acting on the instructions of the Majority Banks) shall Lenders shall, give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall within a period of fourteen (14) days of receipt by the Borrowers of the Facility Agent’s notice either: (a) prepay within a period of ten (10) days of the date of receipt by the Borrowers of the Agent's said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten (10) days of the date of receipt by the Borrowers of the Agent's said notice constitute to the satisfaction of the Facility Agent such further security for the Loan and any moneys owing under the Master Swap Agreement as shall be acceptable to the Banks, Facility Agent having a value for security purposes (as determined by the Facility Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4.6 shall apply to prepayments made under clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) Bank shall give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall either: (a) prepay prepay, within a period of ten fifteen (1015) days of the date of receipt by the Borrowers Borrower of the Agent's Bank’s said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment prepayment of the Loan (or part thereof) made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten fifteen (1015) days of the date of receipt by the Borrowers Borrower of the Agent's Bank’s said notice notice, constitute to the satisfaction of the Agent Bank such further security for the Loan and any amounts owing under the Master Swap Agreement as shall be acceptable to the BanksBank, having a value for security purposes (as determined by the Agent Bank in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4.6 shall apply to prepayments made under this clause 8.2.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security RequirementRequirement (except where this occurs solely as a result of either Ship becoming a Total Loss in which event this clause 8. 3.1 shall apply on the basis that the Security Value shall be determined by reference to the remaining Ship and the Security Requirement shall be determined as though the Borrower had made a prepayment in accordance with the provisions of clause 4.3), the Agent (acting on the instructions of the Majority Banks) shall may give notice to the Borrowers Borrower requiring that such deficiency be remedied and then the Borrowers Borrower shall (unless both Ships have become a Total Loss) either: (a) prepay within a period of ten (10) 21 days of the date of receipt by the Borrowers Borrower of the Agent's said notice, notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten (10) 21 days of the date of receipt by the Borrowers Borrower of the Agent's said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Banks, Agent having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause Clauses 4.4 and any relevant provisions of clause 4.5 shall apply to prepayments made under clause 8.2.1(a8.3.1(a).

Security shortfall. If at any time the Security Value shall be equal to or less than the Security Requirement, the Agent (acting on the instructions of the Majority Banks) shall may give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall either: (a) prepay within a period of ten fourteen (1014) days of the date of receipt by the Borrowers of the Agent's said notice, notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being higher than equal to the Security Value; or (b) within ten fourteen (1014) days of the date of receipt by the Borrowers of the Agent's said notice constitute to the satisfaction of the Agent such further security for the Loan as shall be acceptable to the Banks, Banks having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be higher less than the Security Requirement as at such date. The provisions of clause 4.4 clauses 4.5 and any relevant provisions of clause 4.5 4.6 shall apply to prepayments made under clause 8.2.1(a).