Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 23.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the Ship has become a Total Loss) either:
Appears in 4 contracts
Samples: Sace Facility Agreement (Norwegian Cruise Line Holdings Ltd.), Sace Facility Agreement (Norwegian Cruise Line Holdings Ltd.), Sace Facility Agreement (Norwegian Cruise Line Holdings Ltd.)
Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 23.4 (Valuation of the Ship)13.18, the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the Ship has become a Total Loss) either:
Appears in 3 contracts
Samples: Amendment and Restatement Agreement (Norwegian Cruise Line Holdings Ltd.), Amendment and Restatement Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Prestige Cruises International, Inc.)
Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 23.4 13.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the Ship has become a Total Loss) either:
Appears in 2 contracts
Samples: Loan Agreement (Prestige Cruises International, Inc.), Loan Agreement (Seven Seas Cruises S. DE R.L.)
Security shortfall. If, upon receipt of a valuation of the Ship in accordance with Clause 23.4 (Valuation of the Ship)13.18, the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the Ship has become a Total LossLess) either:
Appears in 1 contract
Samples: Loan Agreement (Prestige Cruises International, Inc.)
