Common use of Vessel’s Value to Debt Ratio-Additional Security Clause in Contracts

Vessel’s Value to Debt Ratio-Additional Security. ensure and procure that the Security Value shall be in excess of the Security Requirement and if at any relevant time the Security Value is less than the Security Requirement, the Borrower shall within thirty (30) days of being advised by the Bank of such shortfall, either prepay or provide additional security in form and substance in all respects acceptable to the Bank in an amount at least equal to the amount of such shortfall. Such additional security shall be constituted by:

Vessel’s Value to Debt Ratio-Additional Security. ensure and procure that the Security Value shall be in excess of no less than the Security Requirement at the relevant time and if at any relevant time the Security Value is less than the Security Requirement, the Borrower shall within thirty fifteen (3015) days of being advised by the Bank of such shortfall, either prepay or provide additional security in form and substance in all respects acceptable to the Bank in an amount at least equal to the amount of such shortfall. Such additional security shall be constituted by:

Vessel’s Value to Debt Ratio-Additional Security. ensure and procure that the Security Value shall be in excess of no less than the Security Requirement at the relevant time and if at any relevant time the Security Value is less than the Security Requirement, the Borrower Borrowers shall within thirty fifteen (3015) days of being advised by the Bank of such shortfall, either prepay or provide additional security in form and substance in all respects acceptable to the Bank in an amount at least equal to the amount of such shortfall. Such additional security shall be constituted by: