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 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 fifteen (15) 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: (i) additional pledged cash deposits in favour of the Bank in an amount equal to such shortfall with a bank and in an account and manner to be determined by the Bank; and/or (ii) any other security acceptable to the Bank to be provided in a manner determined by the Bank.

Vessel’s Value to Debt Ratio-Additional Security. ensure and procure that the Security Value shall be 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 fifteen (15) 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: (i) additional pledged cash deposits in favour of the Bank in an amount equal to such shortfall with a bank and in an account and manner to be determined by the Bank; and/or (ii) any other security acceptable to the Bank to be provided in a manner determined by the Bank.

Vessel’s Value to Debt Ratio-Additional Security. ensure and procure that the Security Value shall be no less than in excess of 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 fifteen thirty (1530) 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: (i) additional pledged cash deposits in favour of the Bank in an amount equal to such shortfall with a bank and in an account and manner to be determined by the Bank; and/or (ii) any other security acceptable to the Bank to be provided in a manner determined by the Bank.

Vessel’s Value to Debt Ratio-Additional Security. ensure and procure that the Security Value shall be no less than in excess of 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 fifteen thirty (1530) 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: (i) additional pledged cash deposits in favour of the Bank in an amount equal to such shortfall with a bank and in an account and manner to be determined by the Bank; and/or (ii) additional first preferred mortgage on a vessel acceptable to the Bank at its sole discretion; (iii) any other security acceptable to the Bank to be provided in a manner determined by the Bank.