Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days after the date on which the Agent's notice is served under Clause 15.1 (the "Prepayment Date") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.
Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the Agent’s notice is served, either:
(a) provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require; or
(b) prepay such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 23.1 (Minimum required security cover), the Borrowers shall, on or before the date falling 30 Business Days after the date on which the Facility Agent’s notice is served (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the shortfall.
(b) The Borrowers may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Provision of additional security; prepayment. If the Lender serves a notice on the Borrowers under Clause 14.1, the Borrowers shall, within 1 month after the date on which the Lender’s notice is served, either:
(a) provide, or ensure that a third party provides, additional security which, in the opinion of the Lender, has a net realisable value at least equal to the shortfall and is documented in such terms as the Lender may approve or require; or
(b) prepay such part (at least) of the Loan as will eliminate the shortfall.
Provision of additional security; prepayment. If the Lender serves a notice on the Borrower under Clause 14.1, the Borrower shall prepay such part (at least) of the Loan as will eliminate the shortfall on or before the date falling 20 Business Days after the date on which the Lender’s notice is served under Clause 14.1 (the “Prepayment Date”) unless at least 1 Business Day before the Prepayment Date it has provided, or ensured that a third party has provided, additional security which, in the opinion of the Lender, has a net realisable value at least equal to the shortfall and which has been documented in such terms as the Lender may approve or require.
Provision of additional security; prepayment. (a) If the Facility Agent serves a notice on the Borrowers under Clause 26.1 (Minimum required security cover), the Borrowers shall, on or before the date falling one Month after the date on which the Facility Agent's notice is served (the "Prepayment Date"), prepay such part of the Loan as shall eliminate the shortfall.
(b) If the Facility Agent, acting in its sole discretion provides its prior written consent (acting on the authorisation of the Lenders, in their sole discretion), the Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security (in the form of cash collateral or, if acceptable to all Lenders (at their absolute discretion), Security over a vessel) which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders:
(i) has a net realisable value at least equal to the shortfall; and
(ii) is documented in such terms as the Facility Agent may approve or require in its sole discretion, before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.
Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the Agent's notice is served, either:
Provision of additional security; prepayment. If the Lender serves a notice on the Borrowers under Clause 14.1, the Borrowers shall, within 1 month after the date on which the Lender's notice is served, either:
(a) provide, or ensure that a third party provides, additional security which, in the reasonable opinion of the Lender, has a net realisable value at least equal to the shortfall in the Asset Cover Ratio and is documented in such terms as the Lender may approve or require; or
(b) prepay such part (at least) of the Loan as will eliminate the shortfall in the Asset Cover Ratio.
Provision of additional security; prepayment. If the Agent serves a notice on the Borrowers under Clause 15.3, the Borrowers shall prepay such part (at least) of the Loan as will eliminate the shortfall on or before the date falling one (1) month after the date on which the Agent’s notice is served under Clause 15.3 (the “Prepayment Date”) unless at least three (3) Business Days before the Prepayment Date it has (a) provided, or ensured that a third party has provided, additional Collateral which, in the opinion of the Lenders, has a net realizable value at least equal to the shortfall and which has been documented in such terms as the Agent may, with the authorization of the Lenders, approve or require, or (b) paid to the Retention Account, or paid a secured cash deposit to the Agent, an amount equal to such shortfall.
Provision of additional security; prepayment. If the Facility Agent serves a notice on the Borrowers under Clause 24.1 (Minimum required security cover), the Borrowers shall on or before the date falling one month after the date on which the Facility Agent’s notice is served either:
(a) provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders, has a net realisable value adequate to remedy the shortfall and is documented in such terms as the Facility Agent may approve or require; or
(b) prepay such part of the Loan as shall eliminate the shortfall.
