Application of moneys on sale or Total. Loss The Borrower irrevocably authorises the Lender to apply all sums which the Lender may receive pursuant to a sale by the Borrower of the Vessel or a Total Loss in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 7.3, but the Borrower’s obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.
Appears in 5 contracts
Samples: Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
Application of moneys on sale or Total. Loss The Borrower irrevocably authorises the Lender to apply all sums which the Lender may receive pursuant to a sale by the Borrower of the Vessel or a Total Loss in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 7.36.3 (Mandatory prepayment on sale or Total Loss), but the Borrower’s 's obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.
Appears in 2 contracts
Samples: Secured Loan Agreement (Paragon Shipping Inc.), Secured Loan Agreement (Top Ships Inc.)
Application of moneys on sale or Total. Loss The Borrower irrevocably authorises the Lender to apply all sums which the Lender may receive pursuant to a sale by the Borrower of the Vessel or a Total Loss in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 7.3, but the Borrower’s obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.Clause
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Application of moneys on sale or Total. Loss The Borrower irrevocably authorises the Lender to apply all sums which the Lender may receive pursuant to a sale by the Borrower of the Vessel Borrowers or a Total Loss in or towards satisfaction of the prepayment due and payable under Clause 6.3 (Mandatory prepayment on sale or Total Loss) by virtue of that sale or Total Loss under Clause 7.3Loss, but the Borrower’s 's obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.
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Samples: Loan Agreement (Diana Shipping Inc.)
Application of moneys on sale or Total. Loss The Borrower irrevocably authorises the Lender to apply all sums which the Lender may receive pursuant to a sale by the Borrower of the Vessel or a Total Loss in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 7.36.3 (Mandatory prepayment on sale or Total Loss), but the Borrower’s obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.
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