Common use of Application of moneys on sale or Total Clause in Contracts

Application of moneys on sale or Total. Loss The Borrower irrevocably authorises the Agent and the Security Agent to apply all sums which either of them 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 6.3 (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.

Application of moneys on sale or Total. Loss The Each Borrower irrevocably authorises the Agent and the Security Agent to apply all sums which either any of them may receive pursuant to a sale by the that Borrower of the its Vessel or a Total Loss of its Vessel in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 6.3 (Mandatory prepayment on sale or Total Loss), but the Borrower’s Borrowers’ obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.

Application of moneys on sale or Total. Loss The Borrower irrevocably authorises and shall procure that each Collateral Owner irrevocably authorises the Agent and the Security Agent to apply all sums which either of them may receive pursuant to a sale by the Borrower that Collateral Owner of the its Vessel or a Total Loss of its Vessel in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 6.3 (Mandatory prepayment on sale or Total Loss)6.3, but the Borrower’s 's obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation.