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 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 that Collateral Owner of 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, 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 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 that Collateral Owner of its Collateral Vessel or a Total Loss of its Collateral Vessel in or towards satisfaction of the prepayment due and payable by virtue of that sale or Total Loss under Clause 6.36.3 (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 Lender to apply all sums which either of them the Lender may receive pursuant to a sale sale, re-finance or scrapping by that Collateral Owner the Borrower of its the Vessel or a Total Loss of its the Vessel in or towards satisfaction of the prepayment due and payable by virtue of that sale sale, re-finance or scrapping or Total Loss under Clause 6.36.3 (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.

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 that Collateral Owner of 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 6.36.3 (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.