Before first drawdown. On a Ship becoming a Total Loss or suffering damage or being involved in an incident which, in the opinion of the Bank, may result in such Ship being subsequently determined to be a Total Loss, before any Advance for such Ship is drawn down, the obligation of the Bank to advance the Tranche (or part thereof) for such Ship shall immediately cease and the Commitment shall be reduced accordingly.
Appears in 4 contracts
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Eighth Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.)
Before first drawdown. On a Ship becoming a Total Loss (or suffering damage or being involved in an incident which, in the opinion of the Bank, may result in such Ship subsequently being subsequently determined to be a Total Loss) or sold, before any Advance for such Ship drawing is drawn down, made under this Agreement the obligation of the Bank to advance the Tranche (or part thereof) for such Ship shall immediately cease and the Commitment Facility Amount shall be reduced accordinglyby such amount as the Bank may require in its sole discretion.
Appears in 3 contracts
Samples: Facility Agreement (Aegean Marine Petroleum Network Inc.), Second Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Facility Agreement (Aegean Marine Petroleum Network Inc.)
Before first drawdown. On a Ship becoming a Total Loss (or suffering damage or being involved in an incident which, in the opinion of the Bank, may result in such Ship subsequently being subsequently determined to be a Total Loss), before any Advance for such Ship the Loan is drawn down, the obligation of the Bank to advance the Tranche Loan (or any part thereof) for such Ship shall immediately cease and the Commitment shall be reduced accordinglyto zero.
Appears in 2 contracts
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.)
