Common use of Cancellation in case of Total Loss of a Vessel Clause in Contracts

Cancellation in case of Total Loss of a Vessel. If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30) days thereof or, if the Agent is satisfied in its sole discretion that the Total Loss is adequately covered by the Insurances and that the relevant insurance proceeds will be payable to the Agent on behalf of the Lenders within one hundred and fifty (150) days thereof, by no later than the date which is one hundred and fifty (150) days after the date of the event giving rise to such Total Loss cancel and prepay the relevant Tranche in accordance with Clause 4.3 and Clause 13.1. For the purposes of this Clause 4.11, a Total Loss shall be deemed to have occurred:

Cancellation in case of Total Loss of a Vessel. If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30) days thereof or, if the Agent is satisfied in its sole discretion that the Total Loss is adequately covered by the Insurances and that the relevant insurance proceeds will be payable to the Agent on its behalf of the Lenders within one hundred and fifty (150) days thereof, by no later than the date which is one hundred and fifty (150) days after the date of the event giving rise to such Total Loss cancel and prepay the relevant Tranche Relevant Percentage of the Revolving Credit Facility in accordance with Clause 4.3 5.3 and Clause 13.114.1. For the purposes The relevant provisions of Clause 4.5 shall be applied to this Clause 4.11, to determine when a Total Loss shall be deemed to have occurred:.

Cancellation in case of Total Loss of a Vessel. If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30) days thereof or, if the Agent is satisfied in its sole discretion acting reasonably that the Total Loss is adequately covered by the Insurances and that the relevant insurance proceeds will be payable to the Agent on behalf of the Lenders within one hundred and fifty (150) days thereof, by no later than the date which is one hundred and fifty (150) days after the date of the event giving rise to such Total Loss cancel and prepay the relevant Tranche Facility in accordance with Clause 4.3 3.3 and Clause 13.1. For the purposes of this Clause 4.113.11, a Total Loss shall be deemed to have occurred: