Mandatory prepayment on sale or Total. Loss If the Vessel is sold by the Borrower or becomes a Total Loss, the Borrower shall, simultaneously with any such sale or within one hundred and twenty (120) days after any such Total Loss, prepay the whole of the Loan.
Mandatory prepayment on sale or Total. Loss Upon the sale or Total Loss of the Vessel, the Maximum Amount shall reduce to zero and the Borrower shall repay the Indebtedness in full, in the case of a sale of the Vessel, by not later than the date of the sale of the Vessel or, in the case of a Total Loss, by not later than the date falling one hundred and eighty (180) days from the date of the casualty giving rise to the Total Loss (or such longer period as the Lender may in its discretion agree). Amounts prepaid by the Borrower pursuant to this Clause shall not be available for reborrowing.
Mandatory prepayment on sale or Total. Loss If a Vessel is sold by a Collateral Owner or becomes a Total Loss, the Borrower shall, simultaneously with any such sale or within one hundred and twenty (120) days after any such Total Loss, make a prepayment of the Loan in an amount equivalent to those sale or Total Loss proceeds. Any such prepayment shall be applied first in prepayment of the Vessel Tranche applicable to that Vessel and any surplus shall be pro-rated across the remaining Vessel Tranches and then applied in satisfaction of the Borrower's obligations under Clause 5.1 in respect thereto in inverse order of maturity. For the purpose of the Finance Documents a Total Loss shall be deemed to have occurred when:-
Mandatory prepayment on sale or Total. Loss If the Vessel is sold, re-financed or scrapped by the Borrower or becomes a Total Loss, the Borrower shall, simultaneously with any such sale, re-finance, scrapping or within one hundred and eighty (180) days after any such Total Loss, prepay the whole of the Loan. In the case of a complete re-finance of the Loan by another bank or financial institution, the Borrower shall, simultaneously with that re-finance, pay to the Lender, in addition to the amount prepaid, a fee of an amount equal to zero point twenty per cent (0.20%) of the amount prepaid.
Mandatory prepayment on sale or Total. Loss If a Vessel is sold by a Borrower or becomes a Total Loss, the Borrowers shall, simultaneously with any such sale or on the earlier of the date falling 180 days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, (a) first prepay the whole of the Tranche in respect of that Vessel then outstanding and (b) prepay such further amount of any remaining Tranche to ensure that following such sale or Total Loss the VTL Coverage (as defined in Clause 17.11) remains at the higher of (i) the level immediately prior to such sale or Total Loss and (ii) the level set out in Clause 17.11. Any such prepayment of any Tranche shall be applied in prepayment of first, the Balloon Amount in respect of that Tranche and second the remaining Repayment Instalments in respect of that Tranche in inverse order of maturity.
Mandatory prepayment on sale or Total. Loss If the Vessel is sold by the Borrower (which shall require the prior written consent of the Lenders and K-sure and which shall include a sale or a novation or a transfer of the Borrower) or becomes a Total Loss, the Borrower shall, simultaneously with any such sale, novation or transfer or within one hundred and eighty (180) days after any such Total Loss or, if earlier, on the date on which the proceeds of the Total Loss (whether payable by an insurer or any other person) in respect of the Total Loss are received by the Borrower or, as the case may be, the Security Agent or any other person, make a full prepayment of the Loan and all other Indebtedness associated therewith (as conclusively certified by the Agent). For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:
Mandatory prepayment on sale or Total. Loss If the Vessel is sold by the Borrower or becomes a Total Loss, the Borrower shall, simultaneously with any such sale or within one hundred and fifty (150) days after any such Total Loss, prepay the whole of the Loan. If the Collateral Vessel is sold by the Collateral Guarantor or becomes a Total Loss, the Borrower shall, simultaneously with any such sale or within one hundred and fifty (150) days after any such Total Loss, within thirty (30) days of the Lender's request, at the Borrower's option:
Mandatory prepayment on sale or Total. Loss If there is a Prepayment Event, the Borrowers shall, simultaneously with any such sale or on the earlier of the date falling one hundred and eighty (180) days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, make a prepayment:
Mandatory prepayment on sale or Total. Loss If a Collateral Vessel is sold by a Collateral Owner or becomes a Total Loss, the Borrowers shall, simultaneously with any such sale or within one hundred and twenty (120) days after any such Total Loss, apply all sale or insurance proceeds, following any prepayment under the Collateral Loan Agreements, directly forthwith in prepayment of each Vessel Loan then outstanding, each such prepayment amounting to an amount in aggregate not less than the higher of (a) the Net Fair Market Value of that Collateral Vessel on the date of such sale or Total Loss, less any Collateral Loan Indebtedness applicable to that Vessel and (b) the outstanding Indebtedness.
Mandatory prepayment on sale or Total. Loss If a Vessel is sold by a Borrower or becomes a Total Loss, the Loan shall, simultaneously with any such sale or on the earlier of the date falling 180 days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, be reduced by the same proportion as the Market Value of the Vessel owned by the relevant Borrower bears to the aggregate of the Market Value of all the Vessels (such values to be determined in accordance with Clause 17.14 (Additional security)). The Borrowers shall, simultaneously with that reduction, prepay one or more outstanding Drawings to the extent required to ensure that the aggregate amount of the Drawings outstanding does not exceed the Original Maximum Loan Amount as increased pursuant to Clause 2.2 (Increase). Any prepayment under this Clause 7.5 shall satisfy the obligations under Clause 6.1 (Repayment of each Drawing) in inverse order of maturity.
