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 ninety (90) 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 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:
(a) in the case of an actual total loss of the Vessel on the actual date or at the time the Vessel was lost or, if such date is not known, on the date on which the Vessel was last reported;
(b) in the case of a constructive total loss of the Vessel, upon the date and at the time notice of abandonment of the Vessel is given to the insurers of the Vessel for the time being (provided a claim for total loss is admitted by such insurers) or, if such insurers do not admit such a claim, at the date and at the time at which a total loss is subsequently adjudged by a competent court of law or arbitration tribunal to have occurred;
(c) in the case of a compromised, agreed or arranged total loss of the Vessel, on the date upon which a binding agreement as to such compromised, agreed or arranged total loss has been entered into by the insurers of the Vessel;
(d) in the case of a requisition for title, nationalisation, expropriation or compulsory acquisition of the Vessel by any government or other competent authority (other than by way of requisition for hire), on the date on which the relevant requisition for title, nationalisation, expropriation or compulsory acquisition occurred; and
(e) in the case of capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture (not falling within (d) above) which deprives the Borrower the use of the Vessel for more than thirty (30) days, upon the expiry of the period of thirty (30) days after the date upon which the relevant capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture occurred.
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 one hundred and twenty (120) days after the occurrence of the casualty giving rise to such Total Loss and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss make a prepayment of the Loan in an amount equivalent to the higher of:-
6.3.1 the same proportion of the Loan then outstanding as the market value of that Vessel, determined in accordance with Clause 12.13, bears to the aggregate of:-
(a) the market values of all the Vessels, determined in accordance with Clause 12.13; and
(b) the value of any additional security for the time being provided under Clause 12.14 (such values to be determined in accordance with Clause 12.14); and
6.3.2 the amount necessary to ensure continuing compliance with Clause 12.14. Any such prepayment under this Clause 6.3 shall satisfy the obligations under Clause 5.1, including the Balloon, in inverse order of their maturity.
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.
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, subject to Clause 6.4 (Replacement of Vessels) within one hundred and twenty (120) days after any such Total Loss, make a prepayment of the Loan in an amount equivalent to the greater of:
6.3.1 the relevant Tranche then outstanding;
6.3.2 an amount required to ensure that following such prepayment the Borrower complies with the provisions of Clause 10.10 (Additional security); and
6.3.3 an amount required to ensure that, following such prepayment, the loan to value ratio determined in accordance with Clause 10.10 (Additional security) is restored to the loan to value ratio determined in accordance with Clause 10.10 (Additional security) immediately prior to any such sale or Total Loss. Any such prepayment shall be applied firstly in full prepayment of the relevant Tranche and secondly in prepayment of the remaining Repayment Instalments in inverse order of maturity and, if more than one Repayment Instalment is payable at the same maturity date, applied to such Repayment Instalments pro rata.
Mandatory prepayment on sale or Total. Loss If a Vessel is sold by a Collateral Owner (subject to Clause 7.6 (Vessel substitution)) or becomes a Total Loss, the Borrower shall, simultaneously with any such sale or on the earlier of the date falling 150 days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, prepay the Loan in an amount which equals the Market Value of that Vessel, divided by the aggregate Market Value of all Vessels multiplied by the Maximum Loan Amount (the “Prepayment Amount”) and the Maximum Loan Amount shall be reduced by such Prepayment Amount and an amount of the Maximum Loan Amount equal to that Prepayment Amount shall be cancelled and shall not be available for reborrowing unless Clause 7.6 (Vessel Substitution) applies. The calculation of the Market Value for the purpose of this Clause will be based on valuations not older than thirty days prior to the date of such prepayment. Following such prepayment and reduction, the Collateral Owner which owns that Vessel, at the cost of and on the request of the Borrower, will be released from its obligations under the Loan Agreement the Security Documents to which it is a party, unless an Event of Default has occurred and is continuing. Any prepayment under this Clause will be applied in order of maturity.
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 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 120 days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, make a prepayment of the Loan in an amount equivalent to the aggregate of (a) the full outstanding amount in respect of the Vessel Loan relevant to that Vessel and (b) any additional amount in respect of the remaining Vessel Loans as may be required to ensure that the VTL Coverage in respect of the remaining Vessels is fully complied with following such sale or Total Loss.
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.
