Mandatory prepayment on sale or Total Loss. (a) If a Ship is sold or becomes a Total Loss, the Borrowers shall on the Relevant Date prepay the Tranche applicable to that Ship.
Appears in 4 contracts
Samples: Assignment Agreement (Castor Maritime Inc.), Assignment Agreement (Ardmore Shipping Corp), Assignment Agreement (Star Bulk Carriers Corp.)
Mandatory prepayment on sale or Total Loss. (a) If a Ship is sold (without prejudice to paragraph (a) of Clause 22.12 (Disposals)) or becomes a Total Loss, the Borrowers shall on the Relevant Date prepay all outstanding amounts under the Tranche applicable to that such Ship.
Appears in 2 contracts
Samples: Facility Agreement (Seanergy Maritime Holdings Corp.), Facility Agreement (Seanergy Maritime Holdings Corp.)
Mandatory prepayment on sale or Total Loss. (a) If a Ship is sold or becomes a Total Loss, the Borrowers shall unless otherwise agreed with the Agent on the Relevant Date prepay the Tranche applicable to that Ship.
Appears in 2 contracts
Samples: Assignment Agreement (Dorian LPG Ltd.), Assignment Agreement (Dorian LPG Ltd.)
Mandatory prepayment on sale or Total Loss. (a) If a Ship is sold or becomes a Total Loss, the Borrowers shall on the Relevant Date prepay the Tranche applicable to that ShipRelevant Amount.
Appears in 1 contract
Mandatory prepayment on sale or Total Loss. (a) If a Ship is sold or becomes a Total Loss, the Borrowers shall on the Relevant Date prepay the Tranche applicable to that Ship.Date:
Appears in 1 contract
