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.
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Samples: Secured Loan Agreement (DHT Holdings, Inc.), Secured Loan Agreement (DHT Holdings, Inc.)
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 one hundred and twenty (90120) days after any such Total Loss, prepay the whole of the Loan.
Appears in 2 contracts
Samples: Secured Loan Agreement (Paragon Shipping Inc.), Secured Loan Agreement (DryShips Inc.)
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 one hundred and fifty (90150) days after any such Total Loss, prepay the whole of the Loan.
Appears in 2 contracts
Samples: Secured Loan Agreement (Top Ships Inc.), Secured Loan Agreement (Top Ships Inc.)
Mandatory prepayment on sale or Total. Loss If the a Vessel is sold by the a Borrower or becomes a Total Loss, the Borrower Borrowers shall, simultaneously with any such sale or within ninety (90) on the earlier of the date falling 180 days after any such Total LossLoss and the date on which the proceeds of any such Total Loss are realised, prepay the whole of the Loan.Tranche in respect of that Vessel then outstanding. Any such prepayment shall be applied: 7.5.1 firstly, in respect of any Break Costs;
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Mandatory prepayment on sale or Total. Loss If the a Vessel is sold by the a Borrower or becomes a Total Loss, the Borrower Borrowers shall, simultaneously with any such sale or within ninety on the earlier of the date falling one hundred and twenty (90120) days after any such Total LossLoss and the date on which the proceeds of any such Total Loss are realised, prepay the whole of the Loanoutstanding Indebtedness in respect of the Tranche for the Vessel in question.
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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) on the earlier of the date falling 120 days after any such Total LossLoss and the date on which the proceeds of any such Total Loss are realised, prepay the whole of the Loan.
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