Mandatory Prepayment on Total Loss. On the date falling ninety (90) days after that on which the Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Mortgage for such Vessel) is, received by the Borrower (or the Bank pursuant to the Security Documents), the Borrower must prepay the Loan.
Mandatory Prepayment on Total Loss. On the date falling one hundred and eighty (180) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Mortgage for such Vessel) is, received by the relevant Borrower (or the Security Trustee pursuant to the Security Documents), the Borrowers must prepay the Loan by an amount equal to the greater of (i) the Relevant Tranche and (ii) the amount of the Loan on the date on which such prepayment is required to be made multiplied by the Prepayment Ratio.
Mandatory Prepayment on Total Loss. In the event that the Vessel becomes a Total Loss on or following the Delivery Date thereof, on the earlier to occur of (a) the date of receipt of the proceeds of the Total Loss and (b) the date falling one hundred and eighty (180) days after the occurrence of the Total Loss (the “Reduction Date”), the Borrower shall prepay the Loan together with all interest accrued thereon up to and including the day of prepayment and all other amounts then due and payable under this Agreement or any of the other Security Documents including, without limitation, any sums payable under the indemnity in clause 15 and all amounts due and payable under the Swap Agreements.
Mandatory Prepayment on Total Loss. On the date falling one hundred and eighty (180) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Deed of Covenants for such Vessel) is, received by the relevant Owner (or the Lender pursuant to the Security Documents), the Borrower must prepay the Loan by an amount equal to the greater of (i) the Advance relating to that Mortgaged Vessel and (ii) such amount of the Loan as would need to be prepaid to ensure
Mandatory Prepayment on Total Loss. On the date falling one hundred and eighty (180) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Mortgage for such Vessel or, in relation to Vessel F, the Deed of Covenants) is, received by the relevant Borrower (or the Security Trustee pursuant to the Security Documents), the Borrowers must prepay the Loan by an amount equal to the greater of (i) the Advance relating to that Mortgaged Vessel and (ii) such amount of the Loan as would need to be prepaid to ensure that after such prepayment there could be no security shortfall under clause 8.2.
Mandatory Prepayment on Total Loss. 4.7 On the Mortgaged Ship becoming a Total Loss or suffering damage or being involved in an incident which in the opinion of the Lenders may result in the Mortgaged Ship being subsequently determined to be a Total Loss, the obligation of the Lenders to make the Loan shall immediately cease.
Mandatory Prepayment on Total Loss. On the date falling one hundred and twenty (120) days after that on which a Mortgaged Ship became a Total Loss or, if earlier, within 5 Banking Days from the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Mortgage for such Ship) is, received by the relevant Owner (or the Security Trustee or any other Bank pursuant to the Security Documents), the Borrower must prepay the Advance relating to that Mortgaged Ship.
Mandatory Prepayment on Total Loss. On the date falling one hundred and eighty (180) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Mortgage for such Vessel) is, received by the relevant Borrower (or the Security Trustee pursuant to the Security Documents), the Borrowers must prepay the Tranche relating to that Mortgaged Vessel, together with, in the case of a Total Loss of Vessel B or Vessel C, an amount (to be applied against Tranche A, pro rata against the remaining repayment instalments under clause 4.1(including the relevant Balloon Instalment)) so that after such prepayment the ratio of the Loan to the aggregate Valuation Amounts of the Mortgaged Vessels is 65%.
Mandatory Prepayment on Total Loss. On the date falling one hundred and fifty (150) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation (as defined in the Mortgage for such Vessel) is, received by the Owner thereof (or the Security Trustee or any other Bank pursuant to the Security Documents) the Borrower must prepay the Loan by an amount equal to the greatest of (i) the amount of the Relevant Tranche and (ii) the amount of the Loan on the date on which such prepayment is required to be made multiplied by the Prepayment Ratio and (iii) such amount as will ensure that, following such prepayment, no further prepayment or provision of additional security would be required pursuant to Clause 8.2.1.
Mandatory Prepayment on Total Loss. On the date falling one hundred and eighty (180) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the relevant insurance proceeds are, or Requisition Compensation in respect of such Mortgaged Vessel is, received by the relevant Borrower (or the Bank pursuant to the Security Documents), the Borrowers must prepay the Loan by an amount equal to the greater of (i) the Relevant Advance and (ii) provided there remains a balance of such insurance proceeds after the prepayment of the Relevant Advance, such amount as would be required to ensure that the Security Value after such prepayment is at least equal to the Required Security Amount.
