Common use of Mandatory Prepayment on Total Loss Clause in Contracts

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 greatest of (i) the Relevant Tranche, (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 would be required to ensure that the Security Value after such prepayment exceeds the Required Security Amount.

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 greatest greater of (i) the Relevant Tranche, 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 would be required to ensure that the Security Value after such prepayment exceeds the Required Security AmountRatio.

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 Deed of Covenant for such Vessel) is, received by the relevant Borrower (or the Security Trustee or any other Bank pursuant to the Security Documents), ) the Borrowers Borrower must prepay the Loan by an amount equal to the greatest of (i) the Relevant Tranche, (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 would be required to ensure that the Security Value after such prepayment exceeds the Required Security AmountRatio.