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.
Appears in 4 contracts
Samples: Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.)
