Prepayment on Total Loss and Sale Sample Clauses

Prepayment on Total Loss and Sale. On a Ship becoming a Total Loss (or suffering damage or being involved in an incident which in the opinion of the Bank may result in such Ship being subsequently determined to be a Total Loss) before the relevant Advance for such Ship is drawn down, the obligation of the Bank:
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Prepayment on Total Loss and Sale. On a Ship becoming a Total Loss (or suffering damage or being involved in an incident which in the opinion of the Bank may result in such Ship being subsequently determined to be a Total Loss) before the Advance for such Ship is drawn down, the obligation of the Bank to make the Advance for such Ship shall immediately cease and the Commitment shall be reduced by the amount of such Advance, On the date ninety (90) days after that on which a Mortgaged Ship became a Total Loss or immediately prior to the completion of the sale of a Mortgaged Ship or, if earlier, on the date upon which the Insurance proceeds in respect of such Total Loss are or Requisition Compensation (as defined in the relevant Deed of Covenant or Mortgage) is received by the relevant Borrower (or the Bank pursuant to the Security Documents), the Borrowers shall prepay the relevant Advance or such greater proportion of the Loan as the Bank may in its sole discretion thereupon require to be prepaid and in any event such amount as shall ensure that on the date of such prepayment the Security Value is at least equal to the Security Requirement. For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:
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Prepayment on Total Loss and Sale. On a Ship becoming a Total Loss or suffering damage or being involved in an incident which in the opinion of the Banks may result in such Ship being subsequently determined to be a Total Loss or on any Ship being sold with the prior written consent of the Agent, the obligation of the Banks to make any further Advance under this Agreement (other than any Advance(s) relating to Additional Ship(s) which have already been approved by the Agent and (a) in respect of which Additional Ship(s) a Contract or Contracts has/have been executed, (b) in relation to which Advance(s) all conditions precedent to drawdown have been fully satisfied and (c) no Default has occurred or would arise as a result of the making of such Advance(s)) shall immediately cease and no further Advances shall be available until the Borrower has prepaid an amount equal to one hundred and ten per cent (110%) of the Loan multiplied by a fraction of which the numerator is equal to the Fair Market Value of such Ship and the denominator is equal to the Fleet Market Value (i.e. (Loan x 110%) x Fair Market Value of Ship Fleet Market Value). Such prepayment must be made not later than the date falling one hundred and twenty (120) days after that on which such Ship became a Total Loss or, if earlier, on the date upon which the insurance proceeds in respect of such Total Loss are or Requisition Compensation is received by the Borrower (or the Agent/any of the Banks pursuant to the Security Documents) or immediately on the completion of the sale of such Ship. Any such prepayment shall be applied first in prepayment of the Advance or Advances relating to that Ship and any balance shall be applied in prepayment of Facility A and Facility B on a pro-rata basis. For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:
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Prepayment on Total Loss and Sale. 4.3.1 Before first drawdown On a Ship becoming a Total Loss or suffering damage or being involved in an incident which in the reasonable opinion of the Agent may result in such Ship being subsequently determined to be a Total Loss or on the Contract for a Ship being assigned, transferred, sold or novated to and in favour of any person, in each case before any Contract Instalment Advance for such Ship is drawn down, the obligation of the Banks to advance any Advance for such Ship (or part thereof) shall immediately cease and the Total Commitment shall be reduced by the amount of the Tranche for such Ship.
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Prepayment on Total Loss and Sale. On a Ship becoming a Total Loss or suffering damage or being involved in an incident which in the opinion of the Banks may result in such Ship being subsequently determined to be a Total Loss or on any Ship being sold with the prior written consent of the Majority Banks, the Commitment shall immediately be reduced by, and the Borrower must prepay, an amount equal to the Net Sale Proceeds (in the case of the sale of a Ship), or (as the case may be) the entire net insurance proceeds (in the case of a Total Loss). Such prepayment must be made not later than the date falling one hundred and twenty (120) days after that on which such Ship became a Total Loss or, if earlier, on the date upon which the insurance proceeds in respect of such Total Loss are or Requisition Compensation is received by the Borrower (or the Agent/any of the Banks pursuant to the Security Documents) or on or before the completion of the sale of such Ship by delivery to a buyer. For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:
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Prepayment on Total Loss and Sale. 4.4.1 On any of the Ships becoming a Total Loss or being involved in an incident which in the opinion of the Banks may result in any of the Ships being subsequently determined to be a Total Loss, or on any Ship being sold prior to drawdown of the Advance for such Ship, the obligation of the Banks to make that Advance shall immediately cease and the Commitment in respect of that Advance shall be reduced to zero.
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Prepayment on Total Loss and Sale. On a Ship becoming a Total Loss or suffering damage or being involved in an incident which in the opinion of the Banks may result in such Ship being subsequently determined to be a Total Loss or on any Ship being sold with the prior written consent of the Agent, the Borrower shall prepay an amount equal to the Facility multiplied by a fraction of which the numerator is equal to the Fair Market Value of such Ship and the denominator is equal to the Fleet Market Value (i.e. Fair Market Value of Ship Fleet Market Value). Such prepayment must be made not later than the date falling one hundred and twenty (120) days after that on which such Ship became a Total Loss or, if earlier, on the date upon which the insurance proceeds in respect of such Total Loss are or Requisition Compensation is received by the Owner of such Ship (or the Agent/any of the Banks pursuant to the Finance Documents) or immediately on the completion of the sale of such Ship. Any such prepayment shall be applied towards prepayment of the Facility. For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:
Sample 1
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Prepayment on Total Loss and Sale. On a Ship becoming a Total Loss or suffering damage or being involved in an incident which in the opinion of the Banks may result in such Ship being subsequently determined to be a Total Loss or on any Ship being sold with the prior written consent of the Arrangers, the obligation of the Banks to make any further Advance under this Agreement shall immediately cease and no further Advances shall be available until the Borrower has prepaid an amount calculated by multiplying the Loan by a fraction of which the numerator is equal to the Fair Market Value of such Ship and the denominator is equal to the Fleet Market Value (i.e. Loan x Fair Market Value of Ship (Fleet Market Value). Such prepayment must be made not later than the date falling ninety (90) days after that on which such Ship became a Total Loss or, if earlier, on the date upon which the insurance proceeds in respect of such Total Loss are or Requisition Compensation is received by the Borrower (or the Agent/any of the Banks pursuant to the Security Documents) or immediately on the completion of the sale of such Ship. Any such prepayment shall be applied first in prepayment of the Advance or Advances relating to that Ship and any balance shall be applied in prepayment of Facility A and Facility B on a pro-rata basis. For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:
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Prepayment on Total Loss and Sale 
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Related to Prepayment on Total Loss and Sale

  • Repayment on Termination Date The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but, in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

  • Prepayments After Default Following an Event of Default, if Borrower or anyone on Borrower's behalf makes a tender of payment of all or any portion of the Debt at any time prior to a foreclosure sale (including a sale under the power of sale under the Mortgage), or during any redemption period after foreclosure, (i) the tender of payment shall constitute an evasion of Borrower's obligation to pay any Prepayment Consideration due under this Agreement and such payment shall, therefore, to the maximum extent permitted by law, include a premium equal to the Prepayment Consideration that would have been payable on the date of such tender had the Loan not been so accelerated, or (ii) if at the time of such tender a prepayment of the principal amount of the Loan would have been prohibited under this Agreement had the principal amount of the Loan not been so accelerated, the tender of payment shall constitute an evasion of such prepayment prohibition and shall, therefore, to the maximum extent permitted by law, include an amount equal to the greater of (i) 1% of the then principal amount of the Loan (or the relevant portion thereof being prepaid) and (ii) an amount equal to the excess of (A) the sum of the present values of a series of payments payable at the times and in the amounts equal to the payments of principal and interest (including, but not limited to the principal and interest payable on the Maturity Date) which would have been scheduled to be payable after the date of such tender under this Agreement had the Loan (or the relevant portion thereof) not been accelerated, with each such payment discounted to its present value at the date of such tender at the rate which when compounded monthly is equivalent to the Prepayment Rate, over (B) the then principal amount of the Loan.

  • Interest on Term Loans The outstanding principal amount of each Term Loan made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (i) during such periods as such Term Loan is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time, and (ii) during such periods as such Term Loan is a Eurodollar Loan, the relevant Adjusted Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period plus the Applicable Margin in effect from time to time.

  • Interest on Term Loan The Credit Agreement is hereby further amended by deleting ss.4.5.1. thereto in its entirety and substituting in lieu thereof the following new ss.4.5.1.:

  • Additional Interest on Eurodollar Rate Advances The Borrower shall pay to each Lender, so long as such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Rate Advance of such Lender, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurodollar Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on such Advance. Such additional interest shall be determined by such Lender and notified to the Borrower through the Administrative Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.

  • Eurodollar Rate Loans After Default After the occurrence of and during the continuation of a Potential Event of Default or an Event of Default, (i) Company may not elect to have a Loan be made or maintained as, or converted to, a Eurodollar Rate Loan after the expiration of any Interest Period then in effect for that Loan and (ii) subject to the provisions of subsection 2.6D, any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to a requested borrowing or conversion/continuation that has not yet occurred shall be deemed to be rescinded by Company.

  • Payment on Non-Business Days Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may be due on the next succeeding Business Day.

  • Payment on non-Business Day If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day:

  • Prepayment of the Loan The Company may from time to time prepay all or any portion of the Loan without premium or penalty of any type. The Company shall give the Lender at least three Business Day prior written notice of its intention to prepay the Loan, specifying the date of payment and the total amount of the Loan to be paid on such date.

  • Prepayment Fees Borrower agrees to pay to each [New Term Loan Lender] the following prepayment fees, if any: [ ]. [Insert other additional prepayment provisions with respect to New Term Loans]

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