Sale or Total Loss. 7.6.1 If a Ship becomes a Total Loss before its Ship Commitment has become available for borrowing under this Agreement, the Total Commitments shall immediately be reduced by the Ship Commitment for such Ship and such Ship Commitment shall be reduced to zero.
Sale or Total Loss. 7.15 On the Disposal Repayment Date in relation to any Ship, unless the Borrower has provided a ‘Substitute Ship’ in accordance with clause 25.16 (Substitution of a Mortgaged Ship):
Sale or Total Loss. 7.6.1 On a Mortgaged Ship's Disposal Repayment Date the Borrowers shall prepay the Loan by an amount equal to the Relevant Amount.
Sale or Total Loss. (a) If a Ship is sold or becomes a Total Loss before the Utilisation of the relevant Advance, the Ship Commitment for that Ship will be cancelled and the Total Commitments shall be reduced correspondingly.
Sale or Total Loss. (a) If a Ship becomes a Total Loss before the Total Commitment has become available for borrowing under this Agreement, the Commitment in respect of the Tranche relating to that Ship shall be reduced to zero and the Total Commitment shall immediately be reduced by an amount equal to the Commitment for that Tranche.
Sale or Total Loss. (a) If a Ship becomes a Total Loss before its Advance has become available for borrowing under this Agreement, the Total Commitments shall be reduced by an amount equal to the maximum amount of the respective Advance as specified in the definition of that Advance in Clause 1.1 (Definitions).
Sale or Total Loss. On a Disposal Repayment Date for any Mortgaged Ship, the Borrowers shall prepay the Loan in an amount equal to: L × x y where: L = the amount of the Loan x = the Fair Market Value of the relevant Mortgaged Ship y = the aggregate Fair Market Value of all the Mortgaged Ships, in each case at that time, and the relevant amount of the prepayment shall first be applied to reduce the Tranche for the relevant Mortgaged Ship and then shall be applied to reduce each remaining Tranche rateably.
Sale or Total Loss. (a) If a Ship is sold or becomes a Total Loss before the first Utilisation, the Lender will consult with the Borrower as to how the Facility will be adjusted to take into account the effect of the loss or sale of such Ship, Provided however that if no agreement is reached between the Lender and the Borrower within 10 Business Days of such date, the Commitment shall be reduced to zero.
Sale or Total Loss. (a) If the Ship is sold, or becomes a Total Loss, the Borrower shall prepay the Loan. Such prepayment shall be made:
Sale or Total Loss. (a) If a Ship becomes a Total Loss before the New Facilities have become available for borrowing under this Agreement, the New Term Facility Commitments shall be reduced proportionately.
