Total Loss or sale. Subject to Clause 14 (Payments by the Obligors) of the Common Terms Agreement, if the Rig is sold or otherwise is disposed of or suffers a Total Loss event, the Facility shall be repaid and cancelled in full.
Total Loss or sale. 10.1.1 Mandatory Reduction, Prepayment and Cancellation - Total Loss or sale If any of the Rigs is sold or otherwise is disposed of in whole or in part, or suffers a Total Loss, on the Disposal Reduction Date the Commercial Facility Loan Commitment shall be reduced and the ECA Lender Loans prepaid (in accordance with Clause 10.6 (Terms and conditions for prepayments/reductions and cancellation)) by the amounts as follows:
Total Loss or sale. (a) If any of the Rigs are sold or otherwise disposed of in whole or in part, or suffers a Total Loss, on the Disposal Reduction Date, the Loan(s) shall be prepaid with an amount equal to the Disposal Reduction Amount and otherwise in accordance with clause 8.6 (Terms and conditions for prepayments/reductions and cancellation). For the purpose of this clause 8.1 the following definition shall apply:
Total Loss or sale. If any Vessel is sold or otherwise is disposed of (whether in whole or in part) or suffers a Total Loss, the Facility shall be prepaid by an amount equal to the Facility Reduction Amount on the Facility Reduction Date. Such prepayments shall be applied in accordance with Clause 9.7 (Application of proceeds and reduction of Commitments). If the Facility Reduction Amount is higher than the Loans then outstanding, the Available Facility shall be reduced on the Facility Reduction Date in order to ensure that the aggregate amount prepaid and so reduced is equal to the Facility Reduction Amount.
Total Loss or sale a) If any Vessel is sold or otherwise is disposed of (whether in whole or in part) or suffers a Total Loss:
Total Loss or sale. (a) If the Drilling Unit is sold or otherwise is disposed of in whole or in part, or suffers a Total Loss, the Facilities shall be cancelled in full and the Loans outstanding shall be prepaid in full on the Disposal Reduction Date. Following receipt of the outstanding Loans, and subject to closing procedure to be agreed between the Borrower and the Agent (in its sole discretion), the Agent shall be entitled to release (including taking any steps necessary to giving effect to such release) any Security Documents and the release of any relevant Guarantors.
Total Loss or sale. If there shall have occurred a Total Loss as herein defined or the sale of a Rig, the value of which is included in the calculation of Collateral Value set forth in Section 1.06(a)(iii), on the earlier of (x) the date insurance or sale proceeds are received or (y) seventy five (75) days after the date of occurrence of the Total Loss or sale, the Borrowers shall either purchase a replacement Rig, or other drilling equipment acceptable to the Agent which is, as determined by the appraiser referred to in Section 1.06(a)(iii) below, of comparable or greater value to the lost or sold Rig, which replacement rig will be added to the lien of the Original Security Agreement or the Trend Security Agreement, as applicable, or, if after giving effect to the release of such lost or sold Rig from the lien of the Original Security Agreement or the Trend Security Agreement, as applicable, the amount outstanding under the Loan is greater than the Collateral Value, (A) prepay the outstanding principal balance under the Notes in an amount equal to the amount by which the outstanding principal amount of the Loan on the date of prepayment exceeds the Collateral Value on such date, and (B) pay accrued interest thereon to the date of such prepayment together with any other amount due hereunder or under any Loan Document. The Lenders shall apply payments received pursuant to this Section 1.06(a)(i) in accordance with Section 1.05(c) hereof, provided, however, that the principal repayments shall be applied so that the remaining installments of principal of the selected Advance, if any, are reduced on a pro rata basis, such reduction to be confirmed by the Agent in a certificate delivered to the Borrowers which certificate shall be conclusive absent manifest error. Mandatory Prepayments made by the Borrowers pursuant to this Section 1.06(a) shall include a Prepayment Premium as follows:
Total Loss or sale. 10.1.1 Mandatory Reduction, Prepayment and Cancellation – Total Loss or sale
Total Loss or sale. If the Drillship is sold or otherwise is disposed of in whole or in part, or suffers a Total Loss, the Facilities shall be cancelled and any amount outstanding under the Facilities shall, in the case of a Total Loss, be prepaid in accordance with Clause 24.12 (Total Loss), or in the case of a sale or disposal, on the date upon which the sale or disposal of the Drillship is completed.
Total Loss or sale. If the Drilling Unit is sold or otherwise is disposed of in whole or in part, or suffers a Total Loss, the Facilities shall be cancelled in full and the Loans outstanding shall be prepaid in full on the Disposal Reduction Date. Following receipt of the outstanding Loans, and subject to closing procedure to be agreed between the Borrower and the Agent (in its sole discretion), the Agent shall be entitled to release (including taking any steps necessary to giving effect to such release) any Security Documents and the release of any relevant Guarantors. For the purpose of this Clause 8.1(Total Loss or sale) the following definitions shall apply:
