Disposal Reduction Date definition

Disposal Reduction Date means: (i) in relation to a Mortgaged Ship which has become a Total Loss, its Total Loss Reduction Date; and (ii) in relation to a Mortgaged Ship which is sold, the date of completion (and immediately prior to completion) of such sale by the transfer of title to such Mortgaged Ship to the purchaser in exchange for payment of the relevant purchase price; and

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Disposal Reduction Date means, in relation to a Rig:

Disposal Reduction Date means, in relation to the Drilling Unit: where the Drilling Unit has become a Total Loss, the date which is the earlier of the date when the insurance proceeds are available to the Borrower and one hundred and eighty (180) days after the Drilling Unit became a Total Loss; or where the Drilling Unit is sold or otherwise disposed of, the date upon which the sale or disposal of the Drilling Unit is completed.

Examples of Disposal Reduction Date in a sentence

The amounts accumulated in such accounts shall be applied on each Disposal Reduction Date in payment to the Agent of the Disposal Reduction Amount in respect of the relevant Ship and, provided that no Event of Default has occurred and is continuing, the balance standing to the credit of the relevant accounts shall be released to the relevant seller immediately following such application.
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.
On each Disposal Reduction Date applicable to a Transferred Ship, the Commitments shall, subject to Clause 9.3(E), be reduced by the relevant Disposal Reduction Amount.
Without prejudice to the Borrower's obligation to make any payment due under Clause 5.3(D) the Commitments shall be suspended for a period of up to twelve (12) months from the relevant Disposal Reduction Date in an amount equal to the relevant Disposal Reduction Amount or, if the Borrower so elects in writing to the Agent within ten (10) Banking Days of such Disposal Reduction Date, in such higher amount as it may specify.
If the sale or insurance proceeds payable to the relevant Borrower are higher than the amount required to be prepaid under the preceding paragraph, then on the Disposal Reduction Date for such Mortgaged Ship, any such surplus shall be paid by the relevant Borrower to the BET Account.
On each Disposal Reduction Date applicable to a Transferred Ship, the Commitments shall, subject to Clause 5.3(E), be reduced by the relevant Disposal Reduction Amount.
If, upon reduction of the Commitments by such Disposal Repayment Amount, the Outstandings at such time exceed the Commitments as thereby reduced, the Borrower shall on such Disposal Reduction Date prepay such amount of the Outstandings or any Advance as will ensure that immediately thereafter the Outstandings will not exceed the Commitments as so reduced.
The values determined in accordance with clause 6.3(b) shall be binding upon the parties hereto for the purposes of determining the Disposal Reduction Amount for a Disposal Reduction Date and all costs in connection with the Facility Agent obtaining any valuation for such purpose shall be borne by the relevant Borrower.
On each Disposal Reduction Date applicable to a Transferred Ship, the Commitments shall, subject to Clause 9.4(E), be reduced by the relevant Disposal Reduction Amount.
On the Disposal Reduction Date for the relevant Mortgaged Ship, the Borrowers shall prepay such part of the Loan as is equal to the higher of (i) the Relevant Amount and (ii) such amount in Dollars as shall ensure that, following the relevant prepayment, the Security Value is not less than the Security Requirement.

More Definitions of Disposal Reduction Date

Disposal Reduction Date has the meaning given to it in clause 4.3.3;

Disposal Reduction Date means, in relation to a Drillship:

Disposal Reduction Date means: (i) in relation to a Mortgaged Ship which has become a Total Loss, its Total Loss Reduction Date; or (ii) in relation to a Mortgaged Ship which is sold in accordance with the provisions of the relevant Ship Security Documents, the date of completion of such sale by the transfer of title to such Mortgaged Ship to the purchaser in exchange for payment of the relevant purchase price; or (iii) in relation to a Mortgaged Ship the Mortgage of which is discharged in accordance with clause 8.4.1, the date of discharge of such Mortgage by the Security Agent;

Disposal Reduction Date means: (A) in the case of a disposal, the date upon which the disposal of such Rig (or Rig Owner owning a Rig) is completed; or (B) in the case of a Total Loss, the date which is the earlier of the date the proceeds from the Insurances are available and 120 days after the Total Loss Date.

Disposal Reduction Date means, in relation to a Drilling Unit or Drilling Unit Owner: