Examples of Total Loss Repayment Date in a sentence
On the Total Loss Repayment Date, the Borrowers shall prepay the Loan relative to such Ship which has become a Total Loss and shall ensure that the Minimum Value is maintained.
Total Loss Repayment Date means, where a Mortgaged Ship has become a Total Loss after the first Utilisation Date, the earlier of:(a) the date ninety (90) days after its Total Loss Date; and (b) the date upon which insurance proceeds or Requisition Compensation for such Total Loss are paid by insurers or the relevant government entity.
Ship Loan - Total Loss: if a Mortgaged Ship becomes a Total Loss, then on the Total Loss Repayment Date for such Mortgaged Ship, the Borrowers shall prepay the amount of the relevant Ship Loan outstanding for such Mortgaged Ship together with accrued interest if any.
If the Beta Ship becomes a Total Loss (as defined in the Beta Facility Agreement), the Borrower or the Parent shall procure that on the Total Loss Repayment Date (as defined in the Beta Facility Agreement) the net total loss proceeds remaining following the prepayment in full of the sums owing under the Beta Facility Agreement are applied (and the payment of any reasonable expenses as may be approved) in part prepayment of the Loan.
Loss In the event that any Vessel becomes a Total Loss, on the Total Loss Repayment Date, the Borrowers shall prepay the relevant Vessel Tranche together with all interest accrued thereon up to and including the day of prepayment.