After drawdown Clause Samples

After drawdown. On the Disposal Reduction Date for a Mortgaged Ship, the Borrowers shall prepay such part of the Loan as is equal to the higher of (a) the Relevant Amount for such Mortgaged Ship and (b) such amount in Dollars as shall ensure that, immediately following the relevant prepayment, the Security Value shall be not less than the Security Requirement (except in the case of the last Mortgaged Ship, in which case the prepayment amount required under this clause 4.3.2 shall be equal to the full amount of the Loan outstanding at such time, together with all other amounts outstanding under the Security Documents at such time). 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.

After drawdown. On the Vessel becoming a Total Loss or suffering damage or being involved in an incident which in the reasonable opinion of the Bank may result in the Vessel being subsequently determined to be a Total Loss or being sold, following the draw down of the Loan, then on the date falling one hundred and eighty (180) days after that date on which the Vessel became a Total Loss or the date on which the Vessel suffered damage or the incident which, in the reasonable opinion of the Bank, may result in the Vessel being subsequently determined to be a Total Loss occurred or, if earlier, on the date when the insurance proceeds in respect of such Total Loss are or Requisition Compensation is received by the Borrower (or the Bank pursuant to the Security Documents), or on or prior to the completion of the sale of the Vessel, the Commitment shall be reduced to zero and the Borrower shall prepay the Outstanding Indebtedness in full; and for the purpose of this Agreement: (i) an actual total loss of the Vessel shall be deemed to have occurred at the actual date and time the Vessel was lost but in the event of the date of the loss being unknown then the actual total loss shall be deemed to have occurred on the date on which the Vessel was last reported; (ii) in the case of a constructive total loss of the Vessel, upon the date and at the time notice of abandonment of the Vessel is given to the insurers of the Vessel for the time being (provided a claim for total loss is admitted by such insurers) or, if such insurers do not forthwith admit such a claim, or, in the event that such notice of abandonment is not given by the Owner to the insurers of the Vessel, at the date and time on which occurred the incident which may result, in the reasonable opinion of the Bank, in the Vessel being subsequently determined to be a Total Loss; (iii) a compromised or arranged total loss shall be deemed to have occurred on the date on which a binding agreement as to such compromised or arranged total loss has been entered into by the insurers of the Vessel; (iv) requisition for title or other compulsory acquisition of the Vessel shall be deemed to have occurred on the date upon which the relevant requisition for title or other compulsory acquisition occurs; and (v) hijacking, theft, condemnation, capture, seizure, detention, arrest, or confiscation of the Vessel by any government or by any person acting or purporting to act on behalf of any government, which deprives the Owner of the use of t...

After drawdown. On the date one hundred and twenty (120) 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 Ship Security Documents) is, received by the relevant Borrower (or the Security Agent pursuant to the Security Documents), the Borrowers shall prepay such proportion of the Loan as the Agent shall require.