Mandatory Prepayment and Cancellation. (A) For the purpose of this Clause 7.4:
Mandatory Prepayment and Cancellation. Total Loss or sale If a Drillship is sold or otherwise is disposed of in whole or in part (except in relation to a sale in accordance with clause 27.2 (Accession by an Acceding Borrower and Guarantor), or suffers a Total Loss, the relevant Tranches pertaining to that Drillship shall be cancelled and any amount outstanding under such Tranches 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 such Drillship is completed.
Mandatory Prepayment and Cancellation. 7.8.1 In the event that either or both of the conditions set out in clause 3.6 are not satisfied in accordance with such clause (i) the Borrowers shall within a period of 3 months (the "GRACE PERIOD") from the expiry of the six month or nine month period (as applicable) either ensure that the relevant outstanding conditions are satisfied or prepay or repay all outstanding Advances and procure the irrevocable discharge and return to the Working Capital Bank of any Bank Guarantees and (ii) on the expiry of the Grace Period, unless the relevant outstanding conditions have been satisfied, the Total Commitments shall be reduced to zero and pending such satisfaction (a) no further Bank Guarantees may be issued hereunder and (b) no Advances may be drawn hereunder under the Revolving Credit Facility or the Working Capital Facility (as the case may be) if following the making of any such Advance under such Facility the aggregate Dollar Amount of Advances would exceed the aggregate Dollar Amount of Advances outstanding under such Facility prior to the making of such Advance (after taking account of any Advance due under the relevant Facility to be made or repaid on the Utilisation Date of such Advance).
Mandatory Prepayment and Cancellation. Total Loss or sale If a Drillship is sold or otherwise is disposed of in whole or in part (except in relation to a sale in accordance with clause 27.2 (Accession by an Acceding Borrower and Guarantor), or suffers a Total Loss, the relevant Tranches pertaining to that Drillship shall be cancelled and any amount outstanding under such Tranches shall, in the case of a Total Loss, be prepaid in accordance with Clause
Mandatory Prepayment and Cancellation repayment of Parent Company Loan If the Borrower repays any part of Parent Company Loan prior to the Final Repayment Date and such repayment would reduce the outstanding amount under Parent Company Loan to become less than $ 110,000,000, the Borrower shall on such date as determined by the Lender prepay the Loan. Any outstanding Commitment will be immediately cancelled by the Lender. The consummation of the Merger shall not trigger such prepayment obligation under this clause 6.2.
Mandatory Prepayment and Cancellation. Upon a Change of Control, Sale or Flotation:
Mandatory Prepayment and Cancellation. The Borrower shall prepay Utilisations and/or cancel Available Commitments under the Facilities on the dates and in accordance, and otherwise comply, with the provisions of Schedule 4 (Mandatory Prepayment).
Mandatory Prepayment and Cancellation. (a) The Borrower shall notify the Lender in writing promptly upon receipt by the Borrower of any Equity or Debt Proceeds or any Disposal Proceeds, giving details of the recipient and the amount of the relevant Equity or Debt Proceeds or Disposal Proceeds.
Mandatory Prepayment and Cancellation. (a) The Company shall notify the Facility Agent in writing promptly upon receipt by a member of the Group of any Equity or Debt Proceeds or any Disposal Proceeds, giving details of the recipient and the amount of the relevant Equity or Debt Proceeds or Disposal Proceeds.
Mandatory Prepayment and Cancellation. HIGH YIELD/SIT
