Mandatory Prepayment; Sale or Loss of Vessel Sample Clauses

Mandatory Prepayment; Sale or Loss of Vessel. Upon (i) the sale of a Vessel or (ii) the earlier of (x) ninety (90) days after the Total Loss (as such term is defined in each Mortgage) of a Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the Borrower or the Security Trustee as assignee thereof, the Borrower shall repay the relevant Tranche in full.
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Mandatory Prepayment; Sale or Loss of Vessel. (a) Upon (i) the sale of a Vessel, or (ii) the earlier of (x) ninety (90) days after the Total Loss (as such term is defined in each Mortgage) of a Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the relevant Borrower or the Security Trustee as assignee thereof, the Borrowers shall repay the relevant Tranche in full and apply the remainder of the proceeds in repayment of the other Tranches and any other amount outstanding under or in connection with the Facility in the order of priorities selected by the Facility Agent in its sole discretion.
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Mandatory Prepayment; Sale or Loss of Vessel. Upon (i) the sale of the Vessel or (ii) the earlier of (x) ninety (90) days after the Total Loss (as such term is defined in the Mortgage) of the Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the Borrower or the Security Trustee as assignee thereof, the Borrower shall either (I) deliver to the Security Trustee, such additional collateral, of equal or greater value with the Vessel, as may be satisfactory to the Lenders in their sole discretion or (II) repay the Loan in full, or such proceeds shall be applied by the Facility Agent first, towards prepayment of the Loan and the Borrower's other obligations hereunder in full and second, to the Borrower.
Sample 1
Mandatory Prepayment; Sale or Loss of Vessel. Upon (i) the sale of a Vessel or (ii) the earlier of (x) ninety (90) days after the Total Loss (as such term is defined in the Mortgages) of a Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the Borrowers or the Security Trustee as assignee thereof, the Borrowers shall repay the outstanding Loan Balance in an amount equal to the net sale proceeds or the net insurance proceeds due, as the case may be, such prepayment to be applied to the unpaid quarterly installments of principal in the inverse order of their maturities; provided, however, in the case of a sale of a Vessel, if the net proceeds from such sale are less than the Financed Amount for such Vessel, the Borrowers shall repay an amount equal to such shortfall prior to the release of the mortgage on such Vessel by the Security Trustee; provided, further, that if all Vessels have been sold or lost, the Borrowers shall repay the entire remaining outstanding Loan Balance. So long as no event has occurred which constitutes or, with giving of notice or lapse of time or both, would constitute an Event of Default or which adversely affect the Borrowers' ability to perform its obligations under this Agreement, the Note and the Security Documents or any of them, any surplus proceeds shall be paid to the Borrowers.
Sample 1
Mandatory Prepayment; Sale or Loss of Vessel. Upon (i) the sale of a Vessel, or (ii) the earlier of (x) ninety (90) days after the Total Loss (as such term is defined in each Mortgage) of a Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the relevant Borrower or the Security Trustee as assignee thereof, the Borrowers shall repay the relevant Tranche in full, and to the extent that the aggregate Fair Market Value of the Vessels is less than the Required Percentage Upon Disposition of the outstanding amount of the Facility (such ratio determined in accordance with Section 9.4), the remainder of the proceeds shall be applied to the other Tranches pro rata until (A) such ratio equals the Required Percentage Upon Disposition or (B) the full amount of the remaining proceeds have been applied to the Facility.
Sample 1
Mandatory Prepayment; Sale or Loss of Vessel. Upon (i) the sale of a Vessel or (ii) the earlier of (x) ninety (90) days after the Total Loss (as such term is defined in the Mortgages) of a Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the Guarantors or the Security Trustee as assignee thereof, the Borrowers shall either (I) deliver to the Security Trustee, such additional collateral, of equal or greater value with such Vessel, as may be satisfactory to the Lenders in their sole discretion or (II) repay the Advances in an amount equal to the aggregate amount of the Advances then outstanding multiplied by a fraction, the numerator of which is the Financed Amount of that Vessel and the denominator of which is the sum of the (a) aggregate Financed Amounts for all of the Vessels and (b) an amount equal to the product of (X) fifty percent (50%) of LCI's percentage interest in the share capital of Belden multiplied by (Y) the Net Worth of Belden, the Facility shall xx xxxuced by an amount equal to such repaxxxxx and each Lender's Commitment shall be reduced pro-rata. So long as no event has occurred which constitutes or, with the giving of notice or lapse of time or both, would constitute an Event of Default or which adversely affects the Borrowers' ability to perform its obligations under this Agreement, the Note and the Security Documents or any of them, any surplus proceeds shall be paid to the Borrowers. Amounts prepaid under this Section 5.3 shall not be available for re-borrowing by the Borrowers.
Sample 1
Mandatory Prepayment; Sale or Loss of Vessel. On (i) any sale of a Vessel or (ii) the earlier of (x) one hundred eighty (180) days after the Total Loss of a Vessel or (y) the date on which the insurance proceeds in respect of such loss are received by the Borrower or the Facility Agent as assignee thereof, outstanding amounts under the Facility shall be prepaid in an amount equal to the sum of the then committed amount under this Agreement related to the proportionate value of the respective Vessel (determined at the time of such prepayment). Prepayments made under this Section 5.3 shall be applied to the remaining payments on a pro-rata basis and will not be available for re-borrowing.
Sample 1
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Related to Mandatory Prepayment; Sale or Loss of Vessel

  • Other Mandatory Prepayments In addition to and without limiting any provision of any Loan Document:

  • Mandatory Prepayment The Borrower shall be obliged to prepay the Relevant Amount if a Ship is sold or becomes a Total Loss:

  • Waivable Mandatory Prepayment Anything contained herein to the contrary notwithstanding, so long as any Tranche A Term Loans are outstanding, in the event Borrower is required to make any mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Tranche B Term Loans, not less than five Business Days prior to the date (the “Required Prepayment Date”) on which Borrower is required to make such Waivable Mandatory Prepayment, Borrower shall notify Administrative Agent of the amount of such prepayment, and Administrative Agent will promptly thereafter notify each Lender holding an outstanding Tranche B Term Loan of the amount of such Lender’s Pro Rata Share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving written notice to Borrower and Administrative Agent of its election to do so on or before the third Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify Borrower and Administrative Agent of its election to exercise such option on or before the third Business Day prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, Borrower shall pay to Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option, to prepay the Tranche B Term Loans of such Lenders (which prepayment shall be applied to the scheduled Installments of principal of the Tranche B Term Loans in accordance with Section 2.15(b)), and (ii) in an amount equal to that portion of the Waivable Mandatory Prepayment otherwise payable to those Lenders that have elected to exercise such option, to prepay the Tranche A Term Loans (which prepayment shall be further applied to the scheduled installments of principal of the Tranche A Term Loans in accordance with Section 2.15(b)), with any excess after such prepayment of the Tranche A Term Loans being further applied in accordance with clauses second through sixth of Section 2.15(b).

  • Application of Mandatory Prepayments All amounts required to be paid pursuant to this Section 2.05(b) shall be applied as follows:

  • Mandatory Prepayments (a) If on any date the Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, with respect to an amount equal to 75% of such Net Cash Proceeds (“Allocated Proceeds”; provided that the Borrower or such Subsidiary may instead deem a portion of such Net Cash Proceeds equal to the first 75% of the Total Net Proceeds to the Borrower or such Subsidiary from such Asset Sale or Recovery Event, when and as received, to be the Allocated Proceeds of such Asset Sale or Recovery Event), (i) if such Allocated Proceeds are not Reinvestment Proceeds, such Allocated Proceeds shall be applied on the fifth Business Day after the date such proceeds are received toward the prepayment of the Term Loans or (ii) if such Allocated Proceeds are Reinvestment Proceeds, on each Reinvestment Prepayment Date, an amount equal to the relevant Reinvestment Prepayment Amount shall be applied toward the prepayment of the Term Loans in the manner specified in Section 2.9(c); provided that, notwithstanding clauses (i) and (ii) above, to the extent that the terms of the documentation for any First Lien Notes or Pre-Existing Debt that is secured on a pari passu basis with the Obligations under this Agreement require that a portion of such Allocated Proceeds be applied to purchase First Lien Notes or Pre-Existing Debt pursuant to a mandatory offer to purchase such First Lien Notes or Pre-Existing Debt, such Allocated Proceeds may be applied to prepay Term Loans in accordance with Section 2.9(c) and purchase First Lien Notes and/or Pre-Existing Debt on a pro rata basis based on the respective amounts of Term Loans and First Lien Notes and/or Pre-Existing Debt then outstanding.

  • Prepayments, Etc of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement and (b) regularly scheduled or required repayments or redemptions of Indebtedness set forth in Schedule 7.02 and refinancings and refundings of such Indebtedness permitted pursuant to Section 7.02(d).

  • Mandatory Prepayments Commitment Reductions 68 2.13 Application of Prepayments/Reductions ..............................................70 2.14 Allocation of Certain Payments and Proceeds.........................................71 2.15

  • Application of Mandatory Prepayments by Type of Loans Except as provided in subsection 2.4D, any amount required to be applied as a mandatory prepayment of the Loans and/or a reduction of the Revolving Loan Commitment Amount pursuant to subsections 2.4B(iii)(a)-(f) shall be applied first to prepay the Term Loans to the full extent thereof, second, to the extent of any remaining portion of such amount, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, third, to the extent of any remaining portion of such amount, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, fourth, to the extent of any remaining portion of such amount, to further permanently reduce the Revolving Loan Commitment Amount to the full extent thereof and fifth, to the extent of any remaining portion of such amount, to cash collateralize any outstanding Letters of Credit. Any mandatory reduction of the Revolving Loan Commitment Amount pursuant to this subsection 2.4B shall be in proportion to each Revolving Lender’s Pro Rata Share.

  • Prepayment; termination of Commitment A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers’ notice of intended prepayment; and:

  • Mandatory Prepayments and Commitment Reductions 22 2.7 Conversion and Continuation Options............................ 23 2.8 Limitations on Eurodollar Tranches............................. 23 2.9 Interest Rates and Payment Dates............................... 23 2.10 Computation of Interest and Fees............................... 24 2.11 Inability to Determine Interest Rate........................... 24 2.12 Pro Rata Treatment and Payments................................ 25 2.13

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