Definition of Post-Payment Ratio

  1. Post-Payment Ratio means the ratio of (i) the aggregate Market Values of the Ships which are subject to a Mortgage after any prepayment of the Loan under this clause and the net realisable value of any additional security previously provided under Clause 15 to (ii) the amount of the Loan immediately after any prepayment of the Loan under this clause. Any amount prepaid under this clause 8.8 shall be applied firstly in repayment of the Tranche relating to the Relevant Ship, and any amount thereafter remaining shall be applied in reduction of the other Tranche, in each case firstly against the Balloon Instalment in respect thereof and thereafter in reduction of the repayment instalments in respect thereof in inverse order of their maturity. 8.9 In Clause 8.8, "Relevant Ship" means the Ship which is sold or becomes a Total Loss, or in respect of which any of the events referred to in Clause 8.8(b) occur. 8.10 Mandatory prepayment - Loan. The Borrowers shall be obliged to prepay the whole Loan, and any undrawn part of the Total Commitment shall be cancelled upon: