Common use of Unwinding of Designated Transactions Clause in Contracts

Unwinding of Designated Transactions. On or prior to any repayment or prepayment under this Clause 7 or any other provision of this Agreement, the Borrower shall either: (a) wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 7.1; or (b) provide the Bank with additional security in all respects acceptable to the Bank to secure the amount determined by the Bank to be equal to the difference between the notional principal amount of the continuing Designated Transactions and the amount of the Loan as reducing from time to time thereafter pursuant to Clause 7.1 Provided that in the case of a prepayment made pursuant to the sale of the Vessel, the Borrower may only carry out any of the matters referred to in this Clause 7.5 after (and not on or prior to) the prepayment is made due to the sale of the Vessel.

Unwinding of Designated Transactions. On or prior to any repayment or prepayment under this Clause 7 or any other provision of this Agreement, the Borrower shall either: (a) wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time times thereafter pursuant to Clause 7.1; or (b) provide the Bank with additional security in all respects acceptable to the Bank to secure the amount determined by the Bank to be equal to the difference between the notional principal amount of the continuing Designated Transactions and the amount of the Loan as reducing from time to time thereafter pursuant to Clause 7.1 Provided that in the case of a prepayment made pursuant to the sale of the Vessel, the Borrower may only carry out any of the matters referred to in this Clause 7.5 after (and not on or prior to) the prepayment is made due to the sale of the Vessel.