Disposal Reduction Amount definition

Disposal Reduction Amount means the amount equal to the Loans outstanding plus the Available Commitments multiplied with such proportion as the Market Value of such Rig bears to the aggregate of the Market Values of all the Rigs immediately prior to its Total Loss or completion of its sale or disposal at the date of the Total Loss or completion of the sale or disposal of such Rig;
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Disposal Reduction Amount means the Disposal Reduction Amount-Rigs and the Disposal Reduction Amount-▇▇▇▇ ▇▇▇▇▇.
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Disposal Reduction Amount has the meaning ascribed to it in Clause 9.3;
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Examples of Disposal Reduction Amount in a sentence

  • The amounts accumulated in such accounts shall be applied on each Disposal Reduction Date in payment to the Agent of the Disposal Reduction Amount in respect of the relevant Ship and, provided that no Event of Default has occurred and is continuing, the balance standing to the credit of the relevant accounts shall be released to the relevant seller immediately following such application.

  • On each Disposal Reduction Date applicable to a Transferred Ship, the Commitments shall, subject to Clause 9.3(E), be reduced by the relevant Disposal Reduction Amount.

  • Without prejudice to the Borrower's obligation to make any payment due under Clause 5.3(D) the Commitments shall be suspended for a period of up to twelve (12) months from the relevant Disposal Reduction Date in an amount equal to the relevant Disposal Reduction Amount or, if the Borrower so elects in writing to the Agent within ten (10) Banking Days of such Disposal Reduction Date, in such higher amount as it may specify.

  • If the Asset Disposal Reduction Amount exceeds fifty percent (50%) of the Threshold Amount the Total Commitment shall reduce on the fifth (5th) Business Day after the Determination Date by an amount equal to such excess.

  • On each Disposal Reduction Date applicable to a Transferred Ship, the Commitments shall, subject to Clause 5.3(E), be reduced by the relevant Disposal Reduction Amount.

  • The values determined in accordance with clause 6.4.2 shall be binding upon the parties hereto for the purposes of determining the Disposal Reduction Amount for a Disposal Reduction Date and all costs in connection with the Facility Agent obtaining any valuation for such purpose shall be borne by the Borrower.

  • If a Mortgaged Port or any part thereof is sold (other than any part of a Mortgaged Port which is sold for a consideration of less than $25,000 or the equivalent thereof in any other currency), or any of the shares in the capital of any Port Owner are sold, the aggregate amount of the Commitments shall, subject to Clause 9.4(E), be reduced on the Disposal Reduction Date relating thereto by the relevant Disposal Reduction Amount.

  • The values determined in accordance with clause 6.3(b) shall be binding upon the parties hereto for the purposes of determining the Disposal Reduction Amount for a Disposal Reduction Date and all costs in connection with the Facility Agent obtaining any valuation for such purpose shall be borne by the relevant Borrower.

  • If a Mortgaged Port or any part thereof is sold (other than any part of a Mortgaged Port which is sold for a consideration of less than $25,000 or the equivalent thereof in any other currency), or any of the shares in the capital of any Port Owner are sold, the aggregate amount of the Commitments shall, subject to Clause 5.3(E), be reduced on the Disposal Reduction Date relating thereto by the relevant Disposal Reduction Amount.

  • On each Disposal Reduction Date applicable to a Transferred Ship, the Commitments shall, subject to Clause 9.4(E), be reduced by the relevant Disposal Reduction Amount.


More Definitions of Disposal Reduction Amount

Disposal Reduction Amount means, with respect to a Drilling Unit or Drilling Unit Owner, the amount equal to the Relevant Guarantee Portion in respect of such Drilling Unit or the Drilling Unit owned by such Drilling Unit Owner.
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Disposal Reduction Amount in relation to a Mortgaged Ship which has become a Total Loss or is sold, an amount in Dollars which is the lesser of:-
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Disposal Reduction Amount means, in relation to a Rig (or a Rig Owner), the then outstanding principle amounts of any Loans under the Facility multiplied with a fraction, the numerator of which is the Market Value of such Rig (or if a Rig Owner is sold, the Market Value of the Rig owned by that Rig Owner) immediately prior to such disposal or Total Loss, and the denominator of which is the aggregate Market Value of all Rigs collateral to the Finance Documents immediately prior to such disposal or Total Loss. (ii) “Disposal Reduction Date” means: (A) in the case of a disposal, the date upon which the disposal of such Rig (or Rig Owner owning a Rig) is completed; or (B) in the case of a Total Loss, the date which is the earlier of the date the proceeds from the Insurances are available and 120 days after the Total Loss Date.
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Disposal Reduction Amount has the meaning given to that term in clause 4.3.4(a);
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Related to Disposal Reduction Amount

  • Appraisal Reduction Amount shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Reduction Amount has the meaning set forth in Section 2.05(b)(viii).

  • Cumulative Appraisal Reduction Amount As of any date of determination by the Special Servicer, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount. None of the Master Servicer, the Trustee nor the Certificate Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount.

  • FX Reduction Amount is defined in Section 2.1.3.

  • Overcollateralization Reduction Amount With respect to any Distribution Date on which the Excess Overcollateralization Amount is, after taking into account all other distributions to be made on such Distribution Date, greater than zero, the Overcollateralization Reduction Amount shall be equal to the lesser of (i) the Excess Overcollateralization Amount for that Distribution Date and (ii) the Principal Remittance Amount on such Distribution Date.