Common use of Mandatory Prepayment Clause in Contracts

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completed; or (b) in the case of Total Loss, on the earlier of the date falling 150 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 120 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 120 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 1415, the Borrower shall be obliged to prepay the whole of Loan by an amount at least equal to the Loan if the Ship is sold or becomes a Total Loss:Required Prepayment Amount (as defined below): (a) in the case of if a saleShip is sold, on or before the date on which the sale is completedcompleted by delivery of that Ship to the buyer; or (b) in the case of if a Ship becomes a Total Loss, on the earlier of the date falling 150 120 days after the Total Loss Date and the date of receipt by the Lender Security Trustee of the proceeds of insurance relating to such Total Loss.,

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 180 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Collateral Ship is sold or becomes a Total Loss: (a) in the case of a saleif that Ship is sold, on or before the date on which the sale is completedcompleted by delivery of such Ship to the buyer; or (b) in the case of if that Ship becomes a Total Loss, on the earlier of the date falling 150 180 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total LossLoan: (a) in if the case of a saleShip is sold, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in if the case of Ship becomes a Total Loss, on the earlier of the date falling 150 180 days after the relevant Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan and to comply with Clause 8.14, if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 180 days after the Total Loss Date and the date of receipt by the Lender Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (ai) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; orand (bii) in the case of a Total Loss, on the earlier of the date falling 150 days after the Total Loss Date and the date of receipt by the Lender Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total LossLoan: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 90 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 days 180 after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. Without prejudice to the provisions of Clause 14, the Borrower Borrowers shall be obliged to prepay the whole Relevant Amount of the Loan if the Ship is sold or becomes a Total LossLoan: (a) in the case of a sale, on or before the date on which the sale is completedcompleted by delivery of the Ship financed by that Advance to the buyer; or (b) in the case of a Total Loss, on the earlier of the date falling 150 120 days after the Total Loss Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.