Common use of Mandatory Prepayment Clause in Contracts

Mandatory Prepayment. The Borrowers shall prepay the relevant proportion of the Loan if a 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 by delivery of such 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 Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers Borrower shall prepay be obliged to the relevant proportion whole of the Loan if a 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 by delivery of such 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 Security Trustee Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the relevant proportion of the Loan if a 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 by delivery of such that 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 Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the relevant proportion whole of the Loan if a 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 by delivery of such 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 Security Trustee Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the relevant proportion Relevant Fraction of the Loan if a Ship is sold or becomes a Total Loss: (a) in the case of if a saleShip is sold, on or before the date on which the sale is completed by delivery of such Ship to the buyer; or (b) in the case of if a Total LossShip 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 Security Trustee Lender of the proceeds of insurance relating to such Total Loss.,

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the relevant proportion Relevant Amount of the Loan Loan: (i) if a Ship is sold or becomes a Total Loss: (a) in the case of a salesold, on or before the date on which the sale is completed by delivery of such the Ship to the buyer; or (bii) in the case of if a Ship becomes a Total Loss, on the earlier of the date falling 150 120 days after the relevant Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the relevant proportion of the Loan if a 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 by delivery of such that 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 Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers shall prepay the relevant proportion of the Loan if If a Ship is sold or becomes a Total Loss, the Borrowers shall prepay the Loan in an amount equal to the net sale or insurances proceeds (as the case may be) received for such Ship: (a) in the case of a sale, on or before the date on which the sale is completed by delivery of such 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 Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the relevant proportion Relevant Proportion of the Loan if a 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 by delivery of such the relevant Ship to the its 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 relative to the Ship and the date of receipt by the Security Trustee Lender of the proceeds of insurance relating to such Total Loss.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the relevant proportion Relevant Fraction of the Loan if a Ship is sold or becomes a Total Loss: (a) in the case of if a saleShip is sold, on or before the date on which the sale is completed by delivery of such Ship to the buyer; or (b) in the case of if a Total LossShip becomes 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 Security Trustee Lender of the proceeds of insurance relating to such Total Loss.,

Mandatory Prepayment. The Borrowers shall prepay If the relevant proportion of the Loan if a Ship is sold or becomes a Total Loss, the Borrower shall prepay the Loan in full: (a) in the case of a sale, on or before the date on which the sale is completed by delivery of such 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 Security Trustee of the proceeds of insurance relating to such Total Loss.