Common use of Mandatory Reduction Prepayment and Cancellation Clause in Contracts

Mandatory Reduction Prepayment and Cancellation. 20.1 Total Loss or Sale (a) If any of the Rigs are sold or otherwise disposed of in whole or in part, or suffers a Total Loss, on the Disposal Reduction Date, the Loan(s) shall be prepaid with an amount equal to the Disposal Reduction Amount and otherwise in accordance with Clause 8.7 (

Mandatory Reduction Prepayment and Cancellation. 20.1 56.1 Total Loss or Sale (a) If any of the Rigs are Rig is sold or otherwise disposed of in whole or in part, or suffers a Total Loss, on the Disposal Reduction Date, the Loan(s) shall be prepaid with an amount equal to the Disposal Reduction Amount and otherwise in accordance with Clause 8.7 (