Common use of Terms and Conditions for Prepayments Reductions and Cancellation Clause in Contracts

Terms and Conditions for Prepayments Reductions and Cancellation. If any Charter Contract in force at this date of this Agreement expires through effluxion of time or if a Replacement Charter is entered into pursuant to this Clause 8.6, the relevant Borrower shall provide the Agent with a replacement Schedule 2 (Borrowers, Guarantors and Collateral Rigs) (a “Replacement Schedule”) as soon as practicable, which Replacement Schedule shall, when initiated by the Rig Owners, the Parent and the Agent, shall replace the Schedule 2 (Borrowers, Guarantors and Collateral Rigs) then scheduled to this Agreement.

Terms and Conditions for Prepayments Reductions and Cancellation. If any Charter Contract in force at this date of this Agreement expires through effluxion of time or if a Replacement Charter is entered into pursuant to this Clause 8.6, the relevant Borrower shall provide the Agent with a replacement Schedule 2 (BorrowersBorrower, Guarantors and Collateral RigsRig) (a “Replacement Schedule”) as soon as practicable, which Replacement Schedule shall, when initiated by the Rig OwnersOwner, the Parent and the Agent, shall replace the Schedule 2 (BorrowersBorrower, Guarantors and Collateral RigsRig) then scheduled to this Agreement.