Common use of Mandatory prepayment on sale or Total Loss Clause in Contracts

Mandatory prepayment on sale or Total Loss. If a Ship is sold or becomes a Total Loss, the Borrower shall prepay the Tranche related to that Ship and comply with Clause 8.14: (a) in the case of a sale, on the earlier of (i) the date on which the sale is completed by delivery of the Ship to the relevant buyer and (ii) the date of receipt by the Security Trustee of the proceeds of the sale; or (b) in the case of a Total Loss, on the earlier of (i) the date falling 180 days after the Total Loss Date and (ii) the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory prepayment on sale or Total Loss. If a Ship is sold or becomes a Total Loss, the Borrower shall prepay the Tranche related to that Ship and comply with Clause 8.14: (a) in the case of a sale, on the earlier of (i) or before the date on which the sale is completed by delivery of the Ship to the relevant buyer and (ii) the date of receipt by the Security Trustee of the proceeds of the salebuyer; or (b) in the case of a Total Loss, on the earlier of (i) the date falling 180 120 days after the Total Loss Date and (ii) the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory prepayment on sale or Total Loss. If a Ship is sold or becomes a Total Loss, the Borrower Borrowers shall prepay the Tranche related to that Ship and comply with Clause 8.148.15: (a) in the case of a sale, on the earlier of (i) or before the date on which the sale is completed by delivery of the Ship to the relevant buyer and (ii) the date of receipt by the Security Trustee of the proceeds of the salebuyer; or (b) in the case of a Total Loss, on the earlier of (i) the date falling 180 days after the Total Loss Date and (ii) the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

Mandatory prepayment on sale or Total Loss. If a Ship is sold or becomes a Total Loss, the Borrower Borrowers shall prepay the Tranche related to that Ship and comply with Clause 8.14: (a) in the case of a sale, on the earlier of (i) or before the date on which the sale is completed by delivery of the Ship to the relevant buyer and (ii) the date of receipt by the Security Trustee of the proceeds of the salebuyer; or (b) in the case of a Total Loss, on the earlier of (i) the date falling 180 days after the Total Loss Date and (ii) the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.