Common use of Mandatory Prepayment Clause in Contracts

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a Ship: (a) is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a Shipof the Loan: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount Loan in full if a the Ship: (a) is sold, sold on or before the date on which the sale is completed by delivery of the Ship to the buyer; orand (b) becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount Loan if a the Ship: (a) is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 150 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. In this Clause 8.8:.

Mandatory Prepayment. The If a Ship is sold or becomes a Total Loss, the Borrowers shall be obliged prepay in full the Advance related to prepay the Relevant Amount if a that Ship: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the such Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 150 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if either Ship is sold or becomes a ShipTotal Loss: (a) is sold, in the case of a sale on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:.

Mandatory Prepayment. The If a Ship is sold or becomes a Total Loss, the Borrowers shall be obliged prepay in full the Advance related to prepay the Relevant Amount if a that Ship: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 150 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount relevant amount if a ShipShip is sold or becomes a Total Loss: (a) is sold, in the case of a sale on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:;

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the whole of the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 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. Loss In this Clause 8.8:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a Shipand to comply with Clause 8.15: (a) if a Ship (other than a Collateral Ship) is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship (other than a Collateral Ship) becomes a Total Loss, on the earlier of the date falling 90 150 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a Ship: (a) is sold, sold on or before the date on which the sale is completed by delivery of the Ship to the buyer; orand (b) becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipAmount: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 180 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. In this Clause 8.8:8.8 (Mandatory prepayment):

Mandatory Prepayment. The Borrowers If (a) a Ship is sold or becomes a Total Loss the Borrower shall be obliged to prepay the Relevant Amount if a Shipof the Loan: (ai) if that Ship is sold, on or before the date on which the sale is completed by delivery of the such Ship to the buyer; or (bii) if that Ship becomes a Total Loss, on the earlier of the date falling 90 180 days after the relevant Total Loss Date and the date of receipt by the Security Trustee Lender of the proceeds of insurance relating to such Total Loss. In , and in this Clause 8.8:8.8(a):

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 180 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a Shipof the Loan: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 90 150 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is sold, in the case of a sale on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the whole of the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale Mortgage on that Ship is completed by delivery of the Ship to the buyerreleased; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 180 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the whole of the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale Mortgage on that Ship is completed by delivery of the Ship to the buyerreleased; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 180 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. In this Clause 8.8:362 EUROPE/66436786v5

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a Shipof the Loan: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 90 150 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. In this Clause 8.88.11:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is sold, in the case of a sale on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is sold, in the case of a sale on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a ShipAmount: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:8.8 (Mandatory prepayment)

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount Loan if a the Ship: (a) is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) becomes a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a Shipof the Loan: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipAmount: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 90 180 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a ShipAmount: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:8.8 (Mandatory prepayment):

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is sold, in the case of a sale on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers Borrower shall be obliged to prepay the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 120 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the Relevant Amount if a ShipAmount: (a) if a Ship is sold, on or before the date on which the sale is completed by delivery of the that Ship to the buyer; or (b) if a Ship becomes a Total Loss, on the earlier of the date falling 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. In this Clause 8.8:.

Mandatory Prepayment. The Borrowers shall be obliged to prepay the whole of the Relevant Amount if a ShipShip is sold or becomes a Total Loss: (a) is soldin the case of a sale, on or before the date on which the sale Mortgage on that Ship is completed by delivery of the Ship to the buyerreleased; or (b) becomes in the case of a Total Loss, on the earlier of the date falling 90 180 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. In this Clause 8.8:.