Common use of PREPAYMENT OF BONUS PAYMENT Clause in Contracts

PREPAYMENT OF BONUS PAYMENT. The Charterer shall prepay to the Company an amount of USD 12,000,000 (the "Prepaid Bonus Amount") no later than 31 December 2011 (provided that, if Frontline and/or the Charterer prior to 31 December 2011 provides the Company with sufficient documentation that no less than USD 250,000,000 has been irrevocably committed by investors as new equity in Frontline 2012 Ltd, the deadline for payment shall be extended to 16 January 2012), as compensation for the Rate Reduction. The Charterer shall have the right to set off the Prepaid Bonus Amount against any Bonus Payment due to the Company. The Charterer shall not be entitled to set off the Prepaid Bonus Amount against any Cash Sweep Bonus Payment due to the Company. The Prepaid Bonus Amount shall be non-refundable in any event.

PREPAYMENT OF BONUS PAYMENT. The Charterer shall prepay to the Company an amount of USD 12,000,000 38,000,000 (the "Prepaid Bonus Amount") no later than 31 December 2011 (provided that, if Frontline and/or the Charterer prior to 31 December 2011 provides the Company with sufficient documentation that no less than USD 250,000,000 has been irrevocably committed by investors as new equity in Frontline 2012 Ltd, the deadline for payment shall be extended to 16 January 2012), as compensation for the Rate Reduction. The Charterer shall have the right to set off the Prepaid Bonus Amount against any Bonus Payment due to the Company. The Charterer shall not be entitled to set off the Prepaid Bonus Amount against any Cash Sweep Bonus Payment due to the Company. The Prepaid Bonus Amount shall be non-refundable in any event.