Common use of Payment upon Clause in Contracts

Payment upon. first demand If the Borrower shall fail to pay any sum under the Finance Documents as and when such sum shall become due and payable, each Guarantor shall immediately upon the Agent's first written demand pay to the Agent for the account of the relevant Finance Party an amount equal to such sum which the Borrower shall not have paid, such payment to be made in immediately available funds to the account of the Agent, as the Agent may designate, without set-off or counter-claim and free and clear of and without deduction for or on account of any present or future Taxes. 17.3 No limitation on number of demands Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties) from time to time and there shall be no limitation in the number of demands which can be made hereunder. 17.4 Maximum guarantee liability The total liability of each Guarantor under this Clause 17 shall, in the aggregate, always be limited to USD 195,000,000, plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents. 17.5 Continuing guarantee This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof and shall remain in full force and effect until payment in full has been received by the Agent (on behalf of the Finance Parties) of the Outstanding Indebtedness.

Appears in 2 contracts

Samples: Flex LNG Ltd., Flex LNG Ltd.

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Payment upon. first demand If the any Borrower shall fail to pay any sum under the Finance Documents as and when such sum shall become due and payable, each Guarantor shall immediately upon the Agent's first written demand pay to the Agent for the account of the relevant Finance Party an amount equal to such sum which the Borrower Borrowers shall not have paid, such payment to be made in immediately available funds to the account of the Agent, as the Agent may designate, without set-off or counter-claim and free and clear of and without deduction for or on account of any present or future Taxes. 17.3 No limitation on number of demands Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties) from time to time and there shall be no limitation in the number of demands which can be made hereunder. 17.4 Maximum guarantee liability The total liability of each Guarantor under this Clause 17 shall, in the aggregate, always be limited to USD 195,000,000377,000,000, plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents. 17.5 Continuing guarantee This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof and shall remain in full force and effect until payment in full has been received by the Agent (on behalf of the Finance Parties) of the Outstanding Indebtedness.

Appears in 1 contract

Samples: 3 Facilities Agreement (Flex LNG Ltd.)

Payment upon. first demand If the any Borrower shall fail to pay any sum under the Finance Documents as and when such sum shall become due and payable, each Guarantor shall immediately upon the Agent's first written demand pay to the Agent for the account of the relevant Finance Party an amount equal to such sum which the Borrower Borrowers shall not have paid, such payment to be made in immediately available funds to the account of the Agent, as the Agent may designate, without set-off or counter-claim and free and clear of and without deduction for or on account of any present or future Taxes. 17.3 No limitation on number of demands Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties) from time to time and there shall be no limitation in the number of demands which can be made hereunder. 17.4 Maximum guarantee liability The total liability of each Guarantor under this Clause 17 shall, in the aggregate, always be limited to USD 195,000,000487,500,000, plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents. 10127241/1 48 17.5 Continuing guarantee This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof and shall remain in full force and effect until payment in full has been received by the Agent (on behalf of the Finance Parties) of the Outstanding Indebtedness.of

Appears in 1 contract

Samples: Facilities Agreement (Flex LNG Ltd.)

Payment upon. first demand If the Borrower shall fail to pay any sum under the Finance Documents as and when such sum shall become due and payable, each Guarantor shall immediately upon the Agent's first written demand pay to the Agent for the account of the relevant Finance Party an amount equal to such sum which the Borrower shall not have paid, such payment to be made in immediately available funds to the account of the Agent, as the Agent may designate, without set-off or counter-claim and free and clear of and without deduction for or on account of any present or future Taxes. 17.3 No limitation on number of demands Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties) from time to time and there shall be no limitation in the number of demands which can be made hereunder. 17.4 Maximum guarantee liability The total liability of each Guarantor under this Clause 17 shall, in the aggregate, always be limited to USD 195,000,000120,000,000, plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents. 17.5 Continuing guarantee This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof and shall remain in full force and effect until payment in full has been received by the Agent (on behalf of the Finance Parties) of the Outstanding Indebtedness.. 10127241/1 43

Appears in 1 contract

Samples: Version Facilities Agreement (Flex LNG Ltd.)

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Payment upon. first demand If the Borrower shall fail to pay any sum under the Finance Documents as and when such sum shall become due and payable, each Guarantor shall immediately upon the Agent's first written demand pay to the Agent for the account of the relevant Finance Party an amount equal to such sum which the Borrower shall not have paid, such payment to be made in immediately available funds to the account of the Agent, as the Agent may designate, without set-off or counter-claim and free and clear of and without deduction for or on account of any present or future Taxes. 17.3 No limitation on number of demands Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties) from time to time and there shall be no limitation in the number of demands which can be made hereunder. 17.4 Maximum guarantee liability The total liability of each Guarantor under this Clause 17 shall, in the aggregate, always be limited to USD 195,000,000150,000,000, plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents. 17.5 Continuing guarantee This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof and shall remain in full force and effect until payment in full has been received by the Agent (on behalf of the Finance Parties) of the Outstanding Indebtedness.

Appears in 1 contract

Samples: Facilities Agreement (Flex LNG Ltd.)

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