THE LOAN AGREEMENT. (a) The Bank, as Transferor and Servicer, hereby assigns all of its rights and obligations under the Loan Agreement to Successor and, on and after the date of this Agreement, Successor expressly assumes, undertakes and agrees to be liable for the performance of each and every covenant and obligation of the Bank, as Transferor and Servicer, mutatis mutandis, under the Loan Agreement.
THE LOAN AGREEMENT. Xxxxx Tankers Finance B.V. (the “Borrower”) and the Lender are parties to a USD 225,779,737.18 existing financing and USD 100,000,000 new financing top up term loan agreement (the “Loan Agreement”) dated 27 October 2005 pursuant to which, among other things, (i) the Perseverance Tranche will be allocated, on a pro rata basis, to the outstanding Tranches in respect of the Continuing Vessels, (ii) the Existing Tranches will become subject to the terms and conditions of the Loan Agreement, and (iii) the Advance, to be allocated to the New Tranches, will be disbursed to the Borrower. The Tranches have been applied, in accordance with the terms of the Loan Agreement, to the financing of the Continuing Vessels owned by each of the Continuing Shipowning Companies.
THE LOAN AGREEMENT. The yield on the Loan Agreement, computed without regard to qualified administrative costs incurred by the Authority and paid by the Company, may not exceed the Bond Yield by more than .125%. For this purpose, qualified administrative costs include costs or expenses paid, directly or indirectly, to purchase, carry, sell or retire the Loan Agreement and costs of issuing, carrying, or repaying the Bonds. Although actual payments by the Company with respect to qualified administrative costs, such as, for instance fees paid to the Authority, may be made at any time, for purposes of calculating the yield on the Loan Agreement, a pro rata portion of each payment made by the Company is treated as a reimbursement of reasonable administrative costs, such that the present value of such payments does not exceed the present value of the reasonable administrative costs paid by the Authority, using the yield on the Bonds as the discount rate.
THE LOAN AGREEMENT. In connection with the implementation of a corporate, organisational and financial restructuring of the corporate group comprised of Xxxxx-Xxxxxxx S.A. and its direct and indirect subsidiaries, the Borrower and the Lender entered into a USD 39,285,714.26 loan agreement (as amended, the “Loan Agreement”) dated 20 May 2003 for the purpose of restructuring the financing of the Vessel M/V Stolt Achievement.
THE LOAN AGREEMENT. The Borrower and the Lender are parties to a USD 225,779,737.18 existing financing, USD 100,000,000 new financing top up term loan and USD 55,000,000 additional advance agreement dated 27 October 2005 and amended by Amendment No. 1 thereto dated 26 June 2006 and Amendment No. 2 thereto dated the date hereof (as so amended and as may be further amended from time to time, the “Loan Agreement”). Pursuant to Amendment No. 2 to the Loan Agreement, among other things, an additional advance in the amount of USD 55,000,000 will be made available by the Lender to the Borrower, Stolt Achievement B.V. will be added as a Continuing Shipowning Company and XX Xxxxx Achievement will be added as a Continuing Vessel. The Tranches made available to the Borrower under the Loan Agreement have been applied to the financing of the Continuing Vessels owned by each of the Guarantors.
THE LOAN AGREEMENT. Each of the Intermediate Companies has signed the Loan Agreement and each of Amendment No. 1 and Amendment No. 2 thereto as a Parent Company Guarantor. Each of the Intermediate Companies has made certain representations and warranties and undertakings in favour of the Lender under the Loan Agreement. Each of the Intermediate Companies represents and warrants in favour of the Lender that, to the best of its knowledge, there is no misstatement of information or omission of information which makes any statement contained in the Loan Agreement false or misleading.