Assigned Refund Guarantee definition
Assigned Refund Guarantee means, at any relevant time, any Refund Guarantee which is at such time subject to a Pre-delivery Security Assignment and a Refund Guarantee shall, for the purposes of this Agreement, be deemed to be an Assigned Refund Guarantee as from whichever shall be the earlier of (a) the Drawdown Date of the first Contract Instalment Advance to be drawn down for the Ship to which such Refund Guarantee relates and (b) the date that the Pre-delivery Security Assignment relevant to that Ship shall have been executed in accordance with this Agreement until the earlier of (i) the date when the Borrowers have complied with all their obligations under clause 4.4.2 following the assignment, transfer or novation of the Contract to which such Refund Guarantee relates or the Total Loss of the relevant Ship and (ii) the Drawdown Date of the Delivery Advance for the Ship to which such Refund Guarantee relates;
Assigned Refund Guarantee means, at any relevant time, any Refund Guarantee which is at such time subject to a Pre-delivery Security Assignment and a Refund Guarantee shall, for the purposes of this Agreement, be deemed to be an Assigned Refund Guarantee as from whichever shall be the earlier of (a) the Drawdown Date of the first Contract Instalment Advance to be drawn down for the Ship to which such Refund Guarantee relates, (b) the Bank Guarantee Issue Date for the Bank Guarantee relating to that Ship and (c) the date that the Pre-delivery Security Assignment relevant to that Ship shall have been executed in accordance with this Agreement until the earlier of (i) the date when the Borrowers have complied with all their obligations under clause 4.3.2 following the assignment, transfer or novation of the Contract to which such Refund Guarantee relates or the Total Loss of the relevant Ship and (ii) the Drawdown Date of the Delivery Advance for the Ship to which such Refund Guarantee relates;