Bulk Partners definition
Examples of Bulk Partners in a sentence
Bulk Partners shall maintain a Consolidated Leverage Ratio of not more than 200%.
Bulk Partners shall maintain a Consolidated Net Worth of not less than $30,000,000 plus, with respect to any vessel purchased or leased by Bulk Partners or its subsidiaries after the Effective Date, for so long as such vessels are legally or economically owned, 25% of the purchase price or (finance) lease amount of such vessels.
From and after January 1, 2013, Bulk Partners shall maintain a Consolidated Debt Service Coverage Ratio of not less than 120% (on a rolling four quarter basis, tested as of the last day of each fiscal quarter).
It is assumed that the technical management of the Vessels will be transferred to Seamar Management S.A. (a subsidiary of Bulk Partners (Bermuda) Ltd.) at a later stage.
From the first Drawdown Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full the Borrowers and Bulk Partners undertake with each Creditor Party to comply or cause compliance with the following provisions of this Clause 12 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld.
Name: Name: Capacity: Capacity: As Guarantor, Bulk Partners (Bermuda) Ltd.
Bulk Partners shall maintain Consolidated Minimum Liquidity of not less than $10,000,000 plus $1,000,000 for every vessel purchased or (finance) leased by Bulk Partners or its subsidiaries after the Effective Date.
Promptly upon the institution of a Plan, a Multiemployer Plan or a Foreign Pension Plan by a Borrower or Bulk Partners, the Borrowers shall furnish or cause to be furnished to the Agent written notice thereof and, if requested by the Agent or any Lender, a copy of such Plan, Multiemployer Plan or Foreign Pension Plan.
The Borrowers shall use the proceeds of the Advance solely for the purpose of (i) repayment of a bridge loan provided by ST Shipping to the Borrowers, and (ii) repayment of subordinated shareholder loans provided by ST Shipping and Bulk Partners to the Borrowers.
The Lenders have agreed to make available to the Borrowers a loan facility of up to the lesser of $40,000,000 or 65% of the aggregate Fair Market Value of the Panamanian registered vessels “NORDIC ODYSSEY” and “NORDIC ORION” for the purpose of (i) repayment of a bridge loan provided by ST Shipping to the Borrowers, and (ii) repayment of subordinated shareholder loans by ST Shipping and Bulk Partners to the Borrowers.