Delivery Advance definition
Examples of Delivery Advance in a sentence
Neither the Ships, nor the Earnings, Insurances or Requisition Compensation of the Ships (each as defined in the relevant Mortgage/General Assignment) nor the Accounts or any of them nor any other properties or rights which are, or are to be, the subject of any of the Finance Documents will be, on the Drawdown Date of Tranche A or (as the case may be, of the Delivery Advance subject to any Security Interest other than Permitted Security Interests.
If the Borrower makes a prepayment of the Loan in full under clause 4.2 on or prior to the first anniversary of the Drawdown Date in respect of the Delivery Advance using in full or in part Borrowed Money borrowed from a third party (other than the Lender), the Borrower must pay to the Lender a prepayment fee of zero point five per cent.
Notwithstanding the foregoing provisions of this Clause 4, in the event that the Delivery Advance is required to be drawn down prior to the satisfaction of the conditions precedent set out in Clause 9.1 and Schedule 3 Part B, paragraph 3.