Delivery Date Backstop definition
Delivery Date Backstop means 21 December 2011 for Vessel A, 31 January 2012 for Vessel B and 26 January 2012 for Vessel C, or such later dates may be permitted under the relevant Shipbuilding Contract for each Vessel as previously approved in writing by the Agent (acting on the instructions of the Majority Lenders). “Delivery Instalment Fund Transfer Date” means, in relation to a Vessel, the date that the Final Instalment of the Contract Price is to be deposited with the Seller’s Bank prior to the Delivery Date applicable to that Vessel in accordance with the terms of the Shipbuilding Contract relating to that Vessel. “Disruption Event” means either or both of: (a) a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or (b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: (i) from performing its payment obligations under the Finance Documents; or (ii) from communicating with other Parties in accordance with the terms of the Finance Documents, and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 7
Delivery Date Backstop means 21 December 2011 for Vessel A, 31 January 2012 for Vessel B and 26 January 2012 for Vessel C, or such later dates may be permitted under the relevant Shipbuilding Contract for each Vessel as previously approved in writing by the Agent (acting on the instructions of the Majority Lenders).