Examples of Facility Security Period in a sentence
The undertakings and covenants in this clause 12 remain in force for the duration of the Facility Security Period.
Liability owners have no such luxury; like the Cat in the Hat, they can’t easily shed their problems.
The Borrower shall ensure at its own expense throughout the Facility Security Period that the Vessel is insured and operated in accordance with the provisions set out in the relevant Facility Security Documents.
The Borrower shall not for the duration of the Facility Security Period change or permit a change to the flag of the Vessel other than to a Flag State and/or bring its centre of main interests into the European Union or any country with which a Facility Lender is prohibited from doing business and which has been notified to the Facility Agent.
The Borrower shall not for the duration of the Facility Security Period (with effect from the Delivery Date) change or permit a change to the flag of the Vessel other than to a Flag State and/or bring its centre of main interests into the European Union or any country with which a Facility Lender is prohibited from doing business and which has been notified to the Facility Agent.
The Lessor and the Standby Purchaser each severally agree and covenant to each of the Credit Beneficiaries that (notwithstanding any termination of the leasing of the Haewene Brim Equipment) it will not during the Facility Security Period repossess the Haewene Brim Equipment without the prior written consent of the Credit Security Trustee (acting on the instructions of the Credit Beneficiaries).
The Security Trustee hereby appoints the Facility Agent as its agent for the purposes of all or any requests, consents, instructions, directions, notices, demands or other communications which are given, made or issued by the Security Trustee under or pursuant to this Deed and the other Security Documents during the Facility Security Period and all of the Instructing Beneficiaries hereby approve that appointment.
The Borrower shall not for the duration of the Facility Security Period change or permit a change to the flag of the Vessel other than to a Flag State as may be approved by the Facility Agent acting on the instructions of the Majority Facility Lenders, such approval not to be unreasonably withheld or delayed and/or bring its centre of main interests into the European Union or any country with which a Facility Lender is prohibited from doing business and which has been notified to the Facility Agent.
By 31 December of each year during the Facility Security Period the Borrower shall provide an updated budget and forecast for the immediately following period of twelve (12) Months including commentary on any technical issues, downtime/operation record and updates or changes to the field.
With effect from the Drawdown Date, the Borrower shall ensure at its own expense throughout the Facility Security Period that the Vessel is insured and operated in accordance with the provisions set out in the relevant Facility Security Documents.