GIEK Premium definition
GIEK Premium means one point two zero per cent. (1.20%) per annum of a GIEK Facility Advance or GIEK Facility Loan being payable or (as the context may require) paid to GIEK under the terms of the GIEK Guarantee at the end of each Interest Period.
GIEK Premium means the premium, to be paid to MTI pursuant to each of the GIEK Guarantee Policies and in accordance with Section 6.8, of 165 basis points (1.65%) per annum; provided that the GIEK Premium payable under either GIEK Guarantee Policy shall be reduced to 140 basis points (1.40%) per annum on the date that GIEK receives written evidence acceptable to GIEK in its sole discretion that the Drilling Unit owned by the Borrower that owes the MTI Tranche Loans guaranteed by such GIEK Guarantee Policy has been operated for two consecutive months at an average uptime rate of at least 90% pursuant to the relevant Charter Agreement and Services Agreement; provided further that, in the event the Applicable Margin with respect to any of the Bank Tranche Loans is increased to a percentage higher than the aggregate of the GIEK Premium and the Applicable Margin with respect to the MTI Tranche Loans for the corresponding period, such GIEK Premium shall be subject to a corresponding increase to the extent required under the GIEK Guarantee Policies.
GIEK Premium means one point one per cent. (1.1%) per annum of a GIEK Facility Advance or GIEK Facility Loan being payable or (as the context may require) paid to GIEK under the terms of the GIEK Guarantee at the end of each Interest Period. GIEK Proportionate Share means, at any time prior to the Advance being made, the proportion which a GIEK Facility Lender’s GIEK Facility Commitment then bears to the aggregate GIEK Facility Commitments of all GIEK Facility Lenders and at any time after the Advance has been made, the proportion which a GIEK Facility Lender’s Contribution then bears to the GIEK Loan.
Examples of GIEK Premium in a sentence
The Borrower agrees to pay to the Facility Agent (for the account of GIEK) the GIEK Premium on each Interest Payment Date.
The GIEK Premium (or any part thereof) shall not be refundable except in accordance with the terms of the GIEK Guarantee and GIEK’s internal regulations.
Such GIEK Premium shall be due and payable in arrears on each Interest Payment Date.