Refund Guarantee definition

Refund Guarantee means a, or if more than one, each refund guarantee arranged by the Yard in respect of a Pre-delivery Installment and provided by one or more financial institutions contemplated by the Construction Contract, or by other financial institutions reasonably satisfactory to the Lead Arrangers, as credit support for the Yard’s obligations thereunder.

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Refund Guarantee means each of the Vessel A Refund Guarantee and the Vessel B Refund Guarantee and in the plural means both of them;

Refund Guarantee means the refund guarantee issued by the Refund Guarantor in favour of the Owner.

Examples of Refund Guarantee in a sentence

• On or prior to each Borrowing Date, all necessary governmental (domestic and foreign) and material third party approvals and/or consents in connection with the Construction Contract, any Refund Guarantee (to the extent issued on or prior to such Borrowing Date), the Vessel and the other transactions contemplated hereby (except to the extent specifically addressed in other sections of Section 5 or this Section 6) shall have been obtained and remain in effect.

• The Refund Guarantee in respect of the 1st Instalment shall be provided to the Buyer within 45 Banking Days after the effective date of this Contract (see Clause 44 (Effective date of Contract)), failing which the Buyer shall have the option to terminate this Contract in accordance with Clause 39(a)(ix) (Suspension and Termination), unless otherwise agreed by the Parties.

• However, the Buyer shall not be obliged to make any Instalment payment (including the first Instalment) until five (5) Banking Days after the Refund Guarantee in respect of and equal to the value of that Instalment payment plus interest has been electronically received and verified by the Buyer’s nominated bank.

• If the terms of a Refund Guarantee specify an expiry date, such expiry date shall be at least 30 days after the date when the Vessel is expected to be delivered to, and accepted by, the Buyer.

• In case such extension of the Refund Guarantee is not provided as stipulated above, the Buyer is entitled to claim up to the full guaranteed amount under the Refund Guarantee and retain such funds as performance security to be repaid (save for any amount claimed under such security while retaining such funds) to the Builder if/when an extension of the Refund Guarantee has been provided by the Builder.

More Definitions of Refund Guarantee

Refund Guarantee means the letter of guarantee issued by the Refund Guarantor in favour of the Borrower in respect of the Builder’s obligations under the Shipbuilding Contract;

Refund Guarantee means, in relation to each Ship, each refund guarantee issued by the Refund Guarantor in favour of the relevant Borrower pursuant to the Shipbuilding Agreement in respect of such Ship;

Refund Guarantee means the irrevocable guarantee dated 11 April 2008 with reference number LGC5500800231 issued by the Refund Guarantor to the Guarantor as security for the Seller's refund obligations to the Guarantor under the Building Contract in respect of the pre-delivery Instalments paid or to be paid thereunder;

Refund Guarantee means the refund guarantee issued or, as the context may require, to be issued by the Refund Guarantor in favour of the Lessor pursuant to the Novation Agreement;

Refund Guarantee means the guarantee issued or to be issued by any refund guarantor in favor of any Debtor pursuant to any Construction Contract in the form set out in the Construction Contract (or in such other form as the relevant Debtor and the Agent shall agree).

Refund Guarantee means each of the Vessel A Refund Guarantee, the Vessel B Refund Guarantee and the Vessel C Refund Guarantee and in the plural means all of them;

Refund Guarantee means each of the Vessel A Refund Guarantee and the Vessel B Refund Guarantee and in the plural means both of them; “Refund Guarantor” means each of the Vessel A Refund Guarantor and the Vessel B Refund Guarantor and in the plural means both of them;