Ship Loan definition

Ship Loan means in relation to each Ship the loan with HSH which currently finances such Ship and, in the plural, means all of them;
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Ship Loan means a borrowing of the Ship Commitment for a Ship or (as the context requires) the outstanding principal amount of such borrowing Ship Representations means the representations and warranties set out in clause 11.2.5 (The Ships)
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Ship Loan has the meaning given it in the Recitals.
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Examples of Ship Loan in a sentence

  • The Borrowers shall pay interest on each Ship Loan in respect of each Interest Period relating thereto on each Interest Payment Date at the percentage rate per annum which is the aggregate of (a) the Margin, and (b) LIBOR for such Interest Period.

  • The Borrowers shall pay all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by any Finance Party) imposed on or in connection with any of the Finance Documents, the Underlying Documents, a Ship Loan or the Loan and shall indemnify the Finance Parties or any of them against any liability arising by reason of any delay or omission by the Borrowers to pay such duties or taxes.

  • Neither any Arranger nor the Facility Agent shall have any duty or responsibility, either initially or on a continuing basis, to provide each Lender with any credit or other information with respect to any Security Party whether coming into its possession before the making of a Ship Loan or at any time or times thereafter other than as provided in clause 22.3(a) (Facility Agent’s Duties).

  • Ship Loan - Total Loss: if a Mortgaged Ship becomes a Total Loss, then on the Total Loss Repayment Date for such Mortgaged Ship, the Borrowers shall prepay the amount of the relevant Ship Loan outstanding for such Mortgaged Ship together with accrued interest if any.

  • The amount of each Lender’s participation in a Ship Loan will be equal to the proportion borne by its Commitment to the Ship Commitment for the Ship to which that Ship Loan relates immediately prior to making that Ship Loan.

  • Subject to the terms and conditions of this Agreement, a Borrower may request the making of a Ship Loan by delivery to the Facility Agent of a duly completed Drawdown Notice not later than 11:00 a.m. (Beijing time) five (5) Business Days before the proposed Drawdown Date.

  • Except with approval from the Facility Agent (such approval to be given on the instructions of the Majority Lenders and which shall not be unreasonably withheld by them) (i) no Shipbuilding Contract shall be varied and (ii) the specification of the Ship shall not be changed; in either case, in a way which might reasonably be expected to delay the delivery of such Ship beyond the last day of the Availability Period for the Ship Loan for that Ship.

  • Without prejudice to the Borrowers’ obligations under clause 13.1.3 (Use of proceeds), no Finance Party shall have any responsibility for the application of the proceeds of a Ship Loan or any part thereof by the Borrowers.

  • The Facility Agent shall notify the Borrowers and the other Finance Parties promptly upon receiving and being satisfied with all of the documents and evidence delivered to it under each of clauses 4.2 (Initial conditions precedent), 4.3 (Conditions precedent to a Ship Loan made in connection with Delivery), 4.4 (General conditions precedent) and 4.5 (Conditions precedent regarding key charter).

  • From such account the amount of the Ship Loan shall be paid by the Facility Agent on such date in like funds as are received by the Facility Agent in accordance with the payment instructions set out in the Drawdown Notice or (if it is necessary to pre-place funds for the Delivery Instalment) in accordance with clause 5.4 (Pre-placement of funds prior to Delivery of a Ship).

Related to Ship Loan

  • Partnership Loan has the meaning provided in Section 5.2(c) hereof.

  • PPP Loan means, with respect to any Target Company, the loan made to the Target Company by a bank pursuant to that certain promissory note under the U.S. Treasury’s Paycheck Protection Program (pursuant to the CARES Act).

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Tranche B Loan is defined in Section 2.2(a)(ii).