Vessel Loan definition

Vessel Loan means, for each Vessel, that part of the Loan advanced or to be advanced to the Borrowers by the Banks in respect of that Vessel as determined pursuant to Clause 2.2 or, where the context permits, the aggregate principal amount so advanced for that Vessel and for the time being outstanding and “Vessel Loans” means more than one of them.

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Vessel Loan means each of Tranche A or Tranche B advanced or to be advanced to the Borrowers by the Lenders pursuant to a Drawdown Request or, where the context permits, the aggregate principal amount so advanced and for the time being outstanding and “Vessel Loans” means more than one of them.

Vessel Loan means, collectively, Vessel Loan 1, Vessel Loan 2, Vessel Loan 3 and Vessel Loan 4.

Examples of Vessel Loan in a sentence

If the maximum amount of a Vessel Loan (being the maximum specified for that Vessel Loan in Schedule 6) is not advanced to the Borrowers, the amount of each Repayment Instalment and (in each case, where applicable) the balloon payment in respect of the relevant Vessel Loan shall be reduced pro rata to the actual amount advanced for that Vessel Loan or otherwise in accordance with Clause 5.6 (if applicable).
Interest Periods for each Vessel Loan (or any relevant part thereof) shall be for a duration of one (1), three (3) or six (6) months as selected by the Borrowers by written notice to the Agent not later than 10:00 a.m. (Singapore time) on the third Business Day before the beginning of the Interest Period in question, or such other duration as may be requested by the Borrowers and available to and agreed by the Banks.
If an Interest Period will expire after the next Repayment Date in respect of the relevant Vessel Loan, there shall be a separate Interest Period for a part of that Vessel Loan equal to the Repayment Instalment due on that next Repayment Date and that separate Interest Period shall expire on that next Repayment Date.
If Clause 7.12 above applies but no Historic Term SOFR is available for the Interest Period of a Vessel Loan, the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of that Vessel Loan.
The term loan facility shall be made available in two Loans (Vessel Loan 1 and Vessel Loan 2, each of which shall be made available to the relevant Borrower).
If no Term SOFR is available for the Interest Period of a Vessel Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of that Vessel Loan.
Drawings If the second or any subsequent Drawing of a Vessel Loan is made otherwise than on the first day of an Interest Period for the balance of that Vessel Loan, there shall be a separate initial Interest Period for that Drawing commencing on its Drawdown Date and expiring on the final date of the then current Interest Period for the balance of that Vessel Loan.
If Clause 7.13 above applies but no Interpolated Historic Term SOFR is available for an Interest Period of a Vessel Loan, the rate of interest on that Vessel Loan (or any relevant part thereof) for any day during that Interest Period will be the percentage rate per annum which is the aggregate (a) the Margin and (b) Daily Simple SOFR for that day, provided that if Daily Simple SOFR for any day is less than zero, Daily Simple SOFR for that day will be deemed zero.
The first Repayment Date in relation to each Vessel Loan shall be the date which is six (6) calendar months after the Advance Date in respect of that Vessel Loan and subsequent Repayment Dates for the Vessel Loan shall be at consecutive intervals of six (6) calendar months thereafter.
Each Loan shall be capable of being drawn, up to the maximum amount of the relevant Vessel Loan, on the dates described in Clause 4.2(a).

More Definitions of Vessel Loan

Vessel Loan means the loan agreement with FFPL as lender and the Company as borrower for the amount of US$100,000,000.

Vessel Loan means, for each Vessel, that part of the Loan advanced or to be advanced to the Borrowers by the Banks or relevant Banks in respect of that Vessel as determined pursuant to Clause 2.2 or, where the context permits, the aggregate principal amount so advanced for that Vessel and for the time being outstanding and "Vessel Loans" means more than one of them. 1.124. "Vessel One" means the Vessel designated as "Vessel One" in Schedule 1. 1.124A. "Vessel Six" means the Vessel designated as "Vessel Six" in Schedule 1. 1.125. "Vessel Three" means the Vessel designated as "Vessel Three" in Schedule 1. 1.126. "Vessel Two" means the Vessel designated as "Vessel Two" in Schedule 1. 1.127. "Vessels" means the vessels listed in Schedule 1 or any other vessel which may from time to time be mortgaged in favour of the Security Trustee as security for the obligations of the Security Parties under the Finance Documents, and everything now or in the future belonging to them on board and ashore and "Vessel" means any one of them. 1.

Vessel Loan means a term loan made by a Vessel Loan Lender to the Borrower pursuant to Section 2.01(a).