Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated by the Borrower in a Drawdown Notice shall constitute the making of the Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.
Disbursement of Advance to third party. The payment by the Lender under Clause 3.4 shall constitute the making of the Advance (notwithstanding that the Borrower requests the Lender to make payment direct to a third party such as a Seller or the Existing Lenders) and the Borrower shall at that time become indebted, as principal and direct obligor, to the Lender in an amount equal to the Advance.
Disbursement of Advance to third party. A payment by the Facility Agent under Clause 5.6 (Payment to third parties) to a person other than a Borrower shall constitute the making of the relevant Advance and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Xxxxxx’s participation in that Advance.
Disbursement of Advance to third party. The payment by the Facility Agent under Clause 4.7 to an Additional Ship Seller or any other third party shall constitute the making of the Advance and the Borrower shall thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.
Disbursement of Advance to third party. The payment of an Advance by the Lender under Clause 3.4 shall constitute the making of the Advance and the Borrowers shall at that time become indebted, as principal and direct obligors, to the Lender in an amount equal to that Advance.
Disbursement of Advance to third party. The payment by the Facility Agent under Clause 4.7 to the Builder or any other third party shall constitute the making of that Advance and the Borrowers, or, following a Dropdown, the Borrowers that are members of the relevant Group, shall thereupon become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender’s Contribution.
Disbursement of Advance to third party. The payment by the Lender under Clause 3.4 to the Builder shall constitute the making of the Tranche and the Borrowers shall at that time become indebted, as principal and direct obligor, to the Lender in an amount equal to that Tranche.
Disbursement of Advance to third party. The payment of an Advance or, as the case may be, Tranche A by the Lender under Clause 3.4 shall constitute the making of the Advance or Tranche A and the Borrowers shall at that time become indebted, as principal and direct obligors, to the Lender in an amount equal to that Advance or, as the case may be, Tranche A.
Disbursement of Advance to third party. The payment by the Lender under Clause 3.4 to the Time Charterer shall constitute the making of the Advance and the Borrowers shall at that time become indebted, as principal and direct obligor, to the Lender in an amount equal to the Advance.
Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated by the Borrowers in a Drawdown Notice shall constitute the making of an Advance and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Xxxxxx’s Contribution. Without limiting the foregoing, it is further understood and agreed that $500,000 of the Advance to be made in respect of the Tranche E Loan shall be paid to the Bulk Independence Seller’s Account under the sole control of the Bulk Independence Seller’s Account Bank, and the Agent shall cause the Bulk Independence Seller’s Account Bank to pay therefrom on the Borrowers’ written demand, all amounts which Bulk Independence determines in good faith are due under clause 9 of the Bulk Independence MOA and payable by Seller 3 to Bulk Independence or as directed by Xxxx Independence up to $500,000, provided that on or before December 15, 2019 the Agent shall cause the Bulk Independence Seller’s Account Bank to transfer any remaining amount held in the Bulk Independence Seller’s Account (up to but not exceeding $100,000) to the Borrowers and thereafter the remaining balance shall be made unconditionally available for the Bulk Independence Seller’s Account Bank and Seller 3 to make their final settlement. The Agent guarantees the availability of the $500,000 for the performance of the obligations under this Clause 4.7.
