Common use of Disbursement of Advance to third party Clause in Contracts

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.

Appears in 7 contracts

Samples: Loan Agreement (Dorian LPG Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

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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 Borrowers shall at that time become indebted, as principal and direct obligorobligors, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 6 contracts

Samples: Loan Agreement, Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated by specified in the Borrower in a relevant Drawdown Notice shall constitute the making of the Advance and the Borrower shall at that time thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s 's Contribution.

Appears in 6 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated by specified in the Borrower in a relevant Drawdown Notice shall constitute the making of the Advance and the Borrower shall at that time thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 5 contracts

Samples: Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

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 Borrowers shall at that time become indebted, as principal and direct obligorobligors, to each Lender in an amount equal to that Lender’s 's Contribution.

Appears in 5 contracts

Samples: Loan Agreement, Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Dynagas LNG Partners LP)

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 's Contribution.

Appears in 4 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)

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 Borrowers in a Drawdown Notice shall constitute the making of the an Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 3 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Quartet Holdco Ltd.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated by Original Buyer or the Borrower in a Drawdown Notice Builder, as the case may be, shall constitute the making of the Advance and the Borrower shall at that time thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 2 contracts

Samples: Loan Agreement (GasLog Ltd.), Loan Agreement (GasLog Ltd.)

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 Borrowers in a Drawdown Notice shall constitute the making of the Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Quartet Holdco Ltd.)

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 LenderXxxxxx’s Contribution.

Appears in 2 contracts

Samples: Loan Agreement (Dorian LPG Ltd.), Credit Agreement (Scorpio Bulkers Inc.)

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.

Appears in 2 contracts

Samples: Loan Agreement (Costamare Partners LP), Loan Agreement (Crude Carriers Corp.)

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 relevant Earnings Account shall constitute the making of the relevant Advance and the Borrower Borrowers shall at that time thereupon become indebted, as principal and direct obligorobligors, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 2 contracts

Samples: Facility Agreement (NewLead Holdings Ltd.), Facility Agreement (NewLead Holdings Ltd.)

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.

Appears in 2 contracts

Samples: Amending and Restating Agreement (Seacastle Inc.), Loan Agreement (Seacastle Inc.)

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 an Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that LenderXxxxxx’s Contribution.

Appears in 2 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

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 Borrowers in a Drawdown Notice shall constitute the making of the an Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that LenderXxxxxx’s Contribution.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

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 and borrowing of the an 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 's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Diana Shipping Inc.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated (if requested by the Borrower in a relevant Drawdown Notice Notice) shall constitute the making of the Advance and the Borrower shall at that time thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s ContributionContribution for that Advance.

Appears in 1 contract

Samples: Loan Agreement (Grindrod Shipping Holdings Pte. Ltd.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the an account of a third party designated by the Borrower in a Drawdown Notice Builder 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 's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Disbursement of Advance to third party. The payment by the Agent Lender under Clause 4.6 3.4 to the account of a third party designated by the Borrower Borrowers or the Existing Lender or the Seller (as the case may be) as specified in a the relevant Drawdown Notice shall constitute the making of the Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligorobligors, to each the Lender in an amount equal to that Lender’s ContributionAdvance.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

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Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 (Disbursement of Advance) to the an account of a third party designated by the Borrower in a Drawdown Notice Builder 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 's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 (Disbursement of Advance) to the account of a third party designated by which the Borrower Borrowers specify in a the Drawdown Notice shall constitute the making of the Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligorobligors, to each Lender in an amount equal to that Lender’s 's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Partners L.P.)

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 thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Lxxxxx's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

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 Builder shall constitute the making of the an Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s ContributionContribution in that Advance.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Holdings Inc.)

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 Borrowers in a Drawdown Notice shall constitute the making of the Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that LenderXxxxxx’s Contribution.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

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 Borrowers shall at that time thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s 's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Dynagas LNG Partners LP)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a third party designated by specified in the Borrower in a relevant Drawdown Notice shall constitute the making of the Advance and the Borrower shall at that time thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Xxxxxx's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

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 's Contribution.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

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 Borrowers shall at that time become indebted, as principal and direct obligorobligors, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

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 an Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that LenderLxxxxx’s Contribution.

Appears in 1 contract

Samples: Loan Agreement (Eagle Bulk Shipping Inc.)

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the account of a any third party designated by the Borrower in a Drawdown Notice shall constitute the making of the Advance and the Borrower Borrowers shall at that time become indebted, as principal and direct obligorobligors, to each Lender in an amount equal to that Lender’s Contribution.

Appears in 1 contract

Samples: Loan Agreement (Euronav NV)

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