Common use of Modification of Payment Terms Clause in Contracts

Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Agent, the Security Agent, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions) and with the agreement of the Italian Authorities, the Agent, the Lenders and the Borrower in the case of paragraphs (b) and (c) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions), provided that it is the intention of the Borrower, the Lenders, the Security Agent and the Agent that prior to the Conversion Rate Fixing Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "Counterparties") in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment of each Loan to the Builder denominated in Euro and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (a) of Clause 4.21 (Borrower's irrevocable payment instructions), subject to the Borrower having deposited with the Agent before each Utilisation Date, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the relevant Loan in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.

Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Agent, the Security Agent, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions) and with the agreement of the Italian AuthoritiesBuilder, the Agent, the Lenders and the Borrower in the case of paragraphs (bClause 4.1(a) and (c) with the agreement of the Agent, the Lenders and the Borrower in the case of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions4.1(b), provided ; Provided that it is the intention of the Borrower, the Lenders, the Security Agent Lenders and the Agent that prior to the Conversion Rate Fixing Delivery Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "“Counterparties"”) in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment of each Loan in full to the Builder of the balance of the Final Contract Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (a) of Clause 4.21 (Borrower's irrevocable payment instructions4.1(a), subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Agent before each Utilisation Datedelivery, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the relevant Loan Final Contract Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.

Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Agent, the Security Trustee, the Lenders and the Borrower in the case of Clause 4.1(a) and with the agreement of the Italian Authorities, Agent, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions4.1(b) and with the agreement of the Italian Authorities, the Agent, the Lenders and the Borrower in the case of paragraphs (b) and (c) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions4.1(c), provided ; Provided that it is the intention of the Borrower, the Lenders, the Security Agent Trustee and the Agent that prior to the Conversion Rate Fixing Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "Counterparties") in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment of each Loan in full to the Builder of the balance of the Final Contract Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (a) of Clause 4.21 (Borrower's irrevocable payment instructions4.1(a), subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Agent before each Utilisation Datedelivery, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the relevant Loan Final Contract Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.

Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Agent, the Security Agent, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.21 (BxxxxxxxXxxxxxxx's irrevocable payment instructions) and with the agreement of the Italian Authorities, the Agent, the Lenders and the Borrower in the case of paragraphs (b) and (c) of Clause 4.21 (BxxxxxxxXxxxxxxx's irrevocable payment instructions), provided that it is the intention of the Borrower, the Lenders, the Security Agent and the Agent that prior to the Conversion Rate Fixing Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "Counterparties") in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment of each Loan to the Builder denominated in Euro and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (a) of Clause 4.21 (Borrower's irrevocable payment instructions), subject to the Borrower having deposited with the Agent before each Utilisation Date, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the relevant Loan in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.

Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Agent, the Security Agent, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions) and with the agreement of the Italian AuthoritiesBuilder, the Agent, the Lenders and the Borrower in the case of paragraphs (bClause 4.1(a) and (c) with the agreement of the Agent, the Lenders and the Borrower in the case of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions4.1(b), provided ; Provided that it is the intention of the Borrower, the Lenders, the Security Agent Lenders and the Agent that prior to the Conversion Rate Fixing Delivery Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "“Counterparties"”) in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment of each Loan in full to the Builder of the balance of the Final Contract Price denominated in Euro at the tone of Delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (a) of Clause 4.21 (Borrower's irrevocable payment instructions4.1(a), subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Agent before each Utilisation DateDelivery, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the relevant Loan Final Contract Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.

Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Agent, the Security Trustee, the Lenders and the Borrower in the case of Clause 4.1(a) and with the agreement of the Italian Authorities, Agent, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions4.1(b) and with the agreement of the Italian Authorities, the Agent, the Lenders and the Borrower in the case of paragraphs (b) and (c) of Clause 4.21 (Bxxxxxxx's irrevocable payment instructions4.1(c), provided ; Provided that it is the intention of the Borrower, the Lenders, the Security Agent Trustee and the Agent that prior to the Conversion Rate Fixing Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "“Counterparties"”) in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment of each Loan in full to the Builder of the balance of the Final Contract Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (a) of Clause 4.21 (Borrower's irrevocable payment instructions4.1(a), subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Agent before each Utilisation Datedelivery, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the relevant Loan Final Contract Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.