Prepositioning of funds. If, in respect of the Utilisation of any Advance, the Lenders, at the request of the Borrowers and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with any bank, each Borrower and each Guarantor:
(a) agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1 (Calculation of interest) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after the Utilisation Date in respect of it or, if such Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; and
(b) shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may occur in connection with such arrangement.
Prepositioning of funds. If, in respect of any proposed Advance, the Lenders, at the request of the Borrowers and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with the Escrow Agent:
(a) agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1 (Calculation of interest) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after the Utilisation Date in respect of it or, if the Release Date does not occur, within three Business Day of demand by the Facility Agent; and
(b) shall without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.
Prepositioning of funds. If, in respect of an Advance, the Lenders, at the request of the Borrower and on terms acceptable to all the Lenders and in their absolute discretion, pre-position funds with the Builder's bank at the request of the Borrower, the Borrower and each other Obligor:
(a) agree to pay interest on the amount of such funds at the rate described in Clause 8.1 (Calculation of interest) applicable to the first Interest Period for the period during which funds have been pre-positioned and so that interest shall be paid together with the first payment of interest in respect of the Advance at the Utilisation Date (being the Delivery Date) or, if the Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; and
(b) shall, without duplication, indemnify each Finance Party against any losses it may incur in connection with such arrangement.
Prepositioning of funds. If, in respect of the disbursement of Tranche C, Tranche D or any Substitute Ship Tranche where the relevant Substitute Ship to which such Substitute Ship Tranche relates is a newbuilding (the "Prepositioned Tranche"), the Lenders may preposition funds in accordance with the following terms and subject to the following conditions:
(a) the Agent shall, on the Drawdown Date relating to the Prepositioned Tranche, preposition the amounts which the Agent receives from the Lenders in respect of the Prepositioned Tranche by making payment of such amounts:
(iii) to the account of the Agent with the relevant bank (the "Prepositioning Bank") as the Borrower may have agreed with the Agent in advance of the Drawdown Date relating to the Prepositioned Tranche and specified in the Drawdown Request relating to the Prepositioned Tranche;
(iv) in like funds as the Agent received from the Lenders in respect of the Prepositioned Tranche; and
(v) on terms that:
(A) such amounts shall be held to the order of the Agent until such time as the Agent agrees that the Prepositioned Tranche may be released to the relevant Builder, the Seller or, in the case of a Substitute Ship Tranche, the relevant builder or seller in accordance with Clause 4.10;
(B) such prepositioning shall constitute the making of the Prepositioned Tranche 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 participation in the Prepositioned Tranche; and
(C) the date on which the Prepositioned Tranche is prepositioned shall constitute the Drawdown Date relating to the Prepositioned Tranche.
Prepositioning of funds. If, in respect of any proposed Advance under a Tranche, the Lender, at the request of the Borrowers and on terms acceptable to the Lender and in its absolute discretion, prepositions funds with the Existing Lender or any other bank, each Borrower and the Parent Guarantor:
(a) agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1 (Calculation of interest) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after its Utilisation Date or, if such Utilisation Date does not occur, within three Business Days of demand by the Lender; and
(b) shall, without duplication, indemnify the Lender against any costs, loss or liability it may incur in connection with such arrangement.
Prepositioning of funds. If, in respect of the Utilisation of the Loan, the Facility Agent (acting on the instructions of the Lenders), at the request of the Borrowers and on terms acceptable to all the Lenders and the Borrowers, prepositions funds with any bank:
(a) the Lenders shall, prior to any such pre-positioning of funds, provide an instruction letter to the Facility Agent in form and substance acceptable to the Facility Agent; and
(b) each Borrower and each Guarantor:
(i) agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1 (Calculation of interest) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on the Loan after the Utilisation Date in respect of it or, if the Utilisation Date does not occur, within three Business Days of demand by the Facility Agent (acting on the instructions of the Lenders); and
(ii) shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.
Prepositioning of funds. The Agent (at its sole discretion) may, at the Borrowers’ request, agree to preposition on the relevant Drawdown Date the amounts which the Agent receives from the Lenders in respect of the Advance together with any equity which is to be provided by the Borrowers, by making payment of such amounts:
(a) to such account and with such bank (the “Prepositioning Bank”) as the Borrowers may have agreed with the Agent in advance of that Drawdown Date and as specified in the relevant Drawdown Notice;
(b) in like funds as the Agent received the payments from the Lenders; and
(c) on terms that:
(i) such amounts shall be held to the order of the Agent until the conditions described in the remittance message (the “Remittance Message”) with which the conditional payment is effected for transfer of funds to the Seller are fulfilled or, if earlier, such time as the Agent confirms in writing to the Prepositioning Bank that the Advance may be released to the Seller in accordance with Clause 4.8;
(ii) such prepositioning shall constitute the making of the Advance and the Borrowers shall at that time become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender’s participation in the Advance; and
(iii) the date on which the Advance is prepositioned shall constitute its Drawdown Date.
Prepositioning of funds. If, in respect of the Utilisation of the Loan, the Facility Agent (acting on the instructions of the Lenders), at the request of the Borrowers and on terms acceptable to all the Lenders and the Borrowers, prepositions funds with any bank:
(a) the Lenders shall, prior to any such pre-positioning of funds, provide an instruction letter to the Facility Agent in form and substance acceptable to the Facility Agent; and
(b) any such pre-positioning of funds shall constitute the advance of the Loan and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's participation in the Loan; and
(c) shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.
Prepositioning of funds. If, in respect of an Advance, the Lenders, at the request of the Borrower and on terms acceptable to all the Lenders and in their absolute discretion, pre-position funds with the Builder's bank at the request of the Borrower, the Borrower and each other Obligor:
Prepositioning of funds. The Lender shall, on the Utilisation Date in respect of a Tranche, at the request of the Borrowers and on terms acceptable to the Lender in its absolute discretion, prepay or (as the context shall require) preposition that Tranche or any part thereof by making payment of such amount:
5.5.1 in the case of Tranche A, by making payment of such amount which the Borrowers specify in the Utilisation Request to the Earnings Account of Toka into which such amount shall remain pledged and restricted and shall not be withdrawn until the Lender has received all of the documents and other evidence listed in Part 1 of Schedule 1 (Conditions Precedent) and bullet 1 of Part II of Schedule 1 (Conditions Subsequent) in form and substance satisfactory to the Lender or otherwise as stipulated in this Agreement; and
5.5.2 in the case of Tranche B on terms that:
(a) such amounts shall be held to the order of the Lender until such time as the Lender confirms in writing to the Seller’s bank or the Escrow Agent (as applicable) or the holder of any other account as specified in the Utilisation Request that the Loan or any part thereof may be released to the Seller or other party respectively in accordance with Clause 5.6 (Release of prepositioned funds);
