Common use of Standby Loan Clause in Contracts

Standby Loan. In the event that the Lessee has given a notice of termination pursuant to clauses 2.2.1(a) or 2.5.2(a), and has also given a corresponding notice under clauses 2.2.1(a) or 2.5.2.(a) of each of the Sister Ship Agreements specifying the same Lease Termination Date (or, as the case may be, Pre-Delivery Termination Date), the Lessee shall be entitled to require that the Lessor procures that the Standby Lender enters into a Standby Loan Transaction in respect of the Ship and all of the Sister Ships (but not some only) and, subject to the Standby Lender first being indemnified by the Lessee in respect of its costs, the Standby Lender and the Lessee shall in good faith endeavour to conclude the Standby Loan Transaction on such Lease Termination Date (or, as the case may be, Pre-Delivery Termination Date) or as soon as reasonably practicable thereafter.