Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of:
(a) Thirty five million five hundred thousand Dollars ($35,500,000); and
(b) the aggregate of:
(i) eighty per cent (80%) of the aggregate of the Contract Prices;
(ii) eighty per cent (80%) of the aggregate of the Additional Costs; and
(iii) Two million one hundred thousand Dollars ($2,100,000) comprising the Top-Up Advances, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance.
2.5.2 The aggregate amount of each Tranche shall not exceed the lower of:
(a) Seven million one hundred thousand Dollars ($7,100,000); and
(b) the aggregate of:
(i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche;
(ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and
(iii) Four hundred and twenty thousand Dollars ($420,000) being the Top-Up Advance for the Ship relevant to such Tranche.
2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two million nine hundred and ninety two thousand Dollars ($2,992,000) and:
(a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three hundred and forty thousand Dollars ($340,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Ship;
(b) each of the second and third Contract Instalment Advances for a Ship shall not exceed the lower of (i) Eight hundred and sixteen thousand Dollars ($816,000) and (ii) eighty per cent (80%) of the relevant instalment of the Contract Price for that Ship;
(c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One million twenty thousand Dollars ($1,020,000) and (ii) one hundred per cent (100%) of the. fourth instalment of the Contract Price for that Ship; and
(d) each Contract Instalment Advance for a Ship:
(i) shall be applied in or towards payment to the Builders of part of the relevant instalment of the Contract Price for that Ship;
(ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 opposite the relevant Contract Instalment Advance; and
(iii) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Contract Instalment Advance shall be advanced t...
Timing and limitation of Advances. 2.5.1 The amount of each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice of that Advance.
2.5.2 Each Advance shall be made solely for one of the purposes set out in clause 1.1.
2.5.3 No Advance of the Facility shall be available if:
(a) the making of that Advance would result in:
(i) more than twelve (12) Advances then being outstanding; or
(ii) the aggregate of all of the Advances drawn down at any relevant time exceeding the Commitment; and/or
(b) during the period up to the date falling thirty (30) months after the date of this Agreement, the Loan is, or would following the making of such Advance be, greater than an amount equal to sixty five per cent (65%) of the Fleet Market Value; or
(c) during the period from the date falling thirty (30) months after the date of this Agreement until the Repayment Date, the amount of the Loan is, or would following the making of such Advance be, greater than an amount equal to sixty per cent (60%) of the Fleet Market Value. For the purposes of sub-clause 2.5.3(b) and (c) the Fleet Market Value shall be ascertained by reference to the valuation of the Ships in accordance with clause 8.2.2 obtained not more than 30 days before the date upon which the relevant Advance is to be made.
2.5.4 The Borrower shall not be entitled to draw down any Advance in the period falling one month before any Reduction Date without the prior consent of the Majority Banks if such Advance would result in a Retention Event occurring.
2.5.5 No Advance of the Facility which is to be applied in refinancing an Initial Ship shall exceed the amount set out alongside that Initial Ship in Part 3 of Schedule 2 so that the aggregate of the Advances made available to refinance the Initial Ships shall never exceed two hundred and thirty four million three hundred and nine thousand nine hundred and ninety nine Dollars ($234,309,999).
2.5.6 The Advance relative to Stena Compassion shall be paid directly to the Seller of Stena Compassion, shall only be made available on the Delivery Date for Stena Compassion and shall not exceed fifty million four hundred and ninety thousand Dollars ($50,490,000).
2.5.7 The aggregate of all Advances relative to general corporate purposes (as approved by the Arrangers from time to time) shall not exceed five million Dollars ($5,000,000) and no Advance for general corporate purposes shall be for less than five hundred thousand Dollars ($500,000)....
Timing and limitation of Advances. 2.5.1 The aggregate amount of both Advances shall not exceed the Total Commitment.
2.5.2 Each Advance shall not exceed the lower of (a) Forty one million three hundred thousand Dollars ($41,300,000) and (b) seventy per cent (70%) of the market value of the Ship relevant to such Advance determined in accordance with the valuation(s) obtained for that Ship pursuant to schedule 3, Part 2.
2.5.3 Each Advance:
(a) shall be applied in or towards payment to the Seller of such part of the Contract Price for the Ship relevant to such Advance, which is payable on the Delivery Date for that Ship;
(b) shall be drawn down only once the part of the Contract Price referred to in paragraph 2.5.3(a) above has become due and payable; and
(c) shall be paid by the Banks to the Seller directly, unless (i) the relevant Borrower has already paid such part of the Contract Price to the Seller when it was due, in which case the relevant Advance (or part thereof) shall be advanced to the Borrowers, or (ii) the Advance exceeds the portion of the Contract Price payable to the Seller on the delivery of the relevant Ship under the relevant Contract, in which case a part of the Advance equal to such portion shall be paid to the Seller and the balance of the Advance shall be advanced to the Borrowers.
Timing and limitation of Advances. 2.5.1 The aggregate amount of all Advances shall not exceed the lesser of (i) $9,480,000, (ii) an amount in Dollars equal to fifty per cent (50%) of the aggregate amount of each First Advance, Second Advance and Third Advance and (iii) fifty per cent (50%) of the aggregate of the market values of the Borrowers’ Ships as determined by the Agent pursuant to the valuations obtained pursuant to Part 2 and Part 3, schedule 3 and as adjusted by the Agent for the relevant stage of construction at any relevant time, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance.
2.5.2 The aggregate amount of all Advances in relation to a Borrower’s Ship shall not exceed the lesser of (i) $4,740,000, (ii) an amount in Dollars equal to fifty per cent (50%) of the aggregate amount of each First Advance, Second Advance and Third Advance for such Borrower’s Ship and (iii) fifty per cent (50%) of the market value of that Borrower’s Ship as determined by the Agent pursuant to the valuations obtained pursuant to Part 3, schedule 3 in respect of such Borrower’s Ship and as adjusted by the Agent for the relevant stage of construction at any relevant time, and each Advance in relation to that Borrower’s Ship shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance.
2.5.3 The amount of each First Advance shall not exceed the lesser of (i) $2,370,000, (ii) an amount in Dollars equal to fifty per cent (50%) of the amount of the first instalment of the relevant Contract Price to be financed by such First Advance and (iii) fifty per cent (50%) of the market value of the Borrowers Ship relevant to such First Advance determined by the Agent pursuant to the valuations of that Borrowers Ship obtained pursuant to Part 2 of schedule 3 after deducting therefrom all amounts due by that Borrower to the Seller under the relevant Contract (save for the amount of the first instalment of the relevant Contract Price to be financed by such First Advance) provided however that if such amount is a negative figure, it shall be deemed to be zero (0).
2.5.4 The amount of each Second Advance shall not exceed the lesser of (i) $790,000, (ii) an amount in Dollars equal to fifty per cent (50%) of the amount of the second instalment of the relevant Contract Price to be financed by such Second Advance and (iii) an amount in Dollars equ...
Timing and limitation of Advances. 2.5.1 Subject to clause 2.5.7, the aggregate amount of the Loan shall not exceed the lower of (a) Sixty seven million Dollars ($67,000,000), (b) fifty nine per cent (59%) of the aggregate market value of all the Ships as determined by reference to the valuations obtained pursuant to clause 9 and schedule 3 and (c) such amount in Dollars which, when added to the amount of the Junior Loan actually drawn down, will not exceed Eighty eight million five hundred thousand Dollars ($88,500,000).
2.5.2 Each Advance shall be made solely for the purpose of financing the payment of part of the Contract Price for the relevant Ship and shall only be made available on or after the Delivery Date for such Ship.
2.5.3 Subject to clause 2.5.7, the amount of the Daisy Advance shall not exceed the lower of (a) $8,702,500 and (b) an amount in Dollars equal to fifty nine per cent (59%) of the market value of Daisy as determined by reference to the valuations of such Ship obtained pursuant to clause 9 and schedule 3.
2.5.4 Subject to clause 2.5.7, the amount of the Goddess Advance shall not exceed the lower of (a) $27,691,250 and (b) an amount in Dollars equal to fifty nine per cent (59%) of the market value of Goddess as determined by reference to the valuations of such Ship obtained pursuant to clause 9 and schedule 3.
2.5.5 Subject to clause 2.5.7, the amount of the Harmony Advance shall not exceed the lower of (a) $15,561,250 and (b) an amount in Dollars equal to fifty nine per cent (59%) of the market value of Harmony as determined by reference to the valuations of such Ship obtained pursuant to clause 9 and schedule 3.
2.5.6 Subject to clause 2.5.7, the amount of the Phoenix Advance shall not exceed the lower of (a) $15,045,000 and (b) an amount in Dollars equal to fifty nine per cent (59%) of the market value of Phoenix as determined by reference to the valuations of such Ship obtained pursuant to clause 9 and schedule 3.
2.5.7 If the Fleet Daily Charter Rate is in excess of $72,000 on the Drawdown Date of the first Advance to be drawn down, the aggregate available amount of the Loan shall be increased to such sum so as not exceed the lower of (a) Sixty eight million Dollars ($68,000,000), (b) fifty nine per cent (59%) of the aggregate market value of all the Ships as determined by reference to the valuations obtained pursuant to clause 9 and schedule 3 and (c) such amount in Dollars which, when added to the amount of the Junior Loan actually drawn down, will not exceed Ei...
Timing and limitation of Advances. 2.5.1 The aggregate of both Advances shall not exceed the Total Commitment.
2.5.2 The Saldanha Advance shall not exceed the lower of (a) Fifty two million five hundred thousand Dollars ($52,500,000) and (b) seventy per cent (70%) of the Saldanha Contract Price.
2.5.3 The Avoca Advance shall not exceed the lower of (a) Forty eight million six hundred and fifty thousand Dollars ($48,650,000) and (b) seventy per cent (70%) of the Avoca Contract Price.
2.5.4 Each Advance shall be made solely for the purpose of financing part of the acquisition cost of the Ship relevant to such Advance pursuant to the relevant Contract.
Timing and limitation of Advances. 2.5.1 The aggregate amount of both Advances shall not exceed the Total Commitment.
2.5.2 The Q Jake Advance shall not exceed the lower of (a) Twenty five million two hundred thousand Dollars ($25,200,000) and (b) sixty per cent (60%) of the Q Jake Contract Price and (c) sixty per cent (60%) of the market value of the Q Jake Ship determined in accordance with the valuation of the Q Jake Ship obtained pursuant to Part 2 of schedule 3.
2.5.3 The Q loanari Advance shall not exceed the lower of (a) Fifteen million nine hundred thousand Dollars ($15,900,000) and (b) forty per cent (40%) of the Q loanari Contract Price and (c) sixty per cent (60%) of the market value of the Q loanari Ship determined in accordance with the valuation of the Q loanari Ship obtained pursuant to Part 2 of schedule 3.
2.5.4 Each Advance shall be made solely for the purpose of financing part of the acquisition cost of the Ship relevant to such Advance pursuant to the relevant Contract.
Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of:
(a) Twenty six million two hundred and fifty thousand Dollars ($26,250,000);
(b) the aggregate of:
(i) eighty per cent (80%) of the aggregate of the Contract Prices; and
(ii) eighty per cent (80%) of the aggregate of the Additional Costs; and
(c) the amount in Dollars equal to eighty per cent (80%) of the aggregate market values of the Ships as determined in accordance with schedule 3, Part 4, paragraph 19, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance.
2.5.2 The aggregate amount of each Tranche shall not exceed the lower of:
(a) Eight million seven hundred and fifty thousand Dollars ($8,750,000);
(b) the aggregate of:
(i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche; and
(ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and
(c) the amount in Dollars equal to eighty per cent (80%) of the market value of the Ship relevant to such Tranche as determined in accordance with schedule 3, Part 4, paragraph 19.
2.5.3 The aggregate amount of the four
Timing and limitation of Advances. The aggregate amount of the Loan shall not exceed the lower of:
Timing and limitation of Advances. 2.5.1 Subject to the other provisions of this clause 2.5, the amount of each Advance shall be for such amount as is specified in the Drawdown Notice for that Advance.
2.5.2 Each Advance shall be made in accordance with clause 6.2 and the amount of each Advance shall be as follows:
(a) the amount of the Grasmere Advance shall be up to twelve million five hundred thousand Dollars ($12,500,000);
(b) the amount of the Ullswater Advance shall be up to eleven million, nine hundred thousand Dollars ($11,900,000); and
(c) the amount of the Windermere Advance shall be up to ten million, six hundred thousand Dollars ($10,600,000).
