Delivery Advance definition

Delivery Advance in relation to the Andros Ship and the Andros Tranche, means the Andros Delivery Advance;

Delivery Advance in relation to the Xxxxxxx Ship and/or the Xxxxxxx Tranche, means the Xxxxxxx Delivery Advance; or

Delivery Advance means with respect to each Tranche, the Advance to be made to the Borrower in respect of the delivery of the Vessel to which such Tranche relates;

Examples of Delivery Advance in a sentence

• The obligation of the Banks to make available the Delivery Advance in respect of any Ship shall be subject to the condition that the Agent or its duly authorised representative shall have received, on or prior to the drawdown of the Delivery Advance for such Ship, the documents and evidence specified in Part 4 of schedule 3 in respect of such Ship, in form and substance satisfactory to the Agent.

• The obligation of the Bank to make available the Delivery Advance in respect of any Ship shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of the relevant Delivery Advance, the documents and evidence specified in Part 6 of schedule 2 in respect of such Ship, in form and substance satisfactory to the Bank.

• The obligation of the Banks to make available the Delivery Advance in respect of a Ship shall be subject to the condition that the Agent or its duly authorised representative shall have received, on or prior to the drawdown of the Delivery Advance for such Ship, the documents and evidence specified in Part 3 of schedule 3 in respect of such Ship, in form and substance reasonably satisfactory to the Agent.

• If the full amount of the Delivery Advance is not advanced to the Borrower or is prepaid in accordance with Clause 6.1, the amount of each Repayment Instalment shall be reduced pro rata to the amount actually advanced or prepaid.

• The obligation of the Bank to make available the Delivery Advance in respect of any Newbuilding shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of the relevant Delivery Advance, the documents and evidence specified in Part 5 of schedule 2 in respect of such Newbuilding, in form and substance satisfactory to the Bank.

More Definitions of Delivery Advance

Delivery Advance means the Advance to be made to a Borrower in respect of the delivery of a Vessel to such Borrower by the Builder under a Building Contract;

Delivery Advance means, with respect to each Tranche, the Advance made on the Delivery Date of the Vessel to which such Tranche relates and which corresponds with the final installment due under the relevant Shipbuilding Contract;

Delivery Advance in relation to the Santon Ship and the Santon Tranche, means the Santon Delivery Advance; or

Delivery Advance means an advance of the Loan to be made available in the maximum amount of $30,000,000 by the Lender to the Borrower in accordance with Clause 2.2.1 on the Delivery Date;

Delivery Advance in relation to the Kassos Ship and the Kassos Tranche, means the Kassos Delivery Advance;

Delivery Advance means the Advance under a New Ship Tranche.

Delivery Advance means, in relation to each Ship and the Tranche relevant to such Ship, an Advance of up to $2,000,000 made or (as the context may require) to be made available to the Borrowers for the purpose of financing the final instalment of the Contract Price in respect of such Ship and “Delivery Advances” means any or all of them;