Drydocking Cost Payment definition
Drydocking Cost Payment means each payment made by the Vessel Sponsors to the Borrower under Clause 5 of the Vessel Sponsors’ Undertaking to finance the payment by the Borrower of a Drydocking Cost which has not been funded or, as the case may be, paid by a Drydocking Cost Reimbursement on or before the due date for payment of a Drydocking Cost;
Drydocking Cost Payment means each payment made by the Sponsors to the Borrower to finance the payment by the Borrower of a Drydocking Cost which has not been funded or, as the case may be, paid by a Drydocking Cost Reimbursement on or before the due date for payment of a Drydocking Cost. Drydocking Cost Reimbursement means each payment to be made by the Charterer to the Borrower under the Charter Contract in reimbursement of a Drydocking Cost, or as the case may be, each payment made by the Charterer to the relevant shipyard under the Charter Contract in direct settlement of a Drydocking Cost.