Existing Ships definition
Examples of Existing Ships in a sentence
The Borrower will on-lend the loan to the Owners to assist them in refinancing the indebtedness secured on the Existing Ships and in part-financing the purchase price of Target Ships.
The Borrower will procure that the Owners of the Existing Ships and the Approved Manager obtain all necessary ISM Code Documentation and ISPS Code Documentation in connection with the Existing Ships and comply with the ISM Code and the ISPS Code.
In respect of a Ship, the undertakings in this Clause 26 (Ship Undertakings) shall apply and remain in force on and from the first Utilisation Date in the case of the Existing Ships and the Utilisation Date of Tranche L in the case of Ship L and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.
In respect of a Ship, the undertakings in this Clause 25 (Insurance Undertakings) shall apply and remain in force on and from the first Utilisation Date in the case of the Existing Ships and the Utilisation Date of Tranche L in the case of Ship L and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.
Two valuations (dated not more than 21 days before the Utilisation Date) of all the Existing Ships, one prepared by Fearnleys or Poten & Partners and one prepared by another Approved Valuer, made on the basis of, and in accordance with clause 25 (Minimum security value), in each case made at the cost and expense of the Borrowers showing the Borrowers are in compliance with clause 25.12.