Ship Commitment definition

Ship Commitment means, in relation to a Ship, the amount specified against the name of such Ship in Schedule 2 (Ship information), as cancelled or reduced pursuant to any provision of this Agreement.
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Ship Commitment means, in relation to each Ship, an amount of the Total Commitments that is equal to the lesser of:
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Ship Commitment means, in relation to a Ship and a Lender, half of that Lender’s Commitment;
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Examples of Ship Commitment in a sentence

  • The Ship Commitment for each Ship shall be made available solely for the purpose of assisting the relevant Owner to finance the Contract Price for such Ship.

  • The Ship Commitment for each Ship shall be made available solely for the purpose of assisting the relevant Owner to finance part of the Contract Price of that Ship payable on its Delivery by paying the same to the relevant Seller.

  • If a Ship becomes a Total Loss before its Ship Commitment has become available for borrowing under this Agreement, the Total Commitments shall immediately be reduced by the Ship Commitment for such Ship and such Ship Commitment shall be reduced to zero.

  • The Borrower may in its discretion nominate which Tranche to cancel and which Ship Commitment under Tranche A or which Ship Scrubber Commitment under Tranche B to cancel or whether to cancel a part or all of the Total Revolving Credit Facility Commitments.

  • The Borrowers may, if they give the Agent not less than three (3) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000 and a multiple of $1,000,000 of any part of any Ship Commitment which is undrawn at the proposed date of cancellation.

  • Any part of a Ship Commitment which remains undrawn by the end of the Availability Period for that Ship Commitment shall thereupon be automatically cancelled.

  • Contract Price: $31,600,000 Ship Commitment: $19,500,000 Flag State The Republic of the ▇▇▇▇▇▇▇▇ Islands Classification: ABS; +A1, , Bulk Carrier, CSR, AB-CM, BC-A{Holds 2, 4 and 6 may be empty}, GRAB (20), CPS, ESP, PMA, +AMS, +ACCU, TCM, RW, GP, POT.

  • Any part of a Ship Commitment which has not become available by, or which is undrawn on, the Last Availability Date shall be automatically cancelled at close of business on the Last Availability Date for that Ship Commitment.

  • The Borrower may, if it gives the Agent not less than ten (10) Business Days' (or such shorter period as the Agent and the Majority Lenders may agree) prior written irrevocable notice, cancel the whole or any part (being a minimum amount of $1,000,000 or a multiple of such amount) of any Ship Commitment which is undrawn at the proposed date of cancellation.

  • The Ship Commitment for each Ship shall be made available solely for the purpose of assisting the relevant Owner to finance the Delivery Instalment of each Ship and any other amounts of the Delivery Price due at Delivery.

Related to Ship Commitment

  • L/C Commitment means the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

  • Facility A Commitment means, with respect to each Facility A Lender, the commitment, if any, of such Lender to make Facility A Revolving Loans and to acquire participations in Facility A Letters of Credit, Facility A Protective Advances and Facility A Swingline Loans, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Facility A Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Facility A Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Facility A Commitment, as applicable. The initial aggregate amount of the Lenders’ Facility A Commitments is $1,000,000,000.

  • Facility B Commitment refers collectively to the Facility B-1 Commitment and the Facility B-2 Commitment.

  • Group Commitment means with respect to any Purchaser Group the aggregate of the Commitments of each Purchaser within such Purchaser Group.

  • L/C Commitment Amount has the meaning given to that term in Section 2.3.(a).