Vessel Loan definition

Vessel Loan means, for each Vessel, that part of the Loan advanced or to be advanced to the Borrowers by the Banks in respect of that Vessel as determined pursuant to Clause 2.2 or, where the context permits, the aggregate principal amount so advanced for that Vessel and for the time being outstanding and “Vessel Loans” means more than one of them.
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Vessel Loan means each of Tranche A or Tranche B advanced or to be advanced to the Borrowers by the Lenders pursuant to a Drawdown Request or, where the context permits, the aggregate principal amount so advanced and for the time being outstanding and “Vessel Loans” means more than one of them.
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Vessel Loan means a term loan made by a Vessel Loan Lender to the Borrower pursuant to Section 2.01(a).
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Examples of Vessel Loan in a sentence

  • If the maximum amount of a Vessel Loan (being the maximum specified for that Vessel Loan in Schedule 6) is not advanced to the Borrowers, the amount of each Repayment Instalment and (in each case, where applicable) the balloon payment in respect of the relevant Vessel Loan shall be reduced pro rata to the actual amount advanced for that Vessel Loan or otherwise in accordance with Clause 5.6 (if applicable).

  • The term loan facility shall be made available in two Loans (Vessel Loan 1 and Vessel Loan 2, each of which shall be made available to the relevant Borrower).

  • Each Loan shall be capable of being drawn, up to the maximum amount of the relevant Vessel Loan, on the dates described in Clause 4.2(a).

  • The first Repayment Date in relation to each Vessel Loan shall be the date which is six (6) calendar months after the Advance Date in respect of that Vessel Loan and subsequent Repayment Dates for the Vessel Loan shall be at consecutive intervals of six (6) calendar months thereafter.

  • Drawings If the second or any subsequent Drawing of a Vessel Loan is made otherwise than on the first day of an Interest Period for the balance of that Vessel Loan, there shall be a separate initial Interest Period for that Drawing commencing on its Drawdown Date and expiring on the final date of the then current Interest Period for the balance of that Vessel Loan.

  • If an Interest Period will expire after the next Repayment Date in respect of the relevant Vessel Loan, there shall be a separate Interest Period for a part of that Vessel Loan equal to the Repayment Instalment due on that next Repayment Date and that separate Interest Period shall expire on that next Repayment Date.

  • A Loan will be allocated to each of the Vessels and borrowed by each of the Borrowers as follows: Vessel Loan Borrower m.v. Nordic Bothnia USD 6,500,000 Nordic Bulk Bothnia Ltd.

  • Phase 2 Upon the First Ship Transfer Date (which is expected to occur around 3 months after the consummation of the merger), the following events will occur (this is illustrated by diagram 3 in Schedule 2): · Euronav NV will become the owner of the First Ship and will become the borrower in relation to the Vessel Loan relating to the First Ship; · Euronav NV will provide a parent guarantee in relation to the entirety of the Loan (the existing Parent Guarantee from Gener8 Maritime, Inc.

  • Subject to Clause 5.1A below, the first Repayment Date in relation to each Vessel Loan shall be the date which is six (6) calendar months after the Advance Date in respect of that Vessel Loan and subsequent Repayment Dates for the Vessel Loan shall be at consecutive intervals of six (6) calendar months thereafter.

  • The applicable repayment schedule set out in Schedule 6 to apply for each New Vessel Loan shall depend on whether the Advance Date for the New Vessel Loans is a date that would make it a Transfer Date X, a Transfer Date Y or a Transfer Date Z.


More Definitions of Vessel Loan

Vessel Loan means, for each Vessel, that part of the Loan advanced or to be advanced to the Borrowers by the Banks or relevant Banks in respect of that Vessel as determined pursuant to Clause 2.2 or, where the context permits, the aggregate principal amount so advanced for that Vessel and for the time being outstanding and "Vessel Loans" means more than one of them. 1.124. "Vessel One" means the Vessel designated as "Vessel One" in Schedule 1. 1.124A. "Vessel Six" means the Vessel designated as "Vessel Six" in Schedule 1. 1.125. "Vessel Three" means the Vessel designated as "Vessel Three" in Schedule 1. 1.126. "Vessel Two" means the Vessel designated as "Vessel Two" in Schedule 1. 1.127. "Vessels" means the vessels listed in Schedule 1 or any other vessel which may from time to time be mortgaged in favour of the Security Trustee as security for the obligations of the Security Parties under the Finance Documents, and everything now or in the future belonging to them on board and ashore and "Vessel" means any one of them. 1.
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Vessel Loan means, collectively, Vessel Loan 1, Vessel Loan 2, Vessel Loan 3 and Vessel Loan 4.
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Vessel Loan means the loan agreement with FFPL as lender and the Company as borrower for the amount of US$100,000,000.
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Related to Vessel Loan

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • Loan Period means, with respect to each LIBOR Rate Loan, the period commencing on the Funding Date for such LIBOR Rate Loan and ending on the numerically corresponding day one (1) month, two (2) months, three (3) months or six (6) months thereafter, as specified by the Borrower in the Notice of Borrowing submitted under Section 2.04; provided, however, that:

  • PPP Loan has the meaning set forth in Section 3.28.

  • Tranche B Loan has the meaning specified in Section 2.01(b).

  • Lender-Paid Mortgage Insurance Loan Each of the Mortgage Loans identified on the Mortgage Loan Schedule as having a Lender-Paid Mortgage Insurance Rate.

  • Cov-Lite Loan A Collateral Obligation the Underlying Documents for which do not (i) contain any financial covenants or (ii) require the Obligor thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by such Underlying Documents); provided that, notwithstanding the foregoing, a Collateral Obligation shall be deemed for all purposes (other than the S&P Recovery Rate for such Collateral Obligation) not to be a Cov-Lite Loan if the Underlying Documents for such Collateral Obligation contain a cross-default or cross acceleration provision to, or such Collateral Obligation is pari passu with, another loan, debt obligation or credit facility of the underlying Obligor that contains one or more Maintenance Covenants.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to the Borrower Loan Agreement in the aggregate principal amount of the Borrower Loan Amount, as evidenced by the Borrower Notes.

  • SOFR Loan means a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Alternate Base Rate”.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • Equipment Loan means middle market equipment loans that consist of loans made to obligors in the United States of America primarily secured by new or used transportation equipment and managed by the Equipment Finance reporting category of the Commercial Lending and Leasing division of GE Capital.

  • Loan means an extension of credit by a Lender to the Borrower under Article II in the form of a Revolving Credit Loan or a Swing Line Loan.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.

  • Underlying Loan Agreement means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • Mortgage Loan Borrower shall have the meaning assigned to such term in the recitals.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.