Each Delivery Advance Clause Samples

Each Delivery Advance shall not exceed the lower of:
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Each Delivery Advance. (a) shall not exceed the lower of (i) $53,480,000 (comprising (a) Sub-Tranche A in an amount up to the lesser of (1) $40,110,000 and (2) 75% of the relevant Delivery Advance to be advanced by the Banks to the Borrowers and (b) Sub-Tranche B in an amount up to the lesser of (1) of $13,370,000 and (2) 25% of the relevant Delivery Advance to be advanced by DNB NOR BANK ASA to the Borrowers), (ii) the amount in Dollars which is equal to eighty per cent (80%) of the “4th Instalment” of the Contract Price for the Ship relevant to such Advance, (iii) the amount in Dollars which, when added to the total amount of the Contract Instalment Advances for such Ship actually drawn down, is equal to 80% of the Contract Price of such Ship and (iv) the amount in Dollars which, when added to the total amount of the Contract Instalment Advances for such Ship actually drawn down, is equal to $76,400,000; and (b) shall be applied in or towards payment to the Builder of the “4th Instalment” of the Contract Price for such Ship falling due on the relevant Delivery Date, and shall be made available to the Borrowers when such instalment has become due and payable.
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Each Delivery Advance. (a) shall not exceed the lower of: (i) Two million one hundred thousand Dollars ($2,100,000); (ii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Construction Cost for that Ship; (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of that Ship determined in accordance with the valuation of such Ship obtained pursuant to schedule 3, Part 4; and (iv) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Nine million seven hundred thousand Dollars ($9,700,000); (b) shall be applied in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and, if applicable, towards payment to Iota of part of the Additional Cost for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when the final instalment of the relevant Contract Price has become due and payable; and (d) shall be paid by the Agent to the Builders and, if applicable, Iota, unless the relevant Borrower has already paid such instalment to the Builders or (as the case may be) the Additional Cost to Iota when due, in which case the relevant Delivery Advance shall be advanced to the Borrowers directly.
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Related to Each Delivery Advance

  • Date of Delivery of Advance Notice An Advance Notice shall be deemed delivered on (i) the Trading Day it is received by facsimile or otherwise by the Investor if such notice is received prior to 12:00 noon Eastern Time, or (ii) the immediately succeeding Trading Day if it is received by facsimile or otherwise after 12:00 noon Eastern Time on a Trading Day or at any time on a day which is not a Trading Day. No Advance Notice may be deemed delivered on a day that is not a Trading Day.

  • Required Acceptance of Daily Load Deliveries and Notification If the State is harmed by purchaser’s refusal to accept up to 10 truck deliveries of any one sort per day, Purchaser will be in breach of contract and subject to damages as per the D-026.2 and D-027.2 clauses. A truck delivery is all the wood delivered including sorts on super trucks, mule trains and pups brought to the delivery point by a single truck. The Purchaser shall notify the Contract Administrator at least 48 hours in advance if: 1. Purchaser intends to limit the number of truck deliveries accepted on any day to less than that listed above, or 2. Purchaser intends to limit the number of truck deliveries accepted on any day to the number listed above.

  • Mandatory Delivery The sale and delivery on the Closing Date of the Mortgage Loans described on the Mortgage Loan Schedule is mandatory, it being specifically understood and agreed that each Mortgage Loan is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the Purchaser for the losses and damages incurred by the Purchaser (including damages to prospective purchasers of the Mortgage Loans) in the event of the Seller's failure to deliver the Mortgage Loans on or before the Closing Date. All rights and remedies of the Purchaser under this Agreement are distinct from, and cumulative with, any other rights or remedies under this Agreement or afforded by law or equity and all such rights and remedies may be exercised concurrently, independently or successively.

  • Loan Request See Section 2.6.

  • Initial Advance Borrower shall have delivered to Lender each of the following, in form and substance satisfactory to Lender (the date on which each of the following shall have been so delivered is referred to herein as the “Effective Date”): (a) executed originals of the Loan Documents and all other documents and instruments reasonably required by Lender to effectuate the transactions contemplated hereby or to create and perfect the Liens of Lender with respect to all Collateral, in all cases in form and substance reasonably acceptable to Lender; (b) certified copy of resolutions of Borrower’s board of directors evidencing approval of (i) the Loan and other transactions evidenced by the Loan Documents; and (ii) the Warrant and transactions evidenced thereby; (c) certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower; (d) a certificate of good standing for Borrower from its state of incorporation and similar certificates from all other jurisdictions in which it does business and where the failure to be qualified would have a Material Adverse Effect; (e) a certificate of incumbency as to each officer of Borrower who is authorized to execute the Loan Documents, the Warrant, and all other documents and instruments to be delivered pursuant to the Loan Documents and the Warrant on behalf of Borrower, including, without limitation, the chief financial officer of Borrower; (f) payment of the Facility Charge and reimbursement of Lender’s current expenses reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; (g) Landlord Consents or Bailee Agreements, as applicable, for the premises where the Financed Equipment will, upon completion of transit, be located; provided, that up to $3,750,000 of the initial Advance may be used for the purchase of International Based Financed Equipment without delivering to Lender, prior to the disbursement of such Advance, any Landlord Consents in respect of the premises in the continental United States where such International Based Financed Equipment may be located temporarily, so long as (i) prior to the disbursement of such Advance, one or more Bailee Agreements, as applicable, are delivered in respect of the foreign premises where such International Based Financed Equipment will be located upon completion of transit, and (ii) within 90 days of the Effective Date (or any subsequent Advance Date with respect to any International Based Financed Equipment not financed on the Effective Date), such International Based Financed Equipment is relocated to such foreign premises; (h) a Consent Letter from each Incumbent Lender; (i) a Release Letter from each Incumbent Lender with respect to the Financed Equipment purchased with the proceeds of the initial Advance; and (j) such other documents as Lender may reasonably request.