[*]: THE IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED
Dated 19 May 2023
O CLASS PLUS ONE, LLC
as Borrower
and
NCL CORPORATION LTD.
as Guarantor
and
OCEANIA CRUISES S. DE R.L.
as Shareholder
and
NORWEGIAN CRUISE LINE HOLDINGS LTD.
as the Holding
and
THE Banks and FINANCIAL INSTITUTIONS listed IN Schedule 1
as Lenders
and
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
BNP PARIBAS FORTIS S.A./N.V.
HSBC BANK PLC
KFW IPEX-BANK GMBH
CASSA DEPOSITI E PRESTITI S.P.A.
BANCO SANTANDER, S.A.
SOCIÉTÉ GÉNÉRALE
as Joint Mandated Lead Arrangers
and
BNP PARIBAS
as Facility Agent
and
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
as SACE Agent
and
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED
as Security Trustee
AMENDMENT AND RESTATEMENT AGREEMENT
relating to a facility agreement originally dated 19 December 2018 (as amended from time to time, including as amended and restated by an amendment and restatement agreement dated 17 February 2021, as further amended and restated by an amendment and restatement agreement
dated 17 June 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental agreement dated 16 December 2022)
in respect of the part financing of the 1,258 passenger cruise ship newbuilding
at Fincantieri S.p.A, m.v. "Vista"
Index
Schedules
Execution
Appendices
Form of Amended and Restated Facility Agreement (marked to indicate amendments)
Form of Amended and Restated Guarantee (marked to indicate amendments)
THIS AGREEMENT is made on 19 May 2023
Parties
(2) | NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor") |
(3) | OCEANIA CRUISES S. DE R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama (the "Shareholder") |
NORWEGIAN CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda with its registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Holding") |
(5) | THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders") |
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, BNP PARIBAS FORTIS S.A./N.V., HSBC BANK PLC, KFW IPEX-BANK GMBH, CASSA DEPOSITI E PRESTITI S.P.A., BANCO SANTANDER S.A. and SOCIÉTÉ GÉNÉRALE as joint mandated lead arrangers (the "Mandated Lead Arrangers") |
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as SACE agent (the "SACE Agent") |
(8) |
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, as security trustee (the "Security Trustee") |
Background
to the temporary suspension and amendment of certain covenants under the Guarantee and addition of certain covenants under the Original Facility Agreement.
(C) | The Parties have agreed to amend and restate the Facility Agreement as set out in this Agreement for the purposes of, inter alia documenting the transition from LIBOR to SOFR (as defined below). |
Operative Provisions
Definitions and Interpretation |
Definitions |
In this Agreement:
"2023 Finance Documents" means this Agreement and the Mortgage Addendum.
"Amended and Restated Facility Agreement" means the Facility Agreement as amended and restated by this Agreement in the form set out in Appendix 1.
"Amended and Restated Guarantee" means the Guarantee as amended and restated by this Agreement in the form set out in Appendix 2.
"Effective Date" means the date on which the Facility Agent notifies the Borrower, the other Creditor Parties and SACE as to the satisfaction of the conditions precedent as provided in paragraph (a) of Clause 2.1 (Conditions Precedent).
"Facility Agreement" means the Original Facility Agreement, as amended and restated by the February 2021 Amendment and Restatement Agreement, as further amended and restated by the June 2021 Amendment and Restatement Agreement, as further amended by the December 2021 Amendment Agreement and as further amended by the December 2022 Amendment Agreement.
"Mortgage Addendum" means the addendum to the Mortgage in the agreed form.
"Obligors" means the Borrower, the Guarantor, the Holding and the Shareholder.
"Original Facility Agreement" means the facility agreement dated 19 December 2018 and made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers, (iv) the Facility Agent and the SACE Agent and (v) the Security Trustee.
"Party" means a party to this Agreement.
"SOFR" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or for any other person which takes over the publication of that rate).
1.2 | Defined expressions |
Defined expressions in the Facility Agreement and, with effect from the Effective Date, the Amended and Restated Facility Agreement, shall have the same meanings when used in this
Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.
1.3 | Application of construction and interpretation provisions of Facility Agreement |
Clause 1.2 (Construction of certain terms) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.
1.4 | Designation as a Finance Document |
The Borrower and the Facility Agent designate this Agreement as a Finance Document.
Third party rights |
(a) | Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any term of this Agreement other than SACE and SIMEST, who may enforce or enjoy the benefit of and rely on the provisions of this Agreement and the Amended and Restated Facility Agreement subject to the provisions of the Third Parties Act. |
(b) | Notwithstanding any term of any Finance Document, the consent of any person who is not a Party (other than SACE and SIMEST) is not required to rescind or vary this Agreement at any time. |
Conditions Precedent |
The Effective Date cannot occur unless: |
the Facility Agent has received (or on the instructions of all the Lenders, waived receipt of) all of the documents and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent; |
(d) | the Facility Agent is satisfied that the Effective Date can occur and has not provided any instructions to the contrary informing the Parties that the Effective Date cannot occur. |
Upon fulfilment or waiver of the conditions set out in Clause 2.1 above, the Facility Agent shall provide the Borrower, the Creditor Parties and SACE with a copy of the executed certificate in the form set out in Schedule 3 (Form of Effective Date Certificate) confirming that the Effective Date has occurred and such certificate shall be binding on all Parties. |
Representations |
3.1 | Facility Agreement representations |
On the date of this Agreement and on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the representations and warranties as set out in clause 11 (Representations and warranties) of the Facility Agreement, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement and (where relevant) the Amended and Restated Facility Agreement, the Amended and Restated Guarantee and the Mortgage Addendum, by reference to the circumstances then existing.
3.2 | Finance Document representations |
On the date of this Agreement and on the Effective Date, each Obligor (save for the Holding) makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and restated and/or supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Amended and Restated Guarantee and the Mortgage Addendum, by reference to the circumstances then existing.
Amendment and Restatement of Facility Agreement and Other Finance Documents |
Specific amendments to the Facility Agreement |
With effect on and from the Effective Date, the Facility Agreement shall be amended and restated in the form of the Amended and Restated Facility Agreement and, as so amended and restated, the Facility Agreement shall continue to be binding on each of the parties to it in accordance with its terms as so amended and restated.
Specific amendments to the Guarantee |
With effect on and from the Effective Date, the Guarantee shall be amended and restated in the form of the Amended and Restated Guarantee and, as so amended and restated, the Guarantor confirms that:
(a) | the Guarantee extends to the obligations of the Borrower under the Finance Documents as amended, restated and/or supplemented by this Agreement; |
(b) | the obligations of the relevant Obligors under the Finance Documents as amended, restated and/or supplemented by this Agreement are included in the Secured Liabilities (as defined in the Facility Agreement); and |
(c) | the Guarantee shall continue to be binding on each of the parties to it and have full force and effect in accordance with its terms as so amended and restated. |
4.3 | Holding confirmation |
On the Effective Date, the Holding confirms that, notwithstanding the amendments made to the Finance Documents pursuant to this Agreement, the undertakings given by the Holding under the Guarantee, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement shall remain in full force and effect in accordance with its original terms and the amendments to the Finance Documents as amended, restated and/or supplemented by this Agreement.
4.4 | Security Confirmation |
Without prejudice to the provisions of the Mortgage Addendum, on the Effective Date, each Obligor confirms that:
(b) | the obligations of the relevant Obligors under the Finance Documents as amended, restated and/or supplemented by this Agreement are included in the Secured Liabilities (as defined in the Finance Documents to which it is a party); |
(c) | the Security Interests created under the Finance Documents continue in full force and effect on the terms of the respective Finance Documents; and |
(d) | to the extent that this confirmation creates a new Security Interest, such Security Interest shall be on the terms of the Finance Documents in respect of which this confirmation is given. |
4.5 | Finance Documents to remain in full force and effect |
The Finance Documents shall remain in full force and effect and, from the Effective Date:
(a) | in the case of the Facility Agreement as amended and restated pursuant to Clause 4.1 (Specific amendments to the Facility Agreement); |
(b) | in the case of the Guarantee, as amended and restated pursuant to Clause 4.2 (Specific amendments to the Guarantee); |
(c) | the Facility Agreement and the applicable provisions of this Agreement will be read and construed as one document; |
(d) | the Guarantee and the applicable provisions of this Agreement will be read and construed as one document; and |
(e) | except to the extent expressly waived by the amendments effected by this Agreement, no waiver is given by this Agreement and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other default under the Finance Documents. |
Further Assurance |
Clause 12.20 (Further assurance) of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.
Costs, Expenses and Fees |
Clause 10.11 (Transaction Costs) of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.
Notices |
Clause 32 (Notices) of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.
Counterparts |
This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.
Signing Electronically |
The Parties acknowledge and agree that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The Parties agree that the electronic signatures appearing on the documents shall have the same effect as handwritten signatures and the use of an electronic signature on this Agreement shall have the same validity and legal effect as the use of a signature affixed by hand and is made with the intention of authenticating this Agreement, and evidencing the Parties' intention to be bound by the terms and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise each other to conduct the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract management.
Governing Law |
This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
Enforcement |
Jurisdiction |
(a) | The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute"). |
(b) | The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary. |
Service of process |
(a) | Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales): |
(ii) | agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. |
(b) | If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within 10 days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose. |
This Agreement has been entered into on the date stated at the beginning of this Agreement.
BORROWER
SIGNED by) /s/___Daniel S. Farkas___________
duly authorised)
for and on behalf of)
O CLASS PLUS ONE, LLC)
GUARANTOR
SIGNED by) /s/___Daniel S. Farkas___________
duly authorised)
for and on behalf of)
NCL CORPORATION LTD.)
SHAREHOLDER
SIGNED by) /s/___Daniel S. Farkas___________
for and on behalf of)
OCEANIA CRUISES S. DE R.L. )
as its duly appointed attorney-in-fact)
in the presence of:)
HOLDING
SIGNED by) /s/___Daniel S. Farkas___________
for and on behalf of)
NORWEGIAN CRUISE LINE)
HOLDINGS LTD.)
as its duly appointed attorney-in-fact)
in the presence of:)
LENDERS
SIGNED by) /s/___José Luis Vincent Rodríguez_________
duly authorised )
for and on behalf of)
BANCO SANTANDER S.A.) /s/___ Remedios Cantalapiedra Villafranca__
SIGNED by) /s/______Isabella Roberts__________
duly authorised )
for and on behalf of)
BNP PARIBAS FORTIS S.A./N.V.)
SIGNED by) /s/______Daniela Rotellini__________
duly authorised )
for and on behalf of)
CASSA DEPOSITI E PRESTITI S.P.A.)
SIGNED by) /s/_______Anne-Laure Orange___________
duly authorised )
for and on behalf of)
CRÉDIT AGRICOLE CORPORATE)
AND INVESTMENT BANK) /s/_______Jérôme Leblond______________
SIGNED by) /s/_______Varsha Sharan______________
duly authorised )
for and on behalf of)
HSBC BANK PLC)
SIGNED by) /s/_______André Tiele________________
duly authorised )
for and on behalf of)
KFW IPEX-BANK GMBH) /s/_______Claudia Coenenberg________
SIGNED by) /s/______Isabelle Seneca_____________
duly authorised )
for and on behalf of)
SOCIETE GENERALE)
MANDATED LEAD ARRANGERS
SIGNED by) /s/___José Luis Vincent Rodríguez_________
duly authorised )
for and on behalf of)
BANCO SANTANDER S.A.) /s/___ Remedios Cantalapiedra Villafranca__
SIGNED by) /s/______Isabella Roberts__________
duly authorised )
for and on behalf of)
BNP PARIBAS FORTIS S.A./N.V.)
SIGNED by) /s/______Daniela Rotellini__________
duly authorised )
for and on behalf of)
CASSA DEPOSITI E PRESTITI S.P.A.)
SIGNED by) /s/_______Anne-Laure Orange___________
duly authorised )
for and on behalf of)
CRÉDIT AGRICOLE CORPORATE )
AND INVESTMENT BANK) /s/_______Jérôme Leblond______________
SIGNED by) /s/_______Varsha Sharan______________
duly authorised )
for and on behalf of)
HSBC BANK PLC)
SIGNED by) /s/_______André Tiele________________
duly authorised )
for and on behalf of)
KFW IPEX-BANK GMBH) /s/_______Claudia Coenenberg________
SIGNED by) /s/______Isabelle Seneca_____________
duly authorised )
for and on behalf of)
SOCIETE GENERALE)
FACILITY AGENT
SIGNED by) /s/______Isabella Roberts__________
duly authorised )
for and on behalf of)
BNP PARIBAS )
SACE AGENT
SIGNED by) /s/_______Anne-Laure Orange___________
duly authorised )
for and on behalf of)
CRÉDIT AGRICOLE CORPORATE )
AND INVESTMENT BANK) /s/_______Jérôme Leblond______________
SECURITY TRUSTEE
SIGNED by) /s/______Daisuke Takekawa _____________
duly authorised )
for and on behalf of)
HSBC CORPORATE TRUSTEE)
COMPANY (UK) LIMITED)
Form of Amended and Restated Facility Agreement (marked to indicate amendments)
Amendments are indicated as follows:
1 | additions are indicated by underlined text in blue; and |
2 | deletions are shown by strike-through text in red. |
Originally dated 19 December 2018
(as amended from time to time, including as amended and restated by an amendment and restatement agreement dated 17 February 2021 and , as further amended and restated by an amendment and restatement agreement dated _________ 202117 June 2021, as further amended by a supplemental agreement dated 23 December 2021, as further amended by a supplemental agreement dated 16 December 2022, and as further amended and restated by an amendment and restatement agreement dated ____________________2023)
O CLASS PLUS one, LLC
as Borrower
and
THE BANKS AND FINANCIAL INSTITUTIONS
LISTED IN Schedule 1
as Lenders
and
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
BNP PARIBAS FORTIS S.A./N.V.
HSBC BANK PLC
KFW IPEX-BANK GMBH
CASSA DEPOSITI E PRESTITI S.P.A.
Banco Santander, S.A.
Société Générale
as Joint Mandated Lead Arrangers
and
BNP PARIBAS
as Facility Agent
and
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
as SACE Agent
and
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED
as Security Trustee
with the support of
SACE S.P.A.
amended and restated facility AGREEMENT
relating to
the part financing of the 1,258 passenger cruise ship
newbuilding presently designated asHull No. 6308 at Fincantieri S.p.A., m.v "Vista"
Index
Schedules
Execution
THIS AGREEMENT is originally made on 19 December 2018 (as amended and restated by an amendment and restatement agreement dated 17 February 2021 and as further from time to time, including as amended and restated by an amendment and restatement agreement dated __________ 202117 February 2021, as further amended and restated by an amendment and restatement agreement dated 17 June 2021, as further amended by a supplemental agreement dated 23 December 2021, as further amended by a supplemental agreement dated 16 December 2022 and as further amended and restated by an amendment and restatement agreement dated ____________________2023)
THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 (Lenders and Commitments) as lenders (the "Lenders") |
(4) | CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as SACE agent (the "SACE Agent") |
(5) | BNP PARIBAS, as facility agent (the "Facility Agent") |
(6) | HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, as security trustee (the "Security Trustee") |
The total price payable by the Borrower to the Builder under the Original Shipbuilding Contract is five hundred and seventy-eight million and seven hundred thousand Euros (€578,700,000) (the "Initial Contract Price"). The Initial Contract Price is payable on the following terms and: |
as to [*] per cent. ([*]%), being [*] Euros (€[*]), on the later of the date of commencement of steel cutting and the date falling 36 months prior to the Intended Delivery Date; |
as to [*] per cent. ([*]%), being [*] Euros (€[*]), on the later of keel laying in dry-dock and the date falling 24 months prior to the Intended Delivery Date; |
as to [*] per cent. ([*]), being [*] Euros (€[*]), on the later of launching and the date falling 12 months prior to the Intended Delivery Date; and |
as to [*] per cent. ([*]%), being [*] Euros (€[*]), on delivery of the Ship on the Delivery Date, |
as each such event is described in the Original Shipbuilding Contract.
Due to the unprecedented and extraordinary impacts of the Covid-19 pandemic on the cruise sector and cruise operators, SACE informed the cruise operators of its availability to evaluate certain measures (the "Temporary Measures") applicable in relation to certain qualifying loan agreements in order to assist companies which are financially sound but dealing with the impact of the temporary but unprecedented Covid-19 pandemic; the possibility to access to such measures was subject, amongst other things, to certain principles titled "Cruise Debt Holiday Principles" offered by SACE dated 15 April 2020 for cruise lines (the "Original Principles"). |
(G) | Pursuant to the consent request letter dated 3 December 2020, the Borrower and the Guarantor notified the Facility Agent and the SACE Agent of the wish to benefit from the Temporary Measures and the Extended Temporary Measures in relation to certain loan agreements listed therein, including the Original Facility Agreement, and requested, amongst other things, the temporary suspension of certain covenants under the Original Guarantee and the addition of certain covenants under the Original Facility Agreement for a period until 31 December 2022 (the "Borrower Request"). |
(H) | On 25 January 2021, the Facility Agent (for and on behalf of the Lenders (as defined in the Original Facility Agreement)) provided its consent to part of the Borrower Request in accordance with and subject to certain conditions as set out in an amendment and |
restatement agreement to the Original Facility Agreement dated 17 February 2021 between, amongst others, the Borrower, the Facility Agent and the SACE Agent (the "February 2021 Amendment and Restatement Agreement")(the Original Facility Agreement as amended and restated by the February 2021 Amendment and Restatement Agreement, the "Facility Agreement")..
By a supplemental agreement dated 23 December 2021 and made between, amongst others, the Borrower, the Facility Agent, the SACE Agent and the Security Trustee (the "December 2021 Amendment Agreement"), the Parties agreed to, inter alia, amend certain financial covenants and certain other provisions under the Original Facility Agreement (as amended and restated by the February 2021 Amendment and Restatement Agreement and as amended and restated by the June 2021 Amendment and Restatement Agreement). |
The Parties have agreed to enter into an amendment and restatement agreement (the "2023 Amendment and Restatement Agreement") to amend and restate the Original Facility Agreement (as amended and restated by the February 2021 Amendment and Restatement Agreement, as amended and restated by the June 2021 Amendment and Restatement Agreement, as amended by the December 2021 Amendment Agreement and as amended by the December 2022 Amendment Agreement) in order to, inter alia, document the transition from LIBOR to SOFR (as defined below) (the Original Facility Agreement as amended and restated by the February 2021 Amendment and Restatement Agreement, as amended and restated by the June 2021 Amendment and Restatement Agreement, as amended by the December 2021 Amendment Agreement and as amended by the December 2022 Amendment Agreement, the "Facility Agreement"). |
This Agreement sets out the terms and conditions of the Facility Agreement as amended and restated by the 2023 Amendment and Restatement Agreement. |
Interpretation |
Definitions |
Subject to Clause 1.5 (General Interpretation), in this Agreement:
"2021 Deferral Effective Date" has the meaning given to the term Effective Date in the February 2021 Amendment and Restatement Agreement.
"2021 Deferral Fee Letters" means any letter between the Facility Agent (or, as the case may be, the SACE Agent) and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the February 2021 Amendment and Restatement Agreement.
"2021 Deferral Final Repayment Date" means:
in relation to the Marina Facility Agreement, 19 January 2027; |
in relation to the Riviera Facility Agreement, 27 October 2026; |
in relation to the Seven Seas Explorer Facility Agreement, 31 December 2026; and |
in relation to the Seven Seas Splendor Facility Agreement, 29 January 2027. |
"2023 Amendment and Restatement Agreement" has the meaning given to such term in Recital (M).
"2023 Effective Date" has the meaning given to the term Effective Date in the 2023 Amendment and Restatement Agreement.
"Addendum" has the meaning given to such term in Recital (I).
"Additional SACE Premium" has the meaning given to such term in Clause 8.5 9.5 (Additional SACE Premium).
"Advance" means the principal amount of each borrowing of all or part of a Tranche by the Borrower under this Agreement.
"Affiliate" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.
"Aggregate SACE Premium" means, together, the SACE Premium, the Additional SACE Premium and the Tranche B Premium.
"Amended Maximum Loan Amount" means the aggregate of:
the Original Maximum Loan Amount, financed or to be financed pursuant to Tranche A, provided that such amount shall not, at any time, exceed the Total Tranche A Commitments; |
(ii) | 100% of the Tranche B Premium to be paid in accordance with paragraph (a) of Clause 8.6 9.6 (Tranche B Premium), |
provided that such amount shall not, at any time, exceed the Total Tranche B Commitments; and
provided that such aggregate amount shall not, at any time, exceed the Total Commitments.
"Annex VI" means Annex VI (Regulations for the Prevention of Air Pollution from Ships, entered into on 19 May 2005) to the International Convention for the Prevention of Pollution from Ships 1973, as modified by the Protocol of 1978 relating thereto and by the Protocol of 1997 (MARPOL) and as further revised in October 2008 with such revised version having entered into force on 1 July 2010.
"Approved Broker" means Clarkson Platou, Barry Rogliano Salles, Fearnleys AS, Rocca & Partners, Brax Shipbrokers AS (or any Affiliate of such person through which valuations are commonly issued) or such other shipbroker or ship valuer experienced in valuing cruise ships nominated by the Borrower and approved by the Facility Agent.
"Approved Flag" means the Bermudian flag, the Marshall Islands flag, the Bahamas flag or such other flag as the Facility Agent may, with the approval of the Italian Authorities and at least four Lenders representing as a minimum the Majority Lenders, approve from time to time.
"Approved Manager" means any of the Borrower, NCL Corporation Ltd., NCL (Bahamas) Ltd., the Member as bareboat charterer or other member of the Group, or any company which is not a member of the Group which the Facility Agent may, with the authorisation of the Majority Lenders, approve from time to time as the manager of the Ship.
"Approved Manager's Undertaking" means, in the event that the Approved Manager is a company other than the Borrower or the Member as bareboat charterer, a letter of undertaking executed or to be executed by the Approved Manager in favour of the Facility Agent, which will include, without limitation, an agreement by the Approved Manager to subordinate its rights against the Ship and the Borrower to the rights of the Secured Parties under the Finance Documents, in the agreed form.
"Approved Project" means any of the projects identified in the Approved Projects List.
"Approved Projects List" means the approved projects list provided by the Guarantor and accepted by the Facility Agent prior to the December 2021 Effective Date.
"Article 55 BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.
"Availability Period" means, in relation to Tranche A, the period commencing on the Effective Date and, in relation to Tranche B and Tranche C, the period commencing on the date of this AgreementJune 2021 Effective Date, and ending on:
the earlier to occur of (i) the Delivery Date and (ii) 28 July 2023 (or such later date as the Facility Agent may, with the authorisation of the Lenders, agree with the Borrower); or |
if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated. |
"Backstop Rate Switch Date" means 30 June 2023 or any other date agreed between the Facility Agent, the Majority Lenders and the Borrower.
"Bail-In Action" means the exercise of any Write-down and Conversion Powers.
"Bail-In Legislation" means:
(b) | in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. |
"Bareboat Charter" means the bareboat charter of the Ship by the Borrower as owner to the Member as bareboat charterer which shall be entered into no later than the Delivery Date in a form of draft approved by the Facility Agent before the date of the Original Facility Agreement with such reasonable changes thereto as the Facility Agent may approve from time to time.
"Base Rate" means one Euro for 1.43825 Dollars.
"Builder" has the meaning given in Recital (A).
"Business Day" means a day (other than a Saturday or a Sunday) on which banks are open in :
New York, Milan, Frankfurt, Brussels, Madrid, Paris, Rome and London; and |
(in relation to the fixing of an interest rate for a Term SOFR Loan) which is a US Government Securities Business Day. |
the short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or |
if that target is not a single figure, the arithmetic mean of: |
the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and |
the lower bound of that target range. |
"Central Bank Rate Adjustment" means in relation to the Central Bank Rate prevailing at close of business on any US Government Securities Business Day, the 20 per cent trimmed arithmetic mean calculated by the Facility Agent (or by any other Creditor Party which agrees to determine that mean in place of the Facility Agent), of the Central Bank Rate Spreads for the five most immediately preceding US Government Securities Business Days for which SOFR is available.
"Central Bank Rate Spread" means in relation to any US Government Securities Business Day, the difference (expressed as a percentage rate per annum) calculated by the Facility Agent (or by any other Creditor Party which agrees to calculate that rate in place of the Facility Agent) of:
SOFR for that US Government Securities Business Day; and |
the Central Bank Rate prevailing at close of business on that US Government Securities Business Day. |
"CDP" means Cassa Depositi e Prestiti S.p.A.
"Certified Copy" means in relation to any document delivered or issued by or on behalf of any company, a copy of such document certified as a true, complete and up-to-date copy of the original by any of the directors or the secretary or assistant secretary or any attorney-in-fact for the time being of that company or, in the case of the Borrower, the sole manager of the Borrower.
"Charged Property" means all of the assets which from time to time are, or are expressed to be, the subject of Security Interests pursuant to the Finance Documents.
"CIRR" means, in relation to the Loan, the applicable Commercial Interest Reference Rate determined in accordance with the OECD Arrangement on Guidelines for Officially Supported Export Credits, to be notified by SIMEST to the Facility Agent (through the SACE Agent) and expected to be three point thirty-two per cent. (3.32% p.a.) per annum.
"CIRR Break Costs" means, in respect of the Loan, all the amounts that SIMEST is entitled to charge, whether for taxes, costs, expenses, indemnities, penalties, losses or liabilities whatsoever, under and in accordance with the relevant Interest Make-Up Agreement, including without limitation, as a result of any prepayment of all or any part of the Loan under this Agreement (whether voluntary, following acceleration of the Loan or otherwise), as a result of an Interest Make-Up Event and/or as a result of the Borrower deciding to switch from the Fixed Interest Rate to another interest rate after the Drawdown Date. Such amounts include, without limitation, (i) breakage costs calculated on the basis of the net present value referred to in the relevant Interest Make-Up Agreement, (ii) any amount due as a consequence of the entering into and/or close-out of any hedging arrangement entered into by SIMEST in relation to this Agreement, (iii) default interest and penalties (maggiorazioni) whenever applicable, and (iv) all amounts (if any) to be returned by the SACE Agent or the Facility Agent (as applicable) to SIMEST under and pursuant to the Interest Make-Up Agreement.
"Code" means the United States Internal Revenue Code of 1986.
"Code of Ethics" means the code of ethics adopted by CDP, available on CDP's website (http://www.cdp.it/static/upload/cdp/cdp_code_ethics.pdf).
"Commitment" means a Tranche A Commitment, a Tranche B Commitment or a Tranche C Commitment.
"Common Units" means all membership interests held at any time during the term of the limited liability company agreement of the Borrower by the Member, including, without limitation, the Member's (i) right to a distributive share of the income, gain, losses and deductions of the Borrower in accordance with the limited liability company agreement, (ii) the right to a distributive share of the Borrower's assets, and (iii) any securities issued in respect of or in exchange for common units, whether by way of dividend or other distribution, split reverse split, recapitalization, merger, rollup transaction, consolidation conversion or reorganization.
"Compliance Certificate" has the meaning given to the term "Compliance Certificate" in the Guarantee.
"Confidential Information" means all information relating to any Obligor, the Group, the Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party from either:
any member of the Group or any of its advisers; or |
another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly from any member of the Group or any of its advisers, |
in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:
(a)is or becomes public information other than as a direct or indirect result of any breach by that Creditor Party of Clause 33 34 (Confidentiality); or |
(b)is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or |
(c)is known by that Creditor Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Creditor Party after that date, from a source which is, as far as that Creditor Party is aware, unconnected with the Group and which, in either case, as far as that Creditor Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; or |
(d)any Reference Bank Quotation. |
"Confidentiality Undertaking" means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form agreed between the Borrower and the Facility Agent.
"Contribution" means, in relation to a Lender, the amount of the Loan which is owing to that Lender.
"Conversion Rate" means the rate determined by the Facility Agent on the Conversion Rate Fixing Date and notified to the Borrower as being the lower of:
the Base Rate; or |
the FOREX Contracts Weighted Average Rate. |
"Conversion Rate Fixing Date" means the date falling [*] ([*]) days before the Intended Delivery Date.
"Corresponding Debt" means any amount, other than any Parallel Debt, which an Obligor owes to a Creditor Party under or in connection with the Finance Documents.
"Credit Adjustment Spread" means 0.42826% per annum.
"Creditor Party" means the Facility Agent, the Security Trustee, the SACE Agent, the Joint Mandated Lead Arrangers or any Lender, whether as at the date of this Agreement or at any later time.
"Daily Rate" means for any US Government Securities Business Day:
SOFR for that US Government Securities Business Day; or |
if SOFR is not available for that US Government Securities Business Day, the percentage rate per annum which is the aggregate of: |
the Central Bank Rate for that US Government Securities Business Day; and |
the applicable Central Bank Rate Adjustment; or |
if paragraph (b) above applies but the Central Bank Rate for that US Government Securities Business Day is not available, the percentage rate per annum which is the aggregate of: |
the most recent Central Bank Rate for a day (which is no more than five US Government Securities Business Days before that US Government Securities Business Day); and |
the applicable Central Bank Rate Adjustment, |
rounded, in either case, to five decimal places and if, in either case, the aggregate of that rate and the applicable Credit Adjustment Spread is less than zero, the Daily Rate shall be deemed to be such a rate that the aggregate of the Daily Rate and the applicable Credit Adjustment Spread is zero.
"Daily Simple SOFR" means, for any day, a rate per annum equal to the Daily Rate for the day that is:
for as long as the Interest Make-Up Agreement is in full force and effect, ten (10) US Government Securities Business Days; or |
if the Interest Make-Up Agreement ceases to be in full force and effect, five (5) US Government Securities Business Days, |
prior to (i) if such day is a US Government Securities Business Day, that day or (ii) if such day is not a US Government Securities Business Day, the US Government Securities Business Day immediately preceding such day.
"December 2021 Amendment Agreement" has the meaning given to such term in Recital (K).
"December 2021 Effective Date" has the meaning given to the term Effective Date in the December 2021 Amendment Agreement.
"December 2021 Fee Letters" means any letter between the Facility Agent (or the SACE Agent, as applicable) and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the December 2021 Amendment Agreement.
"December 2022 Amendment Agreement" has the meaning given to such term in Recital (L).
"December 2022 Fee Letters" means any letter between the Facility Agent (or the SACE Agent, as applicable) and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the December 2022 Amendment Agreement.
"Deferral Period" means the period from 1 April 2020 to 31 December 2022.
"Delegate" means any delegate, agent, attorney or co-trustee appointed by the Security Trustee
"Delivered Vessel Facilities" means, together, Marina Facility Agreement, Riviera Facility Agreement, Seven Seas Explorer Facility Agreement and Seven Seas Splendor Facility Agreement.
"Delivery Date" means the date and time of delivery of the Ship by the Builder to the Borrower as stated in the Protocol of Delivery and Acceptance.
"Document of Compliance" has the meaning given to it in the ISM Code.
"Dollar Equivalent" means such amount in Dollars as is calculated by the Facility Agent on the Conversion Rate Fixing Date to be the equivalent of an amount in Euro at the Conversion Rate.
"Dollars", "$" and "USD" means the lawful currency for the time being of the United States of America.
"Drawdown Date" means, in relation to an Advance under a Tranche, the date on which that Advance is drawn down and applied in accordance with Clause 2 (Facility).
"Drawdown Notice" means a notice in the form set out in Schedule 2 (Form of Drawdown Notice) (or in any other form which the Facility Agent approves or reasonably requires).
"Earnings" means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower, by the Member as bareboat charterer and which arise out of the use or operation of the Ship, including (but not limited to):
all freight, hire, fare and passage moneys, compensation payable to the Borrower, the Facility Agent or the Security Trustee (as the case may be) in the event of requisition |
of the Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship;
all moneys which are at any time payable under Insurances in respect of loss of earnings; |
all moneys which are at any time payable to the Borrower in respect of the general average contribution; and |
if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship. |
"EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.
"Effective Date" means the earlier of:
(a) | the Guarantor providing the Facility Agent with written notice stating that the Original Facility Agreement and the other Finance Documents signed on or about the date of the Original Facility Agreement have become effective; and |
"Eligible Amount" means eighty per cent. (80%) of the lesser of:
the Dollar Equivalent of five hundred and seventy-eight million and seven hundred thousand Euros (€578,700,000); and |
the Dollar Equivalent of the Final Contract Price. |
"Environmental Approval" means any present or future permit, ruling, variance or other authorisation required under Environmental Laws.
"Environmental Claim" means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, "claim" includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.
"Environmental Incident" means:
any release, emission, spill or discharge into the Ship or into or upon the air, sea, land or soils (including the seabed) or surface water of Environmentally Sensitive Material within or from the Ship; or |
any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface |
water from a vessel other than the Ship and which involves a collision between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Ship and/or any Obligor and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or
any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface water otherwise than from the Ship and in connection with which the Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval. |
"Environmental Law" means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.
"Environmentally Sensitive Material" means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.
"Equator Principles" means the standards entitled "A financial industry benchmark for determining, assessing and managing environmental and social risk in projects" dated June 2013 and adopted by certain financial institutions, as the same may be amended or supplemented from time to time.
"EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.
"EU Blocking Regulation" means EU Regulation (EC) 2271/96 of 22 November 1996.
"Euro", "Euros" and "EUR" means the single currency of the Participating Member States.
"Event of Default" means any of the events or circumstances described in Clause 18.1 19.1 (Events of Default).
"Existing Indebtedness" means Financial Indebtedness referred to in the financial statements of the Guarantor delivered to the Facility Agent prior to the date of this Agreement.
"Exporter Declaration" means a declaration to be issued for an Advance under Tranche A and Tranche B, in the form required by SIMEST at the relevant time duly signed by an authorised signatory of the Builder.
"Facility" means the term loan facility under Tranche A, Tranche B and Tranche C , made or to be made available under this Agreement as described in Clause 2.1 (Amount of facility).
"Facility Agent" means BNP Paribas, a French "société anonyme", having a share capital of two billion four hundred ninety-nine million five hundred ninety-seven thousand one hundred and twenty-two Euros (€2,499,597,122) and its registered office located at 16 Boulevard des Italiens, 75009, Paris, France, registered under the n° Siren 662.042.449 at the Registre du
Commerce et des Sociétés of Paris or any successor of it appointed under Clause 26 27 (Role of the Facility Agent and , the Joint Mandated Lead Arrangers, and the SACE Agent and the Reference Banks).
"Facility Agreement" has the meaning given to this such term in Recital (M)H.
"Facility Office" means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.
"Fallback Interest Payment" means the aggregate amount of interest that is, or is scheduled to become, payable under paragraph (d) of Clause 7.6 (Unavailability of Term SOFR) and relates to a Term SOFR Loan.
sections 1471 to 1474 of the Code or any associated regulations; |
any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or |
any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. |
"FATCA Application Date" means:
in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; |
in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code (which relates to "gross proceeds" from the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or |
in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2019, |
or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of the Original Facility Agreement.
"FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA.
"FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction.
"February 2021 Amendment and Restatement Agreement" has the meaning given to such term in Recital (H).
"February 2021 Effective Date" has the meaning given to the term Effective Date in the February 2021 Amendment and Restatement Agreement.
"Fee Letter" means any letter dated on or about the date of the Original Facility Agreement between:
(a) | the Facility Agent and the Borrower setting out the fees referred to in paragraph (a) of Clause 9 10 (Fees); |
(b) | the Facility Agent and the Borrower setting out the fees referred to in paragraph (c)b of Clause 9 10 (Fees); |
(c) | the SACE Agent and the Borrower setting out the fees referred to in paragraph (d) of Clause 9 10 (Fees); |
(d) | the Security Trustee and the Borrower setting out the fees referred to in paragraph (e) of Clause 9 10 (Fees); or |
(e) | the Borrower and a Creditor Party setting out the fees payable to such Creditor Party pursuant to the terms of the Original Facility Agreement. |
this Agreement; |
(a)the 2021 Deferral Fee Letters; |
(b)the February 2021 Amendment and Restatement Agreement; |
(c)the June 2021 Amendment and Restatement Agreement; |
the December 2021 Amendment Agreement; |
the December 2022 Amendment Agreement; |
the 2023 Amendment and Restatement Agreement; |
(d)the June 2021 Fee Letters; |
this Agreement; |
the December 2021 Fee Letters; |
the December 2022 Fee Letters; |
(f)any Fee Letter; |
(g)the Guarantee; |
(h)the General Assignment; |
(i)the Mortgage; |
the Mortgage Addendum; |
(j)the Pledge Agreement; |
(k)the Post-Delivery Assignment; |
(l)any Subordinated Debt Security; |
(m)the Approved Manager's Undertaking; |
(n)any Transfer Certificate; |
(o)any Compliance Certificate; |
(q)any other document (whether creating a Security Interest or not) which is executed as security for, or for the purpose of establishing any priority or subordination arrangement in relation to, the Secured Liabilities; and |
(r)any other document (whether creating a Security Interest or not) which is designated as a Finance Document by agreement between the Borrower, SACE and the Facility Agent. |
"Final Contract Price" has the meaning given in Recital (C).
"Financial Indebtedness" means, in relation to a person (the "debtor"), an indebtedness of the debtor:
for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; |
under any loan stock, bond, note or other security issued by the debtor; |
under any acceptance credit, guarantee or letter of credit facility made available to the debtor; |
under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; |
under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; |
under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person; or |
arising from receivables sold or discounted (other than receivables to the extent they are sold on a non-recourse basis). |
"First Instalment" means the first instalment of the SACE Premium as more particularly described in paragraph (a) of Clause 8.1 9.1 (SACE Premium).
"Fixed Interest Rate" means, in respect of any Interest Period, the rate per annum determined by the Facility Agent to be the aggregate of:
the applicable Margin; and |
the CIRR. |
"Fixed Rate Margin" means the difference between the Floating Rate Margin and the SIMEST Margin Contribution.
"Floating Interest Rate" means, in respect of any Interest Period, the rate per annum determined by the Facility Agent to be the aggregate of::
in relation to each LIBOR Loan, the percentage rate per annum which is the aggregate of: |
(a)the applicable Margin; and |
LIBOR for the relevant period. |
LIBOR. |
In relation to each Term SOFR Loan, the percentage rate per annum which is the aggregate of: |
the applicable Margin; |
Term SOFR Reference Rate; and |
Credit Adjustment Spread. |
"Floating Rate Margin" means one point forty-five per cent. (1.45%).
"FOREX Contracts" means each actual purchase contract, spot or forward contract and any other contract, such as an option or collar arrangement, which is entered into in the foreign exchange markets for the acquisition of Euro intended to pay the delivery instalment under the Shipbuilding Contract, which:
matures not later than the Intended Delivery Date, provided that option arrangements may mature up to one month after such date if at the time they are entered into there exists a reasonable uncertainty as to the date on which the Ship will be delivered; |
is entered into by the Borrower or the Guarantor or a combination of the foregoing not later than two (2) days before the Conversion Rate Fixing Date so that the Borrower, directly or through the Guarantor, purchases or may purchase Euro with Dollars at a pre-agreed rate; and |
is notified to the Facility Agent within ten (10) days of its execution but in any event no later than the day preceding the Conversion Rate Fixing Date, with a Certified Copy of each such contract being delivered to the Facility Agent at such time. |
"FOREX Contracts Weighted Average Rate" means the rate determined by the Facility Agent on the Conversion Rate Fixing Date in accordance with the following principles which (inter alia) are intended to take into account any maturity mismatch between the maturity of the
FOREX Contracts and the Intended Delivery Date as well as FOREX Contracts that are unwound as part of the hedging strategy of the Borrower:
FOREX Contracts that are spot or forward foreign exchange contracts, if any, shall be valued at the contract value (taking into account any rescheduling); |
the difference between the Euro amount available under (a) above and the Euro amount balance payable to the Builder on the Delivery Date is assumed to be purchased at the official daily fixing rate of the Bloomberg Fx Fixings for the purchase of Euro with Dollars as displayed on World Markets Reuters (or such other pages as may replace that page on that service or a successor service) at or around 1 p.m. (London time) on the Conversion Rate Fixing Date; |
any FOREX Contract which is an option or collar arrangement and is not unwound at the Conversion Rate Fixing Date will be marked to market and the resulting profit or loss shall reduce or increase the Dollar countervalue of the purchased Euro; |
Any marked to market valuation, as required in paragraph (c) above, shall be performed by BNP Paribas's dedicated desk in accordance with market practices. The Borrower shall have the right to request indicative valuations from time to time prior to the Conversion Rate Fixing Date.
"Funding Rate" means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (i) of paragraph (e) of Clause 6.9 7.10 (Cost of funds).
"GAAP" means generally accepted accounting principles in the United States of America consistently applied (or, if not consistently applied, accompanied by details of the inconsistencies) including, without limitation, those set forth in the opinion and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board.
"General Assignment" means an assignment of, inter alia, any Management Agreement, the Earnings, the Insurances, any charter and any Requisition Compensation, executed or to be executed by the Borrower, the Member as charterer and, in the event that the Approved Manager is not a member of the Group and is named as a co-assured in the Insurances, the Approved Manager in favour of the Security Trustee in the agreed form.
"German Blocking Provisions" means section 7 of the German Foreign Trade Regulation (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 a no. 3 German Foreign Trade Law (AWG) (Außenwirtschaftsgesetz)).
"Gross Negligence" means any act or omission, whether deliberate or not, which in the circumstances (including both the probability and seriousness of the consequences likely to result) would reasonably be regarded by those familiar with the nature of the activity in question and with the surrounding circumstances, as amounting to the reckless disregard of, or serious indifference to, the consequences, being in any case more than a negligent failure to exercise proper skill and care.
"Group" means the Guarantor and its Subsidiaries.
"Guarantee" means the Original Guarantee as amended and restated pursuant to the February 2021 Amendment and Restatement Agreement , as amended by the December 2021 Amendment Agreement, as further amended by the December 2022 Amendment Agreement and as further amended and restated by the 2023 Amendment and Restatement Agreement, and as may be further amended and/or supplemented from time to time.
"Guarantor" means NCL Corporation Ltd., a Bermuda company with its registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11HM 11, Bermuda.
"Historic Term SOFR" means, in relation to any Term SOFR Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan and which is as of a day which is no more than five US Government Securities Business Days before the Quotation Day.
"Holding" means Norwegian Cruise Line Holdings Ltd., a company incorporated under the laws of Bermuda with its registered office at Park Place 55, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda.
"Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary.
"IAPPC" means a valid international air pollution prevention certificate for the Ship issued under Annex VI.
"Illicit Origin" means any origin which is illicit, fraudulent or in breach of Sanctions including, without limitation, drug trafficking, corruption, organised criminal activities, terrorism, money laundering or fraud.
"Information Package" means the information package in connection with the "Debt Holiday" application in the form set out in schedule 4 (Information Package) of the February 2021 Amendment and Restatement Agreement, submitted by the Borrower (or the Guarantor on its behalf) in order to obtain the benefit of the measures provided for in the Principles for the purpose of this Agreement and certain of the Borrower's and the Guarantor's obligations under this Agreement.
"Initial Contract Price" has the meaning given in Recital (B).
all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war risks association, which are effected in respect of the Ship, its Earnings or otherwise in relation to it; and |
all rights and other assets relating to, or derived from any of such policies, contracts or entries, including any rights to a return of a premium. |
"Intended Delivery Date" means 31 March [*] (the date on which the Ship will be ready for delivery pursuant to the Shipbuilding Contract as at the date of the Original Facility Agreement) or any other date notified by the Borrower to the Facility Agent in accordance with paragraph (a) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date) or paragraph (c) of Clause 3.9 (No later than five (5) Business Days before the Intended Delivery Date) as
being the date on which the Builder and the Borrower have agreed that the Ship will be ready for delivery pursuant to the Shipbuilding Contract.
"Interest Make-Up Agreement" means an agreement on interest stabilisation (Capitolato per il Contributo Interessi) entered into between SIMEST and the SACE Agent on behalf of the Lenders and in form and substance acceptable to the SACE Agent, the Facility Agent and the Lenders, which provides, inter alia, for the applicable CIRR to be subsidised in relation to the Loan made available under this Agreement and to which the CIRR applies.
"Interest Make-up Make-Up Event" means the occurrence of any circumstances which result in the termination, cancellation, revocation, cessation or suspension (in each case, in whole or in part) of the Interest Make-up Make-Up Agreement or the Interest Make-up Make-Up Agreement otherwise ceases or may cease to be in full force and effect or the SACE Agent notifies the Borrower that the Fixed Interest Rate is not available for any reason, in each case, in accordance with the terms of the Interest Make-up Make-Up Agreement.
"Interest Period" means a period determined in accordance with Clause 7 8 (Interest Periods).
"Interpolated Screen RateHistoric Term SOFR" means, in relation to the Loan or any part of the Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:
either |
if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the most recent SOFR for a day which is no more than five US Government Securities Business Days (and no less than two US Government Securities Business Days) before the Quotation Day; and |
"Interpolated Screen Rate" means, in relation to any LIBOR Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:
the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that LIBOR Loan; and |
the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that LIBOR Loan, |
"Interpolated Term SOFR" means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:
either |
the applicable Term SOFR (as of the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or |
if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, SOFR for the day which is five (5) US Government Securities Business Days before the Quotation Day; and |
the applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan. |
"ISM Code" means the International Safety Management Code for the safe operation of ships and for pollution prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time to time.
"ISPS Code" means the International Ship and Port Facility Security (ISPS) Code adopted by the International Maritime Organisation (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.
"Italian Authorities" means SACE and/or SIMEST and any other relevant Italian authorities involved in the implementation of the Loan.
"June 2021 Amendment and Restatement Agreement" has the meaning given to this such term in Recital (J).
"June 2021 Effective Date" has the meaning given to the term Effective Date in the June 2021 Amendment and Restatement Agreement.
"June 2021 Fee Letters" means any letter between the Facility Agent or the SACE Agent and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the June 2021 Amendment and Restatement Agreement.
"Legislative Decree 231/01" means the Italian legislative decree of 8 June 2001, no. 231 (Disciplina della responsabilità amministrativa delle persone giurdiche, delle società e delle associazioni anche prive di personalità giuridica, a norma dell'articolo 11 della legge 29 settembre 2000, n.300) as amended from time to time, on administrative vicarious liability of corporate entities.
"Lender" means a Tranche A Lender, a Tranche B Lender or a Tranche C Lender.
"LIBOR" means, in relation to the Loan or any part of the LIBOR Loan:
the applicable Screen Rate as of the Specified Time for Dollars dollars and for a period equal in length to the Interest Period of the Loan or that part of the LIBOR Loan; or |
as otherwise determined pursuant to Clause 6.6 7.6 (Unavailability of Screen Rate). before Rate Switch Date), |
and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero (except with respect to the Interest Make-Up Agreement)..
"LIBOR Loan" means the Loan, any part of the Loan or, if applicable, Unpaid Sum to which the Floating Interest Rate applies and which is not a Term SOFR Loan.
"Loan" means the aggregate principal amount outstanding for the time being of the borrowings under the Facility and a "part of the Loan" means an Advance, a Tranche or a part of a Tranche.
before an Advance under any Tranche has been made, Lenders whose Commitments total [*] per cent. of the Total Commitments; and |
after an Advance under any Tranche has been made, Lenders whose Contributions total [*] per cent. of the Loan. |
"Management Agreement" means the management agreement (if any) entered or to be entered into between the Borrower and an Approved Manager which is not a member of the Group with respect to the Ship on terms reasonably acceptable to the Majority Lenders and SACE.
in relation to the Fixed Interest Rate, the Fixed Rate Margin; and |
in relation to the Floating Interest Rate, the Floating Rate Margin. |
"Marina Facility Agreement" means, in respect of m.v. MARINA, a facility agreement originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, as further amended and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated by an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.
"Maritime Registry" means the maritime registry which the Borrower will specify to the Lenders no later than 90 days before the Intended Delivery Date, being that of Bermuda, the Marshall Islands, Bahamas or such other registry as the Facility Agent may, with the approval of the Italian Authorities and at least three Lenders representing as a minimum the Majority Lenders, approve.
"Market Disruption Rate" means the percentage rate per annum which is the aggregate of the Term SOFR Reference Rate and the applicable Credit Adjustment Spread.
"Material Adverse Effect" means the occurrence of any event or circumstance which reasonably would be expected to have a material adverse effect on:
the business, operations, property, condition (financial or otherwise) of any Obligor or the Group as a whole; |
the ability of any Obligor to perform its obligations under any Finance Document; or |
the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Secured Party under any of the Finance Documents. |
"Member" means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.
"Minor Modification" means a modification of the plans or the specification or the construction of the Ship under Article 24 of the Shipbuilding Contract, resulting in a contract price increase or decrease of less than [*] Euros (€[*]).
"Model" means the principles of the compliance system adopted by CDP pursuant to Legislative Decree 231/01, available on CDP's website (https://en.cdp.it/kdocs/1896656/Organization_Management_and_Control_Model_pursuant_to_Italian_Legislative_Decree_No._231-01_EN.pdf).
"Mortgage" means the first priority mortgage on the Ship acceptable for registration on the Approved Flag and, if applicable, deed of covenant, executed or to be executed by the Borrower in favour of the Security Trustee in the agreed form.
"Mortgage Addendum" means the addendum to the Mortgage executed pursuant to the 2023 Amendment and Restatement Agreement on or about the date hereof.
"Obligors" means the Borrower, the Guarantor, the Member and (in the event that the Approved Manager is a member of the Group) the Approved Manager.
"Original Facility Agreement" has the meaning given to such term in Recital (Emeans the facility agreement dated 19 December 2018 and made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Joint Mandated Lead Arrangers, (iv) the Facility Agent, (v) the SACE Agent and (vi) the Security Trustee (as defined therein).
"Original Guarantee" means the guarantee issued by the Guarantor in favour of the Security Trustee on 19 December 2018.
"Original Jurisdiction" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated or formed, as the case may be, as at the date of this Agreement.
"Original Maximum Loan Amount" means the aggregate of:
the Dollar Equivalent of four hundred and sixty-two million nine hundred and sixty thousand Euros (€462,960,000); and |
one hundred per cent. (100%) of the SACE Premium to be paid in accordance with Clause 8.1 9.1 (SACE Premium), |
provided that such amount shall not, at any time, exceed six hundred and ninety million seven hundred and eighteen thousand and seventy Dollars and fifty-four cents ($690,718,070.54).
"Original Principles" has the meaning given in Recital (F).
"Original Shipbuilding Contract" has the meaning given in Recital (A).
"Overnight LIBOR" means, in relation to the Loan or any part of the LIBOR Loan:
on any date, the applicable day to day Screen Rate as of the Specified Time for Dollars; or |
as otherwise determined pursuant to Clause 6.6 7.6 (Unavailability of Screen Rate before Rate Switch Date), |
and if, in either case, that rate is less than zero, Overnight LIBOR shall be deemed to be zero.
"Parallel Debt" means any amount which an Obligor owes to the Security Trustee under Clause 27.2 28.2 (Parallel Debt (Covenant to pay the Security Trustee)).
"Participating Member State" means any member state of the European Union that adopts or has adopted the euro Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
"Party" means a party to this Agreement from time to time.
"Permitted Financial Indebtedness" means any Financial Indebtedness:
(a) | incurred under the Finance Documents; or |
(b) | permitted pursuant to Clause 12.14 13.14 (Financial Indebtedness and subordination of indebtedness). |
"Permitted Security Interests" means:
in the case of the Borrower: |
any of the Security Interests referred to in sub-paragraph (A) of sub-paragraph (ii) of paragraph (b)(ii)(A) below; and |
in the case of the Guarantor: |
any of the Security Interests referred to in paragraphs sub-paragraphs (ii)(A), (D), (ii)(F) and (ii)G) of sub-paragraph (ii) of paragraph (b(G) below; and |
any of the Security Interests referred to in paragraphs (C), (E), (H) and (I) below if, by reason of any chartering or management arrangements for the Ship approved by the Facility Agent pursuant to the provisions of this Agreement, |
such Security Interests are created by the Guarantor in the case of paragraph (C) or (E) or incurred by the Guarantor in the case of paragraph (H) or (I);
any Security Interest created by or pursuant to the Finance Documents and any deposits or other Security Interests placed or incurred in connection with any bond or other surety from time to time provided to the US Federal Maritime Commission in order to comply with laws, regulations and rules applicable to the operators of passenger vessels operating to or from ports in the United States of America; |
liens on the Ship up to an aggregate amount at any time not exceeding [*] Dollars ($[*]) for current crew's wages and salvage and liens incurred in the ordinary course of trading the Ship; |
any deposits or pledges up to an aggregate amount at any time not exceeding [*] Dollars ($[*]) to secure the performance of bids, tenders, bonds or contracts required in the ordinary course of business; |
any other Security Interest including in relation to the Existing Indebtedness over the assets of any Obligor other than the Borrower notified by the Borrower or any of the Obligors to the Facility Agent and accepted by it prior to the date of this Agreement; |
other liens arising in the ordinary course of business of the Group unrelated to Financial Indebtedness and securing obligations not yet delinquent or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established provided that (i) the aggregate amount of all cash and the fair market value of all other property subject to such liens as are described in this paragraph (F) does not exceed [*] Dollars ($[*]) and (ii) such cash and/or other property is not an asset of the Borrower; |
subject to the other provisions of this Agreement and the Guarantee, any Security Interest in respect of existing Financial Indebtedness of a person which becomes a Subsidiary of the Guarantor or is merged with or into the Guarantor or any of its subsidiaries; |
liens in favour of credit card companies on unearned customer deposits pursuant to agreements therewith; and |
liens in favour of customers on unearned customer deposits. |
any Finance Document; |
any policy or contract of insurance contemplated by or referred to in Clause 12 13 (General Undertakings) or any other provision of this Agreement or another Finance Document; |
any other document contemplated by or referred to in any Finance Document; and |
any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or |
any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a); |
and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time after that signing.
"Pledge Agreement" means a document creating security over the limited liability company interests in the Borrower in the agreed form.
"Poseidon Principles" means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.
"Post-Delivery Assignment" means an assignment of the rights of the Borrower in respect of the post-delivery guarantee liability of the Builder under Article 25 of the Shipbuilding Contract executed or to be executed by the Borrower in favour of the Security Trustee in the agreed form.
"Principles" has the meaning given to such term in Recital (F).
"Prohibited Jurisdiction" means any country or territory which is, or whose government is, the target of country-wide or territory-wide Sanctions.
"Prohibited Payment" means:
any offer, gift, payment, promise to pay, commission, fee, loan or other consideration which would constitute bribery or an improper gift or payment under, or a breach of Sanctions, any laws of the Republic of Italy, England and Wales, Panama, the Council of the European Union, Germany, the United States of America or any other applicable jurisdiction; or |
any offer, gift, payment, promise to pay, commission, fee, loan or other consideration which would or might constitute bribery within the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions of 17 December 1997. |
"Prohibited Person" means any person that (i) appears on any Sanctions list of prohibited persons, (ii) is directly or indirectly owned 50 percent or more by, or directly or indirectly controlled by, one or more persons covered by sub-section (i) above, or (iii) is located, is resident in or is incorporated or formed, as the case may be, under the laws of a Prohibited Jurisdiction.
"Protocol of Delivery and Acceptance" means the protocol of delivery and acceptance of the Ship to be signed by the Borrower and the Builder in accordance with Article 8 of the Shipbuilding Contract.
"Qualifying Certificate" means the certificate to be issued by the Builder on the Delivery Date and issued to the Facility Agent and copied to the Borrower substantially in the form set out in Schedule 5 (Qualifying Certificate).
"Quotation Day" means , in relation to any period for which an interest rate is to be determined, two Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market in which case the Quotation Day will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). :
"Quoted Tenor" means any period for which:
in relation to a LIBOR Loan, the Screen Rate is customarily displayed on the relevant page or screen of an information service (other than for one week and two months); and |
in relation to a Term SOFR Loan, Term SOFR is customarily displayed on the relevant page or screen of an information service. |
"Rate Switch Date" means the earlier of:
the Backstop Rate Switch Date; and |
any Rate Switch Trigger Event Date. |
"Rate Switch Trigger Event" means:
(1)
|
the administrator of the Screen Rate or its supervisor publicly announces that such administrator is insolvent; or |
provided that, in each case, at that time, there is no successor administrator to continue to provide the Screen Rate;
the supervisor of the administrator of the Screen Rate publicly announces that the Screen Rate has been or will be permanently or indefinitely discontinued for any Quoted Tenor; or |
the administrator of the Screen Rate or its supervisor publicly announces that the Screen Rate for any Quoted Tenor may no longer be used; or |
the supervisor of the administrator of the Screen Rate publicly announces or publishes information: |
"Rate Switch Trigger Event Date" means:
in the case of an occurrence of a Rate Switch Trigger Event described in sub-paragraph (1) of paragraph (1) of the definition of Rate Switch Trigger Event, the date on which the |
Screen Rate ceases to be published or otherwise becomes unavailable;
in the case of an occurrence of a Rate Switch Trigger Event described in sub-paragraph (2), (3) or (4) of paragraph (1) of the definition of Rate Switch Trigger Event, the date on which the Screen Rate for the relevant Quoted Tenor ceases to be published or otherwise becomes unavailable; and |
in the case of an occurrence of a Rate Switch Trigger Event described in paragraph (2) of the definition of Rate Switch Trigger Event, the date on which the Screen Rate for the relevant Quoted Tenor ceases to be representative of the underlying market and the economic reality that it is intended to measure (as determined by the supervisor of the administrator of such Screen Rate). |
"Receiver" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property
"Reference Bank Quotation" means any quotation supplied to the Facility Agent by a Reference Bank.
"Reference Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request by the Reference Banks as either:
if: |
the Reference Bank is a contributor to the applicable Screen Rate; and |
it consists of a single figure, |
as the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to submit to the relevant administrator; or
"Reference Banks" means such entities as may be appointed by the Facility Agent in consultation with the Borrower.
"Relevant Interbank Market" means the London Interbank Market.
"Reinstatement Event" means the final 2021 Deferral Final Repayment Date or any date when all Deferral Tranches under the Delivered Vessel Facilities (as defined therein) are repaid or prepaid in full.
"Relevant Jurisdiction" means, in relation to an Obligor:
its jurisdiction of incorporation, or formation, as the case may be; |
any jurisdiction where any asset subject to, or intended to be subject to, any of the Security Interests created, or intended to be created, under the Finance Documents to which it is a party is situated; |
any jurisdiction where it conducts its business; and |
the jurisdiction whose laws govern the perfection of any of the Security Interests created, or intended to be created, under the Finance Documents to which it is a party. |
subject to paragraph (b) below, the London interbank market; and |
on or after the Rate Switch Date, the market for overnight cash borrowing collateralised by US Government securities. |
"Relevant Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.
"Repayment Date" means a date on which a repayment is required to be made under Clause 5 (Repayment).
"Replacement Benchmark" means a benchmark rate which is:
(a) | formally designated, nominated or recommended as the replacement for a Screen Rate by: |
(i) | the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or |
any Relevant Nominating Body, |
and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above;
in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or |
(c)in the opinion of the Majority Lenders and the Borrower, an appropriate successor to a Screen Rate.
"Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.
"Requisition Compensation" includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of "Total Loss".
"Restricted Creditor Party" means a Creditor Party which serves a notice pursuant to paragraph (a) of Clause 36.7 37.7 (Non-applicable provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation).
"Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers.
"Riviera Facility Agreement" means, in respect of m.v. RIVIERA, a facility agreement originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, as amended by a side letter dated 29 March 2012, as amended and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a framework agreement dated 31 January 2018, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated by an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.
"SACE" means SACE S.p.A., an Italian joint stock company (società per azioni) with a sole shareholder, whose registered office is located at Piazza Poli 37/42, 00187 Rome, Italy and registered with the Companies Registry of Rome under number 05804521002.
"SACE Agent" means Crédit Agricole Corporate and Investment Bank, a French "société anonyme", having a share capital of seven billion eight hundred and fifty one million six hundred and thirty six thousand three hundred and forty two Euros (€7,851,636,342) and its registered office located at 12, place des Etats-Unis, CS 70052, 92547 Montrouge cedex, France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre or any successor of it appointed under Clause 26 27 (Role of the Facility Agent and , the Joint Mandated Lead Arrangers, and the SACE Agent and the Reference Banks).
"SACE Insurance Policy" means the insurance policy (as amended and supplemented from time to time) in respect of this Agreement (which, in all material respects, is not inconsistent with the commercial terms of this Agreement) issued or to be issued by SACE for the benefit of the Lenders in respect of one hundred per cent. (100%) of the Loan together with interest thereon in form and substance satisfactory to the Facility Agent, the SACE Agent and all the Lenders.
"SACE Premium" means the amount payable by the Borrower to SACE directly or through the SACE Agent in two instalments, being the SACE Premium Instalments, in respect of the SACE Insurance Policy as set out in Clause 8.1 9.1 (SACE Premium).
"SACE Premium Instalments" means each of the First Instalment and Second Instalment.
"SACE Required Documents" means in relation to the Drawdown Notice under Tranche A and under Tranche B:
a duly completed and executed Qualifying Certificate; and |
each of the other documents, information and other evidence specified in or required to be enclosed with such Qualifying Certificate. |
"Safety Management Certificate" has the meaning given to it in the ISM Code.
"Sanctions" means any financial, economic or trade sanctions, embargoes or other restrictions relating to trading, doing business, investment, exporting, importing, travelling, financing or making assets available (or other activities similar to or connected with any of the foregoing):
imposed by the US, including the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC); or |
otherwise imposed by any law or regulation. |
"SBC Effective Date" means the effective date under the Shipbuilding Contract.
"Screen Rate" means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.
"Screen Rate Contingency Period" means fifteen (15) Business Days.
"Screen Rate Replacement Event" means, in relation to a Screen Rate:
the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority Lenders and the Borrower materially changed; |
(b)
(i)
(A) | the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; |
provided that in each case, at that time, there is no successor or administrator to continue to provide that Screen Rate;
the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or |
(iv)the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used;
(v) | in the case of a Screen Rate for LIBOR, the supervisor of the administrator of that Screen Rate makes a public announcement or publishes information: |
the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Borrower) temporary; or |
that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the Screen Rate Contingency Period; or |
(d)in the opinion of the Majority Lenders and the Borrower, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.
"Second Instalment" means the second instalment of the SACE Premium as more particularly described in paragraph (b) of Clause 8.1 9.1 (SACE Premium).
"Secured Liabilities" means all liabilities which the Borrower, the Obligors or any of them have, at the Effective Date or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.
"Secured Party" means SACE, the Facility Agent, the Security Trustee, the SACE Agent, the Joint Mandated Lead Arrangers or any Lender whether at the date of the Original Facility Agreement or any later time, a Receiver or any Delegate.
a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any other security interest of any kind or other agreement or arrangement having the effect of conferring security; |
the security rights of a plaintiff under an action in rem; and |
any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution. |
"Security Period" means the period commencing on the Effective Date and ending on the date on which:
all amounts which have become due for payment by the Borrower or any Obligor under the Finance Documents have been fully and irrevocably paid; |
no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; |
the Facility Agent does not consider that there is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower or an Obligor or in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance Document. |
the Security Interests expressed to be granted in favour of the Security Trustee as trustee for the Secured Parties and all proceeds received or recovered by or on behalf of the Security Trustee under or by virtue of any Security Interest including any money or other assets which are received or recovered by it as a result of the enforcement or exercise by it of such a Security Interest or right; |
all obligations expressed to be undertaken by an Obligor to pay amounts in respect of the Secured Liabilities to the Security Trustee as trustee for the Secured Parties and secured by the Security Interests together with all representations and warranties expressed to be given by an Obligor in favour of the Security Trustee as trustee for the Secured Parties; |
the Security Trustee's interest in any turnover trust created under the Finance Documents; |
any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Trustee is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties, |
except:
rights intended for the sole benefit of the Security Trustee; and |
any moneys or other assets which the Security Trustee has transferred to the Facility Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement. |
"Security Requirement" means the amount in Dollars (as certified by the Facility Agent whose certificate shall, in the absence of manifest error, be conclusive and binding on the Borrower and the Facility Agent) which is at any relevant time one hundred and twenty-five per cent. (125%) of the Loan.
"Security Trustee" means HSBC Corporate Trustee Company (UK) Limited, a company incorporated in England and Wales (with registered number 6447555) whose registered office is located at 8 Canada Square, London, E14 5HQ or any successor of it appointed under Clause 27 28 (The Security Trustee).
"Security Value" means the amount in Dollars (as certified by the Facility Agent whose certificate shall, in the absence of manifest error, be conclusive and binding on the Borrower and the Facility Agent) which, at any relevant time, is the aggregate of (i) the charter free market value of the Ship as most recently determined in accordance with Clause 13.4 14.4 (Valuation of the Ship); and (ii) the market value of any additional security for the time being actually provided to the Facility Agent pursuant to Clause 15 16 (Security Value Maintenance).
"Servicing Party" means the Facility Agent or the Security Trustee.
"Seven Seas Explorer Facility Agreement" means, in respect of m.v. SEVEN SEAS EXPLORER, a facility agreement originally dated 31 July 2013 (as amended and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated pursuant to an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.
"Seven Seas Splendor Facility Agreement" means, in respect of m.v. SEVEN SEAS SPLENDOR, a facility agreement originally dated 30 March 2016 (as amended by a supplemental agreement dated 4 June 2020, as further amended and restated pursuant to an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.
"Shareholder" means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.
"Ship" means the passenger cruise ship currently designated with Hull No. [*] m.v "Vista" (as more particularly described in the Shipbuilding Contract) to be constructed under the Shipbuilding Contract and to be delivered to, and purchased by, the Borrower and registered in its name under an Approved Flag.
"Shipbuilding Contract" has the meaning given in Recital (I)A.
"SIMEST" means Società Italiana per Le Imprese all'Estero - SIMEST S.p.A., which grants export subsidies in Italy under and according to the Italian Legislative Decree n. 143/98 and its amendments.
"SIMEST Margin Contribution" means the margin contribution approved and granted by SIMEST to the Lenders under the Interest Make-up Make-Up Agreement as communicated by the SACE Agent to the Creditor Parties and the Borrower following the date of the Original Facility this Agreement as soon as the SACE Agent is made aware of it.
"SOFR" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).
"Specified Time" means a day or time determined in accordance with the following:
if LIBOR is fixed, the Quotation Day as of 11:00 am Brussels London time; and |
(b)in relation to a Reference Bank Rate calculated by reference to the available quotations in accordance with Clause 6.7 7.7 (Calculation of Reference Bank Rate), 11.30 am Brussels time noon on the Quotation Day.
"Structuring Fee" has the meaning given in paragraph (a) of Clause 9 10 (Fees).
"Subordinated Debt Security" has the meaning given in sub-paragraph (b)(ii) of Clause 12.14 13.14 (Financial Indebtedness and subordination of indebtedness).
"Subsidiary" has the following meaning:
a company (S) is a subsidiary of another company (P) if:
a majority of the issued equity interests in S (or a majority of the issued equity interests in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or |
P has direct or indirect control over a majority of the voting rights attaching to the issued equity interests of S; or |
P has the direct or indirect power to appoint or remove a majority of the directors (or equivalent) of S; or |
P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P; |
and any company of which S is a subsidiary is a parent company of S.
"Tax" means any tax, levy, impost, duty, assessment, fee, deduction or other charge or withholding of a similar nature imposed by any governmental authority (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).
"Term and Revolving Credit Facilities" means the facilities granted pursuant to the credit agreement originally dated 24 May 2013 (as amended and restated from time to time) between, inter alios, the Guarantor and Voyager Vessel Company, LLC as borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.
"Term SOFR" means a term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).
"Term SOFR Loan" means the Loan, any part of the Loan or, if applicable, Unpaid Sum to which the Floating Interest Rate applies and which is, or becomes, a "Term SOFR Loan" pursuant to Clause 6 (Rate Switch).
"Term SOFR Reference Rate" means, in relation to any Term SOFR Loan:
the applicable Term SOFR as of the Quotation Day and for a period equal in length to the Interest Period of that Term SOFR Loan; or |
as otherwise determined pursuant to Clause 7.8 (Unavailability of Term SOFR), |
and if, in either case, the aggregate of that rate and the applicable Credit Adjustment Spread is less than zero, the Term SOFR Reference Rate shall be deemed to be such a rate that the aggregate of the Term SOFR Reference Rate and the Credit Adjustment Spread is zero.
"Third Party Act" means the Contracts (Rights of Third Parties) Act 1999.
"Total Commitments" means the aggregate of the Total Tranche A Commitments, the Total Tranche B Commitments and the Total Tranche C Commitments, being seven six hundred and ninety forty-six million, eight hundred fifty eight thousand, four hundred forty six and forty-seven United States Dollars and ninety eight Cents ($790,858,446.98one cent ($646,858,447.01) as at the date of this Agreement.
"Third Party Act" means the Contracts (Rights of Third Parties) Act 1999.
actual, constructive, compromised, agreed or arranged total loss of the Ship; |
any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority, (excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 1 month redelivered to the Borrower's full control; |
any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless it is within 1 month redelivered to the Borrower's full control. |
in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was last heard of; |
in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest of: |
the date on which a notice of abandonment is given to the insurers (or deemed or agreed to be given); and |
the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship's insurers in which the insurers agree to treat the Ship as a total loss; and |
in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Facility Agent acting reasonably and in consultation with the Borrower that the event constituting the total loss occurred. |
"Total Tranche A Commitments" means the aggregate of the Tranche A Commitments, being six five hundred and ninety sixty-three million seven hundred and eighteen thousand and seventy Dollars and fifty-four fifty-seven cents ($690,718,070.54563,718,070.57) as at the date of this Agreement.
"Total Tranche B Commitments" means the aggregate of the Tranche B Commitments, being eighty one sixty-seven million, one hundred and thirty -two thousand and fifty -one United States Dollars and twenty eight Cents ($81,132,051.28cents ($67,132,051.28) as at the date of this Agreement.
"Total Tranche C Commitments" means the aggregate of the Tranche C Commitments, being nineteen sixteen million, eight thousand three hundred and twenty -five United States Dollars and sixteen Cents cents ($19,008,325.16$16,008,325.16) as at the date of this Agreement.
"Tranche" means Tranche A, Tranche B or Tranche C.
"Tranche A" means the part of the Facility made or to be made available by the Tranche A Lenders to the Borrower to finance (i) up to the Eligible Amount, the Dollar Equivalent of four hundred and sixty-two million nine hundred and sixty thousand Euros (€462,960,000), corresponding to all or part of eighty per cent. (80%) of the Final Contract Price, (ii) the First Instalment of the SACE Premium and (iii) the Second Instalment of the SACE Premium.
"Tranche A Commitments" means, in relation to a Tranche A Lender, the amount set opposite its name under the heading "Tranche A Lenders" in Part A of Schedule 1 (Lenders and Commitments) and the amount of any other Tranche A Commitment transferred to it under this Agreement, to the extent not cancelled, reduced, terminated or transferred by it under this Agreement.
"Tranche A Lender" means a bank, financial institution, trust, fund or other entity listed in Part A of Schedule 1 (Lenders and Commitments) and acting through its Facility Office or its transferee, successor or assignassignee.
"Tranche B" means the part of the Facility to be made available by the Tranche B Lenders to the Borrower to finance:
(ii) | 100% of the Tranche B Premium to be paid in accordance with Clause 8.6 9.6 (Tranche B Premium). |
"Tranche B Commitments" means, in relation to a Tranche B Lender, the amount set opposite its name under the heading "Tranche B Lenders" in Part B of Schedule 1 (Lenders and Commitments) and the amount of any other Tranche B Commitment transferred to it under this Agreement, to the extent not cancelled, reduced, terminated or transferred by it under this Agreement.
"Tranche B Lender" means a bank, financial institution, trust, fund or other entity listed in Part B of Schedule 1 (Lenders and Commitments) and acting through its Facility Office or its transferee, successor or assignassignee.
"Tranche B Premium" has the meaning given to this term in paragraph (a) of Clause 8.6 9.6 (Tranche B Premium).
"Tranche C" means the part of the Facility to be made available by the Tranche C Lenders to the Borrower to finance, if applicable, the second instalment of the Additional SACE Premium, calculated in accordance with paragraph (a)(ii) of Clause 8.5 9.5 (Additional SACE Premium).
"Tranche C Commitments" means, in relation to a Tranche C Lender, the amount set opposite its name under the heading "Tranche C Lenders" in Part C of Schedule 1 (Lenders and Commitments) and the amount of any other Tranche C Commitment transferred to it under this Agreement, to the extent not cancelled, reduced, terminated or transferred by it under this Agreement.
"Tranche C Lender" means a bank, financial institution, trust, fund or other entity listed in Part C of Schedule 1 (Lenders and Commitments) and acting through its Facility Office or its transferee, successor or assignassignee.
"Transaction Documents" means the Finance Documents and the Underlying Documents.
"Transfer Certificate" means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Borrower.
"UK Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).
"Underlying Documents" means the Shipbuilding Contract, any Management Agreement, any bareboat charter and any charter and associated guarantee in respect of which a notice of assignment is required to be served under the terms of the General Assignment.
"Unpaid Sum" means (i) any sum due and payable but unpaid by an Obligor under the Finance Documents and (ii) any part of the Aggregate SACE Premium unpaid by the Borrower.
"Upsize Allowance" means an allowance in relation to:
(b) | the improvements to the Ship identified in the appendices and collateral arrangements to the Shipbuilding Contract and other changes agreed between the Borrower (as Owner under the Shipbuilding Contract) and the Builder, pursuant to article 9.2(ii)(b) of the Shipbuilding Contract. |
"Upsize Allowance Eligible Amount" means eighty per cent. (80%) of the Dollar Equivalent of the Upsize Allowance Price.
"Upsize Allowance Price" means the price for the Upsize Allowance, in an amount of sixty-six million Euros (€66,000,000).
"US" means the United States of America.
"US Government Securities Business Day" means any day other than:
a Saturday or a Sunday; and |
a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. |
"VAT" means:
any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and |
any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. |
"Write-down and Conversion Powers" means:
(a) | in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; |
(b) | in relation to any other applicable Bail-In Legislation: |
(i) | any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and |
(ii) | any similar or analogous powers under that Bail-In Legislation; and |
(c) | in relation to any UK Bail-In Legislation: |
(i) | any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and |
(ii) | any similar or analogous powers under that UK Bail-In Legislation. |
Construction of certain terms |
In this Agreement:
"Facility Agent", the "SACE Agent", the "Joint Mandated Lead Arranger", the "Security Trustee", "SACE", any "Creditor Party", any "Secured Party", any "Lender", any "Tranche A Lender", any "Tranche B Lender", any "Tranche C Lender", any "Obligor" or any other "person", shall be construed so as to include its successors in title, permitted assigns and permitted transferees.
"approved by the Lenders" (or any similar determination or instruction by the Lenders) means approved in writing by the Facility Agent acting on the instructions of all the Lenders and approved in writing by the SACE Agent acting on the instructions of SACE (or the Lenders only to the extent the SACE Insurance Policy does not cover the event for which such instruction or approval is required) (on such conditions as they may respectively impose) and any requirement for approval by all the Lenders shall mean prior approval.
"approved by the Majority Lenders" (or any similar determination or instruction by the Majority Lenders) means approved in writing by the Facility Agent acting on the instructions of the Majority Lenders and approved in writing by the SACE Agent acting on the instructions of SACE (or the Majority Lenders only to the extent the SACE Insurance Policy does not cover the event for which such instruction or approval is required) (on such conditions as they may respectively impose) and otherwise "approved" means approved in writing by the Facility Agent (on such conditions as the Facility Agent may impose) and "approval" and "approve" shall be construed accordingly and any requirement for approval by the Facility Agent, the SACE Agent or the Majority Lenders shall mean prior approval.
"asset" includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment.
"company" includes any partnership, joint venture and unincorporated association.
"consent" includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation.
"contingent liability" means a liability which is not certain to arise and/or the amount of which remains unascertained.
"date of this Agreement" means ______________ 2021the 2023 Effective Date.
"document" includes a deed; also a letter , or electronic mail.
"expense" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Taxes including VAT.
a Lender's "cost of funds" in relation to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan.
"including" and "in particular" (and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used.
"indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;.
"law" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council.
"legal or administrative action" means any legal proceeding or arbitration and any administrative or regulatory action or investigation.
"liability" includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise.
"months" shall be construed in accordance with Clause 1.4 (Meaning of "month").
"parent company" has the meaning given in the definition of "Subsidiary".
"person" includes any individual, firm, company, corporation, government, any state, political sub-division of a state and local or municipal authority, agency of a state or any association, trust, joint venture, consortium or partnership; and any international organisation (whether or not having a separate legal personality).
"proceedings" means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective measure.
"regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation.
Construction of Insurance Terms |
"approved" means, for the purposes of Clause 14 15 (Insurance Undertakings), approved in writing by the Facility Agent.
"excess risks" means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims.
"obligatory insurances" means all insurances effected, or which the Borrower is obliged to effect, under Clause 14 15 (Insurance Undertakings) or any other provision of this Agreement or another Finance Document.
"policy" in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.
"protection and indemnity risks" means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.
"war risks" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).
Meaning of "month" |
A period of one or more "months" ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started ("the numerically corresponding day"), but:
on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or |
on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day; |
and "month" and "monthly" shall be construed accordingly.
General Interpretation |
In this Agreement:
references in Clause 1.1 (Definitions) to a Finance Document or any other document being an "agreed form" are to the form agreed between the Facility Agent (acting with the authorisation of each of the Creditor Parties and SACE) and the Borrower with any modifications to that form which the Facility Agent (with the authorisation of the Majority Lenders and SACE in the case of substantial modifications) approves or reasonably requires; |
references to, or to a provision of, a Finance Document or any other document are references to it as amended, amended and restated or supplemented, whether before the date of this Agreement or otherwise; |
in the Finance Documents is bound or to which it is subject or, as regards a regulation, compliance with which is reasonable in the ordinary course of business of any Obligor or any Creditor Party;
(d) | references to, or to a provision of, any law or regulation include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise; |
any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term; |
words denoting the singular number shall include the plural and vice versa; and |
Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary intention appears. |
Headings |
In interpreting a Finance Document or any provision of a Finance Document, all clauses, sub-clauses and other headings in that and any other Finance Document shall be entirely disregarded.
Schedules |
The schedules form an integral part of this Agreement.
Facility |
Amount of facility |
Subject to the other provisions of this Agreement:
(a) | the Tranche A Lenders agree to make available to the Borrower a loan in relation to Tranche A in one (1) Advance not exceeding, in aggregate, the Total Tranche A Commitments intended to be applied as follows: |
in payment to the Builder, up to the Eligible Amount, of all or part of eighty per cent. (80%) of the Final Contract Price; |
in reimbursement to the Borrower of the amount of the First Instalment of the SACE Premium paid by it to SACE in accordance with paragraph (a) of Clause 8.1 9.1 (SACE Premium); and |
in payment to SACE of the amount of the Second Instalment of the SACE Premium payable by the Borrower to SACE in accordance with paragraph (b) of Clause 8.1 9.1 (SACE Premium).; |
(b) | the Tranche B Lenders agree to make available to the Borrower a loan in relation to Tranche B in one (1) Advance not exceeding, in aggregate, the Total Tranche B Commitments intended to be applied as follows: |
(i) | in reimbursement to the Borrower or in payment to the Builder, up to the Upsize Allowance Eligible Amount, of all or part of eighty per cent. (80%) of the Upsize Allowance Price; and |
Lenders' participations in Loan |
Subject to the other provisions of this Agreement:
(a) | each Tranche A Lender shall participate in an Advance under Tranche A in the proportion which, as at the Drawdown Date, its Tranche A Commitment bears to the Total Tranche A Commitments; |
(b) | each Tranche B Lender shall participate in an Advance under Tranche B in the proportion which, as at the Drawdown Date, its Tranche B Commitment bears to the Total Tranche B Commitments; and |
(c) | each Tranche C Lender shall participate in an Advance under Tranche C in the proportion which, as at the Drawdown Date, its Tranche C Commitment bears to the Total Tranche C Commitments. |
Purpose of Loan |
The Borrower undertakes with each Secured Party to use:
(a) | an Advance under Tranche A only to pay for: |
goods and services of Italian origin incorporated in the design, construction or delivery of the Ship; |
subject to the limits and conditions fixed by the Italian Authorities, goods and services incorporated in the design, construction or delivery of the Ship and originating from countries other than Italy where the provision of such goods or services has been sub-contracted by the Builder and therefore remains the Builder's responsibility under the Shipbuilding Contract; |
(iii) | all or part of eighty per cent. (80%) of the Final Contract Price; |
(iv) | reimbursement to the Borrower of the First Instalment of the SACE Premium paid by the Borrower direct to SACE in accordance with paragraph (a) of Clause 8.1 9.1 (SACE Premium); and |
the Second Instalment of the SACE Premium payable in accordance with paragraph (b) of Clause 8.1 9.1 (SACE Premium); |
(b) | an Advance under Tranche B only to pay: |
(i) | for goods and services in relation to the Upsize Allowance; |
(ii) | subject to the limits and conditions fixed by the Italian Authorities, goods and services incorporated in the design, construction or delivery of the Ship and originating from countries other than Italy where the provision of such goods or services has been sub-contracted by the Builder and therefore remains the Builder's responsibility under the Shipbuilding Contract; |
(iii) | all or part of eighty per cent. (80%) of the Upsize Allowance Price; and |
one hundred per cent. (100% ) of the Tranche B Premium, payable in accordance with the provisions of paragraph (a) of Clause 8.6 9.6 (Tranche B Premium); and |
Creditor Parties' rights and obligations |
The obligations of each Creditor Party under the Finance Documents are several. Failure by a Creditor Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Creditor Party is responsible for the obligations of any other Creditor Party under the Finance Documents. |
The rights of each Creditor Party and SACE under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Creditor Party and SACE from an Obligor shall be a separate and independent debt. |
A Creditor Party and SACE may not, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. |
Notwithstanding any other provision of the Finance Documents and subject to the prior written consent of SACE, a Creditor Party may separately sue for any Unpaid Sum due to it without the consent of any other Creditor Party or joining any other Creditor Party to the relevant proceedings (it being understood that a Creditor Party may file a claim noting the amounts due to it in the event insolvency proceedings are commenced against the Borrower by a third party). |
Monitoring |
No Creditor Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.
Obligations of Lenders several |
The obligations of the Lenders under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:
the obligations of the other Lenders being increased; nor |
any Obligor or any other Lender being discharged (in whole or in part) from its obligations under any Finance Document, |
and in no circumstances shall a Lender have any responsibility for a failure of another Lender to perform its obligations under this Agreement or any other Finance Document.
Conditions Precedent |
General |
The Borrower may only draw an Advance under a Tranche when the following conditions have been fulfilled to the satisfaction of the Facility Agent and provided no Event of Default shall have occurred and remains unremedied or is likely to occur as a consequence of the drawing of the Loan:
No later than the Effective Date |
The Facility Agent shall have received no later than the Effective Date:
an opinion from legal counsel to the Secured Parties as to the laws of the state of Delaware in form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the Borrower's execution of any Finance Documents to which they are party on the Effective Date; |
(c) | an opinion from legal counsel to the Secured Parties as to Bermuda law in form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the Guarantor's execution of the Original Guarantee; |
(d) | an opinion from legal counsel to the Secured Parties as to the laws of the state of New York in form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the validity and enforceability of the Pledge Agreement; |
(e) | an opinion from legal counsel to the Secured Parties as to Panamanian law in form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the Member's execution of the Pledge Agreement; |
a Certified Copy of the executed Shipbuilding Contract; |
(g) | such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution by the Borrower and the Builder of the Shipbuilding Contract and of all documents to be executed by the Borrower and the Builder; |
duly executed originals of the Original Guarantee and the Pledge Agreement and of each document to be submitted pursuant to it; |
(j) | such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender or SACE) or any Lender or SACE (for itself) in order for the Facility Agent and such Lender or SACE to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents; |
(k) | payment of the initial portion of the Structuring Fee as set out in and payable in accordance with the relevant Fee Letter; and |
No later than two (2) years before the Intended Delivery Date |
The Facility Agent shall have received no later than two (2) years before the Intended Delivery Date, payment of the remaining portion of the Structuring Fee as set out in and payable in accordance with the relevant Fee Letter.
No later than ninety (90) days before the Intended Delivery Date |
The Facility Agent (or the SACE Agent in respect of paragraphs (c), (e) and (f) below) shall have received no later than ninety (90) days before the Intended Delivery Date:
(a) | notification from the Borrower of its chosen Maritime Registry; |
(b) | notification of the Approved Manager; |
the SACE Insurance Policy documentation relating to the transaction contemplated by this Agreement issued on terms whereby the SACE Insurance Policy will enter into full force and effect upon fulfilment of the conditions specified therein to be fulfilled on or before the Drawdown Date; |
(d) | evidence that the First Instalment has been paid; |
an original of the Interest Make-up Make-Up Agreement relative to the Loan and in full force and effect; |
an original of the SACE Insurance Policy; and |
No later than sixty (60) days before the Intended Delivery Date |
The Facility Agent shall have received from the Borrower no later than sixty (60) days before the Intended Delivery Date:
notification of the Intended Delivery Date; |
(b) | a notice from the Borrower as described in paragraph (a) of Clause 8.4 9.4 (Refund) and in paragraph (h)f of Clause 8.6 9.6 (Tranche B Premium); and |
a U.S. tax opinion from legal counsel to the Secured Parties in respect of the tax treatment of the entry by the U.S. incorporated Borrower into this Agreement and the other Finance Documents substantially in the form notified to the Borrower on or around the Effective Date and updated to reflect any changes in law. |
3.6 | No later than forty-five (45) days before the Intended Delivery Date |
The Facility Agent shall have received from the Borrower no later than forty-five (45) days before the Intended Delivery Date (and on each subsequent date on which a Compliance Certificate is to be received by the Security Trustee pursuant to paragraph (c) of clause 11.3 (Provision of financial statements) of the Guarantee) a duly completed Compliance Certificate from the Guarantor.
3.7 | No later than [*] ([*]) days before the Intended Delivery Date |
The SACE Agent (with a copy to the Facility Agent) shall have received from the Borrower no later than [*] ([*]) days before the Intended Delivery Date notification, signed by a duly authorised signatory of the Borrower, specifying which of the Fixed Interest Rate or the Floating Interest Rate shall be applicable to the Loan until the date of payment of the final repayment instalment of the Loan.
No later than fifteen (15) Business Days before the Intended Delivery Date |
The Facility Agent shall have received no later than fifteen (15) Business Days before the Intended Delivery Date insurance documents in form and substance satisfactory to the Lenders confirming that the Insurances have been effected and will be in full force and effect on the Delivery Date.
No later than five (5) Business Days before the Intended Delivery Date |
The Facility Agent shall have received no later than five (5) Business Days before the Intended Delivery Date:
the Drawdown Notice from the Borrower in relation to each Tranche, signed by a duly authorised signatory of the Borrower, specifying the amount of the Loan to be drawn down; |
(b) | a Certified Copy of any amendments to the Shipbuilding Contract which are not Minor Modifications and of the power of attorney pursuant to which the authorised signatory of the Borrower signed each Drawdown Notice and a specimen of his signature; and |
a final confirmation of the Intended Delivery Date signed by a duly authorised signatory of the Borrower, and counter-signed by a duly authorised signatory of the Builder. |
No later than the Delivery Date |
In respect of the Advance to be made available by the Tranche A Lenders, the Facility Agent shall have received no later than the Delivery Date: |
if applicable, a duly executed original of the Subordinated Debt Security; |
any opinions from legal counsel to the Secured Parties relating to the due execution, validity and enforceability of the Subordinated Debt Security, in form and substance satisfactory to the Facility Agent and the Secured Parties; |
evidence of payment to and receipt by the Builder of: |
(A) | the four (4) pre-delivery instalments of the Final Contract Price; and |
(B) | any other part of the Final Contract Price as at the Delivery Date not being financed hereunder; |
evidence of payment of all amounts which are due and payable hereunder by the Borrower on or prior to the Delivery Date; |
a certificate from the Borrower, signed by an authorised representative of the Borrower, confirming that: |
(B) | no mandatory prepayment event pursuant to Clause 16 17 (Cancellation, Prepayment and Mandatory Prepayment) is continuing or would result from the LoanAdvance; |
an original or a certified copy of each of the SACE Required Documents and the Facility Agent and the SACE Agent shall be satisfied that the SACE Required Documents on their face appear properly completed and comply with the requirements of this Agreement and the requirements of the SACE Insurance Policy; |
In respect of the Advance to be made available by the Tranche B Lenders, the Facility Agent shall have received no later than the Delivery Date the documents, evidence or confirmations, as relevant, set out in paragraphs (a)(i), (a)(ii), (a)(v) and (a)(vi) of this Clause 3.10 (No later than the Delivery Date), as well as: |
(i) | a copy of the Addendum and any other relevant addendum to the Shipbuilding Contract; and |
(ii) | save for the case where the Builder shall have received from the Borrower an amount equal to one hundred per cent (100%) of the Upsize Allowance Price and the Facility Agent shall have received a certified true copy bank statement evidencing receipt by the Builder of such full amount and of which all or part of 80% shall be reimbursed to the Borrower pursuant to such Advance, confirmation in writing from the Builder that |
it has received from the Borrower an amount equal to at least twenty per cent. (20%) of the Upsize Allowance Price; and
In respect of the Advance to be made available by the Tranche C Lenders, the Facility Agent shall have received no later than the Delivery Date the documents, evidence or confirmations, as relevant, set out in paragraphs (a)(i), (a)(ii), (a)(v) and (a)(vi) of this Clause 3.10 (No later than the Delivery Date), |
provided always that, pursuant in relation to paragraphs (a), (b) and (c) above, the obligations of the relevant Lenders to make such Advance under each of Tranche A, Tranche B and Tranche C, as applicable, available on the Delivery Date are subject to the Lenders remaining satisfied that each of the SACE Insurance Policy and the Interest Make-up Make-Up Agreement will cover the Loan following the advance of such Advances, payment of the Second Instalment and delivery to the Facility Agent of the documents listed in Schedule 3 (Documents to be produced by the Builder to the Facility Agent on Delivery).
At Delivery |
Immediately prior to the delivery of the Ship by the Builder to the Borrower, the Facility Agent shall have received:
evidence that immediately following delivery: |
the Ship will be registered in the name of the Borrower in the Maritime Registry; |
title to the Ship will be held by the Borrower free of all Security Interests other than any maritime lien in respect of crew's wages and trade debts arising out of equipment, consumable and other stores placed on board the Ship prior to or concurrently with delivery, none of which is overdue; |
the Mortgage will be duly registered in the Maritime Registry and constitutes a first priority security interest over the Ship and that all taxes and fees payable to the Maritime Registry in respect of the Ship have been paid in full; and |
the opinions mentioned in paragraphs (b), (c) and (d) of Clause 3.12 (Immediately following Delivery), in draft form immediately prior to the delivery of the Ship, and the documents mentioned in paragraph (e) of Clause 3.12 (Immediately following Delivery) will be issued to and received by the Facility Agent; |
duly executed originals of the General Assignment, any Approved Manager's Undertaking and the Post-Delivery Assignment together with relevant notices of assignment and the acknowledgement of the notice of assignment to be issued pursuant to the General Assignment and the Post-Delivery Assignment; |
a Certified Copy of the power of attorney pursuant to which the authorised signatory(ies) of the Borrower signed the documents referred to in this Clause 3.11 (At Delivery) and to which the Borrower is a party and a specimen of his or their signature(s); and |
Immediately following Delivery |
Immediately following the delivery of the Ship by the Builder to the Borrower, the Facility Agent (with copy to the Security Trustee), or, in the case of paragraph (a) below, the Security Trustee (with copy to the Facility Agent), shall receive:
a duly executed original of the Mortgage; |
an opinion from legal counsel acceptable to the Secured Parties as to the law of the Maritime Registry in form and substance satisfactory to the Facility Agent and the Secured Parties confirming: |
the valid registration of the Ship in the Maritime Registry; and |
the Mortgage over the Ship is a first priority security and has been validly registered in the Maritime Registry; |
an opinion from legal counsel acceptable to the Secured Parties as to the laws of the state of Delaware in form and substance satisfactory to the Facility Agent and the Secured Parties together with the company documentation of the Borrower and a certificate of a competent officer or manager of the Borrower containing specimen signatures of the persons authorised to sign the documents on behalf of the Borrower, confirming that, without limitation: |
(i) | the Mortgage, the deed of covenants constituting part of the Mortgage (if applicable), the General Assignment, the Post-Delivery Assignment and the bareboat charter (if |
applicable) fall within the scope of the Borrower's company purpose as defined by its Memorandum of Association and By-laws and are binding on it; and
an opinion from legal counsel to acceptable to the Secured Parties as to Panamanian law in form and substance satisfactory to the Facility Agent and the Secured Parties together with the corporate documentation of the Member as bareboat charterer and a certificate of a competent officer of the Shareholder containing specimen signatures of the persons authorised to sign the documents on behalf of the Member, confirming that, without limitation: |
(i) | the General Assignment falls within the scope of the Member's corporate purpose as defined by its Articles of Incorporation and By-laws; and |
(ii) | the representative of the Member is fully empowered to sign the General Assignment; |
(f) | the documents listed in Schedule 3 (Documents to be produced by the Builder to the Facility Agent on Delivery). |
3.13 | Notification of satisfaction of conditions precedent |
The Facility Agent shall notify the Tranche A Lenders, the Tranche B Lenders, the Tranche C Lenders, SACE and SIMEST, as applicable, promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in this Clause 3 (Conditions Precedent).
Waiver of conditions precedent |
If the Majority Lenders, at their discretion, subject to the prior written consent of SACE, permit the an Advance under a Tranche to be borrowed before any of the conditions precedent referred to in Clause 3 (Conditions Precedent) has been satisfied, the Borrower shall ensure that that condition is satisfied within five (5) Business Days after the date (as specified in the relevant part of Clause 3 (Conditions Precedent)) or such later date as the Facility Agent may agree in writing with the Borrower.
Changes to SACE's or SIMEST's requirements |
If the SACE Agent notifies the Borrower of any proposed changes to this Agreement under paragraph (a) above, and provided that: |
all the Lenders and the Borrower agree with such changes; and |
the Borrower indemnifies and holds harmless the SACE Agent, the Facility Agent and the Lenders for any reasonable costs that it may incur arising from or in connection with any such amendments (including legal fees), |
then such changes will be made to this Agreement in accordance with the terms hereof.
3.16 | No claim against the Creditor Parties |
The Borrower agrees that the Creditor Parties may act on the instructions of the Italian Authorities in relation to this Agreement.
Examination and reliance on documents by the Facility Agent |
(a) | The SACE Agent shall ensure that an officer or employee or other person designated by it as its authorised representative is present at the Builder on the Delivery Date for the purpose of examining originals (or certified copies) of the SACE Required Documents duly signed by the parties thereto and collecting copies thereof (which copies shall be certified as true copies by an authorised signatory of the Builder and/or the Borrower, as applicable). |
(b) | The Facility Agent shall be entitled (but not obliged) to rely and act upon any documentation or information provided under this Clause 3 (Conditions Precedent), which appears on its face to have been duly completed. |
(e) | In case of any discrepancy in any such documents, the Facility Agent shall notify the Borrower in writing thereof and shall request its approval of such discrepancy in writing. |
(f) | The Facility Agent and the Lenders shall not be responsible for any delay in making available the Loan resulting from any requirement for the delivery of further information or documents reasonably required by the Facility Agent for the relevant conditions precedent in this Agreement to be satisfied. |
Drawdown |
Borrower's irrevocable payment instructions |
(a) | The Tranche A Lenders shall not be obliged to fulfil their obligation to make an Advance available under Tranche A other than (i) by paying the Builder all or part of eighty per cent. (80%) of the Final Contract Price on behalf of and in the name of the Borrower, (ii) by reimbursing the Borrower for the First Instalment of the SACE Premium which was paid by the Borrower to SACE on the earlier of (A) the date falling 30 days after the issuance of the SACE Insurance Policy and (B) the date falling 6 months after the date of SACE's board approval and (iii) by payment to SACE of the Second Instalment of the SACE Premium payable on the Drawdown Date. |
The Tranche B Lenders shall not be obliged to fulfil their obligation to make an Advance available under Tranche B other than: |
by reimbursing the Borrower or by paying the Builder all or part of eighty per cent. (80%) of the Upsize Allowance Price on behalf of and in the name of the Borrower; and |
(ii)
(A) | by reimbursing to the Borrower the amount of the Tranche B Premium referred to in paragraph (a)(i) of Clause 8.6 9.6 (Tranche B Premium); and |
(B) | by paying SACE the amount of the Tranche B Premium referred to in paragraph (a)(ii) of Clause 8.6 9.6 (Tranche B Premium), |
such amounts of the Tranche B Premium to be paid by the Borrower to SACE in accordance with paragraph (a) of Clause 8.6 9.6 (Tranche B Premium).
The Borrower hereby instructs the Tranche A Lenders in accordance with this Clause 4.1 (Borrower's irrevocable payment instructions): |
to pay to the Builder, up to the Eligible Amount, all or part of eighty per cent. (80%) of the Final Contract Price; |
to reimburse the Borrower the amount of the First Instalment of the SACE Premium already paid by the Borrower to SACE on the date specified in paragraph (a) of Clause 8.1 9.1 (SACE Premium); and |
The Borrower hereby instructs the Tranche B Lenders in accordance with this Clause 4.1 (Borrower's irrevocable payment instructions) to: |
reimburse to the Borrower or pay to the Builder, up to the Upsize Allowance Eligible Amount, all or part of eighty per cent. (80%) of the Upsize Allowance Price; and |
pay to the Facility Agent on behalf of the Tranche B Lenders: |
such amounts of the Tranche B Premium to be paid by the Borrower to SACE pursuant to paragraph (a) of Clause 8.6 9.6 (Tranche B Premium).
(i) | Save as contemplated in Clause 4.3 (Modification of payment terms) below, the payment instruction contained in this Clause 4.1 (Borrower's irrevocable payment instructions) is irrevocable. |
Conversion Rate for Loan |
The Dollar amount to be drawn down under paragraphs (d)a), (b(i) and (e)c(i) of Clause 4.1 (Borrower's irrevocable payment instructions) shall be calculated by the Facility Agent on the Conversion Rate Fixing Date in accordance with the definitions of "Eligible Amount", "Upsize Allowance Eligible Amount" and "Conversion Rate" in Clause 1.1 (Definitions).
Modification of payment terms |
The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Facility Agent, the Security Trustee, the Lenders and the Borrower in the case of paragraphs (b)d)(i(i) and (e)(i) of Clause 4.1 (Borrower's irrevocable payment instructions) and with the agreement of the Italian Authorities, the Facility Agent, the Lenders and the Borrower in the case of paragraphs (d)(ii), (d)(iii), (e)(ii) and (f) of Clause 4.1 (Borrower's irrevocable payment instructions) provided that it is the intention of the Borrower, the Lenders, the Security Trustee and the Facility Agent that prior to the Conversion Rate Fixing Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the "Counterparties") in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Facility Agent for holding in escrow and to be released by the Facility Agent simultaneously with (i) the payment in full to the Builder of the balance of the Final Contract Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under paragraph (d)(i) and (e)(i) of Clause 4.1 (Borrower's irrevocable payment instructions), subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Facility Agent before the Drawdown Date, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the Final Contract Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.
Availability and conditions |
Drawing may not be made under this Agreement (and an no Advance shall not be available) after the expiry of the Availability Period. |
(b) | Under this Agreement, there will be no more than: |
(i) | one (1) Advance under Tranche A; |
(ii) | one (1) Advance under Tranche B; and |
(iii) | one (1) Advance under Tranche C, |
it being provided that the Advances in relation to Tranche A, Tranche B and Tranche C shall occur on the same date.
The aggregate amount of: |
(i) | the Tranche A Advance cannot exceed the Total Tranche A Commitments; |
(ii) | the Tranche B Advance cannot exceed the Total Tranche B Commitments; |
(iii) | the Tranche C Advance cannot exceed the Total Tranche C Commitments; and |
(iv) | the Advances under all Tranches cannot exceed the Total Commitments. |
4.5 |
The Facility Agent shall promptly and, in any case, by no later than three (3) Business Days before the Drawdown Date, notify the Tranche A Lenders, the Tranche B Lenders and the Tranche C Lenders, as applicable, that it has received a Drawdown Notice in relation to a Tranche and shall inform each relevant Lender of:
the amount of the Advance and the Drawdown Date; |
the amount of that Lender's participation in the Advance; and |
the duration of the first Interest Period. |
Lenders to make available Contributions |
Subject to the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date under a Tranche, make available to the Facility Agent the amount due from that Lender under Clause 2.2 (Lenders' participations in Loan).
Disbursement of Advance |
Subject to the provisions of this Agreement, the Facility Agent shall on the Drawdown Date pay the amounts which the Facility Agent receives from the Lenders under Clause 4.6 (Lenders to make available Contributions) in the like funds as the Facility Agent received the payments from the Lenders:
in the case of an amount referred to in paragraph (d)(ii) of Clause 4.1 (Borrower's irrevocable payment instructions) to the account of the Borrower which the Borrower shall specify; and |
(c) | in the case of an amount referred to in paragraph (d)(iii) of Clause 4.1 (Borrower's irrevocable payment instructions) to the account of SACE which the SACE Agent shall specify; |
in the case of an amount referred to in paragraph (e)(i) of Clause 4.1 (Borrower's irrevocable payment instructions) to the account of the Builder or the Borrower which the Borrower specifies in the Drawdown Notice; |
(e) | in the case of an amount referred to in paragraph (e)(ii)(A) of Clause 4.1 (Borrower's irrevocable payment instructions) to the account of the Borrower which the Borrower specifies in the Drawdown Notice; |
(f) | in the case of an amount referred to in paragraph (e)(ii)(B) of Clause 4.1 (Borrower's irrevocable payment instructions) to the account of SACE which the SACE Agent shall specify; and |
in the case of an amount referred to in paragraph (f) of Clause 4.1 (Borrower's irrevocable payment instructions) to the account of SACE which the SACE Agent shall specify. |
Disbursement of Advance to third party |
The payment by the Facility Agent under Clause 4.7 (Disbursement of Advance) shall constitute the making of the Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each relevant Lender in an amount equal to that Lender's Contributions.
Repayment |
Number of repayment instalments |
The Borrower shall repay the Loan by twenty-four (24) consecutive six-monthly instalments from the earlier of (i) the Delivery Date and (ii) the date of actual disbursement of the Loan (the "Starting Point of Repayment").
Repayment Dates |
The first repayment instalment shall be repaid on the date falling six (6) months after the Starting Point of Repayment and the last repayment instalment on the date falling one hundred and forty-four (144) months after the Starting Point of Repayment, each date of payment of an instalment being a "Repayment Date".
Amount of repayment instalments |
Each repayment instalment of the Loan shall be of an equal amount.
Final Repayment Date |
On the final Repayment Date, the Borrower shall additionally pay to the Facility Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document.
Rate switch |
Switch to Term SOFR Reference Rate |
Subject to Clause 6.2 (Delayed switch for existing LIBOR Loans), on and from the Rate Switch Date, where the Floating Interest Rate applies:
use of the Term SOFR Reference Rate will replace the use of LIBOR for the calculation of interest for the Loan or any part of the Loan; and |
the Loan or any part of the Loan or Unpaid Sum shall be a "Term SOFR Loan" and paragraph (b) of the definition of Floating Interest Rate shall apply to the Loan, any such part of the Loan or Unpaid Sum. |
Delayed Switch for Existing LIBOR Loans |
If the Rate Switch Date falls before the last day of an Interest Period for a LIBOR Loan:
the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall continue to be a LIBOR Loan for that Interest Period and paragraph (a) of the definition of Floating Interest Rate shall |
continue to apply to the Loan, relevant part of the Loan or Unpaid Sum (as applicable) for that Interest Period;
on and from the first day of the next Interest Period (if any) for the Loan, relevant part of the Loan or Unpaid Sum (as applicable): |
the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall be a "Term SOFR Loan"; and |
paragraph (b) of the definition of Floating Interest Rate shall apply to it. |
Notifications by Facility Agent |
Subject to paragraph (3) below, following the occurrence of a Rate Switch Trigger Event, the Facility Agent shall: |
promptly upon becoming aware of the occurrence of that Rate Switch Trigger Event, notify the Borrower and the Lenders of that occurrence; and |
promptly upon becoming aware of the date of the Rate Switch Trigger Event Date applicable to that Rate Switch Trigger Event, notify the Borrower and the Lenders of that date. |
The Facility Agent shall, promptly upon becoming aware of the occurrence of the Rate Switch Date, notify the Borrower and the Lenders of that occurrence. |
The Parties agree that the FCA Cessation Announcement constitutes a Rate Switch Trigger Event, that the Rate Switch Trigger Event Date applicable to such Rate Switch Trigger Event will be 1 July 2023 and that the Facility Agent is not under any obligation under paragraph (1) above to notify any Party of such Rate Switch Trigger Event or Rate Switch Trigger Event Date resulting from the FCA Cessation Announcement. |
For the purposes of paragraph (3) above, the "FCA Cessation Announcement" means the announcement on 5 March 2021 by the UK's Financial Conduct Authority that all LIBOR settings will, as of certain specified future dates, either cease to be provided by any administrator or no longer be representative of the market and economic reality that they are intended to measure and that such representativeness will not be restored. |
6Interest |
6.1Fixed or Floating Interest Rate |
The Borrower shall provide notification, signed by a duly authorised signatory of the Borrower, to the SACE Agent (with a copy to the Facility Agent) at least [*] ([*]) days before the Drawdown Date specifying which of the Fixed Interest Rate or the Floating Interest Rate shall be applicable until the date of payment of the final repayment instalment of the Loan.
6.2Fixed Interest Rate |
If the Borrower has specified a Fixed Interest Rate pursuant to Clause 6.1 7.1 (Fixed or Floating Interest Rate), the Loan shall bear interest in respect of each Interest Period at the Fixed Interest Rate. Such interest shall accrue on the actual number of days elapsed based upon a 360 day year and shall be paid on the last day of each Interest Period.
6.3Floating Interest Rate |
If:
the Borrower has specified a Floating Interest Rate pursuant to Clause 6.1 7.1 (Fixed or Floating Interest Rate); or |
SIMEST has failed to make a net payment of interest to the Lenders pursuant to the Interest Make-up Make-Up Agreement, |
the rate of interest on the Loan in respect of any Interest Period shall be the Floating Interest Rate applicable for that Interest Period and the following provisions of this Clause 6 (Interest) shall apply (in the case of the circumstances referred to in paragraph (b) above, with effect from the date on which the Interest Make-up Make-Up Agreement ceases to be in effect, with such consequential amendments as shall be necessary to give effect to the switch from a Fixed Interest Rate to a Floating Interest Rate).
6.4Payment of Floating Interest Rate |
Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall accrue on the actual number of days elapsed based upon a 360 day year and shall be paid by the Borrower on the last day of that Interest Period.
6.5Notification of Interest Periods and Floating Interest Rate |
The Save where paragraph (d) of Clause 7.8 (Unavailability of Term SOFR) applies, the Facility Agent shall notify the Borrower and each relevant Lender of each Floating Interest Rate and the duration of each Interest Period as soon as reasonably practicable after each is determined and no later than the Quotation Day. |
In respect of any Fallback Interest Payment, the Facility Agent shall promptly upon a Fallback Interest Payment being determinable notify: |
the Borrower of that Fallback Interest Payment; |
each relevant Lender of the proportion of that Fallback Interest Payment which relates to that Lender's participation in the Loan or the relevant part of the Loan; and |
the relevant Lenders and the Borrower of each applicable Daily Simple SOFR relating to the determination of that Fallback Interest Payment. |
The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan or any part of the Loan. |
This Clause 7.5 shall not require the Facility Agent to make any notification to any Party on a day which is not a Business Day. |