Newbuilding Sample Clauses
The Newbuilding clause defines the terms and conditions that apply to the construction and delivery of a new vessel under a contract. It typically outlines the responsibilities of the shipbuilder and the buyer, including specifications, timelines, inspection rights, and procedures for handling delays or defects. This clause ensures that both parties have a clear understanding of their obligations and remedies, thereby reducing the risk of disputes and providing a structured framework for the successful completion and handover of the new vessel.
Newbuilding the Borrower or the relevant Owner as the case may be fails to pay all instalments of the Contract Price or any part of the Contract Price not being financed under this Agreement in full and in a timely manner and otherwise in accordance with the terms of the relevant Contract for an Additional Ship which is a newbuilding or the Bank determines in its reasonable opinion that the Borrower or the relevant Owner will not be in a position to pay all such instalments of the Contract Price or any part of the Contract Price not being financed under this Agreement as aforesaid; or
Newbuilding the Borrower or the relevant Owner as the case may be fails to pay all instalments of the Contract Price or any part of the Contract Price not being financed under this Agreement in full and in a timely manner and otherwise in accordance with the terms of the relevant Contract for an Additional Ship which is a newbuilding or the Bank determines in its reasonable opinion that the Borrower or the relevant Owner will not be in a position to pay all such instalments of the Contract Price or any part of the Contract Price not being financed under this Agreement as aforesaid; and";
3.1.10 by adding a new clause 10.1.40 reading as follows:
Newbuilding in the case of an Additional Ship which is a newbuilding and in respect of which the Borrower or the relevant Owner (as appropriate) is not utilising the facilities made available pursuant to this Agreement to finance all instalments of the Contract Price or the entire Contract Price, pay all instalments of the Contract Price or any part of the Contract Price not being financed under this Agreement in full and in a timely manner and otherwise in accordance with the terms of the relevant Contract and will not incur any Borrowed Money to assist it to finance any part of the Contract Price except for Borrowed Money pursuant to the Security Documents;
Newbuilding. 4.1.1 Plan approval In accordance with list as published in NSI circulaire no.29 and Marine Pollution Ministerial Regulation 2.5, as amended, RO shall assess drawings. If applicable, RO shall apply the NSI requirements or interpretations. A copy of each approved drawing shall be sent to the NSI. For completely identical sisterships one set of drawings "as built" to be submitted after completion of the vessel. Exemptions of requirements may only be granted after consent of the NSI.
Newbuilding in the case of an Additional Ship which is a newbuilding and in respect of which the Borrower or the relevant Owner (as appropriate) is not utilising the facilities made available pursuant to this Agreement to finance all instalments of the Contract Price or the entire Contract Price, pay all instalments of the Contract Price or any part of the Contract Price not being financed under this Agreement in full and in a timely manner and otherwise in accordance with the terms of the relevant Contract and will not incur any Borrowed Money to assist it to finance any part of the Contract Price except for Borrowed Money pursuant to the Security Documents.";
3.1.8 by deleting clause 10.1.31 and replacing it with the following: