SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, on or before 31st March 2007, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee in a form annexed hereto as Exhibit "C" in favour of the SELLER issued by the Royal Bank of Scotland or other first class international bank acceptable to the SELLER. This guarantee shall secure the Buyer's obligation for the payment of 2nd, 3rd and 4th instalments of the Contract Price.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within five (5) business days after receipt of the Refund Guarantee as herein above defined for the 1st, 2nd and 3rd instalment from the SELLER, deliver to the SELLER an irrevocable and unconditional Letter of Corporate Guarantee (“Corporate Guarantee”) in favour of the SELLER in the form annexed hereto as APPENDIX "C". This corporate guarantee shall secure the BUYER's obligation for the payment of twenty percent (20%) of the Contract Price covering the 2nd and 3rd instalment of the Original Contract Price.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, upon effectiveness of this Contract, deliver to the SELLER a Performance Guarantee in the form annexed hereto as Exhibit “A” in favour of the SELI ;ER issued by AEGEAN BUNKERING SERVICES INC. (hereinafter called the “Guarantor”). This guarantee shall secure all the Buyer’s obligations under the Contract.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within Three (3) New York business days after receipt of the Refund Guarantee covering the 1st, 2nd, 3 rd, and 4th instalment as per Paragraph 7 of this Article, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (“Corporate Guarantee”) in the form annexed hereto as Exhibit “B” in favour of SELLER issued by HIMALAYA SHIPPING LIT (hereinafter called the “Corporate Guarantor”). This guarantee shall secure the BUYER’s obligations for the payment of the 2nd, 3rd and 4th instalments of the Contract Price.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. 14 of 68 The BUYER shall, concurrently with the payment of 1st instalment of the Contract Price, deliver to the BUILDER an irrevocable and unconditional letter of guarantee (“Payment Guarantee”) issued by a bank to be nominated by BUYER (“Payment Guarantor”). Such Payment Guarantee issued by the Payment Guarantor in a form annexed hereto as Exhibit B, in favour of the BUILDER, shall guarantee the BUYER’s obligation for the payment of the 2nd instalment of the Contract Price. All cost, fees and duties for such Payment Guarantee shall be borne by BUILDER. Such Payment Guarantee shall be acceptable to BUILDER and BUILDER’s bank. (End of Article)
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within five (5) Banking Days upon receipt of the Refund Guarantee, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (hereinafter called the “Payment Guarantee”) in the form annexed hereto as Exhibit "B" in favour of the SELLER issued by Performance Shipping Inc. (hereinafter called the "Payment Guarantor") acceptable to SELLER’s bank and the SELLER. This guarantee shall secure the BUYER's obligation for the payment of the 2nd, 3rd and 4th installments of the Contract Price. Shipbuilding Contract Hull No.H1596
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, concurrently with this Contract becoming effective, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (“Payment Guarantee”) in favour of the SELLER issued by (hereinafter called the “Payment Guarantor”). The Payment Guarantee shall secure the BUYER’s obligation for the payment of the 2nd and 3rd instalments of the Contract Price. Such Payment Guarantee shall be substantially in the form of annexed hereto as Exhibit “B”.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within 30 days after the Shipbuilding contract becoming effective, furnish the SELLER with an irrevocable and unconditional Letter of Guarantee in favour of the SELLER issued by guaranteeing the BUYER’s obligation for the payment of all 2nd and 3rd instalments of the Contract Price. Such Letter of Guarantee shall be substantially in the form annexed hereto as Exhibit “A”.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, in accordance with the provisions of Article XIX of this contract, provide the SELLER with Bank Guarantee(s) issued by a first class international bank, and in a form and wording acceptable to SELLER’s bank and the SELLER. The Bank Guarantee(s) shall guarantee the BUYER’s obligations for payment of the 2nd, 3rd, 4th and 5th instalments of the contract and shall be in an amount equal to the 90% of the Contract Price. At the option of the BUYER separate Bank Guarantees may be issued covering payment of each one of the aforesaid four instalments.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER and the SELLER have agreed there is no requirement for security.
