Shipbuilding Contract. There has been no amendment to or variations made or agreed with the Builder in respect of the Shipbuilding Contract or the Other Shipbuilding Contract from the date of the Shipbuilding Contract or, as the case may be, the Other Shipbuilding Contract save for those already disclosed in writing to the Facility Agent prior to the date hereof or approved in writing by the Facility Agent (acting on the instructions of the Majority Lenders).
Shipbuilding Contract. The VESSEL shall further comply with the applicable rules, regulations and requirements of the Regulatory Bodies of NOR (the Flag State) as further set out in the Specifications being in force as of the date of this Contract. All fees and charges incidental to the Classification and with respect to compliance with the above referred rules, regulations and requirements shall be for account of the BUILDER. If there after the Date of Contract is a change in the rules of the Classification Society or Regulatory Bodies or in the interpretation or application of such rules, Article V Clause 2 shall apply The VESSEL shall be built in accordance with good, normal shipbuilding practice in Norway for new vessels of similar type and characteristics as the VESSEL.
Shipbuilding Contract. Upon the BUYER’s written request, the BUILDER shall provide the BUYER with refund guarantee(s) for the 1st – 4th Instalment from a bank satisfactory to the BUYER or provide other security satisfactory to the BUYER securing the repayment obligations of the BUILDER in the event that the Contract is lawfully cancelled by the BUYER or is deemed cancelled by virtue of Article X, Clause 2 (c) (iii) (b). Upon BUILDER’s written request, the BUYER shall provide the BUILDER with a bank guarantee or other security satisfactory to the BUILDER as security for the payment by the BUYER of the above instalments on the due dates thereof. Failure by the BUYER to issue a bank guarantee or other security satisfactory to the BUILDER at the latest within 14 days after such request, shall entitle the BUILDER to cancel this Contract and claim compensation for its losses. Failure by the BUYER to duly pay any part of the Contract Price plus any increase or minus any decrease due to adjustments of the Contract Price hereunder, will entitle the BUILDER to charge interest on such unpaid amount from the due date and until payment at a rate of 3 months NIBOR + 6 % (per cent) per annum.
Shipbuilding Contract. The Borrower shall not modify the Shipbuilding Contract, directly or indirectly, if, by reason of regulations which apply to a Lender, such modification would make such Lender’s Commitment impossible to fulfil or would change the substance or form of its Commitment. The Borrower will, therefore, submit to the Agent any proposals for modification which, in its opinion, might have such a consequence, and the Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will allow the Loan to be maintained. On or about the last day of each successive period of three (3) months commencing on the date of this Agreement and on the date of the Drawdown Notice, the Borrower undertakes to provide the Agent with a copy of any Change Order entered into during that three (3) month or other period. The Borrower also undertakes to notify the Agent of any change in the Intended Delivery Date as soon as practicable after each change has occurred.
Shipbuilding Contract. FOR CONSTRUCTION OF ONE (1) 63 M ANCHOR HANDLING TUG SUPPLY VESSEL HULL NO. T 145 This CONTRACT, is entered into this 26 Day of October 2004 by and between LABROY SHIPBUILDING AND ENGINEERING PTE LTD, a corporation organized and existing under the laws of Singapore having its office at No. 1, Maritime Square #11-23, Harbour Front Centre, Singapore 099200 (xxxxxxxxxxx xxxxxx xxx "Xxxxxxx") xx xxx xxxx; xxx XXXXXXX XXXXLA INC. a corporation organized and existing under the laws of Marshall Islands. (hereinafter called the "Owner") on one part: IT XX XXXXBY AGREED AS FOLLOWS:
Shipbuilding Contract. The Shipbuilding Contract constitutes legal, valid and binding and enforceable obligations of the Builder and the Borrower shall not modify the Shipbuilding Contract, directly or indirectly, if such modifications (in aggregate) would result in (i) a change to the type or class of the Ship or (ii) decrease the value of the Ship by equal to or greater than 5 per cent (in aggregate). The Borrower will, therefore, submit to the Agent any proposals for any such modification and SACE and the Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will allow the Loan to be maintained. On or about the last day of each successive period of three (3) months commencing on the date of this Agreement and on the date of the Drawdown Notice, the Borrower undertakes to provide the Agent and SACE with a copy of any Change Order entered into during that three (3) month or other period. The Borrower also undertakes to notify the Agent of any change in the Intended Delivery Date as soon as practicable after each change has occurred.
Shipbuilding Contract. (a) Each Borrower shall:
Shipbuilding Contract. THIS SHIPBUILDING CONTRACT (hereinafter called the “CONTRACT”), made and entered into on this day of , by and between , a corporation incorporated and existing under the laws of with its registered office at (hereinafter called the “BUYER”), the party of the first part, and Sungdong Shipbuilding & Marine Engineering Co., Ltd., a company organized and existing under the laws of the Republic of Korea, having its principal office at 0000-0, Xxxxx-xx, Gwangdo-myeon, Tongyoung-si, Gyeongnam, Korea (hereinafter called the “BUILDER”), the party of the second part.
Shipbuilding Contract. (a) Each Borrower shall: (i) comply with its obligations under the Shipbuilding Contract; (ii) at any time on or after the termination or expiry of the appointment of the Existing Supervisor, appoint a supervisor approved by the Agent to supervise the construction and Delivery of the relevant Vessel in accordance with the terms of the relevant Shipbuilding Contract; (iii) exercise all due diligence and despatch to ensure that the Seller observes and performs all conditions and obligations imposed on it by the Shipbuilding Contract relating to that Vessel and take all steps within its power to ensure that the Shipbuilder proceeds with the construction of the relevant Vessel with due diligence; and (iv) ensure that the Lenders’ surveyor is permitted to survey the relevant Vessel during the construction period and participate in its Delivery, together with any other representatives of the Finance Parties, upon the request of the Agent and at the Borrower’s cost. (b) No Borrower shall: (i) waive any material breach by the Seller of the relevant Shipbuilding Contract; or (ii) agree to any material variation or termination of, or material amendment to, the relevant Shipbuilding Contract or the Specification, in each case without the prior written consent of the Agent. 23.2 Time Charters The Obligors shall not agree to any amendment to, variation or termination of any Time Charter without the prior written consent of the Agent (acting on instructions of the Lenders) and Sinosure. 24. POST-DELIVERY UNDERTAKINGS The undertakings in this Clause 24 shall remain in force with respect to each Vessel, from the Delivery Date for such Vessel so long as any amount is outstanding under any Finance Documents or any Commitment is in force. 24.1 Registration Each Borrower shall ensure that the relevant Vessel is validly registered at all times with the Registry under the laws and flag of the Flag State. 24.2 Mortgage Upon Delivery of a Vessel, the relevant Borrower shall: (a) execute the relevant Mortgage and procure that it is registered under the laws and flag of the Flag State; and 81
Shipbuilding Contract. BY THIS CONTRACT made the day of by and between , a corporation organized and existing under the laws of the Xxxxxxxx Island having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands 96960 (the “Buyer”), and DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD., a corporation organized and existing under the laws of the Republic of Korea, having its principal office at 00, Xx-xxxx, Xxxx-Gu, Seoul, Korea (the “Builder”). IT IS AGREED AND DECLARED as follows: Builder agrees to design, build, launch, equip and complete one (1) 180,000 dwt Drybulk Carrier more fully described in the Specifications (as defined below) (the “Vessel”) at the Builder’s shipyard located at Okpo, Korea (the “Shipyard”) and to sell and deliver the same to Buyer, and Buyer hereby agrees to purchase and take delivery of the Vessel from Builder, on the terms and conditions herein set out.
