Demise definition
Examples of Demise in a sentence
Demise of the Borrower or the student or if the Borrower compounds with his/her creditors or permits any attachment or sequestrations or other process against any of his/her assets or properties.
Charterer shall, however, provided no Event of Default shall have occurred and be continuing, have the option to terminate this Demise Charter effective upon the Early Termination Date provided Charterer shall have delivered written notice of its irrevocable exercise of such option not less than one hundred eighty (180) days prior to the Early Termination Date.
It is further agreed that all Persons having any claims against Shipowner as a result of this Demise Charter or transactions contemplated hereby shall look solely to the Trust Estate for satisfaction thereof, except as provided in the first sentence of this subparagraph.
Subject to the Redelivery and maintenance provisions of this Demise Charter, Charterer may at any time alter or remove items of equipment on the Vessels, or may fit additional items of equipment; provided Charterer absorbs the cost and time of such alterations and refitting and restoring the Vessels to original condition before re-delivery of the Vessels.
Immediately upon title to a Modification vesting in Shipowner pursuant to subparagraphs (i) or (iii) of this Article 6(b), such Modification shall, without further act, become subject to this Demise Charter and be deemed part of the Vessels for all purposes hereof.
Notwithstanding any other provision of this Demise Charter, to the extent Charterer shall be required to make any payment under this Article 17 (including under this Article 17(c)), Charterer’s payment or indemnity obligation shall also include any amount necessary to hold each Indemnified Person harmless from all Taxes required to be paid by such Indemnified Person with respect to such payment or indemnity (taking into account any current deduction to which the Indemnified Person may be entitled).
Except as otherwise expressly provided herein, all the indemnities contained in Articles 17, 18 and 19 shall continue in full force and effect notwithstanding the expiration of the Charter Period or other termination of this Demise Charter and are expressly made for the benefit of, and shall be enforceable by, each Indemnified Person.
Charterer shall pay all port charges, pilotages, and all other costs, charges and expenses whatsoever incident to the documentation, use, operation, maintenance and repair of the Vessels during the Charter Period and until the Vessels have been redelivered to Shipowner at the expiration of the Charter Period free of Liens (other than Shipowner’s Liens) and in all respects in the condition required by the Demise Charter.
Nothing contained in this Article 10 shall be construed to be a waiver, modification, alteration or release of any claims which Charterer may have at any time during the Term or subsequent thereto for damages or equitable relief for any breach by Shipowner or any other Person of any provision of this Demise Charter or any provision of any other agreement.
Charterer’s acceptance of the Vessels under this Demise Charter, as provided in this Article 2(a), shall confirm and be conclusive evidence, as between Shipowner and Charterer, that the Vessels have been accepted by Charterer and are in compliance with all requirements of this Demise Charter, and Charterer will not assert any claim of any nature whatsoever against Shipowner or the Vessels (except as to Shipowner’s Liens) based on any of the foregoing matters in this Article 2(a).