Option Vessels definition
Examples of Option Vessels in a sentence
TORM A/S has not secured financing in connection with the Option Vessels.
The limitation of liability set forth in this Article 24.2 shall only be applicable to Option Vessel(s) and not the first eight (8) Vessels.
Upon the Owner’s exercise of an option, as aforesaid, this Agreement shall be deemed amended to require the Builder to construct and deliver to the Owner, in accordance with all terms and conditions of this Agreement, the Option Vessel(s) ordered pursuant to the option.
In the event Owner exercises any option in accordance with Article 28 for an order of Option Vessels, within ten (10) days of such exercise, Builder shall provide Owner with additional Performance Bond and Payment Bond(s) (“Additional Bonds”) with combined penal limits in the amount of seventy (70%) of the aggregate Contract Prices of the Option Vessels so ordered and the terms of this Article shall apply to such Additional Bonds.
TORM A/S plans to take delivery of the LR2 Product Tanker Newbuildings between the fourth quarter of 2017 and the second quarter of 2018, with the Option Vessels available for delivery between the third quarter of 2018 and the third quarter of 2019.
To exercise and make effective any option, the Owner shall, prior to the expiration of the then current Option Validity Date set forth on Exhibit A, deliver to the Builder (i) a written notice of the Owner’s exercise of the option at the address set forth in Article 21.1 specifying the number of Option Vessel(s) so ordered, and (ii) if required, pay to the Builder in immediately available funds the applicable Initial Installment Payment indicated on Exhibit Q for each such Option Vessel.
The Builder covenants and unconditionally and irrevocably undertakes with SFIC that it will forthwith thereupon enter into a contract or contracts with SFIC (or any other company nominated and guaranteed by SFIC) for the design, construction, equipment, completion and delivery to SFIC (or such other company) of such of the Option Vessels for which SFIC shall have exercised its option as aforesaid.
Upon exercise by BUYER of its right to purchase any of the Option Vessels as set out in the preceding paragraph, BUILDER and BUYER shall enter into a construction contract for such Option Vessel substantially in the form of Exhibit A hereto, mutatis mutandis.
The Seller hereby grants to the Buyer, and the Buyer accepts from the Seller, an option to acquire (the “Option”) one or more of the Option Vessels by the Buyer purchasing from the Seller, and the Seller selling to the Buyer in accordance with and subject to the terms and conditions set forth in this Agreement, the Option Shares issued by the Vessel Owning Subsidiary that directly owns the Option Vessel with respect to which the Buyer has exercised the Option.
Company is negotiating to enter into various transactions for the construction of a jackup mobile offshore drilling unit (the "Vessel") by Keppel FELS Limited ("Builder") and one or more options to construct additional jackup mobile offshore drilling units (the "Option Vessels") at Builder's Singapore yard or the Brownsville, Texas yard of Builder's affiliate, Amfels, Inc.