TNK definition
Examples of TNK in a sentence
The provisions of this Agreement are enforceable solely by the parties to this Agreement, and no shareholder of Teekay and no shareholder of TNK shall have the right, separate and apart from Teekay or TNK, to enforce any provision of this Agreement or to compel any party to this Agreement to comply with the terms of this Agreement.
This Agreement may be amended or modified from time to time only by the written agreement of all the parties hereto; provided, however, that (a) TNK may not, without the prior approval of TNK’s Conflicts Committee, agree to any amendment or modification of this Agreement that, in the reasonable discretion of TNK, will adversely affect the holders of Class A common shares of TNK.
Such ship broker or investment banking firm will determine the fair market value (plus any Break-up Costs) or Fully-Built-Up Cost of the Accepted Assets and/or the other terms on which Teekay and TNK are unable to agree within 30 days of its engagement and furnish Teekay and TNK its determination.
Teekay agrees to provide TNK reasonable notice of any transactions it is actively contemplating or pursuing that involve Conventional Tanker Assets that would be subject to TNK’s rights under Article II or Article III.
The purchase price was paid by the assumption of the Assumed Liabilities by GLA and by the delivery of a Promissory Note dated August 18, 2006, made by GLA, payable to the order of TNK, in the principal amount of $900,000.00, which bears interest at a rate of 6% per annum (the "Note").
The fees and expenses of the ship broker or investment banking firm, as applicable, will be divided equally between Teekay and TNK.
Reference is made to that certain Asset Purchase Agreement dated as of August 18, 2006 by and among GLA, TNK and Monarch (the "Purchase Agreement"), pursuant to which GLA purchased the assets of TNK.
Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound thereby; provided, however, that TNK may not, without the prior approval of TNK’s Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of TNK, will adversely affect the holders of Class A common shares of TNK.
TKC shall be responsible for all Losses incurred by the TOO Entities in connection with the termination of any Dedicated TNK Employee who has accepted an offer for employment pursuant to Section 3.4 hereof or the process of offering such Dedicated TNK Employee employment with TNK and the implementation of such offer.
Teekay and TNK are parties to the Purchase Agreement dated as of June 15, 2012 (the “Purchase Agreement”) entered into in connection with the sale of thirteen oil tankers and product tankers from TK to TNK and pursuant to which such parties evidenced their understandings with respect to various matters set forth therein.