Common use of Assignment of the Contract Clause in Contracts

Assignment of the Contract. Neither of the Parties hereto shall assign this Contract to a third party unless prior consent of the other Party is given in writing, such consent not to be unreasonably withheld. One, among others, conditions for consent is that the Assignee will maintain all guarantees received by FINC (Comfort Letter, Letter of Credit, etc.), or in case of renewal by the Assignee such guarantees will be renewed in a manner not decreasing the level of guarantee of FINC. In case of payments granted by Guarantee Letter issued by the mother company of ATL, then the mother company will in any case remain liable toward FINC of all obligations of the Assignee deriving from the Contract , and these engagements will be contained in a separate documents to be agreed and delivered to FINC before the signature of the assignment. The deed of assignment will be subject to the same legal formalities of this Contract. For financing purposes ATL can assign some rights hereof (agreed with FINC but in any case excluding mortgage or any lien on the ship under progress) in order to obtain means for the payment of the third (10.2.c ) and fourth (10.2.d) instalment.

Appears in 4 contracts

Samples: Shipbuilding (Iii to I Maritime Partners Cayman I Lp), Shipbuilding (Iii to I Maritime Partners Cayman I Lp), Shipbuilding (Iii to I Maritime Partners Cayman I Lp)

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Assignment of the Contract. Neither of the Parties hereto shall assign this Contract to a third party unless prior consent of the other Party is given in writing, such consent not to be unreasonably withheld. One, among others, conditions for consent is that the Assignee will maintain all guarantees received by FINC (Comfort Letter, Letter of Credit, etc.), or in case of renewal by the Assignee such guarantees will be renewed in a manner not decreasing the level of guarantee of FINC. In case of payments granted by Guarantee Letter issued by the mother company of ATL-BALT, then the mother company will in any case remain liable toward FINC of all obligations of the Assignee deriving from the Contract , and these engagements will be contained in a separate documents to be agreed and delivered to FINC before the signature of the assignment. The deed of assignment will be subject to the same legal formalities of this Contract. For financing purposes ATL ATL-BALT can assign some rights hereof (agreed with FINC but in any case excluding mortgage or any lien on the ship under progress) in order to obtain means for the payment of the third (10.2.c ) and fourth (10.2.d) instalment.

Appears in 2 contracts

Samples: Shipbuilding (Iii to I Maritime Partners Cayman I Lp), Shipbuilding (Iii to I Maritime Partners Cayman I Lp)

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Assignment of the Contract. Neither of the Parties hereto shall assign this Contract to a third party unless prior consent of the other Party is given in writing, such consent not to be unreasonably withheld. One, among others, conditions for consent is that the Assignee will maintain all guarantees received by FINC (Comfort Letter, Letter of Credit, etc.), or in case of renewal by the Assignee such guarantees will be renewed in a manner not decreasing the level of guarantee of FINC. In case of payments granted by Guarantee Letter issued by the mother company of ATL-XXXXX, then the mother company will in any case remain liable toward FINC of all obligations of the Assignee deriving from the Contract , and these engagements will be contained in a separate documents to be agreed and delivered to FINC before the signature of the assignment. The deed of assignment will be subject to the same legal formalities of this Contract. For financing purposes ATL ATL-XXXXX can assign some rights hereof (agreed with FINC but in any case excluding mortgage or any lien on the ship under progress) in order to obtain means for the payment of the third (10.2.c ) and fourth (10.2.d) instalment.

Appears in 2 contracts

Samples: Shipbuilding (Iii to I Maritime Partners Cayman I Lp), Shipbuilding (Iii to I Maritime Partners Cayman I Lp)

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