Bareboat Charter. The Sellers (as charterers) and the Buyers (as owners) have agreed to enter into a Bareboat Charterparty (the "Bareboat Charter") in respect of the Vessel in the form of the draft attached hereto. The parties agree that payment for and acceptance of the Vessel by the Buyers under this Agreement is subject to the simultaneous delivery to and acceptance of the Vessel by the Sellers as charterers under the Bareboat Charter.
Bareboat Charter. LYC agrees and hereby does charter the Vessel to Charterer “bareboat”. Charterer shall, at his/her own expense, crew, maintain, navigate, operate, provision, and supply the Vessel and shall have full control over the Vessel within the terms and conditions of this Charter.
Bareboat Charter. From the date of this Agreement until payment in full of the Secured Obligations, and notwithstanding the failure to pay the Bareboat Charter Fee at any time or from time to time, MJQ and ITG shall maintain the Bareboat Charter in full force and effect at all times and shall not terminate, cancel or modify, or permit the expiration or non- renewal of, the Bareboat Charter without the prior written consent of the Trustee.
Bareboat Charter. 31 5.13 Port Lease.................................................31
Bareboat Charter. Simultaneously with delivery and transfer of title to the Rig, the Buyers will bareboat charter the Rig back to the Sellers or their nominees (Bareboat Charterers) for the below period and rates: From delivery to completion of the current drilling contract with BP Petroleum Development of Norway A/S (expected to be around 1st December 1998): USD 40,000.00 per day or pro rata. In continuation thereof for the duration of the drilling contract with Norske Conoco A/S (expected to be around 2nd December, 1998 to 1st December, 2000): USD 70,000.00 per day or pro rata. There is no broker commission payable on this bareboat charter. The redelivery of the Rig, estimated to be in December 2000, is to take place at the time and place identical with what is agreed in the drilling contract between the Bareboat Charterers and Conoco, Norway. The Buyers have the right to approve the Bareboat Charterers, however, if the Sellers nominate Maersk Contractors Norge AS this company is confirmed acceptable by the Buyers. At the time of delivery a detailed inspection by MODU SPEC will take place. MODU SPEC will furnish a copy of the inspection report to the Buyers (as Owners) and the Sellers (as Bareboar Charterers), and cost of this inspection is to be shared equally between the Buyers and the Sellers. The MODU SPEC inspection is to serve as a record of condition only and shall not constitute ground for any remedial works to be carried out whatsoever.
Bareboat Charter the Agent shall have received a copy, certified by an officer of each of the Borrower and the Operating Entity, of the Bareboat Charter between the Borrower and the Operating Entity;
Bareboat Charter. The Borrower (as owner) shall, by the date of this Agreement, enter into the Bareboat Charter, such Bareboat Charter to be in form and substance, and on terms and conditions, satisfactory to the Lender in all respects.
Bareboat Charter. If the Bareboat Charter is terminated, cancelled or repudiated or is not in force at any time during the period of its duration or if the Bareboat Charterer defaults in the performance of any of its material obligations under or pursuant to the Bareboat Charter.
Bareboat Charter. Upon delivery of the Vessel under this Agreement, the Vessel shall simultaneously be delivered to GMR Concord LLC as bareboat charterer (the “Charterer”) under a bareboat charterparty dated the date hereof entered into between the Buyers as owners and the Charterer as charterers (the “Charter”). If the Charter is not entered into in a legally binding form or is cancelled, or the delivery of the Vessel does not take place under the Charter for any reason whatsoever, this Agreement shall be considered null and void, provided that Clause 14 shall survive. The Sellers shall be fully responsible for the Buyers’ fulfilling the requirement of physical delivery as new owner of the Vessel to the Charterer under the Charter subject to Buyers taking any steps and/or executing any documents at Sellers’ costs reasonably requested by Seller in relation thereto.
Bareboat Charter. Subject to the consent of the Maritime Administrator, Perforadora and Xxxxxx hereby agree that the Bareboat Charter shall terminate on the Effective Date and no further action on behalf of the Perforadora Entities or Xxxxxx shall be required to effect such termination.
