CHANGES IN CONSTRUCTION CONTRACT Sample Clauses

CHANGES IN CONSTRUCTION CONTRACT. Notwithstanding anything to the contrary contained in the Construction Contract, the Construction Contract shall not be amended, modified or terminated after April 9, 1999, except in writing duly signed by the Builder and Purchaser with the prior written consent of the Secretary, provided that the Secretary's prior written consent shall not be necessary, but written notice to the Secretary shall be given, for (a) any mandatory change to the Construction Contract as a result of any requirements of any governmental agency, or (b) any non-mandatory changes that Builder and Purchaser desire to make which do not exceed, with respect to any item of the Vessel's construction, one (1%) percent of the Vessel's Contract Price and which do not, in the aggregate, cause the Vessel's Contract Price to be increased more than five (5%) percent or the delivery and completion date of the Vessel to be extended more than ten (10) days. Notwithstanding the foregoing, no change shall be made in the general dimensions and/or characteristics of the Vessel which would diminish the capacity of the Vessel to perform as originally intended by the Construction Contract, without the prior written consent of the Secretary.
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CHANGES IN CONSTRUCTION CONTRACT. Notwithstanding anything to the contrary contained in the Construction Contract, the Construction Contract shall not be amended, modified or terminated except in writing duly signed by the Shipyard and Shipowner with the Administrator’s prior written consent, provided that the Administrator’s prior written consent shall not be necessary, but prior written notice to the Administrator shall be given, for (i) any mandatory changes to the Construction Contract as a result of any requirements of any governmental agency, or (ii) any non-mandatory changes that Shipyard and Shipowner desire to make which do not exceed, with respect to any item of the Vessel’s construction, one (1%) percent of the Vessel’s contract price and which do not, in the aggregate, cause the Vessel’s contract price to be increased more than five (5%) percent or the delivery and completion date of the Vessel to be extended more than ten (10) days. Notwithstanding the foregoing, no change shall be made in the general dimensions and/or characteristics of the Vessel which would diminish the capacity of the Vessel to perform as originally intended by the Construction Contract, without the Administrator’s prior written consent.
Sample 1
CHANGES IN CONSTRUCTION CONTRACT. Notwithstanding anything to the contrary contained in the Contract, the Contract shall not be amended, modified or terminated except in writing duly signed by BUILDER and BUYER with the prior written consent of the Secretary, provided that the Secretary's prior written consent shall not be necessary, but written notice shall be given to the Secretary, for (a) any mandatory change to the Contract as a result of any requirements of any governmental agency, or (b) any non-mandatory changes that BUILDER and BUYER desire to make which do not exceed, with respect to any item of the VESSEL's construction, one (1%) percent of the VESSEL's Contract Price and which do not, in the aggregate, cause the VESSEL's Contract Price to be increased more than five (5%) percent or the Delivery Date of the VESSEL to be extended more than ten (10) days. No change shall be made in the general dimensions and/or characteristics of the Vessel which would diminish the capacity of the Vessel to perform as originally intended by the Construction Contract, without the prior written consent of the Secretary.
Sample 1
CHANGES IN CONSTRUCTION CONTRACT. Borrower shall not, without the prior written approval of Lenders, make any material changes or consent to any material changes in the Construction Contract.
Sample 1

Related to CHANGES IN CONSTRUCTION CONTRACT

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  • Interpretation; Construction The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

  • Complete Agreement; Construction This Agreement, including the Schedules hereto, shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. In the event of any inconsistency between this Agreement and any Schedule, the Schedule shall prevail. The rights and remedies of the Parties herein provided shall be cumulative and in addition to any other or further remedies provided by law or equity.

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  • Certain Matters of Construction The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. In the computation of periods of time from a specified date to a later specified date, “from” means “from and including,” and “to” and “until” each mean “to but excluding.” The terms “including” and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit any provision. Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws or statutes include all related rules, regulations, interpretations, amendments and successor provisions; (b) any document, instrument or agreement include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any section mean, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference; (e) any Person include successors and assigns; (f) time of day mean time of day at Agent’s notice address under Section 14.3.1; or (g) discretion of Agent, Issuing Bank or any Lender mean the sole and absolute discretion of such Person. All calculations of Value, fundings of Loans, issuances of Letters of Credit and payments of Obligations shall be in Dollars and, unless the context otherwise requires, all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to Agent (and not necessarily calculated in accordance with GAAP). Borrowers shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Agent, Issuing Bank or any Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the provision. Whenever the phrase “to the best of Borrowers’ knowledge” or words of similar import are used in any Loan Documents, it means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter to which such phrase relates.

  • Definitions Construction (a) All initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Schedule 1.1 thereto). Any terms (whether capitalized or lower case) used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following meanings:

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  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

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