COMMENCEMENT - TERMINATION. This Agreement shall come into effect on and shall continue until delivery of the Vessel to the Owner by the Builder. This Agreement may, however, be terminated with immediate effect by the Owner in the event that the Construction Supervisor is in material default of its obligations hereunder and/or in the event that the Shipbuilding Contract is cancelled or terminated. The Construction Supervisor shall in the event of immediate termination not be entitled to receive any payment in respect of the fees and other amounts described in Clause 6.
Appears in 4 contracts
Samples: Restrictive Covenant Agreement (Danaos Corp), Management Agreement (Danaos Corp), Management Agreement (Danaos Corp)
COMMENCEMENT - TERMINATION. This Agreement shall come into effect on …………………… and shall continue until delivery of the Vessel to the Owner by the Builder. This Agreement may, however, be terminated with immediate effect by the Owner in the event that the Construction Supervisor is in material default of its obligations hereunder and/or in the event that the Shipbuilding Contract is cancelled or terminated. The Construction Supervisor shall in the event of immediate termination not be entitled to receive any payment in respect of the fees and other amounts described in Clause 6.
Appears in 1 contract
Samples: Management Agreement (Danaos Corp)
