SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, on or before 31st March 2007, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee in a form annexed hereto as Exhibit "C" in favour of the SELLER issued by the Royal Bank of Scotland or other first class international bank acceptable to the SELLER. This guarantee shall secure the Buyer's obligation for the payment of 2nd, 3rd and 4th instalments of the Contract Price.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within five (5) business days after receipt of the Refund Guarantee as herein above defined for the 1st, 2nd and 3rd instalment from the SELLER, deliver to the SELLER an irrevocable and unconditional Letter of Corporate Guarantee (“Corporate Guarantee”) in favour of the SELLER in the form annexed hereto as APPENDIX "C". This corporate guarantee shall secure the BUYER's obligation for the payment of twenty percent (20%) of the Contract Price covering the 2nd and 3rd instalment of the Original Contract Price.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, upon effectiveness of this Contract, deliver to the SELLER a Performance Guarantee in the form annexed hereto as Exhibit “A” in favour of the SELI ;ER issued by AEGEAN BUNKERING SERVICES INC. (hereinafter called the “Guarantor”). This guarantee shall secure all the Buyer’s obligations under the Contract.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within Three (3) New York business days after receipt of the Refund Guarantee covering the 1st, 2nd, 3 rd, and 4th instalment as per Paragraph 7 of this Article, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (“Corporate Guarantee”) in the form annexed hereto as Exhibit “B” in favour of SELLER issued by HIMALAYA SHIPPING LIT (hereinafter called the “Corporate Guarantor”). This guarantee shall secure the BUYER’s obligations for the payment of the 2nd, 3rd and 4th instalments of the Contract Price.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, concurrently with the payment of 1st instalment of the Contract Price, deliver to the BUILDER an irrevocable and unconditional letter of guarantee (“Payment Guarantee”) issued by a bank to be nominated by BUYER (“Payment Guarantor”). Such Payment Guarantee issued by the Payment Guarantor in a form annexed hereto as Exhibit B, in favour of the BUILDER, shall guarantee the BUYER’s obligation for the payment of the 2nd instalment of the Contract Price. All cost, fees and duties for such Payment Guarantee shall be borne by BUILDER. Such Payment Guarantee shall be acceptable to BUILDER and BUILDER’s bank.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within Five(5) Banking Days after signing of this CONTRACT, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (the “PAYMENT GUARANTEE”) in the form annexed hereto as Exhibit “B” in favour of the SELLER issued by NAVIGATOR HOLDINGS LTD. (hereinafter called the “Payment Guarantor”) acceptable to the SELLER’s bank and the SELLER. The PAYMENT GUARANTEE shall secure the BUYER’s obligation for the payment of all 2nd, 3rd ,4th and 5th instalments of the Contract Price. If the Payment Guarantor should merge with, or transfer the whole or substantially the whole of its assets to another entity (the “Successor”), then [unless the Successor automatically succeeds to all of the obligations of the Payment Guarantor under the PAYMENT GUARANTEE, the Payment Guarantor shall provide with Seller adequate prior notice in advance together with supporting documents of such transfer reasonably required by the Seller for its internal compliance purposes, and shall procure the Successor to issue a new PAYMENT GUARANTEE on the terms set out in Exhibit B, and the Parent Guarantor shall thereafter be discharged from liability under its PAYMENT GUARANTEE
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within five (5) Banking Days upon receipt of the Refund Guarantee, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (hereinafter called the “Payment Guarantee”) in the form annexed hereto as Exhibit "B" in favour of the SELLER issued by Performance Shipping Inc. (hereinafter called the "Payment Guarantor") acceptable to SELLER’s bank and the SELLER. This guarantee shall secure the BUYER's obligation for the payment of the 2nd, 3rd and 4th installments of the Contract Price. Shipbuilding Contract Hull No.H1596
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within five (5) Banking Days upon receipt of the Refund Guarantee, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (hereinafter called the “Payment Guarantee”) in the form annexed hereto as Exhibit "B" in favour of the SELLER issued by Performance Shipping Inc. (hereinafter called the "Payment Guarantor") acceptable to SELLER’s bank and the SELLER. This guarantee shall secure the BUYER's obligation for the payment of the 2nd, 3rd and 4th installments of the Contract Price. Shipbuilding Contract Hull No.H1597 7. REFUNDS All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to the SELLER, and in the event this Contract is rescinded or cancelled by the BUYER, all in accordance with the specific terms of this Contract permitting such rescission or cancellation, the SELLER shall refund to the BUYER in United States Dollars the full amount of all sums already paid by the BUYER to the SELLER under this Contract, together with any interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the respective installment(s) to the date of remittance by telegraphic transfer of such refund by the SELLER to the account specified by the BUYER. As security to the BUYER, the SELLER shall deliver to the BUYER, within sixty (60) calendar days after signing of the Contract, a Refund Guarantee to be issued by China CITIC Bank Corporation Limited, Beijing Branch, address at Block C, Fuhua Mansion, Xx.0, Xxxxxxxxxxx Xxxxxxxx, Xxxxxxxxx Xxxxxxxx, Xxxxxxx, Xxxxx, or any other Chinese Bank, securing the SELLER’s obligation for refunding to the BUYER the 1st, 2nd, 3rd and 4th instalments received by the SELLER through SELLER’s bank in the form as per Exhibit "A" annexed hereto. If the Refund Guarantee is issued by any other Chinese Bank, it should be a bank that is acceptable to the BUYER. The Refund Guarantee shall be issued by SWIFT. However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER's obligation to repay the installment or installments paid by the BUYER and to the BUYER's right to demand payment from the SELLER’s bank, under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in accordance with Article XIII hereof, the SELLER’s bank shall withhold and defer payment until the arbitration award between the SELLER and the BUYER is notified to SELLER’s bank. The SELL...
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER and the SELLER have agreed there is no requirement for security.
SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within 30 days after the Shipbuilding contract becoming effective, furnish the SELLER with an irrevocable and unconditional Letter of Guarantee in favour of the SELLER issued by guaranteeing the BUYER’s obligation for the payment of all 2nd and 3rd instalments of the Contract Price. Such Letter of Guarantee shall be substantially in the form annexed hereto as Exhibit “A”.
