Shipbuilding Contracts Clause Samples

Shipbuilding Contracts. No Borrower shall (without the prior consent of the Agent on behalf of the Majority Lenders which shall not be unreasonably withheld or delayed) agree to any material amendment or variation to the terms and conditions of its Shipbuilding Contract, including, but not limited to, any variation or amendment which may extend the delivery date under such Shipbuilding Contract, or grant any waiver or release to the relevant builder of any of its duties and liabilities under such Shipbuilding Contract other than non-material waivers and releases.

Shipbuilding Contracts. (a) In relation to each New Ship, a copy of the Shipbuilding Contract relating to that Ship and of all documents signed or issued by the relevant Newbuild Owner which is a party to such Shipbuilding Contract or the Builder (or both of them) under or in connection with it. (b) In relation to each New Ship, such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of each Shipbuilding Contract by the relevant Newbuild Owner which is a party to such Shipbuilding Contract and the Builder of and of all documents to be executed by that relevant Newbuild Owner and the Builder under or in connection with it.

Shipbuilding Contracts. The copies of each Initial Charter, the First Ship A MOA, the Ship A MOA and each Shipbuilding Contract delivered to the Agent before the date of this Agreement are true and complete copies;

Shipbuilding Contracts. (a) make any material change to either Shipbuilding Contract; (b) agree to any change to the purchase price of either Vessel under the relevant Shipbuilding Contract which would result in an increase or reduction of 5 per cent or more of the originally contracted purchase price;

Shipbuilding Contracts. Copies of the Shipbuilding Contracts certified by an officer of the Borrowers as being a true and correct copy thereof.

Shipbuilding Contracts. There has been no amendment to or variations made or agreed with the Builder in respect of the Shipbuilding Contract or the Other Shipbuilding Contract from the date of the Shipbuilding Contract or, as the case may be, the Other Shipbuilding Contract save for those already disclosed in writing to the Facility Agent prior to the date hereof or approved in writing by the Facility Agent (acting on the instructions of the Majority Lenders).

Shipbuilding Contracts. The principal terms of the Shipbuilding Contracts are as follows:

Shipbuilding Contracts. If Group Companies become party to 11 (eleven) or 12 (twelve) Shipbuilding Contracts following Completion, then each of the Investors shall, within 15 Business Days of the date on which the Administration Manager notifies the Investors and the Company of the execution of any such Shipbuilding Contract, and in order to achieve the change to the Shareholdings set out in Columns (2) or (3) in the table contained below in this Clause 5.2.1 (as appropriate), (depending upon the number of A Shares held by Grindrod prior to such transfer, the aggregate value of the Group’s then current funding requirement and tax considerations):

Shipbuilding Contracts. The copies of each Shipbuilding Contract delivered to the Agent before the date of this Agreement are true and complete copies and no amendments or additions to either Shipbuilding Contract have been agreed which would result in a change of specification, classification, the characteristics, type, contract price or scheduled delivery date of the relevant Ship which could reasonably be considered material in the context of this Agreement Provided always that at the date of this Agreement, it is intended that the rights and obligations of the Existing Buyers under their respective Shipbuilding Contracts shall be assigned and transferred to each respective Owner at or prior to the Delivery Date of the relevant Ship under such Shipbuilding Contract.