Charter novation agreement: for a ship finance transaction
Charter novation agreement: for a ship finance transaction

The following Banking & Finance precedent provides comprehensive and up to date legal information covering:

  • Charter novation agreement: for a ship finance transaction
  • Background
  • 1 Definitions and Interpretation
  • 2 Warranties as to the Charter
  • 3 Novation, transfer and release
  • 4 Transfer of the Ship
  • 5 Obligations, claims and indemnity
  • 6 Guarantee
  • 7 The Charter (amendments and status)
  • 8 Notices
  • More...

This DEED is made on [insert day and month] 20[insert year]

Parties

  1. 1

    [insert name of Owner], a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Owner); and

  1. 2

    [insert name of Buyer] a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Buyer);

  1. 3

    [insert name of Charterer] a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Charterer)

    (each of the Owner, Buyer and Charterer is a Party and together the Owner, Buyer and Charterer are the Parties).

Background

    1. (A)

      The Owner and the Charterer have entered into a charter agreement dated [insert date] (the Charter), a copy of which is annexed to this Deed, in respect of the m.v. [insert name of ship] registered as a United Kingdom ship in the name of the Owner under official number [insert ship number] (the Ship). Since the date of the Charter the Owner has agreed to sell the Ship to the Buyer under the terms of a memorandum of agreement dated [insert date] (the Sale Agreement) and subject to the terms of the Charter.

    1. (B)

      The Owner intends to transfer and novate its rights and obligations under the Charter to the Buyer, in accordance

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