Form FR-5
ACKNOWLEDGEMENT OF COMMITMENT OF SUBSIDIARY
(When Subsidiary is Operator)
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To The Offshore Pollution Liability Association Limited
.
........................................................................................................................................
(Address)
............................................................................................................
(Name of Parent Company)
whose address is ...........................................................................................................................
represents to The Offshore Pollution Liability Association
Limited (hereinafter referred to as "Association")
that it owns directly or through one or more of its subsidiary
companies the majority of the share capital of
..................................................................................................................
(Name of Subsidiary)
a corporation, organized under the laws of .........................................
........................................................................................................................(Name
of Parent)
hereby acknowledges it has full knowledge that said ..............................................(Name
of Subsidiary)
has entered into an agreement known as the Offshore Pollution
Liability Agreement dated 4th September l974
as amended from time to time (hereinafter referred to as "OPOL"),
and that said
...............................................................................................................(Name
of Subsidiary)
has elected to establish financial responsibility to fulfil its
obligations assumed by it under Clause IV of OPOL by
qualifying as a self-insurer.
In consideration of the Association's approving said .......................................................(Name
of Subsidiary)
qualification as a self-insurer and other valuable consideration
................................................. (Name of Parent)
does hereby agree that it will directly or through one or more
of its subsidiary companies, retain its present share
capital interest in ...........................................................................(Name
of Subsidiary)
until all obligations and liabilities of said ..........................................................(Name
of Subsidiary)
under OPOL have been fully satisfied and undertakes to cause
.........................................(Name of Subsidiary)
to fulfil its obligations under OPOL. This commitment shall be
governed by the laws of ......................................................
Signed this .....................day of .....................
20....
Name of Party ..................................................................................
Mailing Address ...............................................................................
By.........................................................................................(Authorised
Signature)
Name.....................................................................................(Typed
or Printed)
Title........................................................................................(Typed
or Printed)
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