Common use of Adjustment for liquidated damages Clause in Contracts

Adjustment for liquidated damages. If an Owner becomes entitled to receive liquidated damages under a Building Contract or to have liquidated damages deducted from the Delivery Instalment for the relevant Ship, the Advance for the relevant Ship and the Total Commitments shall each be reduced by an amount equal to 72.862% of such liquidated damages (save to the extent that any such liquidated damages are to be paid by the relevant Owner or the Builder of the relevant Ship to the Charterer of that Ship, but for the avoidance of doubt, not by way of set-off or reduction in charterhire or any other means other than direct payment) and such reduction shall be applied against the Commercial Facility Commitments and the KEXIM Facility Commitments on a pro rata basis.

Adjustment for liquidated damages. If an Owner becomes entitled to receive liquidated damages under a Building Contract or to have liquidated damages deducted from the Delivery Instalment for the relevant Ship, the Advance for the relevant Ship and the Total Commitments shall each be reduced by an amount equal to 72.86270% of such liquidated damages (save to the extent that any such liquidated damages are to be paid by the relevant Owner or the Builder of the relevant Ship to the Charterer of that Ship, but for the avoidance of doubt, not Ship which shall include by way of set-a reduction in, or setting off against, hire under the Charter or reduction in charterhire or any other means other than direct payment) and such reduction shall be applied against the Commercial Facility Commitments and the KEXIM Facility Commitments on a pro rata basisReplacement Charter of that Ship).