Common use of Application of the Recovered Amounts Clause in Contracts

Application of the Recovered Amounts. In the event that the VESSEL shall be damaged from any cause at any time before delivery of the VESSEL, and in the further event that such damage shall not constitute an actual or constructive total loss of the VESSEL, the amount received from insurance in respect of the VESSEL shall be applied by the SELLER in repair of such damage, satisfactory to the Classification Society requirements and in conformity with the terms of this Contract and the Specifications, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the Specifications and so certified by the Classification Surveyor. Should the VESSEL from any cause become an actual or constructive total loss: (a) the SELLER and the BUYER may mutually agree to build another VESSEL in place of the VESSEL so lost or reconstruct the VESSEL’s damage and proceed in accordance with the terms of this Contract, in which case the amount received from insurance in respect of the VESSEL shall be applied to the construction of a new VESSEL or reconstruction of the VESSEL, provided the parties hereto shall have first agreed thereto in writing and to such reasonable extension of delivery time as may be necessary for the completion of such construction or reconstruction. If the parties fail to reach agreement pursuant to Clause 2(a) above within forty-five (45) days after the VESSEL is determined to be an actual or constructive total loss, the provisions of Clause 2(b) shall apply. (b) The SELLER shall refund promptly to the BUYER the full amount of all sums paid by the BUYER to the SELLER as instalments in advance of delivery of the VESSEL together with interest thereon at the rate of six percent (6%) per annum, and promptly deliver to the BUYER all BUYER’s Supplies (or the insurance proceeds paid with respect thereto), in which case this Contract shall be deemed to be automatically rescinded and all rights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. If the SELLER fails to refund within fifteen (15) Banking Days, the full amount of all sums required to be paid by the SELLER to the BUYER in accordance with this Clause (b), the BUYER shall be entitled to rescind this Contract. Payment of refunds pursuant to this Clause shall be effected by telegraphic transfer to the account and bank specified by the BUYER free of bank charges, remittance fees, taxes and any other applicable withholdings.

Application of the Recovered Amounts. In the event that the VESSEL Vessel shall be damaged from any insured cause at any time before delivery of the VESSELVessel, and in the further event that such damage shall not constitute an actual or constructive total loss of the VESSELVessel, the amount received from insurance in respect of the VESSEL insurance shall be applied by the SELLER Builder in repair of such damage, satisfactory to the Classification Society requirements requirements, and in conformity with the terms of Buyer shall accept the Vessel under this Contract and the Specifications, and however, subject to the BUYER shall accept extension of delivery time under Article 8 hereof (except in case of negligence of the VESSEL under this Contract if completed in accordance with this Contract and the Specifications and so certified by the Classification SurveyorBuilder). Should the VESSEL Vessel from any cause become an actual or constructive total loss, the Builder shall either: (ai) the SELLER and the BUYER may mutually agree to build another VESSEL in place of the VESSEL so lost or reconstruct the VESSEL’s damage and proceed in accordance with the terms of this Contract, in which case the amount received from insurance in respect of the VESSEL insurance shall be applied to the construction and repair of a new VESSEL or reconstruction damage of the VESSELVessel, provided the parties hereto shall have first agreed thereto in writing and to such reasonable extension of delivery time and adjustment of the terms of this Contract including the Contract Price as may be necessary for the completion of such construction or reconstruction. If the parties fail to reach agreement pursuant to Clause 2(a) above within forty-five (45) days after the VESSEL is determined to be an actual or constructive total loss, the provisions of Clause 2(b) shall apply.and repair; or (bii) The SELLER shall refund promptly to the BUYER Buyer the full amount of all sums paid by the BUYER Buyer to the SELLER Builder as instalments in advance of delivery of the VESSEL together with interest thereon at the rate of six percent (6%) per annum, Vessel and promptly deliver to the BUYER Buyer all BUYERBuyer’s Supplies supplies (or the insurance proceeds paid with in respect thereto), in which case this Contract shall be deemed to be automatically rescinded terminated and all rights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. If Within thirty (30) days after receiving written notice of any damage to the SELLER Vessel constituting an actual or constructive total loss, the Buyer shall notify the Builder in writing or by telefax of its acceptance or non-acceptance of sub-paragraph (i). In the event the Buyer fails to refund within fifteen (15) Banking Daysso notify the Builder, then in the full amount absence of all sums required to be paid by the SELLER to the BUYER in accordance with such notice, this Clause (b), the BUYER shall be entitled to rescind this Contract. Payment construed as a non-acceptance of refunds pursuant to this Clause sub-paragraph (i) and sub-paragraph (ii) shall be effected by telegraphic transfer deemed to apply and the account and bank specified by Buyer shall receive the BUYER free of bank charges, remittance fees, taxes and any other applicable withholdingsrefundment as contemplated in sub-paragraph (ii) hereof.

Application of the Recovered Amounts. In the event that the VESSEL DRILLSHIP shall be damaged from any insured cause at any time before delivery of the VESSELDRILLSHIP, and in the further event that such damage shall not constitute an actual or constructive total loss of the VESSELDRILLSHIP, the amount received from insurance in respect of the VESSEL insurance shall be applied by the SELLER BUILDER in repair of such damage, satisfactory to the Classification Society requirements and in conformity with the terms of this Contract and the Specificationsits requirements, and the BUYER shall accept the VESSEL DRILLSHIP under this Contract if completed in accordance with this Contract and the Specifications and so certified by Specifications, however, subject to the Classification Surveyorextension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER). Should the VESSEL DRILLSHIP from any cause become an actual or constructive total loss, the BUILDER shall by the mutual agreement between the parties hereto, either: (a) the SELLER and the BUYER may mutually agree to build another VESSEL in place of the VESSEL so lost or reconstruct the VESSEL’s damage and proceed Proceed in accordance with the terms of this Contract, in which case the amount received from insurance in respect of the VESSEL insurance shall be applied to the construction and repair of a new VESSEL or reconstruction damage of the VESSELDRILLSHIP, provided the parties hereto shall have first agreed thereto in writing and to such reasonable extension of delivery time as may be necessary for the completion of such construction or reconstruction. If the parties fail to reach agreement pursuant to Clause 2(a) above within forty-five (45) days after the VESSEL is determined to be an actual or constructive total loss, the provisions of Clause 2(b) shall apply.reconstruction and repair; or (b) The SELLER shall refund Refund promptly to the BUYER the full amount of all sums paid by the BUYER to the SELLER BUILDER as instalments installments in advance of delivery of the VESSEL together with interest thereon at the rate of six percent (6%) per annumDRILLSHIP, and promptly deliver to the BUYER all BUYER’s Supplies (or the insurance proceeds paid with respect thereto), in which case this Contract shall be deemed to be automatically terminated and shall be deemed rescinded for purposes of Article X hereof and all rights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. If the SELLER fails parties fail to refund reach such agreement within fifteen Sixty (1560) Banking Daysdays after the DRILLSHIP is determined to be an actual or constructive total loss, the full amount provisions of all sums required to be paid by the SELLER to the BUYER in accordance with this Clause sub-paragraph 2 (b), the BUYER ) as above shall be entitled to rescind this Contract. Payment of refunds pursuant to this Clause shall be effected by telegraphic transfer to the account and bank specified by the BUYER free of bank charges, remittance fees, taxes and any other applicable withholdingsapply.

Application of the Recovered Amounts. In the event that the VESSEL DRILLSHIP shall be damaged from any insured cause at any time before delivery of the VESSELDRILLSHIP, and in the further event that such damage shall not constitute an actual or constructive total loss of the VESSELDRILLSHIP, the amount received from insurance in respect of the VESSEL insurance shall be applied by the SELLER BUILDER in repair of such damage, satisfactory to the Classification Society requirements and in conformity with the terms of this Contract and the Specificationsits requirements, and the BUYER shall accept the VESSEL DRILLSHIP under this Contract if completed in accordance with this Contract and the Specifications and so certified by Specifications, however, subject to the Classification Surveyorextension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER). Should the VESSEL DRILLSHIP from any cause become an actual or constructive total loss, the BUILDER shall by the mutual agreement between the parties hereto, either: (a) the SELLER and the BUYER may mutually agree to build another VESSEL in place of the VESSEL so lost or reconstruct the VESSEL’s damage and proceed Proceed in accordance with the terms of this Contract, in which case the amount received from insurance in respect of the VESSEL insurance shall be applied to the construction and repair of a new VESSEL or reconstruction damage of the VESSELDRILLSHIP, provided the parties hereto shall have first agreed thereto in writing and to such reasonable extension of delivery time as may be necessary for the completion of such construction or reconstruction. If the parties fail to reach agreement pursuant to Clause 2(a) above within forty-five (45) days after the VESSEL is determined to be an actual or constructive total loss, the provisions of Clause 2(b) shall apply.reconstruction and repair; or (b) The SELLER shall refund Refund promptly to the BUYER the full amount of all sums paid by the BUYER to the SELLER BUILDER as instalments installments in advance of delivery of the VESSEL together with interest thereon at the rate of six percent (6%) per annumDRILLSHIP, and promptly deliver to the BUYER all BUYER’s 'S Supplies (or the insurance proceeds paid with respect thereto), in which case this Contract shall be deemed to be automatically terminated and shall be deemed rescinded for purposes of Article X hereof and all rights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. If the SELLER fails parties fail to refund reach such agreement within fifteen Sixty (1560) Banking Daysdays after the DRILLSHIP is determined to be an actual or constructive total loss, the full amount provisions of all sums required to be paid by the SELLER to the BUYER in accordance with this Clause sub-paragraph 2 (b), the BUYER ) as above shall be entitled to rescind this Contract. Payment of refunds pursuant to this Clause shall be effected by telegraphic transfer to the account and bank specified by the BUYER free of bank charges, remittance fees, taxes and any other applicable withholdingsapply.

Application of the Recovered Amounts. In the event that the VESSEL shall be damaged from any cause at any time before delivery of the VESSEL, and in the further event that such damage shall not constitute an actual or constructive total loss of the VESSEL, the amount received from insurance in respect of the VESSEL insurance plus amounts received from the general insurance of the BUILDER shall be applied by the SELLER BUILDER in repair of such damage, satisfactory to the Classification Society requirements and in conformity with the terms of this Contract and the Specifications, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the Specifications and so certified by the Classification Surveyor. Should the VESSEL from any cause become an actual or constructive total loss: (a) the SELLER BUILDER and the BUYER may mutually agree to build another VESSEL in place of the VESSEL so lost or reconstruct the VESSEL’s damage and proceed in accordance with the terms of this Contract, in which case the amount received from insurance in respect of the VESSEL insurance plus amounts received from the BUILDER’s general insurance shall be applied to the construction of a new VESSEL or reconstruction of the VESSEL, provided the parties hereto shall have first agreed thereto in writing and to such reasonable extension of delivery time as may be necessary for the completion of such construction or reconstruction. If the parties fail to reach agreement pursuant to Clause sub-paragraph 2(a) above within forty-five (45) 45 days after the VESSEL is determined to be an actual or constructive total loss, the provisions of Clause sub-paragraph 2(b) shall apply. (b) The SELLER BUILDER shall refund promptly to the BUYER the full amount of all sums paid by the BUYER to the SELLER BUILDER as instalments installments in advance of delivery of the VESSEL together with interest thereon at the rate of six five percent (65%) per annum, and promptly deliver to the BUYER all BUYER’s Supplies (or the insurance proceeds paid with respect thereto), in which case this Contract shall be deemed to be automatically rescinded and all rights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. If the SELLER BUILDER fails to refund within fifteen (15) 15 Banking Days, the full amount of all sums required to be paid by the SELLER BUYER to the BUILDER as installments in advance of delivery of the VESSEL together with interest thereon as the rate of five (5%) per annum, and promptly deliver to the BUYER in accordance all BUYER’s Supplies (or the insurance proceeds paid with this Clause (brespect thereto), the BUYER shall be entitled to rescind this Contract. Payment of refunds pursuant to this Clause clause shall be effected by telegraphic transfer to the account and bank specified by the BUYER free of bank charges, remittance fees, taxes and any other applicable withholdings.

Application of the Recovered Amounts. In the event that the VESSEL DRILLSHIP shall be damaged from any insured cause at any time before delivery of the VESSELDRILLSHIP, and in the further event that such damage shall not constitute an actual or constructive total loss of the VESSELDRILLSHIP, the amount received from insurance in respect of the VESSEL insurance shall be applied by the SELLER BUILDER in repair of such damage, satisfactory to the Classification Society requirements and in conformity with the terms of this Contract and the Specificationsits requirements, and the BUYER shall accept the VESSEL DRILLSHIP under this Contract if completed in accordance with this Contract and the Specifications and so certified by Specifications, however, subject to the Classification Surveyor. extension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER), Should the VESSEL DRILLSHIP from any cause become an actual or constructive total loss, the BUILDER shall by the mutual agreement between the parties hereto, either: (a) the SELLER and the BUYER may mutually agree to build another VESSEL in place of the VESSEL so lost or reconstruct the VESSEL’s damage and proceed Proceed in accordance with the terms of this Contract, in which case the amount received from insurance in respect of the VESSEL insurance shall be applied to the construction and repair of a new VESSEL or reconstruction damage of the VESSELDRILLSHIP, provided the parties hereto shall have first agreed thereto in writing and to such reasonable extension of delivery time as may be necessary for the completion of such construction or reconstruction. If the parties fail to reach agreement pursuant to Clause 2(a) above within forty-five (45) days after the VESSEL is determined to be an actual or constructive total loss, the provisions of Clause 2(b) shall apply.reconstruction and repair; or (b) The SELLER shall refund Refund promptly to the BUYER the full amount of all sums paid by the BUYER to the SELLER BUILDER as instalments installments in advance of delivery of the VESSEL together with interest thereon at the rate of six percent (6%) per annumDRILLSHIP, and promptly deliver to the BUYER all BUYER’s 's Supplies (or the insurance proceeds paid with respect thereto), in which case this Contract shall be deemed to be automatically terminated and shall be deemed rescinded for purposes of Article X hereof and all rights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. If the SELLER fails parties fail to refund reach such agreement within fifteen Sixty (1560) Banking Daysdays after the DRILLSHIP is determined to be an actual or constructive total loss, the full amount provisions of all sums required to be paid by the SELLER to the BUYER in accordance with this Clause sub-paragraph 2 (b), the BUYER ) as above shall be entitled to rescind this Contract. Payment of refunds pursuant to this Clause shall be effected by telegraphic transfer to the account and bank specified by the BUYER free of bank charges, remittance fees, taxes and any other applicable withholdingsapply.