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 insured 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 in respect of the insurance shall be applied by the BUILDER in repair of such damage, satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the SPECIFICATIONS , however, subject to the extension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER). Should the VESSEL from any cause become an actual or constructive total loss, the BUILDER shall either : (a) proceed in accordance with the terms of this Contract, in which case the amount received in respect of the insurance shall be applied to the construction and repair of damage 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 reconstruction and repair ; or (b) refund promptly to the BUYER the full amount of all sums paid by the BUYER to the BUILDER as instalments in advance of delivery of the VESSEL with Six percent (6.0%) interest, and 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 all right, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate.

Application of the Recovered Amounts. In the event that the VESSEL shall be damaged from any insured 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 in respect of the insurance shall be applied by the BUILDER in repair of such damage, satisfactory to the Classification Societyrequirements, and the BUYER OWNER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the SPECIFICATIONS Specifications, however, subject to the extension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER). Should the VESSEL from any cause become an actual or constructive total loss, the BUILDER shall either either: (a) proceed Proceed in accordance with the terms of this Contract, in which case the amount received in respect of the insurance shall be applied to the construction and repair of damage 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 reconstruction and repair repair; or (b) refund Refund promptly to the BUYER OWNER the full amount of all sums paid by the BUYER OWNER to the BUILDER as instalments installments in advance of delivery of the VESSEL with Six percent (6.0%) interestVESSEL, and deliver to the BUYER OWNER all BUYER’s OWNER'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 rightrights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate.

Application of the Recovered Amounts. In the event that the VESSEL shall be damaged from any insured 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 in respect of the insurance shall be applied by the BUILDER in repair of such damage, satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the SPECIFICATIONS SPECIFICATIONS, however, subject to the extension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER). Should the VESSEL from any cause become an actual or constructive total loss, the BUILDER shall either : (a) proceed in accordance with the terms of this Contract, in which case the amount received in respect of the insurance shall be applied to the construction and repair of damage 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 reconstruction and repair ; or (b) refund promptly to the BUYER the full amount of all sums paid by the BUYER to the BUILDER as instalments in advance of delivery of the VESSEL with Six percent (6.0%) interest, and 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 all right, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate.

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 in respect of the insurance shall be applied by the BUILDER in repair of such damage, satisfactory to the Classification Societyrequirements, and the BUYER shall accept the VESSEL DRILLSHIP under this Contract if completed in accordance with this Contract and the SPECIFICATIONS Specifications, however, subject to the 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 either either: (a) proceed Proceed in accordance with the terms of this Contract, in which case the amount received in respect of the insurance shall be applied to the construction and repair of 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 reconstruction and repair repair; or (b) refund Refund promptly to the BUYER the full amount of all sums paid by the BUYER to the BUILDER as instalments installments in advance of delivery of the VESSEL with Six percent (6.0%) interestDRILLSHIP, and 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 rightrights, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate.

Application of the Recovered Amounts. In the event that the VESSEL shall be damaged from any insured 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 in respect of the insurance shall be applied by the BUILDER in repair of such damage, satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the SPECIFICATIONS Specifications, however, subject to the extension of delivery time under Article VIII hereof (except in case of negligence of the BUILDER). ) Should the VESSEL from any cause become an actual or constructive total loss, the BUILDER shall either either: (a) proceed in accordance with the terms of this Contract, in which case the amount received in respect of the insurance shall be applied to the construction and repair of damage 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 reconstruction and repair repair; or (b) refund promptly to the BUYER the full amount of all sums paid by the BUYER to the BUILDER as instalments installments in advance of delivery of the VESSEL with Six percent (6.0%) without any interest, and 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 all right, duties, liabilities and obligations of each of the parties to the other shall forthwith cease and terminate. In the event that no agreement on the above (a) is reached within Two (2) months, then above (b) shall apply.