Common use of DEFINITION OF BUYER’S DEFAULT Clause in Contracts

DEFINITION OF BUYER’S DEFAULT. The Buyer shall be deemed to be in default under this Contract in the following cases: (i) If any of the instalments when due and payable before delivery of the Vessel is not paid by the Buyer to the Builder as provided in Article 10 hereof; or (ii) If the fifth instalment as adjusted when due and payable upon delivery of the Vessel is not paid by the Buyer upon delivery of the Vessel as provided in Article 10 hereof; or (iii) If the Buyer fails to take delivery of the Vessel when the Vessel is validly and legally tendered for delivery by the Builder under the provisions of Article 7 hereof; or (iv) If the Buyer fails to furnish the Builder with the Performance Guarantee in Article 10(k) within ten (10) days after the effectiveness of the Contract. In the event that the Buyer is in default of any of its obligations under this Contract, the Builder is entitled to and shall have the following rights, powers and remedies as the Builder may have elsewhere in this Contract and/or at law, at equity or otherwise.