Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following cases:
(a) If the first, second, third or fourth instalment is not paid to the BUILDER within the respective DUE DATE of such instalments; or
(b) If the fifth instalment is not deposited in accordance with Article X.4.(a)(ii) hereof or if the said fifth instalment deposit is not released to the BUILDER against presentation by the BUILDER of a copy of the original PROTOCOL OF DELIVERY AND ACCEPTANCE; or
(c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of Article VII hereof; or
(d) If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation); or In case the BUYER is in default as set out in Paragraph 1 above, the BUILDER is entitled to and shall have the following rights, powers and remedies in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT and/or at law, at equity or otherwise.
Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following cases :
(a) If the first, second, third, or fourth instalment is not paid to the BUILDER within respective DUE DATE of such instalments; or
(b) If the fifth instalment is not deposited in an account in the name of the BUILDER with the Hana Bank, or in an account of the BUILDER with any other internationally recognized bank nominated by the BUILDER in accordance with Article X.4.(a)(ii) hereof, or if the said fifth instalment deposit is not released to the BUILDER against presentation by the BUILDER of a duplicate original copy of the PROTOCOL OF DELIVERY AND ACCEPTANCE; or
(c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of Article VII hereof; or
(d) If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation). In case 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 in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT and/or at law, at equity or otherwise.
Definition of Default. The BUYER shall be deemed in default of its obligation under the Contract if any of the following events occurs:
(a) The BUYER fails to pay any of the balance of the 1st instalment or 2nd instalment or 3rd instalment to the SELLER when any such instalment becomes due and payable under the provisions of ARTICLE II hereof and provided the BUYER shall have received the SELLER’s demand for payment in accordance with ARTICLE II hereof; or
(b) The BUYER fails to pay the 4th instalment to the SELLER in accordance with Paragraphs 3 (d) and 4 (d) of ARTICLE II hereof provided the BUYER shall have received the SELLER’s demand for payment in accordance with ARTICLE II hereof; or
(c) The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly tendered for delivery under the provisions of ARTICLE VII hereof by the SELLER after completion thereof in accordance with the provisions of this Contract and the Specifications.
(d) The BUYER fails to provide the SELLER with the Letter of Guarantee as required by Paragraph 6 of ARTICLE II hereof.
Definition of Default. The Owner shall be deemed to be in default of performance of its obligations under this Contract in the following cases:
a) If the Owner fails to pay any of the installments to the Builder within the time stipulated in Article 5 hereof, or
b) if the Owner fails to take delivery of the Vessel, when the Vessel is duly tendered for delivery by the Builder under the provisions of Article 7.5 and 7.6 hereof.
Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following cases:
(a) If any of the first, second, third and fourth instalment is not paid to the BUILDER within respective DUE DATE of such instalments; or
(b) If the DELIVERY INSTALMENT is not deposited at the account of the BUILDER with the BUILDER’s Bank in accordance with Article X 4. (b) hereof or if the said DELIVERY INSTALMENT deposit is not (for reasons not attributable to the BUILDER) released to the BUILDER against presentation by the BUILDER of a duplicate original copy of the PROTOCOL OF DELIVERY AND ACCEPTANCE; or
(c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of Article VII hereof; or
(d) If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation); or
(e) If the BUYER fails to be in punctual, due and full compliance with any of its obligations under this CONTRACT. In case 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 in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT and/or at law, at equity or otherwise.
Definition of Default. The BUYER shall be deemed in default of its obligation under the Contract if any of the following events occurs:
(a) The BUYER fails to pay the Second or Third or Fourth Instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof and provided that the BUYER shall have received the SELLER's demand for payment in accordance with Article II hereof; or
(b) The BUYER fails to pay the Fifth Instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided that the BUYER shall have received the SELLER's demand for payment in accordance with Article II hereof; or
(c) The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly tendered for delivery by the SELLER under the provisions of Article VII hereof.
Definition of Default. The BUYER shall be deemed to be in default of its performance of obligations under this Contract in the following cases :
(a) If the first, second, third, fourth or fifth instalment are not paid by the BUYER to the BUILDER within Five (5) banking days after such instalment becomes due and payable as provided in Article II hereof; or
(b) If the Delivery instalment is not paid by the BUYER to the BUILDER concurrently with the delivery of the VESSEL as provided in Article II hereof; or
(c) If the BUYER, when the VESSEL is duly tendered for delivery by the BUILDER:
i) fails to take delivery of the VESSEL within Five (5) banking days from tendered date
ii) having initiated the arbitration procedure the BUYER does not accept delivery within Seven (7) days of an arbitration award which is not appealed.
Definition of Default. The BUYER shall be deemed to be in default of its performance of obligations under this Contract in the following cases:
(a) If the first installment is not paid in full by the BUYER within Five (5) banking days in New York after the signing of the Contract and the receipt of original Refundment Guarantee or if any of the second, third or fourth installment is not paid in full by the BUYER to the BUILDER within Three (3) banking days in New York after such installment becomes due and payable as provided in Article II hereof; or
(b) If a performance guarantee by Cardiff Marine Inc. is not presented to the BUILDER within 5 banking days from the Effective Date of this Contract.
(c) If the fifth installment, after adjustment pursuant to the relevant provisions of this Contract, is not paid in full by the BUYER to the BUILDER concurrently with the delivery of the DRILLSHIP as provided in Article II hereof; or
(d) If the BUYER, when the DRILLSHIP is duly tendered for delivery by the BUILDER in accordance with the provisions of this Contract, fails to accept the DRILLSHIP within Five (5) days from the tendered date without any specific and valid ground thereof under this Contract.
Definition of Default. Buyer shall be deemed to be in default under this Contract in any of the following events:
(a) if Buyer fails to pay the first, second, third or fourth Instalment to Builder on the due date for payment thereof under this Contract; or
(b) if the fifth instalment is not paid in accordance with Article II.4.(b) hereof; or
(c) if Buyer fails to deliver the Corporate Guarantee to Builder on the due date in accordance with the provisions of Article II.5; or
(d) if Buyer fails to take delivery of the Vessel when the Vessel is duly tendered for delivery by Builder under the provisions of Article VII; or
(e) if Buyer or the Corporate Guarantor (without the prior written consent of the Builder) stops payment of its debts, or ceases to carry on its business, or is unable to pay its debts as they fall due, or enters into any arrangements with its creditors generally, or becomes insolvent, or is in liquidation or administration or subject to any other insolvency procedure in any jurisdiction, or if a receiver, manager, trustee, custodian or analogous officer is appointed in respect of all or any part of its property, undertaking or assets.
Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following cases:
(a) If the first, second or third instalment is not paid to the BUILDER within respective DUE DATE of such instalments; or
(b) If the fourth instalment is not deposited in accordance with Article X.4.(a)(ii) hereof or if the said fourth instalment deposit is not released to the BUILDER against presentation by the BUILDER of a copy of the original PROTOCOL OF DELIVERY AND ACCEPTANCE; or
(c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of Article VII hereof; or
(d) If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation). In case the BUYER is in default as defined in this Article XI.1, the BUILDER is entitled to and shall have the following rights, powers and remedies in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT.
