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.
Appears in 6 contracts
Samples: Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.)
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 third, fourth or fourth fifth instalment is not paid to the BUILDER within the respective DUE DATE of such instalments; or
(b) If the fifth sixth instalment is not deposited in accordance with Article X.4.(a)(ii) hereof or if the said fifth sixth 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 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 as set out in Paragraph 1 aboveof 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.
Appears in 3 contracts
Samples: Shipbuilding Contract (International Shipholding Corp), Shipbuilding Contract (International Shipholding Corp), Shipbuilding Contract (International Shipholding Corp)
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 third, fourth or fourth fifth instalment is not paid to the BUILDER within the respective DUE DATE of such instalments; or
(b) If the fifth sixth instalment is not deposited in accordance with Article X.4.(a)(ii) hereof or if the said fifth sixth 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 a petition is filed or an order is made or an effective resolution shall be is passed for the winding up or dissolution of the BUYER (except for or a Receiver is appointed of the purpose undertaking or property of reorganizationthe BUYER or any similar process or proceeding is initiated under the laws of any relevant jurisdiction, merger or amalgamation); the BUYER generally suspends payment or ceases to carry on its business or makes any special arrangement or composition with its creditors. In case the BUYER is in default as set out in Paragraph 1 aboveof 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.
Appears in 1 contract
Samples: Shipbuilding Contract (Capital Maritime & Trading Corp.)
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 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 a petition is filed or an order is made or an effective resolution shall be is passed for the winding up or dissolution of the BUYER (except for or a Receiver is appointed of the purpose undertaking or property of reorganizationthe BUYER or any similar process or proceeding is initiated under the laws of any relevant jurisdiction, merger or amalgamation); the BUYER generally suspends payment or ceases to carry on its business or makes any special arrangement or composition with its creditors. In case the BUYER is in default as set out in Paragraph 1 aboveof 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.
Appears in 1 contract
Samples: Shipbuilding Contract (Capital Maritime & Trading Corp.)