Common use of Definition of Default Clause in Contracts

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.

Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following cases: (a) If the first, second second, third, or third fourth instalment is not paid to the BUILDER within respective DUE DATE of such instalments; or (b) If the fourth fifth instalment is not deposited in accordance with Article X.4.(a)(ii) hereof or if the said fourth 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). 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.

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.1XI. 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.