Common use of Definition of Default Clause in Contracts

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 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 First or 2nd instalment Second or 3rd Third or Fourth 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 Article II hereof provided the BUYER shall have received the SELLER’s demand for payment in accordance with ARTICLE Article II hereof and the Refund Guarantee for the instalment; 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 the BUYER shall have received the SELLER’s demand for payment in accordance with Article II hereof; or (c) The BUYER fails to deliver to the SELLER irrevocable and unconditional Letter of Guarantee to be issued by HIMALAYA SHIPPING LTD within the time specified in accordance with Paragraph 6 of Article II hereof; or (d) The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly tendered for delivery by the SELLER in accordance with the Contract and under the provisions of ARTICLE 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 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 First, Second, Third or 2nd instalment or 3rd instalment Fourth installment to the SELLER when any such instalment installment becomes due and payable under the provisions of ARTICLE this Contract and of Article II hereof and provided the BUYER shall have received the SELLER’s 's demand for payment in accordance with ARTICLE Article II hereof; or (b) The BUYER fails to deliver to the SELLER an irrevocable and unconditional Letter of Guarantee to be issued by the Payment Guarantor within the time specified in accordance with Paragraph 6 of Article II hereof; or (c) The BUYER fails to pay the 4th instalment fifth installment to the SELLER in accordance with Paragraphs 3 (dthe terms and conditions of this Contract and of Paragraph 3(e) and 4 (d4(e) of ARTICLE Article II hereof provided the BUYER shall have received the SELLER’s 's demand for payment in accordance with ARTICLE Article II hereof; or (cd) The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly ready and tendered for delivery under according to the provisions terms of ARTICLE VII hereof this Contract for delivery by the SELLER after completion thereof in accordance with under 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 Article VII hereof.

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 First or 2nd instalment Second or 3rd Third instalment to the SELLER when any such instalment becomes due and payable under the provisions of ARTICLE Article II hereof and provided the BUYER shall have received the SELLER’s demand for payment in accordance with ARTICLE Article II hereof; or (b) The BUYER fails to pay the 4th fourth instalment to the SELLER in accordance with Paragraphs 3 (dParagraph 3(d) and 4 (d4(d) of ARTICLE Article II hereof provided the BUYER shall have received the SELLER’s demand for payment in accordance with ARTICLE Article II hereofhereof and provided that the VESSEL is completed in accordance with the terms and conditions of the Contract and Specifications; 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 Article VII hereof by after the SELLER after completion thereof VESSEL is completed in accordance with the provisions terms and conditions of this Contract and Specifications. Provided that where the Specifications. (d) The BUYER fails to provide the SELLER make a payment in accordance with the Letter terms of Guarantee as required by Paragraph 6 Article II hereof due to any banking system disruption beyond the control of ARTICLE the BUYER, then the time for the payment of any such instalment due under the provisions of Article II hereofhereof shall be extended for a period of two (2) Business Days.

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 of the Contract Price to the SELLER when any such instalment becomes due and payable under the provisions of ARTICLE Article II hereof and provided the BUYER shall have received the SELLER’s demand for payment and the Refund Guarantee in accordance with ARTICLE Article II hereof; or (b) The BUYER fails to pay the 4th instalment of the Contract Price to the SELLER in accordance with Paragraphs 3 (dParagraph 3(d) and 4 (d4(d) of ARTICLE Article II hereof provided the BUYER shall have received the SELLER’s demand for payment in accordance with ARTICLE Article II hereof; or (c) The BUYER fails to deliver to the SELLER irrevocable and unconditional Letter of Guarantee to be issued by Scorpio Bulkers Inc within the time specified in accordance with Paragraph 6 of Article II hereof; or (d) The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly tendered for delivery by the SELLER in accordance with the Contract and under the provisions of ARTICLE 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.