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.
Appears in 7 contracts
Samples: Shipbuilding Contract (TBS International PLC), Shipbuilding Contract (TBS International LTD), Shipbuilding Contract (TBS International LTD)
