Common use of Definition of Default Clause in Contracts

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. 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.511.5; 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.