Common use of Notification of rejection of Vessel Clause in Contracts

Notification of rejection of Vessel. notify the Agent and the Security Trustee immediately if the Builder exercises, or purports to exercise or gives notice (written or oral) of its intention to exercise any right to cancel, rescind, repudiate or otherwise terminate the Building Contract or to render a performance materially different from that which the Building Contract obliges it to render or (with the prior written consent of the Agent given pursuant to clause 9.4.6) the Borrower cancels, rescinds, repudiates or otherwise terminates the Building Contract or purports to do so or (with the prior written consent of the Agent given pursuant to clause 9.4.6) the Borrower rejects the Vessel or purports to do so or if the Vessel shall become a Total Loss or partial loss or shall be damaged in a manner affecting its Classification or the Refund Guarantor cancels, rescinds, repudiates or otherwise terminates the Refund Guarantee or purports to do so;