Common use of REFUND BY THE SELLER Clause in Contracts

REFUND BY THE SELLER. Upon rescission and/or cancelling of this Contract by the BUYER pursuant to the provisions hereof; the SELLER shall refund in United States Dollars immediately to “the BUYER the full amount of all sums paid by the BUYER and received by the SELLER on account of the VESSEL together with interest thereon at the rate of live percent (5%).p.a. on the amounts required to be refunded to the BUYER, computed from the respective dates on which the relevant sums were paid by the BUYER to the SELLER to the date of remittance by transfer of such refund net to the BUYER by the SELLER, unless the SELLER disputes the BUYER’s cancellation and/or rescission by instituting arbitration within fifteen (15) New York banking days in accordance with Article 13. However, in the event of total loss as described in Article 12 of this Contract, then, no interest will be refunded on the amount required herein. If the BUYER’s cancellation or rescission of this Contract is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from Guarantee Bank under the Refund Guarantee until the arbitration award between the BUYER and the SELLER or, in case of appeal or appeals, the final court order, which shall be in favor of the BUYER, declaring the BUYER’s cancellation and/or rescission justified, is made and delivered to the SELLER by the arbitration tribunal or final competent English Court having jurisdiction on the dispute. All sums so refunded shall be paid in freely transferable United States Dollars and the SELLER undertakes to obtain any necessary exchange control or fiscal consents or licenses necessary to effect such payment. For the purpose of this Article, the SELLER shall have delivered to the BUYER, the irrevocable Refund Guarantee specified in Exhibit ‘B’. Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this Contract shall he forthwith completely discharged.

REFUND BY THE SELLER. Upon rescission and/or cancelling of this Contract by the BUYER pursuant to the provisions hereof; , the SELLER shall refund in United States Dollars immediately to “the BUYER the full amount of all sums paid by the BUYER and received by the SELLER on account of the VESSEL together with interest thereon at the rate of live five percent (5%).p.a5%) p.a. on the amounts required to be refunded to the BUYER, computed from the respective dates on which the relevant sums were paid by the BUYER to the SELLER to the date of remittance by transfer of such refund net to the BUYER by the SELLER, unless the SELLER disputes the BUYER’s cancellation and/or rescission by instituting arbitration within fifteen (15) New York banking days in accordance with Article 13. However, in the event of total loss as described in Article 12 of this Contract, then, no interest will be refunded on the amount required herein. If the BUYER’s cancellation or rescission of this Contract is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from Guarantee Bank under the Refund Guarantee until the arbitration award between the BUYER and the SELLER or, in case of appeal or appeals, the final court order, which shall be in favor of the BUYER, declaring the BUYER’s cancellation and/or rescission justified, is made and delivered to the SELLER by the arbitration tribunal or final competent English Court having jurisdiction on the dispute. All sums so refunded shall be paid in freely transferable United States Dollars and the SELLER undertakes to obtain any necessary exchange control or fiscal consents or licenses necessary to effect such payment. For the purpose of this Article, the SELLER shall have delivered to the BUYER, the irrevocable Refund Guarantee specified in Exhibit ‘B’. Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this Contract shall he be forthwith completely discharged.

REFUND BY THE SELLER. Upon rescission and/or cancelling of this Contract by the BUYER pursuant to the provisions hereof; , the SELLER shall refund in United States Dollars immediately to “the BUYER the full amount of all sums paid by the BUYER and received by the SELLER on account of the VESSEL together with interest thereon at the rate of live five percent (5%).p.a5%) p.a. on the amounts required to be refunded to the BUYER, computed from the respective dates on which the relevant sums were paid by the BUYER to the SELLER to the date of remittance by transfer of such refund net to the BUYER by the SELLER, unless the SELLER disputes the BUYER’s cancellation and/or rescission by instituting arbitration within fifteen (15) New York banking days in accordance with Article 13. However, in the event of total loss as described in Article 12 of this Contract, then, no interest will be refunded on the amount required herein. If the BUYER’s cancellation or rescission of this Contract is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from Guarantee Bank under the Refund Guarantee until the arbitration award between the BUYER and the SELLER or, in case of appeal or appeals, the final court order, which shall be in favor of the BUYER, declaring the BUYER’s cancellation and/or rescission justified, is made and delivered to the SELLER by the arbitration tribunal or final competent English Court having jurisdiction on the disputeSELLER. All sums so refunded shall be paid in freely transferable United States Dollars and the SELLER undertakes to obtain any necessary exchange control or fiscal consents or licenses necessary to effect such payment. For the purpose of this Article, the SELLER shall have delivered to the BUYER, the irrevocable Refund Guarantee specified in Exhibit ‘B’Guarantee. Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this Contract shall he be forthwith completely discharged.