Common use of Security Assignment Clause in Contracts

Security Assignment. The Buyers shall be entitled to assign their rights and obligations hereunder to Xxxxxxx Xxxxx Credit Partners, L.P. as part of their financing of the Down Payment-and the Sellers hereby confirm that they will acknowledge such assignment by signing and returning any Acknowledgement accompanied by a Notice of Assignment sent to them by the Buyers. The Shipbuilding Contract has been approved by the Buyers who in addition to their rights to the benefit of liquidated damages as described in Clause 25 above, shall retain all rights related to acceptance or rejection and cancellation and rescission therein such that the Sellers shall not exercise any right of rejection, cancellation or rescission under the Shipbuilding Contract without first obtaining the written consent of the Buyers. The Buyers shall thus have the right if they so elect to require Sellers to accept delivery of the vessel under the Shipbuilding Contract (and then give delivery to the Buyers thereunder) even if a right to reject, cancel or rescind has accrued under the Shipbuilding Contract. The Sellers The Buyers By: Xxxxxx Billung By: Xxxxx Xxxxxx Title: Attorney-in-Fact Title: Director

Security Assignment. The Buyers shall be entitled to assign their rights and obligations hereunder to Xxxxxxx Xxxxx Credit Partners, L.P. as part of their financing of the Down Payment-and the Sellers hereby confirm that they will acknowledge such assignment by signing and returning any Acknowledgement accompanied by a Notice of Assignment sent to them by the Buyers. The Shipbuilding Contract has been approved by the Buyers who in addition to their rights to the benefit of liquidated damages as described in Clause 25 above, shall retain all rights related to acceptance or rejection and cancellation and rescission therein such that the Sellers shall not exercise any right of rejection, cancellation or rescission under the Shipbuilding Contract without first obtaining the written consent of the Buyers. The Buyers shall thus have the right if they so elect to require Sellers to accept delivery of the vessel under the Shipbuilding Contract (and then give delivery to the Buyers thereunder) even if a right to reject, cancel or rescind has accrued under the Shipbuilding Contract. The Sellers The Buyers By: Xxxxxx Billung By: Xxxxx Xxxxxx Title: Attorney-in-Fact Title: Director

Security Assignment. The Buyers shall be entitled to assign their rights and obligations hereunder to Xxxxxxx Xxxxx Credit Partners, L.P. as part of their financing of the Down Payment-and the Sellers hereby confirm that they will acknowledge such assignment by signing and returning any Acknowledgement accompanied by a Notice of Assignment sent to them by the Buyers. The Shipbuilding Contract has been approved by the Buyers who in addition to their rights to the benefit of liquidated damages as described in Clause 25 above, shall retain all rights related to acceptance or rejection and cancellation and rescission therein such that the Sellers shall not exercise any right of rejection, cancellation or rescission under the Shipbuilding Contract without first obtaining the written consent of the Buyers. The Buyers shall thus have the right if they so elect to require Sellers to accept delivery of the vessel under the Shipbuilding Contract (and then give delivery to the Buyers thereunder) even if a right to reject, cancel or rescind has accrued under the Shipbuilding Contract. The Sellers The Buyers By: Xxxxxx Billung By: Xxxxx Xxxxxx Title: Attorney-in-Fact Director Title: Director