Common use of CANCELLATION AND REFUND Clause in Contracts

CANCELLATION AND REFUND. If an MOA Termination Event occurs, the Buyers may by notice in writing to the Sellers (such notice being the “Cancellation Notice”) cancel this Agreement, whereupon the Buyers’ purchase of the Vessel under this Agreement shall be cancelled on the applicable Cancellation Date, and the Buyers shall be relieved from any further obligation to pay any part of the Purchase Price (or any other amount) under this Agreement from the Cancellation Date, and the Sellers shall upon demand: