Common use of Owners’ default Clause in Contracts

Owners’ default. If the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchas- er is entitled to the return of all or substantially all of the deposit, the Owner shall pay NYA the Agreed Commission in full on the Asking Price.

Owners’ default. If the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchas- er purchaser is entitled to the return of all or substantially all of the deposit, the Owner shall pay NYA the Agreed Commission in full on the Asking Price.