Common use of Refund by BUILDER Clause in Contracts

Refund by BUILDER. Unless BUILDER duly contests any termination by BUYER pursuant to Article XIII, BUILDER shall promptly refund to BUYER the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP. In such event, BUILDER shall pay BUYER interest at the DEFAULT INTEREST RATE on the amount required herein to be refunded to BUYER, computed from the respective date following the date of receipt by BUILDER of each PAYMENT MILESTONE, instalment or advance payment to the date of remittance of such refund to BUYER by BUILDER; provided, however, that if the said termination by BUYER is made under the provisions of Article III, then in such event BUILDER shall not be required to pay any interest. As security for the due performance of its obligations under this Article X, BUILDER shall provide BUYER with a transferable Irrevocable Stand-by Letter of Credit issued by K-EXIM or BUILDER’S BANK, in form and substance as annexed hereto, as Exhibit A, which cover the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP less the non-refundable design fee and any interest payable thereon, if a termination will become effective pursuant to this Article.

Refund by BUILDER. Unless In case the BUILDER duly contests any termination by BUYER pursuant to Article XIIIreceives the notice stipulated in Paragraph 2 of this Article, the BUILDER shall promptly refund to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the DRILLSHIPVESSEL together with interest thereon, unless the BUILDER disputes same and proceeds to arbitration under the provisions of Article XII hereof. In such event, the BUILDER shall pay the BUYER interest at the DEFAULT INTEREST RATE rate of Seven percent (7%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective date dates following on which such sums were paid by the date of receipt by BUYER to the BUILDER of each PAYMENT MILESTONE, instalment or advance payment to the date of remittance by transfer of such refund to the BUYER by the BUILDER; ., provided, however, that if the said termination cancellation by the BUYER is made under the provisions of Paragraph 4 of Article IIIVIII hereof, then in such event the BUILDER shall not be required to pay any interest. As security for refund of installments prior to delivery of the due performance of its obligations under this Article XVESSEL, the BUILDER shall provide furnish the BUYER within Ninety (90) calendar days after signature of this Contract with a transferable Irrevocable Standletter of guarantee covering the amount of such pre-by Letter of Credit delivery installments and issued by K-EXIM or the BUILDER’S BANK, ’s Bank in favour of the BUYER. Such letter of guarantee shall have substantially the same form and substance as Exhibit “A” annexed hereto, as Exhibit A, which cover the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP less the non-refundable design fee and any interest payable thereon, if a termination will become effective pursuant to this Article.

Refund by BUILDER. Unless BUILDER duly contests any termination by BUYER pursuant to Article XIII, BUILDER shall promptly refund to BUYER the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP. In such event, BUILDER shall pay BUYER interest at the DEFAULT INTEREST RATE on the amount required herein to be refunded to BUYER, computed from the respective date following the date of receipt by BUILDER of each PAYMENT MILESTONE, instalment or advance payment to the date of remittance of such refund to BUYER by BUILDER; provided, however, that if the said termination by BUYER is made under the provisions of Article III, then in such event BUILDER shall not be required to pay any interest. As security for the due performance of its obligations under this Article X, BUILDER shall provide BUYER with a transferable Irrevocable Stand-by Letter of Credit issued by K-EXIM HB or BUILDER’S BANK, in form and substance as annexed hereto, as Exhibit A, which cover the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP less the non-refundable design fee and any interest payable thereon, if a termination will become effective pursuant to this Article.

Refund by BUILDER. Unless In case the BUILDER duly contests any termination by BUYER pursuant to Article XIIIreceives the notice stipulated in Paragraph 2 of this Article, the BUILDER shall promptly refund to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the DRILLSHIPVESSEL together with interest thereon, unless the BUILDER disputes same and proceeds to arbitration under the provisions of Article XII hereof. In such event, the BUILDER shall pay the BUYER interest at the DEFAULT INTEREST RATE rate of Seven percent (7%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective date dates following on which such sums were paid by the date of receipt by BUYER to the BUILDER of each PAYMENT MILESTONE, instalment or advance payment to the date of remittance by transfer of such refund to the BUYER by the BUILDER; ., provided, however, that if the said termination cancellation by the BUYER is made under the provisions of Paragraph 4 of Article IIIVIII hereof, then in such event the BUILDER shall not be required to pay any interest. As security for refund of installments prior to delivery of the due performance of its obligations under this Article XVESSEL, the BUILDER shall provide furnish the BUYER within Ninety (90) calendar days after signature of this Contract with a transferable Irrevocable Standletter of guarantee covering the amount of such pre-by Letter of Credit delivery installments and issued by K-EXIM or the BUILDER’S BANK, ’s Bank in favour of the BUYER. Such letter of guarantee shall have substantially the same form and substance as Exhibit ”A” annexed hereto, as Exhibit A, which cover the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP less the non-refundable design fee and any interest payable thereon, if a termination will become effective pursuant to this Article.