Common use of Seller’s Default Clause in Contracts

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should In the event thatShould the Sellers (i) fail to give Notice of Readiness in accordance with Clause 5(b5 a) or (ii) fail to be ready to validly complete a legal transfer of the Vessel on or before by the Cancelling Date date stipulated in line 61, or (ii) the Sellers shall otherwise default in the delivery of the Vessel according to the terms of this Agreement, the Buyers shall have the right in their option to cancel of cancelling this Agreement, in which case this Agreement shall be null and void and the Sellers shall compensate the Buyers all reasonable and properly documented costs and expenses incurred by the Buyers arising out of or in connection with this Agreement. provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. This clause shall apply only in the event that the default in this clause is attributable to the Sellers' gross negligence or wilful misconduct. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after the Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer of the Vessel by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 SALEFOKM 1993 form printed by authority of Of the Norwegian Shipbrokers’ ' Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-pre printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement the deposit together with interest earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.

Seller’s Default. This clause shall apply only in the event that the default in this clause is attributable to the Sellers' gross negligence or wilful misconduct. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 6. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, given the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall shalt make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer or to deliver the Rig with everything belonging to her in the manner and within the time specified herein by the Cancelling Date date stipulated in Clause 5 b) the Buyers shall have the option of cancelling canceling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel Rig ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in clause 5 b) and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit in full together with interest earned, if any, earned shall be released and/or paid to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in Clause 5 b) or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss the losses caused to the Buyers by failure to execute a legal transfer or to deliver the Rig in the manner and for all expenses together with interest within the time specified herein, if their failure is such are due to the proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated documentSellers.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in 2nd paragraph of line 52 as modified by Sellers the Buyers shall have the option of cancelling this Agreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 22 of this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date date stipulated in 2nd paragraph of line 52 as modified by Sellers and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in 2nd paragraph of line 52 as modified by Sellers or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss to be limited to the difference between the MOA price and, if higher, the open market price of the Vessel at the Time of the Sellers’ Default and not to include losses of profits, earnings, losses of opportunity or other claims relating to the intended employment of the Vessel and for all expenses reasonably incurred together with interest if their failure is due to proven Sellers’ negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted (i) a maximum of three (3) Banking Days after Notice of Readiness has been tendered to make arrangements for the documentation set out in Clause 20 and (ii) the right to cancel this Agreement pursuant to Clause 6(a)(iii) as the case may be. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel rights are limited to cancelling this AgreementAgreement and obtaining the repayment of the Deposit together with interest, if any. Any further liability of the Sellers whatsoever including the case of negligence is expressly excluded, except as provided in lines 301-305. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 1993 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have the option of cancelling this Agreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement the deposit together with interest earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.

Seller’s Default. In the event that Should the Sellers (i) fail to give Notice of Readiness in accordance with Clause 5(b5 a) or (ii) fail to be ready to validly complete a legal transfer of the Vessel on or before by the Cancelling Date date stipulated in line 61, or (iii) the Sellers shall otherwise default in the delivery of the Vessel according to the terms of this Agreement, the Buyers shall have the right in their option to cancel of cancelling this Agreement, in which case this Agreement shall be null and void and the Sellers shall compensate the Buyers all reasonable and properly documented costs and expenses incurred by the Buyers arising out of or in connection with this Agreement. provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling this Agreement, provided always that the Seller shall be granted a maximum of 3 Banking Days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8 and Clause 18. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit together with interest earned, if any, earned shall be released to them immediately. This document is a computer generated SALEFORM 1993 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which not dearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. negligence and whether or not the Buyers cancel this Agreement.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5(a) or fail to be ready to validly complete a legal transfer by the Cancelling Date cancelling date stipulated in Clause 5(b) or Clause 5(c), as the case may be, the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 (three) Banking Days after Notice of Readiness has been given, to make arrangements for the documentation set out in Clause 11 to be provided. If after Notice of Readiness has been given given, but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in Clause 5(b) and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date cancelling date stipulated in Clause 5(b) or Clause 5(c), as the case may be, or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of This contract is a computer generated copy of the SALEFORM 1993 form, printed under license from the Norwegian Shipbrokers’ Association, using the BIMCO Charter Party Editor. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the preprinted text of this document, which is not clearly visible, the original document, as recommended by BIMCO, shall apply. The Norwegian Shipbrokers’ Association and BIMCO assume no responsibility for any loss or damage caused as a result of discrepancies between the original document and this document. Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediatelyImmediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly validiy complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 or should the Sellers be in breach of any of their obligations under clause 8 or 18 to 23 (inclusive), the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer or are in breach of any of clauses 8 or 18 to 23 (inclusive) as aforesaid foresaid they shall make due compensation to the Buyers for their loss and for all a expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed * Notes, if any, in the surveyors report which are accepted by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion Classification Society without condition/recommendation are not to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.taken into account

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to To validly complete a legal transfer by the Cancelling Date date stipulated in line 61 or should the Sellers be in breach of any of their obligations under Clauses 18, 19, 21 and 22 hereof the Buyers shall have the option of cancelling canceling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 5 Banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 1993 form printed by authority of the Norwegian Shipbrokers’ ' Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ ' Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. This clause shall apply only in the event that the default in this clause is attributable to the Sellers' gross negligence or wilful misconduct. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready ready. to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling canceling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted (i) a maximum of three (3) Banking Days after Notice of Readiness has been tendered to make arrangements for the documentation set out in Clause 20 and (ii) the right to cancel this Agreement pursuant to Clause 6(a)(iii) as the case may be. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the per-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel rights are limited to cancelling this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority Agreement and obtaining the repayment of the Norwegian Shipbrokers’ AssociationDeposit together with interest, if any. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text further liability of the original approved document shall apply. BIMCO and Sellers whatsoever including the Norwegian Shipbrokers’ Association assume no responsibility for any losscase of negligence is expressly excluded, damage or expense except as a result of discrepancies between the original approved document and this computer generated documentprovided in lines 301-305.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 or at such date that may have been extended pursuant to this Agreement the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 or at such dated that may have been extended pursuant to this Agreement and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, Interest earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or at such dated that may have been extended pursuant to this Agreement or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer or to deliver the Rig with everything belonging to her in the manner and within the time specified herein by the Cancelling Date date stipulated in Clause 5 b) the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel Rig ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in clause 5 b) and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit in full together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in Clause 5 b) or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss the losses caused to the Buyers by failure to execute a legal transfer or to deliver the Rig in the manner and for all expenses together with interest within the time specified herein, if their failure is such are due to the proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated documentSellers.

Seller’s Default. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to To validly complete a legal transfer by the Cancelling Date date stipulated in line 61 or should the Sellers be in breach of any of their obligations under Clause 18, 19, 21 and 22 hereof the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 5 Banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 1993 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should In the event thatShould the Sellers (i) fail to give Notice of Readiness in accordance with Clause 5(b5 a) or (ii) fail to be ready to validly complete a legal transfer of the Vessel on or before by the Cancelling Date date stipulated in line 61, or (ii) the Sellers shall otherwise default in the delivery of the Vessel according to the terms of this Agreement, the Buyers shall have the right in their option to cancel of cancelling this Agreement, in which case this Agreement Shall be null and void and the Sellers shall compensate the Buyers all reasonable and properly documented costs and expenses incurred by the Buyers arising out of or in connection with this Agreement. provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or date stipulated in line 61or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. Should In the event thatShould the Sellers (i) fail to give Notice of Readiness in accordance with Clause 5(b5 a) or (ii) fail to be ready to validly complete a legal transfer of the Vessel on or before by the Cancelling Date date stipulated in line 61, or (iii) the Sellers shall otherwise default in the delivery of the Vessel according to the terms of this Agreement, the Buyers shall have the right in their option to cancel of cancelling this Agreement, in which case this Agreement shall be null and void and the Sellers shall compensate the Buyers all reasonable and properly documented costs and expenses incurred by the Buyers arising out of or in connection with this Agreement. provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or date stipulated in line 61or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Seller’s Default. This clause shall apply only in the event that the default in this clause is attributable to the Sellers' gross negligence or wilful misconduct. Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b5 a) or fail to be ready to validly complete a legal transfer by the Cancelling Date date stipulated in line 61 the Buyers shall have the option of cancelling this AgreementAgreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the Cancelling Date date stipulated in line 61 and new Notice of Readiness given, given the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, Agreement the Deposit deposit together with interest earned, if any, earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.