Common use of Third Instalment Clause in Contracts

Third Instalment. Ten per cent (10 %) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Start of Fabrication has taken place. FOURTH INSTALMENT: Fifteen per cent ( 15 %) of the Contract Price, being Twelve Million Six Hundred Thousand U.S. Dollars, (US$ 12,600,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the keel laying for the pontoons has taken place. FIFTH INSTALMENT: Ten per cent ( 10 %) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Pontoons of the Vessel have successfully been launched. SIXTH INSTALMENT: Five per cent (5 %) of the Contract Price, being Four Million Two Hundred Thousand U.S. Dollars, (US$ 4,200,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Substructure has successfully been erected on the Deck Box.

Third Instalment. Ten per cent (10 10%) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Start of Fabrication has taken place. FOURTH INSTALMENT: Fifteen per cent ( 15 (15%) of the Contract Price, being Twelve Million Six Hundred Thousand U.S. Dollars, (US$ 12,600,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax telefax. notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the keel laying for the pontoons has taken place. FIFTH INSTALMENT: Ten per cent ( 10 (10%) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Pontoons of the Vessel have successfully been launched. SIXTH INSTALMENT: Five per cent (5 5%) of the Contract Price, being Four Million Two Hundred Thousand U.S. Dollars, (US$ 4,200,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Substructure has successfully been erected on the Deck Box. SEVENTH INSTALMENT: Five per cent (5%) of the Contract Price, being Four Million Two Hundred Thousand U.S. Dollars, (US$ 4,200,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Pontoons have successfully been joined. EIGHTH INSTALMENT: Ten per cent (10%) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Deck Box has been launched and successfully mated with the Pontoons and Columns. NINTH INSTALMENT: Ten per cent (10%) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Main Engines have been started.