Failure by the BUYER to issue a bank guarantee or other security satisfactory to the BUILDER at the latest within 14 days after such request, shall entitle the BUILDER to cancel this Contract and claim compensation for its losses. Upon BUILDER’s written request, the BUYER shall provide the BUILDER with a bank guarantee or other security satisfactory to the BUILDER as security for the payment by the BUYER of the above instalments on the due dates thereof.
Upon the BUYER’s written request, the BUILDER shall provide the BUYER with refund guarantee(s) for the 1st – 4th Instalment from a bank satisfactory to the BUYER or provide other security satisfactory to the BUYER securing the repayment obligations of the BUILDER in the event that the Contract is lawfully cancelled by the BUYER or is deemed cancelled by virtue of Article X, Clause 2 (c) ( iii) (b). The Borrower also undertakes to notify the Agent of any change in the Intended Delivery Date as soon as practicable after each change has occurred. On or about the last day of each successive period of three (3) months commencing on the date of this Agreement and on the date of the Drawdown Notice, the Borrower undertakes to provide the Agent with a copy of any Change Order entered into during that three (3) month or other period. The Borrower will, therefore, submit to the Agent any proposals for modification which, in its opinion, might have such a consequence, and the Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will allow the Loan to be maintained. The Borrower shall not modify the Shipbuilding Contract, directly or indirectly, if, by reason of regulations which apply to a Lender, such modification would make such Lender’s Commitment impossible to fulfil or would change the substance or form of its Commitment.
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