| Dear Sirs, NOTICE OF CANCELLATION XX Contract dated December 1, 2006 between and (“Buyer”) We refer to the above XX Contract as amended by Addendum No. 1 dated and Addendum No. 2 (“XX Contract”). Unless otherwise defined, expressions used in this letter have the meaning given to them in the XX Contract. We also refer to Public Notice issued by the People’s Court dated (“Notice”). In accordance with Article VII Paragraph 1 of the XX Contract the vessel shall be delivered on or before December 31, , subject to the provisions of the XX Contract which permit extension of the time for delivery. As at the date of this letter, delivery of the YY has been delayed for a period of more than two hundred and seventy (270) days after the original delivery date of December 31, specified in Article VII. We are now entitled to exercise the right of cancellation of the XX Contract for delay in delivery of the YY for a period of 270 days or more after the delivery date. We hereby exercise Buyer’s right to cancel the XX Contract pursuant to Article III Paragraph 1(c) of the XX Contract on the grounds of delay in delivery of the YY. We exercise such right without prejudice to the fact that we remain ready, willing and able to perform our obligations under the XX Contract. Pursuant to Article X Paragraph 1 of the XX Contract the cancellation of the XX Contract is effective as of the date this notice is received by you. Pursuant to Article X Paragraph 2 you are now obliged to refund to us immediately and we hereby demand all sums paid by us to you on account of the YY together with interest thereon calculated in accordance with Article of the XX Contract without set-off or deduction. The installments paid by us to date are as follows: Payment of such amount should be made to the following account: Pursuant to Article X of the XX Contract the agreed rate of interest applicable to the refund is % p.a. computed from the date the installments were received by Bank of China to the date of remittance by telegraphic transfer of the refund to the account specified above. Up to and including the date hereof the accrued interest amount to USD ( ). Interest will continue to accrue thereafter at the rate of USD ( ) per day to the date of remittance by telegraphic transfer of the refund to the account specified above. Please note that by an assignment of May (“Assignment”), of which you have been notifies, we have assigned all our rights, title and interest, present and future, in and to all monies due and to become due to us, including but not limited to any claims for refund of any advance payments made under the XX Contract, and all liens at the date of the Assignment or thereafter belonging to us, our successors and assigns under and in connection with the XX Contract and all of our rights, benefits under those contracts and particularly, but without limitation, all of our rights, title and interest, present and future, in and to the Vessel and its delivery as well as its appurtenances and equipment, to (“Assignee”). Further, please note that by a letter dated January from the Assignee to you and us, which letter is also delivered to you with this letter, the Assignee has expressly consented to our exercising the right to rescind, cancel or terminate the XX Contract subject to the provision that any demand for payment made by us pursuant to such rescission, cancellation or termination is for payment to the above account. Further or alternatively, in accordance with the Notice, we request and require in its capacity as court appointed administrator of to be jointly obliged with to refund to us all installments and interest due as calculated above in accordance with the XX Contract. This notice is without prejudice to any of our rights under the XX Contract or at law, all of which are reserved. Kindly confirm receipt of this notice by signing the acknowledgement clause at the end of the enclosed additional copy of this notice and returning that copy to us. Your faithfully, For and on behalf of (责任编辑：admin) |
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