Upon execution of MOA, the Security Deposit paid by the relevant preferred bidder shall be converted to the down-payment amount for the MOA, and if the MOA is not executed by reason of the relevant preferred bidder, the successful bid in relation to such preferred bidder will be deemed as void and the Security Deposit paid by such preferred bidder shall be vested in Hana Bank in which such preferred bidder shall have no right to claim return of such Security Deposit.
The relevant preferred bidder, which becomes the purchaser of the Bidding Vessel under the MOA, shall remit the outstanding balance for the purchase price by no later than August 25, 2015 at 15:00 (Seoul Time) to the bank account designated by Hana Bank. In the event of failure to make payment for the outstanding balance or perform other agreements or covenants thereof, the MOA shall be terminated at the discretion of Hana Bank and the down-payment (including the Security Deposit) shall be vested in Hana Bank.
Where there exist reasons that handover or delivery of the Bidding Vessel would not be performed or delayed, unless otherwise agreed between Hana Bank and the relevant preferred bidder, Hana Bank may withdraw the bidding. In such event, the MOA will be cancelled and the down-payment will be returned to such preferred bidder in which such preferred bidder shall have no right to claim or request compensation arising therefrom.