FEES AND ANY OTHER
EXTRA PORT CHARGES OR PORT EXPENSES WHICH MAY BE CAUSED BY SHIFTING BERTHS.
(F)
IN RELATION TO EACH CARGO OF JET FUEL,
SUBJECT TO THE SELLER:
(I)
HAVING RECEIVED THE INITIAL PURCHASE
PRICE FOR THE RESPECTIVE CARGO IN FULL PURSUANT TO CLAUSE 10;
(II)
HAVING RECEIVED A PROPERLY POSTED LETTER OF
CREDIT THAT AT THE TIME OF THE UNLOADING OF THAT JET FUEL FROM THE VESSEL TO A
RELEVANT ONSHORE TANK IN HONOLULU HAWAII IS A CONTINUING, VALID AND EFFECTIVE
LETTER OF CREDIT THAT COMPLIES WITH ALL THE REQUIREMENTS OF CLAUSE 10(L); AND
(III)
NOT HAVING EXERCISED ANY OF ITS RIGHTS UNDER
CLAUSE 7(G),
TITLE TO AND PROPERTY IN THE JET FUEL IN THAT CARGO WILL PASS TO THE BUYER UPON
ITS DELIVERY AT THE POINT AND TIME OF DELIVERY SPECIFIED IN CLAUSE 7(B) OR 7(J)
(AS THE CASE MAY BE), BUT IF THE PRECEDING PARAGRAPH (I) OR (II) IS NOT
SATISFIED OR IF THE PRECEDING PARAGRAPH (III) IS APPLICABLE IT IS ACKNOWLEDGED
AND AGREED BY THE BUYER THAT DESPITE ANY OTHER TERM OF THIS CONTRACT THE SELLER
WILL RETAIN TITLE TO AND PROPERTY IN THE JET FUEL:
(A)
(IF PARAGRAPH (I) WAS NOT SATISFIED) UNTIL THE
INITIAL PURCHASE PRICE FOR THAT CARGO HAS BEEN RECEIVED IN FULL IN ACCORDANCE
WITH CLAUSE 10;
(B)
(IF PARAGRAPH (II) WAS NOT SATISFIED) UNTIL
THE LETTER OF CREDIT HAS BEEN POSTED OR BECOMES VALID, FULLY EFFECTIVE AND
COMPLIES WITH ALL THE REQUIREMENTS OF CLAUSE 10(L); OR
(C)
(IF PARAGRAPH (III) IS APPLICABLE) UNLESS AND
UNTIL TITLE TO AND PROPERTY IN THAT JET FUEL PASSES IN ACCORDANCE WITH CLAUSE
7(H).
(G)
IF THE INITIAL PURCHASE PRICE IN RELATION TO
A CARGO HAS NOT BEEN RECEIVED BY THE SELLER IN FULL IN ACCORDANCE WITH CLAUSE 10
OR IF THE LETTER OF CREDIT (AS DEFINED IN AND OTHERWISE COMPLYING WITH ALL THE
REQUIREMENTS OF CLAUSE 10(L)) HAS NOT BEEN POSTED, TERMINATES OR OTHERWISE IS
NOT OR CEASES TO BE VALID AND FULLY EFFECTIVE THE SELLER MAY AT ITS ABSOLUTE
DISCRETION ELECT (WITH OR WITHOUT NOTICE TO THE BUYER) TO TAKE ANY ONE OR MORE
OF THE FOLLOWING ACTIONS:
(I)
WITHHOLD THE SUPPLY AND DELIVERY OF THAT
CARGO TO THE BUYER;
7
(II)
DIRECT THE BERTHING OF THE VESSEL AT ANY
BERTH OF ITS CHOICE IN HAWAII; OR
(III)
DIRECT THE TRANSFER OF THAT CARGO INTO ANY
STORAGE TANKS THAT THE SELLER MAY OWN OR PROCURE THE USE OF THAT ARE LOCATED IN
HAWAII, IN WHICH EVENT THE OWNER OR OPERATOR OF THOSE STORAGE TANKS WILL TAKE
AND HOLD THE JET FUEL TO THE ACCOUNT OF THE SELLER IN THAT OWNER'S OR OPERATOR'S
BOOKS OF ACCOUNT,
AND IN ANY OR ALL SUCH CIRCUMSTANCES STATED ABOVE IN THIS PARAGRAPH (G):
(A)
THE BUYER, WITHOUT RELIEVING THE BUYER OF ANY
ITS OBLIGATIONS OR LIABILITIES (AND WITHOUT PREJUDICE TO ANY RIGHTS OF THE
SELLER) UNDER, OR CONSEQUENT UPON ANY BREACH OF, THIS CONTRACT MUST:
(1)
RECTIFY ITS BREACH BY IMMEDIATELY PAYING THE
INITIAL PURCHASE PRICE