Common use of Application of Net Sale Proceeds Clause in Contracts

Application of Net Sale Proceeds. Without prejudice to the obligation of the Lessee to make the payments referred to in clause 27.1, upon any such termination as is referred to in clause 27.1 and provided that the Lessor shall not be prevented from so doing for any reason whatsoever (including, without limitation, if prevented from doing so by reason of the provisions of clause 9 of the Proceeds Deed), the Lessor or, where applicable, the Relevant Security Agent as agent of the Lessor pursuant to the provisions of clause 9 of the Proceeds Deed shall endeavour to sell the Ship as soon as practicable. The Net Sale Proceeds shall be applied by the Lessor as follows: 27.2.1 first, in retention by the Lessor of an amount equal to one tenth of one per cent (0.1%) of the Net Sale Proceeds; 27.2.2 secondly, in retention by the Lessor of an amount equal to the lesser of: (a) all or any part of the Termination Sum which the Lessee shall not, on or before the date of application of the Net Sale Proceeds, have paid to the Lessor in accordance with clause 27.1; and (b) the balance of the Net Sale Proceeds; 27.2.3 thirdly, in or towards settlement of any other amounts owing by the Lessee to the Lessor under this Lease or any of the other Lease Documents (including any interest due in respect thereof); 27.2.4 fourthly, by way of rebate of Rental, in or towards settlement of any amounts owing to the Other Lessors under the Other Ship Leases or any of the Other Ship Relevant Documents, such amounts to be paid to the Lessor Agent for application in accordance with clause 4.3 of the Agency and Trust Deed and clauses 27.