Common use of Net Charter Clause in Contracts

Net Charter. This is a net bareboat charter and, notwithstanding any other provision of this Charter Party, the obligation of Charterer to pay Hire hereunder shall be absolute and unconditional and shall not be affected by any circumstance of any character, including, without limitation: (a) counterclaim, setoff, deduction, defense, abatement, suspension, deferment, diminution or reduction; (b) any defect in the condition, design, quality or fitness for use of the Vessel, or any part thereof or interest therein or the failure of the Builder to construct or deliver the Vessel; (c) any damage to, removal, abandonment, salvage, loss, scrapping or destruction of or any requisition or taking of, the Vessel Interest, the Vessel or any part thereof or interest therein; (d) any restriction, prevention, interruption or curtailment of or interference with any use, operation or possession of the Vessel Interest, the Vessel or any part thereof or interest therein, including, without limitation, as a result of a termination of or default under the Head Lease, the Conditional Sale Agreement or any other U.K. Document; (e) any defect in, or any Lien on, title to the Vessel Interest, the Vessel or any part thereof or interest therein; (f) any change, waiver, extension, indulgence or other action or omission in respect of any obligation or liability of Charterer or Owner; (g) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to Charterer, the Indenture Trustee, Owner, Owner Participant, any Loan Participant, any Holder or any other Person, or any action taken with respect to this Charter Party by any trustee or receiver of any Person mentioned above, or by any court; (h) any claim that Charterer has or might have against any Person, including, without limitation, the Indenture Trustee, any Loan Participant, Owner, Owner Participant, Managing Trustee or any Holder (but this Article 9 shall not constitute a waiver of any such claim); (i) any failure on the part of Owner, the Indenture Trustee, Owner Participant, Managing Trustee or any Loan Participant to perform or comply with any of the terms hereof or of any other agreement; (j) any invalidity or unenforceability or disaffirmance of this Charter Party or any provision hereof or any of the other Operative Documents or any provision of any thereof, whether against or by Charterer or otherwise; or (k) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether or not Charterer shall have notice or knowledge of any of the foregoing. Except as expressly provided herein, Charterer, to the extent permitted by law, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Charter Party, or to any diminution or reduction of Assigned Hire payable by Charterer hereunder. All payments by Charterer of Base Hire and Termination Value (or amounts payable by reference thereto) and other Assigned Hire made hereunder as required hereby shall be final absent manifest error, and Charterer shall not seek to recover any such payment or any part thereof for any reason whatsoever absent manifest error. If this Charter Party shall be terminated in whole or in part for any reason whatsoever Charterer shall, except as expressly provided herein, nonetheless pay to Owner (or, in the case of Supplemental Hire, to the Person entitled to such Supplemental Hire as specified herein or in the appropriate Operative Document) an amount equal to each payment of Assigned Hire at the time and in the manner that such payment would have become due and payable under the terms of this Charter Party if it had not been terminated in whole or in part. Nothing contained in this Article 9 shall be construed as (a) a guaranty of (i) the value of the Vessel Interest or the Vessel upon the expiration or termination of the Charter Period or (ii) the useful life of the Vessel or (iii) payment of any of the Secured Notes or (b) a prohibition of assertion of any claim against any manufacturer, supplier, dealer, vendor, contractor, subcontractor or installer with respect to the Vessel or (c) a waiver by Charterer of its right to assert and xxx upon any claims it may have against any other Person in one or more separate actions.

Net Charter. This is a net bareboat charter and, notwithstanding any other provision of this Charter Party, the obligation of Charterer to pay Hire hereunder shall be absolute and unconditional and shall not be affected by any circumstance of any character, including, without limitation: (a) counterclaim, setoff, deduction, defense, abatement, suspension, deferment, diminution or reduction; (b) any defect in the condition, design, quality or fitness for use of the Vessel, or any part thereof or interest therein or the failure of the Builder to construct or deliver the Vessel; (c) any damage to, removal, abandonment, salvage, loss, scrapping or destruction of or any requisition or taking of, the Vessel Interest, the Vessel or any part thereof or interest therein; (d) any restriction, prevention, interruption or curtailment of or interference with any use, operation or possession of the Vessel Interest, the Vessel or any part thereof or interest therein, including, without limitation, as a result of a termination of or default under the Head Lease, the Conditional Sale Agreement Lease or any other U.K. Document; (e) any defect in, or any Lien on, title to the Vessel Interest, the Vessel or any part thereof or interest therein; (f) any change, waiver, extension, indulgence or other action or omission in respect of any obligation or liability of Charterer or Owner; (g) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to Charterer, the Indenture Trustee, Owner, Owner Participant, U.K. Lessor, any Loan Participant, any Holder or any other Person, or any action taken with respect to this Charter Party by any trustee or receiver of any Person mentioned above, or by any court; (h) any claim that Charterer has or might have against any Person, including, without limitation, the Indenture Trustee, any Loan Participant, Owner, Owner Participant, Managing Trustee or any Holder (but this Article 9 shall not constitute a waiver of any such claim); (i) any failure on the part of Owner, U.K. Lessor, the Indenture Trustee, Owner Participant, Managing Trustee or any Loan Participant to perform or comply with any of the terms hereof or of any other agreement; (j) any invalidity or unenforceability or disaffirmance of this Charter Party or any provision hereof or any of the other Operative Documents or the U.K. Documents or any provision of any thereof, whether against or by Charterer or otherwise; or (k) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether or not Charterer shall have notice or knowledge of any of the foregoing. Except as expressly provided herein, Charterer, to the extent permitted by law, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Charter Party, or to any diminution or reduction of Assigned Hire payable by Charterer hereunder. All payments by Charterer of Base Hire and Termination Value (or amounts payable by reference thereto) and other Assigned Hire made hereunder as required hereby shall be final absent manifest error, and Charterer shall not seek to recover any such payment or any part thereof for any reason whatsoever absent manifest error. If this Charter Party shall be terminated in whole or in part for any reason whatsoever Charterer shall, except as expressly provided herein, nonetheless pay to Owner (or, in the case of Supplemental Hire, to the Person entitled to such Supplemental Hire as specified herein or in the appropriate Operative Document) an amount equal to each payment of Assigned Hire at the time and in the manner that such payment would have become due and payable under the terms of this Charter Party if it had not been terminated in whole or in part. Nothing contained in this Article 9 shall be construed as (a) a guaranty of (i) the value of the Vessel Interest or the Vessel upon the expiration or termination of the Charter Period or (ii) the useful life of the Vessel or (iii) payment of any of the Secured Notes or (b) a prohibition of assertion of any claim against any manufacturer, supplier, dealer, vendor, contractor, subcontractor or installer with respect to the Vessel or (c) a waiver by Charterer of its right to assert and xxx upon any claims it may have against any other Person in one or more separate actions.

Net Charter. This is a net bareboat charter and, notwithstanding Notwithstanding any other provision of this Charter Party----------- and to the extent permitted by law, the obligation of the Charterer to pay Hire Charter Hire, Stipulated Loss Value, and Termination Value pursuant to the terms hereunder shall be absolute and unconditional until the Charter Termination Date, and such obligation shall not be affected by any circumstance of any character, includingincluding (i) the right to abatement, without limitation: (a) counterclaimreduction, setoff, deductionset off, defense, abatementcounterclaim or recoupment respecting Charter Hire, suspensionStipulated Loss Value or Termination Value for any reason based upon any claim the Charterer may have against the Trust Company, defermentShipowner, diminution Owner Participant, Builder, the Indenture Trustee or reduction; any other person whatsoever, including without limitation (bA) any defect in act, omission or breach on the condition, design, quality or fitness for use part of the VesselTrust Company, Shipowner, Owner Participant, the Builder, the Indenture Trustee, or any part thereof or interest therein or the failure of the Builder to construct or deliver the Vesselother Person; (cB) any damage amendment or modification of, or supplement to, removalthe Charter, abandonmentthe Initial Subcharter, salvageany other subcharter, lossthe Participation Agreement, scrapping or destruction of any agreements relating to the Vessel or any requisition other instrument or taking of, the Vessel Interest, agreement applicable to the Vessel or any part thereof or interest therein; (d) any restriction, prevention, interruption or curtailment of or interference with any use, operation or possession of the Vessel Interest, the Vessel or any part thereof or interest therein, including, without limitation, as a result of a termination of or default under the Head Lease, the Conditional Sale Agreement or any other U.K. Document; (e) any defect inthereof, or any Lien onassignment or transfer of any part thereof, title to the Vessel Interest, the Vessel or any part thereof furnishing or interest thereinacceptance of additional security or any release of any security or any failure or inability to perfect any security; (fC) any waiver, consent, change, waiver, extension, indulgence or other action or omission inaction under or in respect of the Charter, the Initial Subcharter, any other subcharter or any other such instrument or agreement, or any exercise or nonexercise of any right, remedy, power or privilege under or in respect of any obligation such instrument or liability of Charterer or Owneragreement; (gD) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like similar proceeding relating with respect to Chartererthe Trust Company, the Shipowner, the Owner Participant, the Indenture Trustee, OwnerCharterer, Owner ParticipantGuarantor, any Loan Participant, any Holder or any other PersonOperator, or any action taken with respect to this Charter Party by any trustee or receiver of any Person mentioned above, or by any court; (h) any claim that Charterer has or might have against any Person, including, without limitation, the Indenture Trustee, any Loan Participant, Owner, Owner Participant, Managing Trustee subcharterers or any Holder (but this Article 9 shall not constitute a waiver of any such claim); (i) any failure on the part of Owner, the Indenture Trustee, Owner Participant, Managing Trustee or any Loan Participant to perform or comply with any of the terms hereof or of any other agreement; (j) any invalidity or unenforceability or disaffirmance of this Charter Party or any provision hereof or any of the other Operative Documents or any provision of any thereof, whether against or by Charterer or otherwise; or (k) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether or not Charterer shall have notice or knowledge Affiliate of any of them; (E) any limitation on the foregoing. Except as expressly provided herein, Charterer, to liability or obligations of Charterer under the extent permitted by law, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Charter Party, or to any diminution or reduction of Assigned Hire payable by Charterer hereunder. All payments by Charterer of Base Hire and Termination Value (or amounts payable by reference thereto) and other Assigned Hire made hereunder as required hereby shall be final absent manifest error, and Charterer shall not seek to recover any such payment or any part thereof for any reason whatsoever absent manifest error. If this Charter Party shall be terminated in whole termination, cancellation, frustration, invalidity, irregularity or in part for any reason whatsoever Charterer shallunenforceability, except as expressly provided herein, nonetheless pay to Owner (or, in the case of Supplemental Hire, to the Person entitled to such Supplemental Hire as specified herein or in the appropriate Operative Document) an amount equal to each payment of Assigned Hire at the time and in the manner that such payment would have become due and payable under the terms of this Charter Party if it had not been terminated in whole or in part, of the Charter, the Initial Subcharter, any other subcharter or any term of any thereof or any lack of power or authority of Shipowner, Charterer, Operator, or any other subcharterer to enter into the Charter, the Initial Subcharter, or any other subcharter; (F) any assignment or other transfer of the Charter, the Initial Subcharter, or any other subcharter by Charterer, Operator, or a subcharterer or any lien, charge or encumbrance, from whatever source arising or affecting Charterer's or Operator's estate in, or any other subchartering of, all or any part of the Vessel (whether or not pursuant to the express provisions of the Charter); (G) any damage to, or loss, destruction, requisition, seizure, forfeiture or marshal's or other sale of the Vessel or any interruption or prevention of or restriction on or interference with the use or possession of the Vessel; (H) any defect in the title to the Vessel or any encumbrance on the Vessel; (I) any libel, arrest, attachment, levy, detention, sequestration or taking into custody of the Vessel, or any interruption or prevention of, or restriction on, or interference with the use or possession of the Vessel; (J) any defect in the seaworthiness, condition, design operation or fitness for use of the Vessel or the ineligibility of the Vessel for any particular trade; or (K) any event of force majeure or any frustration; and (ii) any right conferred by law to terminate the Charter except in accordance with the express terms hereof. Nothing contained in this Article 9 Section 3(i) shall be construed as (a) a guaranty of (i) the value of the Vessel Interest or the Vessel upon the expiration or termination of the Base Charter Period Term or (ii) any Renewal Term, the useful life of the Vessel or (iii) the payment of any of the Secured Notes or Notes, (b) a prohibition of assertion by the Charterer, the Operator, or any affiliate thereof, of any claim against the Builder or any other manufacturer, supplier, vendor, dealer, vendor, contractor, subcontractor or installer with respect to the Vessel or any part thereof, or (c) a waiver by the Charterer of (x) any of its rights or remedies against the Trust Company, the Shipowner, Owner Participant, Owner Participant Guarantor, Indenture Trustee, or Loan Participant for any breach of any undertaking or representation made to or for the benefit of the Charterer, or (y) any of its rights under any of the Operative Documents or of its right to assert and xxx upon any claims it may have against any other Person in one or more separate actions.