Common use of Payment of Termination Value, Etc Clause in Contracts

Payment of Termination Value, Etc. If an Event of Loss shall ---------------------------------- occur, Charterer shall pay to Owner as compensation for such Event of Loss, on the date which is the latest Termination Value Determination Date occurring not later than 180 days after the date of such Event of Loss, the Termination Value as of such Termination Value Determination Date. Charterer shall pay, simultaneously therewith, (i) all Bareboat Hire due and owing prior to the date of such payment, (ii) all Supplemental Hire due and owing on or prior to the date of such payment, (iii) if such Termination Value Determination Date is a Base Hire Payment Date, all Base Hire payable on such Base Hire Payment Date, and (iv) all Excess Hire or Additional Excess Hire accrued through such Termination Value Determination Date, whereupon (A) this Charter Party and the obligations of Charterer hereunder shall terminate as of the date of such payment and (B) Owner shall hold all right, title and interest of Owner in and to the Vessel Interest, in accordance with the provisions of the Joint Venture Agreement, and shall apply all proceeds thereof to the reimbursement of all amounts paid by Charterer in respect of Termination Value, together with interest thereon at the Debt Rate from the date of payment, and (C) Owner shall, at Charterer's expense, take such actions under Section 6.03 of the Indenture as Charterer may reasonably request.

Payment of Termination Value, Etc. If an Event of Loss shall ---------------------------------- occur, --------------------------------- Charterer shall pay to Owner as compensation for such Event of Loss, on the date which is the latest Termination Value Determination Date occurring not later than 180 days after the date of such Event of Loss, the Termination Value as of such Termination Value Determination Date. Charterer shall pay, simultaneously therewith, (i) all Bareboat Hire due and owing prior to the date of such payment, (ii) all Supplemental Hire due and owing on or prior to the date of such payment, (iii) if such Termination Value Determination Date is a Base Hire Payment Date, all Base Hire payable on such Base Hire Payment Date, and (iv) all Excess Hire or Additional Excess Hire accrued through such Termination Value Determination Date, whereupon (A) this Charter Party and the obligations of Charterer hereunder shall terminate as of the date of such payment and (B) Owner shall hold all right, title and interest of Owner in and to the Vessel Interest, in accordance with the provisions of the Joint Venture Agreement, and shall apply all proceeds thereof to the reimbursement of all amounts paid by Charterer in respect of Termination Value, together with interest thereon at the Debt Rate from the date of payment, and (C) Owner shall, at Charterer's expense, take such actions under Section 6.03 of the Indenture as Charterer may reasonably request.