Common use of Replacement of Components; Removal of Property Clause in Contracts

Replacement of Components; Removal of Property. (i) In the ---------------------------------------------- ordinary course of maintenance, service, repair or testing during the Charter Period, any Component or Replacement Component may be removed and replaced with a Replacement Component and, upon such replacement, Charterer (or its designee) shall be entitled to retain the amount of the net proceeds of any sale or disposition of any such removed Component or Replacement Component. Any such Replacement Components shall be free and clear of all Liens, except Permitted Liens, and in as good operating condition as, and with a value, utility and useful life at least equal to, the Components or Replacement Components replaced, assuming such replaced Components or Replacement Components were in at least the condition and repair required to be maintained hereunder. Immediately upon any Replacement Component becoming incorporated in the Vessel without further act, (x) title to such Replacement Component thereupon shall vest in Owner and Owner's interest therein shall be subject to the Lien of the Indenture, (y) such Replacement Component shall become subject to this Charter Party and Owner's interest therein shall be deemed a part of the Vessel Interest for all purposes hereof to the same extent as the Component or Replacement Component it replaced and (z) title to such removed Component or Replacement Component shall vest in Charterer or such Person as shall be designated by Charterer, free and clear of all rights of Owner and the Indenture Trustee and shall no longer be deemed a Component or a Replacement Component hereunder.

Replacement of Components; Removal of Property. (ia) In the ---------------------------------------------- --------------------------------------------- ordinary course of maintenance, service, repair or testing during the Charter Periodtesting, any Component or Replacement Component may be removed and replaced with a Replacement Component and, upon such replacement, Charterer MCFT (or its designee) shall be entitled to retain the amount of the net proceeds of any sale or disposition of any such removed Component or Replacement Component. Any such Replacement Components shall be free and clear of all Liens, except Permitted Liens, and in as good operating condition as, and with a value, utility and useful life at least equal to, the Components or Replacement Components replaced, assuming such replaced Components or Replacement Components were in at least the condition and repair required to be maintained hereunder. Immediately upon any Replacement Component becoming incorporated in the Vessel Facility Assets, without further act, (xi) title to such Replacement Component thereupon shall vest in Owner and Owner's interest therein shall be become subject to the Lien of the Indenture, (yii) such Replacement Component shall become subject to this Charter Party and Owner's interest therein shall be deemed a part of the Vessel Interest Facility Assets for all purposes hereof to the same extent as the Component or Replacement Component it replaced and (ziii) title to such removed Component or Replacement Component shall vest in Charterer MCFT or such Person as shall be designated by ChartererMCFT, free and clear of all rights of Owner and the Indenture Trustee and shall no longer be deemed a Component or a Replacement Component hereunder.

Replacement of Components; Removal of Property. (ia) In the ---------------------------------------------- ordinary course of maintenance, service, repair or testing during the Charter Periodtesting, any Component or Replacement Component may be removed and replaced with a Replacement Component and, upon such replacement, Charterer (or its designee) shall be entitled to retain the amount of the net proceeds of any sale or disposition of any such removed Component or Replacement Component. Any such Replacement Components Component shall be free and clear of all Liens, except Permitted Liens, and in as good operating condition as, and with a value, utility and useful life at least equal to, the Components Component or Replacement Components Component replaced, assuming such replaced Components Component or Replacement Components were Component was in at least the condition and repair required to be maintained hereunder. Immediately upon any Replacement Component becoming incorporated in the Vessel Facility Assets, without further act, (xi) title to such Replacement Component - thereupon shall vest in Owner the Lessor and Owner's interest therein shall be subject to the Lien of the Indenture, (yii) such Replacement Component shall become subject to this Charter Party Lease and Owner's interest therein shall be deemed -- a part of the Vessel Interest Facility Assets for all purposes hereof to the same extent as the Component or Replacement Component it replaced and (ziii) title to such removed --- Component or Replacement Component shall vest in Charterer the Lessee or such Person as shall be designated by Chartererthe Lessee, free and clear of all rights of Owner and the Lessor, the Indenture Trustee and any Person claiming through the Lessor or the Indenture Trustee and all Lessor's Liens and Owner Participant's Liens, and shall no longer be deemed a Component or a Replacement Component hereunder.

Replacement of Components; Removal of Property. (i) In the ordinary ---------------------------------------------- ordinary course of maintenance, service, repair or testing during the Charter Period, any Component or Replacement Component may be removed and replaced with a Replacement Component and, upon such replacement, Charterer (or its designee) shall be entitled to retain the amount of the net proceeds of any sale or disposition of any such removed Component or Replacement Component. Any such Replacement Components shall be free and clear of all Liens, except Permitted Liens, and in as good operating condition as, and with a value, utility and useful life at least equal to, the Components or Replacement Components replaced, assuming such replaced Components or Replacement Components were in at least the condition and repair required to be maintained hereunder. Immediately upon any Replacement Component becoming incorporated in the Vessel without further act, (x) title to such Replacement Component thereupon shall vest in Owner U.K. Lessor and Owner's interest therein under the Head Lease shall be subject to the Lien of the Indenture, (y) such Replacement Component shall become subject to this Charter Party and Owner's interest therein under the Head Lease shall be deemed a part of the Vessel Interest for all purposes hereof to the same extent as the Component or Replacement Component it replaced and (z) title to such removed Component or Replacement Component shall vest in Charterer or such Person as shall be designated by Charterer, free and clear of all rights of Owner and the Indenture Trustee and shall no longer be deemed a Component or a Replacement Component hereunder.

Replacement of Components; Removal of Property. (i) In the ---------------------------------------------- ordinary course of maintenance, service, repair or testing during the Charter Period, any Component or Replacement Component may be removed and replaced with a Replacement Component and, upon such replacement, Charterer (or its designee) shall be entitled to retain the amount of the net proceeds of any sale or disposition of any such removed Component or Replacement Component. Any such Replacement Components shall be free and clear of all Liens, except Permitted Liens, and in as good operating condition as, and with a value, utility and useful life at least equal to, the Components or Replacement Components replaced, assuming such replaced Components or Replacement Components were in at least the condition and repair required to be maintained hereunder. Immediately upon any Replacement Component becoming incorporated in the Vessel without further act, (x) title to such Replacement Component thereupon shall vest in Owner U.K. Lessor and Owner's interest therein under the Head Lease shall be subject to the Lien of the Indenture, (y) such Replacement Component shall become subject to this Charter Party and Owner's interest therein under the Head Lease shall be deemed a part of the Vessel Interest for all purposes hereof to the same extent as the Component or Replacement Component it replaced and (z) title to such removed Component or Replacement Component shall vest in Charterer or such Person as shall be designated by Charterer, free and clear of all rights of Owner and the Indenture Trustee and shall no longer be deemed a Component or a Replacement Component hereunder.