Common use of Termination of Head Lease Clause in Contracts

Termination of Head Lease. In the event that the Head Lease shall ------------------------- have terminated in circumstances where the U.K. Lessor is obliged to conclude the sale of the Vessel or its rights under the Conditional Sale Agreement, the parties shall have no obligation under Article 18(c), and any proceeds from such sale to which the Owner is entitled shall be applied against the obligations of the Charterer in respect of the payment of Termination Value under Article 14 or 23(b), as applicable.

Termination of Head Lease. In the event that the Head Lease shall ------------------------- have terminated in circumstances where the U.K. Lessor is obliged to conclude the sale of the Vessel or its rights under the Conditional Sale AgreementHead Lease, the parties shall have no obligation under Article 18(c), and any proceeds from such sale to which the Owner is entitled shall be applied against the obligations of the Charterer in respect of the payment of Termination Value under Article 14 or 23(b), as applicable.

Termination of Head Lease. In the event that the Head Lease shall have ------------------------- have terminated in circumstances where the U.K. Lessor is obliged to conclude the sale of the Vessel or its rights under the Conditional Sale AgreementHead Lease, the parties shall have no obligation under Article 18(c), and any proceeds from such sale to which the Owner is entitled shall be applied against the obligations of the Charterer in respect of the payment of Termination Value under Article 14 or 23(b), as applicable.