Common use of Voluntary termination after Delivery Clause in Contracts

Voluntary termination after Delivery. 2.5.1 At any time after Delivery the Lessee is entitled to terminate the leasing of the Ship by the Lessor to the Lessee under this Agreement by giving written notice to the Lessor. 2.5.2 If: (a) the transaction contemplated by the Transaction Documents has become Economically Burdensome, the Lessee shall give at least five (5) Business Days notice of the proposed Lease Termination Date; and (b) in all other circumstances, the Lessee shall give at least thirty (30) days notice of the proposed Lease Termination Date. 2.5.3 Any notice given by the Lessee pursuant to clause 2.5.1 and 2.5.2 shall, subject to clause 2.5.7: (a) be irrevocable; (b) state whether it is given pursuant to clause 2.5.2(a) or 2.5.2(b); and (c) be given in respect of an imminently proposed sale. 2.5.4 If a Mandatory Prepayment Event shall occur which is continuing, the Lessor may exercise its rights under clause 18.2 to treat the occurrence of such event as constituting a voluntary termination by the Lessee in accordance with this clause 2.5, whereupon the provisions of clause 2.5.6 and 2.5.8 and clause 2.6 shall apply. 2.5.5 If the Lessor issues a notice to the Lessee pursuant to clause 24 to terminate the Lease Period, such termination shall be treated as constituting a voluntary termination in accordance with this clause 2.5 whereupon the provisions of clauses 2.5.6 and 2.5.8 and clause 2.6 shall apply. 2.5.6 On the applicable Termination Payment Date, the Lessee shall pay to the Lessor an amount as determined in accordance with the provisions of clause 18.4. 2.5.7 Notwithstanding the service by the Lessee of a notice terminating the leasing of the Ship in accordance with clauses 2.5.1 and 2.5.2, if, after the service of such notice, the Lessee fails to pay to the Lessor the applicable Termination Amount payable by the Lessee pursuant to, and determined in accordance with, clause 18.4 and all other amounts then due to the Lessor which are payable by the Lessee in each case as at the proposed Lease Termination Date, the leasing of the Ship shall continue as if such notice had not been issued. 2.5.8 If the Lessee is treated as having given a notice terminating the leasing of the Ship pursuant to clause 2.5.4 or 2.5.5 and the Lessee fails to pay to the Lessor the applicable Termination Amount payable by the Lessee pursuant to, and determined in accordance with, clause 18.4 and all other amounts then due to the Lessor which are payable by the Lessee as at the applicable Lease Termination Date, the leasing of the Ship shall nevertheless terminate on the Lease Termination Date.