CHARTERER’S DEFAULT Clause Samples

CHARTERER’S DEFAULT. SUK has the right to withdraw the VESSEL from service under this CHARTER and terminate the Charter if SIL fails to make payments when due, fails to perform its requisite maintenance under Clauses 9, 10 and/or 11, or otherwise fails to perform any of its material obligations hereunder. Termination under this Clause shall not relieve SIL of any of its obligations to pay charter hire or other amounts then due and shall be without prejudice to any claim SUK may have against the SIL under this CHARTER.

CHARTERER’S DEFAULT. In the event that either of the following shall occur: (a) Charterer suspends payment of its debts or is unable to pay its debts; or (b) Charterer passes a resolution, commences proceedings or has proceedings commenced against it (which are not stayed within ***** days of service thereof on Charterer) in the nature of bankruptcy, composition, arrangement, reorganization, a general assignment for the benefit of its creditors or other scheme resulting from insolvency or for its liquidation or for the appointment of a receiver, trustee in bankruptcy liquidator; then, unless any of the above are caused by a failure of Owner to perform fully its obligations under this Charter, Owner may, at its absolute discretion, terminate this Charter without prejudice to any other rights Owner may have under this Charter or otherwise.

CHARTERER’S DEFAULT. In the event Charterer defaults in carrying out its obligations hereunder after notice and a ten (10) day opportunity to cure (other than defaults as a result of liens against the Vessel), then, and in such event, the Charterer shall pay to the Owner the sum of [*] as agreed liquidated damages less the amount of any prepaid charter hire. Upon the payment of liquidated damages, both parties shall be released of and from any and all further obligations under this Bareboat Charter and the same shall be deemed cancelled.