Common use of CHARTERER’S DEFAULT Clause in Contracts

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 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 or 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.