Common use of CHARTERER’S DEFAULT Clause in Contracts

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.

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.. * MARKED TEXT OMITTED PURSUANT TO AN APPLICATION FOR AN ORDER FOR CONFIDENTIAL TREATMENT BY COMMODORE HOLDINGS LIMITED