Common use of Continuation of Lease Period Clause in Contracts

Continuation of Lease Period. Notwithstanding that the Ship has become a Total Loss, the Lessee shall continue to pay Rental under this Agreement until all sums due by the Lessee to the Lessor under clause 14.2 have been paid in full. The Lease Period will end on the date on which all sums due under clause 14.2 have been paid provided however that if the Net Total Loss Proceeds are insufficient to satisfy the amounts to be retained by the Lessor pursuant to the applications in “FIRST”, “SECOND” and “THIRD” set out in clause 14.3, the provisions of clause 5.3 shall apply.