Application of Net Sale Proceeds. Upon the Ship being delivered to and accepted by a purchaser of the Ship, the leasing of the Ship under this Agreement shall terminate and the Net Sale Proceeds shall be applied as follows: FIRST: in retention by the Lessor of an amount equal to 0.01% of the Net Sale Proceeds; SECOND: in or towards payment to the Lessor of amounts equal to all or any part of the Termination Amount which, as at the date of the receipt by the Lessor of the Net Sale Proceeds, has not been paid to the Lessor by or on behalf of the Lessee; THIRD: in or towards settlement of any other amounts then due and payable but unpaid by the Lessee to the Lessor under the Transaction Documents and any amounts then due and payable but unpaid by the Lessee to the Lessor under the Sister Ship Transaction Documents; and FOURTH: the remainder in payment to the Lessee by way of rebate of Rental.
Appears in 5 contracts
Samples: Lease Agreement (Seaspan CORP), Lease Agreement (Seaspan CORP), Lease Agreement (Seaspan CORP)
