Common use of Assumption of Obligations of Owner Trust Clause in Contracts

Assumption of Obligations of Owner Trust. (a) If, in ---------------------------------------- connection with a termination of the Head Lease, the Vessel is sold to another owner trust (the "Substitute Obligor"), the Substitute Obligor may assume all of ------------------ the rights and obligations of the Owner Trust under this Indenture and the other Operative Documents to which the Owner Trust is a party (the date of any such assumption being referred to hereinafter as the "Substitution Date") and the Secured Notes shall not be ----------------- redeemed pursuant to Section 3.02 if on or prior to the Substitution Date:

Assumption of Obligations of Owner Trust. (a) If, in ---------------------------------------- connection with a termination of the Head Lease, the Vessel is sold to another owner trust (the "Substitute Obligor"), the Substitute Obligor may assume all of ------------------ the rights and obligations of the Owner Trust under this Indenture and the other Operative Documents to which the Owner Trust is a party (the date of any such assumption being referred to hereinafter as the "Substitution Date") and the ----------------- Secured Notes shall not be ----------------- redeemed pursuant to Section 3.02 3.03 if on or prior to the Substitution Date:

Assumption of Obligations of Owner Trust. (a) If, in ---------------------------------------- connection with a termination of the Head Lease, the Vessel is sold to another owner trust (the "Substitute Obligor"), the Substitute Obligor may assume all of ------------------ the rights and obligations of the Owner Trust under this Indenture and the other Operative Documents to which the Owner Trust is a party (the date of any such assumption being referred to hereinafter as the "Substitution Date") and the ----------------- Secured Notes shall not be ----------------- redeemed pursuant to Section 3.02 if on or prior to the Substitution Date: