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 3.03 if on or prior to the Substitution Date: (i) the Indenture Trustee shall have received a certificate executed by the Charterer, dated the Substitution Date, stating that the Charterer has paid to the Owner Trust all amounts, if any, required to be paid to the Owner Trust pursuant to the Trust Agreement and the other Operative Documents in connection with such assumption and that the Substitute Obligor has received title to the Vessel and such substitute owner trust shall provide to the Indenture Trustee an executed copy of the trust agreement pursuant to which such substitute owner trust was organized; (ii) each substitute owner trustee shall have delivered to the Indenture Trustee the notice required to be delivered pursuant to Section 8.01 hereof, together with evidence satisfactory to the Indenture Trustee of such substitute owner trustee's compliance with Section 10.1 of the Trust Agreement;

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 3.03 3.02 if on or prior to the Substitution Date: (i) the Indenture Trustee shall have received a certificate executed by the Charterer, dated the Substitution Date, stating that the Charterer has paid to the Owner Trust all amounts, if any, required to be paid to the Owner Trust pursuant to the Trust Agreement and the other Operative Documents in connection with such assumption and that the Substitute Obligor has received title to the Vessel Vessel, and such substitute owner trust shall provide to the Indenture Trustee an executed copy of the trust agreement pursuant to which such substitute owner trust was organized; (ii) each substitute owner trustee shall have delivered to the Indenture Trustee the notice required to be delivered pursuant to Section 8.01 hereof8.01, together with evidence satisfactory to the Indenture Trustee of such substitute owner trustee's compliance with Section 10.1 of the Trust Agreement;

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 3.03 3.02 if on or prior to the Substitution Date: (i) the Indenture Trustee shall have received a certificate executed by the Charterer, dated the Substitution Date, stating that the Charterer has paid to the Owner Trust all amounts, if any, required to be paid to the Owner Trust pursuant to the Trust Agreement and the other Operative Documents in connection with such assumption and that the Substitute Obligor has received title to the Vessel Vessel, and such substitute owner trust shall provide to the Indenture Trustee an executed copy of the trust agreement pursuant to which such substitute owner trust was organized; (ii) each substitute owner trustee shall have delivered to the Indenture Trustee the notice required to be delivered pursuant to Section 8.01 hereof8.01, together with evidence satisfactory to the Indenture Trustee of such substitute owner trustee's compliance with Section 10.1 of the Trust Agreement;