Assumption of Secured Notes. Notwithstanding the provisions of Sections 6.1 and 6.2 and subject to compliance with Section 3.04 of the Indenture, if in connection with a purchase by the Lessee of all of Lessor's right, title and interest in and to the Undivided Interest pursuant to Section 6.1(c), 6.1(d), 6.1(e), 6.1(f) or 6.1(g), as the case may be, the Lessee shall assume the Secured Notes pursuant to Section 11.6 of the Participation Agreement, the obligation of the Lessee to pay the purchase price pursuant to Section 6.1(c), 6.1(d), 6.1(e), 6.1(f) or 6.1(g), as the case may be, shall be satisfied by such assumption of the Secured Notes to the extent of the principal amount of and accrued but unpaid interest (other than overdue interest), if any, on the Secured Notes so assumed and payment of the remaining portion of the purchase price in cash.
Assumption of Secured Notes. Each of the Owner Participant, --------------------------- the Owner Trustee, the Loan Participant and the Indenture Trustee agrees that if, pursuant to Section 6.1(c) or (e) of the Lease, the Lessee elects to purchase the Facility, the Lessee may elect to assume the obligations of the Owner Trustee under the applicable Secured Notes and under the Indenture by giving notice of such election at least thirty (30) days prior to the applicable purchase date in accordance with and with the effect provided in Section 3.04 of the Indenture. In the event that the Relevant Amendment becomes effective, this Participation Agreement, the other Operative Documents to be amended by the Relevant Amendment and the Pass Through Trust Documents to be amended by the Relevant Amendment shall be deemed amended as provided in the Relevant Amendment.
Assumption of Secured Notes. Each of the Owner Participant, the Grantor Trustee, each Loan Participant and the Indenture Trustee agrees that if, pursuant to Section 6.1(c), (d), (e), (f) or (g) of the Lease, the Lessee elects to purchase the Undivided Interest, (i) the Lessee may elect (and in the case of an election pursuant to Section 6.1(g) of the Lease, shall elect) to assume the obligations of the Grantor Trustee under the Secured Notes and under the Indenture by giving notice of such election at least 30 days prior to the applicable purchase date in accordance with and with the effect provided in Section 3.04
Assumption of Secured Notes. Each of the Owner Participant, the Grantor Trustee, each Loan Participant and the Indenture Trustee agrees that if, pursuant to Section 6.1(c), (d), (e), (f) or (g) of the Lease, the Lessee elects to purchase the Undivided Interest, (i) the Lessee may elect (and in the case of an election pursuant to Section 6.1(g) of the Lease, shall elect) to assume the obligations of the Grantor Trustee under the Secured Notes and under the Indenture by giving notice of such election at least 30 days prior to the applicable purchase date in accordance with and with the effect provided in Section 3.04 of the Indenture. In the event that the Relevant Amendment becomes effective, this Agreement, the other Operative Documents and the Pass Through Trust Agreement shall be deemed amended as provided in the Relevant Amendment and (ii) upon such assumption the Grantor Trustee shall be released from all of its obligations under the Operative Documents except as may be expressly provided in the Relevant Amendment.
Assumption of Secured Notes. Notwithstanding the provisions of --------------------------- Sections 15(a) and 15(b) and subject to compliance with Section 3.04 of the Indenture, if, in connection with a purchase by the Charterer of the Vessel pursuant to Section 15(a)(i), 15(a)(iv) or 15(a)(v), as the case may be, the Charterer shall elect to assume the Secured Notes on a full recourse basis which are outstanding (x) on the EBO Exercise Date, (y) on the exercise date of the Extraordinary Purchase Option, or (z) on the exercise date of the Special Purchase Option, pursuant to Section 11.6 of the Participation Agreement, the obligation of the Charterer to pay the purchase price pursuant to Section 15(a)(i), 15(a)(iv), or 15(a)(v), as the case may be, shall be satisfied by such assumption of the Secured Notes to the extent of the principal amount of and accrued but unpaid interest, if any, on the Secured Notes so assumed and payment of the remaining portion of the applicable purchase price in cash. In the event the Charterer assumes the Secured Notes with respect to the Vessel in accordance with the preceding sentence, the Guarantor shall guarantee such Secured Notes, or, at the Charterer's option, purchase (or cause another Person to purchase) the Beneficial Interest in the Owner Trust pursuant to Section 17 of the Participation Agreement.
Assumption of Secured Notes. 57 11.7. Certain Agreements Relating to the Charter.................57 -iii-
Assumption of Secured Notes. Each of the Owner Participant, --------------------------- the Owner Trustee, the Loan Participant and the Indenture Trustee agrees that if, pursuant to Section 12(e) or 15(a)(i), 15(a)(iv) or 15(a)(v) of the Charter, the Charterer elects to purchase the Vessel, or in the case of a sale of the Vessel pursuant to Section 12(d) of the Charter, the Charterer may elect to assume the obligations of the Owner Trustee under the applicable Secured Notes and under the Indenture by giving notice of such election at least thirty (30) days prior to the applicable purchase date in accordance with and with the effect provided in Section 3.04 of the Indenture. In the event that the Relevant Amendment becomes effective, this Participation Agreement, the other Operative Documents to be amended by the Relevant Amendment and the Pass Through Trust Documents to be amended by the Relevant Amendment shall be deemed amended as provided in the Relevant Amendment.
Assumption of Secured Notes. Notwithstanding the provisions of --------------------------- Sections 6.1 and 6.2 and subject to compliance with Section 3.04 of the Indenture, if, in connection with a purchase by the Lessee of the Facility Assets pursuant to Section 6.1(c) or 6.1(e), as the case may be, the Lessee assumes the Secured Notes pursuant to Section 11.6 of the Participation Agreement, the obligation of the Lessee to pay the purchase price pursuant to Section 6.1(c) or 6.1(e), as the case may be, shall be satisfied by such assumption of the Secured Notes to the extent of the principal amount of and accrued but unpaid interest, if any, on the Secured Notes so assumed and payment of the remaining portion of the applicable purchase price in cash.
