Common use of Exemption from Certain Modifications Clause in Contracts

Exemption from Certain Modifications. Notwithstanding the ------------------------------------ provisions of Article 13 (a), if in the reasonable estimation of Charterer any Severable or Nonseverable Modification that would otherwise be required hereunder by reason of Governmental Rules exceeds $1,000,000 multiplied by the Inflation Factor for the date of such estimate, Charterer may, by notice to the Owner, elect not to make such Modification provided the failure to make such Modification will not prevent economic operation of the Vessel in jurisdictions and between ports not affected by such Governmental Rules, provided, further, -------- ------- the failure to make such modification shall not result in any material risk or danger of (1) the sale, forfeiture or loss of any material part of or interest in the Vessel or the Vessel Interest, the Trust Estate or the Indenture Estate or title thereto, (2) any interference with the payment of Hire when due or (3) the imposition of any criminal liability on the part of, or any other material adverse effect on, Owner, Owner Participant, the Trust Estate, the Indenture Estate or the Vessel Interest.

Exemption from Certain Modifications. Notwithstanding the ------------------------------------ provisions of Article 13 (a), if in the reasonable estimation of Charterer any Severable or Nonseverable Modification that would otherwise be required hereunder by reason of Governmental Rules a Required Modifications exceeds $1,000,000 multiplied by the Inflation Factor for the date of such estimate, Charterer may, by notice to the Owner, elect not to make such Modification provided the failure to make such Modification will not prevent economic operation of the Vessel in jurisdictions and between ports not affected by such Governmental Rules, provided, further, -------- ------- the failure to make such modification -------- ------- shall not result in any material risk or danger of (1) the sale, forfeiture or loss of any material part of or interest in the Vessel or the Vessel Interest, the Trust Estate or the Indenture Estate or title thereto, (2) any interference with the payment of Hire when due or (3) the imposition of any criminal liability on the part of, or any other material adverse effect on, Owner, Owner Participant, U.K. Lessor, the Trust Estate, the Indenture Estate or the Vessel Interest.

Exemption from Certain Modifications. Notwithstanding the ------------------------------------ provisions of Article 13 (a13(a), if in the reasonable estimation of Charterer any Severable or Nonseverable Modification that would otherwise be required hereunder by reason of Governmental Rules exceeds $1,000,000 multiplied by the Inflation Factor for the date of such estimate, Charterer may, by notice to the Owner, elect not to make such Modification provided the failure to make such Modification will not prevent economic operation of the Vessel in jurisdictions and between ports not affected by such Governmental Rules, provided, further, -------- ------- the failure to make such modification shall not result in any material risk or danger of (1) the sale, forfeiture or loss of any material part of or interest in the Vessel or the Vessel Interest, the Trust Estate or the Indenture Estate or title thereto, (2) any interference with the payment of Hire when due or (3) the imposition of any criminal liability on the part of, or any other material adverse effect on, Owner, Owner Participant, the Trust Estate, the Indenture Estate or the Vessel Interest.

Exemption from Certain Modifications. Notwithstanding the provisions ------------------------------------ provisions of Article 13 (a), if in the reasonable estimation of Charterer any Severable or Nonseverable Modification that would otherwise be required hereunder by reason of Governmental Rules a Required Modifications exceeds $1,000,000 multiplied by the Inflation Factor for the date of such estimate, Charterer may, by notice to the Owner, elect not to make such Modification provided the failure to make such Modification will not prevent economic operation of the Vessel in jurisdictions and between ports not affected by such Governmental Rules, provided, further, -------- ------- the failure to make such modification -------- ------- shall not result in any material risk or danger of (1) the sale, forfeiture or loss of any material part of or interest in the Vessel or the Vessel Interest, the Trust Estate or the Indenture Estate or title thereto, (2) any interference with the payment of Hire when due or (3) the imposition of any criminal liability on the part of, or any other material adverse effect on, Owner, Owner Participant, U.K. Lessor, the Trust Estate, the Indenture Estate or the Vessel Interest.