Common use of Mandatory Casualty Redemption Clause in Contracts

Mandatory Casualty Redemption. In the event that (i) ----------------------------- an Event of Loss shall occur with respect to the Vessel, (ii) the Construction Contract shall be terminated prior to delivery of the Vessel under circumstances which would make the Owner Trust eligible for a refund under Section 6(f) of the Construction Contract or (iii) the Vessel shall not have been delivered to the Owner Trust by the Builder by the Final Delivery Date, then the Owner Trust shall redeem, on the date on which Termination Value is paid pursuant to the Charter (the date of any redemption under this Section 3.02 being herein called a "Casualty Redemption Date"), the entire unpaid principal amount of the Secured ------------------------ Notes Outstanding on such Casualty Redemption Date at a redemption price equal to 100% of the unpaid principal amount of the Secured Notes, together with any accrued and unpaid interest thereon to such Casualty Redemption Date and without the payment of any Make-Whole Amount or other premium.

Mandatory Casualty Redemption. In the event that (i) ----------------------------- an Event of Loss shall occur with respect to the Vessel, (ii) the Construction Contract shall be terminated prior to delivery of the Vessel under circumstances which would make obligate the Owner Trust eligible for Builder to pay a refund under Section 6(f) of the Construction Contract or (iii) the Vessel shall not have been delivered to the Owner Trust U.K. Lessor by the Builder and accepted by the Charterer by the Final Delivery Date, then the Owner Trust shall redeem, on the date on which Termination Value is paid pursuant to the Charter (the date of any redemption under this Section 3.02 being herein called a "Casualty Redemption Date"), the entire unpaid principal amount of the ------------------------ Secured ------------------------ Notes Outstanding on such Casualty Redemption Date at a redemption price equal to 100% of the unpaid principal amount of the Secured Notes, together with any accrued and unpaid interest thereon to to, but not including, such Casualty Redemption Date and without the payment of any Make-Whole Amount or other premium.