Common use of Mandatory Early Termination Redemption Clause in Contracts

Mandatory Early Termination Redemption. (a) In the -------------------------------------- event that (i) the Construction Contract shall be terminated prior to delivery of the Vessel under circumstances which would not obligate the Builder to pay a refund under the Construction Contract or (ii) the Head Lease is terminated under circumstances where the (x) Charter is terminated or (y) the Vessel is sold pursuant to the Head Lease and the purchaser of the Vessel is not a Person substituted as obligor of the Secured Notes issued thereunder pursuant to Section 3.04, the Owner Trust shall redeem in whole on the date on which Termination Value is paid pursuant to the Charter (the date of any redemption under this Section 3.03(a) being herein called a "Special Termination Redemption ------------------------------ Date") the entire unpaid principal amount of the Secured Notes Outstanding on ---- such Special Termination 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, but not including, such Special Termination Redemption Date plus, in the event the Special Termination Redemption Date occurs prior to the Premium Termination Date, a premium equal to the Make-Whole Amount, if any, and otherwise without premium.

Mandatory Early Termination Redemption. (a) In the -------------------------------------- event that (i) the Construction Contract shall be terminated prior to delivery of the Vessel under circumstances which would not obligate make the Builder to pay Owner Trust eligible for a refund under Section 6(f) of the Construction Contract or (ii) the Head Lease is terminated under circumstances where the (x) Charter is terminated or (y) the Vessel is sold pursuant to the Head Lease and the purchaser of the Vessel is not a Person substituted as obligor of the Secured Notes issued thereunder pursuant to Section 3.04, the Owner Trust shall redeem in whole on the date on which Termination Value is paid pursuant to the Charter (the date of any redemption under this Section 3.03(a) being herein called a "Special Termination ------------------- Redemption ------------------------------ Date") the entire unpaid principal amount of the Secured Notes --------------- Outstanding on ---- such Special Termination 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, but not including, to such Special Termination Redemption Date plus, in the event the Special Termination Redemption Date occurs prior to the Premium Termination Date, plus a premium equal to the Make-Whole Amount, if any, and otherwise without premium.

Mandatory Early Termination Redemption. (a) In the -------------------------------------- event that (i) the Construction Contract shall be terminated prior to delivery of the Vessel under circumstances which would not obligate the Builder to pay a refund under the Construction Contract or (ii) the Head Lease is terminated under circumstances where the (x) Charter is terminated or (y) the Vessel is sold pursuant to the Head Lease and the purchaser of the Vessel is not a Person substituted as obligor of the Secured Notes issued thereunder pursuant to Section 3.04, the Owner Trust shall redeem in whole on the date on which Termination Value is paid pursuant to the Charter (the date of any redemption under this Section 3.03(a) being herein called a "Special Termination Redemption ------------------------------ Date") the entire unpaid ----------------------------------- principal amount of the Secured Notes Outstanding on ---- such Special Termination 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, but not including, to such Special Termination Redemption Date plus, in the event the Special Termination Redemption Date occurs prior to the Premium Termination Date, plus a premium equal to the Make-Whole Amount, if any, and otherwise without premium.