Common use of Retention of Amounts by the Indenture Trustee Clause in Contracts

Retention of Amounts by the Indenture Trustee. If an Indenture --------------------------------------------- Event of Default shall have occurred and be continuing, all payments under the Charter (other than Excepted Payments) or any other Operative Documents will upon notice to the Charterer become immediately payable by the Charterer to the Indenture Trustee, and the Indenture Trustee shall withhold any amounts that would have been otherwise payable directly to the Owner Trust until the earlier to occur of (i) the first Business Day following the date that is 180 days after the Indenture Trustee received such amount and (ii) the date that such Indenture Event of Default is no longer continuing, in which cases described in clauses (i) and (ii) such amounts shall be distributed to the Owner Trust, unless, prior thereto, the Secured Notes shall have been declared or otherwise shall have become immediately due and payable pursuant to Section 5.04 or the Indenture Trustee shall have given notice to the Owner Trust of its intention to accelerate the Secured Notes pursuant to the first proviso of Section 5.04 or the Indenture Trustee (as assignee of the Owner Trust) shall have given notice of its intent to declare the Charter to be in default in accordance with Article 22 thereof, in which case such amounts shall be distributed by the Indenture Trustee forthwith in accordance with the terms of Section 4.03.

Retention of Amounts by the Indenture Trustee. If an Indenture --------------------------------------------- Event of Default shall have occurred and be continuing, all payments under the Charter (other than Excepted Payments) or any other Operative Documents (other than Excepted Payments) will upon notice to the Charterer become immediately payable by the Charterer to the Indenture Trustee, and the Indenture Trustee shall withhold any amounts that would have been otherwise payable directly to the Owner Trust until the earlier to occur of (i) the first Business Day following the date that is 180 days after the Indenture Trustee received such amount and (ii) the date that such Indenture Event of Default is no longer continuing, in which cases described in clauses (i) and (ii) such amounts shall be distributed to the Owner Trust, unless, prior thereto, the Secured Notes shall have been declared or otherwise shall have become immediately due and payable pursuant to Section 5.04 or the Indenture Trustee shall have given notice to the Owner Trust of its intention to accelerate the Secured Notes pursuant to the first proviso of Section 5.04 or the Indenture Trustee (as assignee of the Owner Trust) shall have given notice of its intent to declare the Charter to be in default in accordance with Article 22 thereof, in which case such amounts shall be distributed by the Indenture Trustee forthwith in accordance with the terms of Section 4.03.

Retention of Amounts by the Indenture Trustee. If If, at the time of --------------------------------------------- receipt by the Indenture Trustee of an installment of Base Charter Hire (whether or not then overdue) or of payment of Supplemental Charter Hire representing interest on any overdue installment of Base Charter Hire, the Indenture --------------------------------------------- Event of Default Trustee shall have Actual Knowledge that there shall have occurred and be continuingcontinuing an Indenture Event of Default, all payments under the Charter (other than Excepted Payments) or any other Operative Documents will upon notice to the Charterer become immediately payable by the Charterer to the Indenture Trustee, and the Indenture Trustee shall withhold retain and not distribute any amounts that would have been amount otherwise payable directly required to the Owner Trust until the earlier be distributed pursuant to occur clause "second" of Section 4.01(a), and (i) at such time as there shall not be ------- continuing any such Indenture Event of Default or (ii) on the first Business Day following the date that is 180 days after the receipt of such amount, whichever shall first occur, the Indenture Trustee received shall distribute such amount and pursuant to clause "second" of Section 4.01(a) unless prior thereto the Indenture Trustee ------ (iias assignee of the Owner Trustee) shall have given notice to declare the date that such Charter to be in default in accordance with Section 18 thereof, the Indenture Event of Default is no longer continuing, in which cases described in clauses (i) and (ii) such amounts Trustee shall be distributed have given notice to the Owner Trust, unless, prior thereto, Trustee pursuant to the first proviso to Section 5.04 of the Indenture Trustee's intent to declare the Secured Notes due and payable or any of the Secured Notes shall have been declared or otherwise shall have become immediately due and payable pursuant to Section 5.04 or the Indenture Trustee shall have given notice to the Owner Trust of its intention to accelerate the Secured Notes pursuant to the first proviso of Section 5.04 or the Indenture Trustee (as assignee of the Owner Trust) shall have given notice of its intent to declare the Charter to be in default in accordance with Article 22 thereof5.04, in which case such amounts amount shall be distributed by the Indenture Trustee forthwith in accordance with the terms of Section 4.03.

Retention of Amounts by the Indenture Trustee. If If, at the time of receipt by the Indenture Trustee of an installment of Basic Rent (whether or not then overdue) or of payment of Supplemental Rent representing interest on any overdue installment of Basic Rent, the Indenture --------------------------------------------- Event of Default Trustee shall have Actual Knowledge that there shall have occurred and be continuingcontinuing an Indenture Event of Default, all payments under the Charter (other than Excepted Payments) or any other Operative Documents will upon notice to the Charterer become immediately payable by the Charterer to the Indenture Trustee, and the Indenture Trustee shall withhold retain and not distribute any amounts that would have been amount otherwise payable directly required to the Owner Trust until the earlier be distributed pursuant to occur clause "second" of Section 4.01(a), and (i) at such time as there shall not be continuing any Indenture Event of Default or (ii) on the first Business Day following the date that is occurring more than 180 days after the receipt of such amount, whichever shall first occur, the Indenture Trustee received shall distribute such amount and pursuant to clause "second" of Section 4.01(a) unless prior thereto (ii1) the date that such Indenture Event Trustee (as assignee of Default is no longer continuingthe Grantor Trustee) shall have given notice to declare the Lease to be in default in accordance with Section 16.1 thereof, in which cases described in clauses (i2) and (ii) such amounts the Indenture Trustee shall be distributed have given notice to the Owner Trust, unless, prior thereto, Grantor Trustee pursuant to the first proviso to Section 5.04(a) of the Indenture Trustee's intent to declare the Secured Notes due and payable or (3) any of the Secured Notes shall have been declared or otherwise shall have become immediately due and payable pursuant to Section 5.04 or the Indenture Trustee shall have given notice to the Owner Trust of its intention to accelerate the Secured Notes pursuant to the first proviso of Section 5.04 or the Indenture Trustee (as assignee of the Owner Trust) shall have given notice of its intent to declare the Charter to be in default in accordance with Article 22 thereof5.04, in which case such amounts amount shall be distributed by the Indenture Trustee forthwith in accordance with the terms of Section 4.03.

Retention of Amounts by the Indenture Trustee. If If, at the time of --------------------------------------------- receipt by the Indenture Trustee of an installment of Basic Rent (whether or not then overdue) or of payment of Supplemental Rent representing interest on any overdue installment of Basic Rent, the Indenture --------------------------------------------- Event of Default Trustee shall have Actual Knowledge that there shall have occurred and be continuingcontinuing an Indenture Event of Default, all payments under the Charter (other than Excepted Payments) or any other Operative Documents will upon notice to the Charterer become immediately payable by the Charterer to the Indenture Trustee, and the Indenture Trustee shall withhold retain and not distribute any amounts that would have been amount otherwise payable directly required to the Owner Trust until the earlier be distributed pursuant to occur clause "second" of Section ------ 4.01(a), and (i) at such time as there shall not be continuing any such Indenture Event of Default or (ii) on the first Business Day following the date that is 180 days after the receipt of such amount, whichever shall first occur, the Indenture Trustee received shall distribute such amount and pursuant to clause "second" ------ of Section 4.01(a) unless prior thereto the Indenture Trustee (iias assignee of the Owner Trustee) shall have given notice to declare the date that such Lease to be in default in accordance with Section 16.1 thereof, the Indenture Event of Default is no longer continuing, in which cases described in clauses (i) and (ii) such amounts Trustee shall be distributed have given notice to the Owner Trust, unless, prior thereto, Trustee pursuant to the first proviso to Section 5.04 of the Indenture Trustee's intent to declare the Secured Notes due and payable or any of the Secured Notes shall have been declared or otherwise shall have become immediately due and payable pursuant to Section 5.04 or the Indenture Trustee shall have given notice to the Owner Trust of its intention to accelerate the Secured Notes pursuant to the first proviso of Section 5.04 or the Indenture Trustee (as assignee of the Owner Trust) shall have given notice of its intent to declare the Charter to be in default in accordance with Article 22 thereof5.04, in which case such amounts amount shall be distributed by the Indenture Trustee forthwith in accordance with the terms of Section 4.03.