Retention of Vessel Interest by Owner Sample Clauses

Retention of Vessel Interest by Owner. If Charterer shall have ------------------------------------- made a Termination Election with respect to the Vessel Interest, Owner may elect to retain rather than sell the Vessel Interest pursuant to Article 18(c) by giving irrevocable notice to Charterer and the Indenture Trustee no earlier than 45 nor later than 30 days prior to the Termination Date. If Owner so elects to retain the Vessel Interest, on the Termination Date (a) Owner shall pay to the Indenture Trustee an amount equal to the unpaid principal amount of, and accrued and unpaid interest on, together with premium, if any, in respect of the Secured Notes then Outstanding to the date of payment, and (b) Charterer shall pay to Owner or the Person entitled thereto as provided in the Operative Documents (i) all Bareboat Hire due and owing on or prior to the Termination Date, (ii) all Supplemental Hire due and owing on or prior to the Termination Date, but Charterer shall not be required to pay any amounts pursuant to Article 18(c), (iii) if the Termination Date is a Base Hire Payment Date, all Base Hire payable on the Termination Date and (iv) all Excess Hire or Additional Excess Hire accrued to the Termination Date. Upon payment of the amounts due pursuant to clause (b) of the preceding sentence, this Charter Party and the obligations of Charterer hereunder shall terminate, and Owner shall, at Charterer's expense, execute and deliver to Charterer on the Termination Date such instruments as Charterer shall reasonably request to evidence the termination of this Charter Party. In the event Owner fails to pay the amounts specified in clause (a) of the second sentence of this Article 18(e) or Charterer fails to pay the amounts specified in clause (b) of such sentence, Charterer shall be deemed to have revoked its notice of termination pursuant to Article 18(b). If Owner shall fail to perform any of its obligations pursuant to this Article 18(e) and as a result thereof this Charter Party shall not be terminated on a proposed Termination Date, Owner shall thereafter no longer be entitled to exercise its election to retain the Vessel Interest upon any subsequent Termination Election pursuant to this Article 18 and Charterer may at its option at any time thereafter submit a new termination notice pursuant to Article 18(b).
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Related to Retention of Vessel Interest by Owner

  • Limitation of Transactions Subordination 16 SECTION 6.1

  • Transfer of Beneficial Interests to Another Restricted Global Note A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

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  • Transfer of Beneficial Interests to Another Restricted Global Security A beneficial interest in a Transfer Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Security if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

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  • Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02. Upon surrender for registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer. None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15. All Notes issued upon any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

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