Common use of Retention of Vessel Interest by Owner Clause in Contracts

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).

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 premiumMake Whole Amount, 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).

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 premiumMake Whole Amount, 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).