Common use of Optional Redemption by the Company Clause in Contracts

Optional Redemption by the Company. (a) So long as no default or Event of Default has occurred, and no Change of Control has occurred, the Series C Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven of this Indenture. The Redemption Price for the Series C Notes shall be one million two hundred fifty thousand Dollars ($1,250,000) and the Company shall also pay all accrued but unpaid interest as of the Redemption Date. (b) The Series C Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price equal to the principal amount thereof and the Company shall also pay all accrued and unpaid interest to the Redemption Date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation.

Optional Redemption by the Company. (a) So long as no default or Event of Default has occurred, and no Change of Control has occurred, the Series C B Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven of this Indenture. The Redemption Price for the Series C B Notes shall be one four million two hundred fifty thousand Dollars ($1,250,000) 4,000,000), and the Company shall also pay all accrued but unpaid interest as of the Redemption Date. (b) The Series C B Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price equal to the principal amount thereof and the Company shall also pay all accrued and unpaid interest to the Redemption Date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C B Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C B Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation.

Optional Redemption by the Company. (a) So long as no default or Event of Default has occurred, occurred and is continuing and no Change of Control has occurred, at any time during the first eighteen (18) months after the Series C A Issue Date (commencing on the Series A Issue Date), and on the day that is the first date after the expiration of the eighteenth (18) month after the Series A Issue Date and on the corresponding day of each month thereafter, the Series A Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven of this IndentureIndenture (subject to Section 7.05) and this Section 3.05(a). The During the first eighteen (18) months after the Series A Issue Date, the Redemption Price for the Series C A Notes shall be one million two hundred fifty thousand Dollars ($1,250,000) and two-thirds of the face amount thereof. In addition, the Company shall also pay all accrued but unpaid interest as of the Redemption Date. On the day that is the first date after the expiration of the eighteenth (18) month after the Series A Issue Date and on the corresponding day of each month thereafter, the Redemption Price shall increase each month by 1.85185184444% of the original principal amount thereof to the Stated Maturity. In all instances, the Company shall pay all accrued but unpaid interest as of the date of such payment. (b) The Series C A Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price equal to the principal amount thereof thereof, and the Company shall also pay all accrued and unpaid interest to the Redemption Date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C A Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C A Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation. (c) Notwithstanding the availability of Section 3.05(a), the Company may, at its option, at any time and from time to time, elect to redeem all or part of the Series A Notes at a Redemption Price of 100% of the face amount thereof. Any such redemption shall be made in accordance with Article Seven of this Indenture. On the Redemption Date, the Company shall also pay all accrued but unpaid interest on the portion of the Series A Notes being redeemed as of such date. All optional redemptions made pursuant to this Section 3.05(c) and all mandatory redemptions made pursuant to Section 3.06(b) shall be aggregated for purposes of determining whether the redemption thresholds set forth in Sections 2.02, 8.04(2), 8.15(c) and 16.04(b) of the Indenture and Section 11.9 of the Security Agreement have been satisfied. (d) Notwithstanding the provisions of Sections 3.05(c) and 3.06(b) hereof, if the aggregate amount paid by the Company to redeem the Series A Notes under Sections 3.05(a), 3.05(c) and 3.06(b) hereof would have been sufficient to redeem the Series A Notes in full if all such amounts had been paid to the Holders pursuant to Section 3.05(a) on the date of the last payment thereof, then, at the option of the Company as evidenced by an Officer's Certificate delivered to the Trustee and notwithstanding the fact that any such amounts were paid pursuant to Section 3.05(c) or 3.06(b) hereof, for all purposes under this Indenture and the Collateral Documents (other than for the purposes of determining whether the redemption thresholds set forth in Sections 2.02, 8.04(2), 8.15(c) and 16.04(b) of this Indenture and Section 11.9 of the Security Agreement have been satisfied), all such redemptions will be deemed to have been made pursuant to Section 3.05(a) hereof. For the avoidance of doubt (i) any other payments made by the Company to the Holders, including, without limitation, under Sections 3.06(a), 3.06(c), 3.07 or 8.11 hereof, shall not be applied to this Section 3.05(d) and (ii) if, at any time after the Series A Issue Date, a Change of Control has occurred or a default or Event of Default has occurred and is continuing, then this Section 3.05(d) shall be of no force or effect.

Optional Redemption by the Company. (a) So long as no default or Event of Default has occurred, at any time during the first eighteen (18) months after the Issue Date (commencing on the Issue Date), and no Change on the day that is the first date after the expiration of Control has occurredthe eighteenth (18) month after the Issue Date and on the corresponding day of each month thereafter, the Series C A Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven 7 of this Indenture, including Section 7.05. The During the first eighteen (18) months after the Issue Date, the Redemption Price for the Series C A Notes shall be one million two hundred fifty thousand Dollars ($1,250,000) and two-thirds of the Company shall also pay all face amount thereof plus accrued but unpaid interest as of the Redemption Date. On the day is the first date after the expiration of the eighteenth (18) month after the Issue Date and on the corresponding day of each month thereafter, the Redemption Price shall increase each month by 1.85185184444% of the original principal amount thereof to the Stated Maturity, in all instances in addition to accrued but unpaid interest as of the date of such payment. (b) The Series C A Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price redemption price equal to the principal amount thereof and the Company shall also pay all plus accrued and unpaid interest to the Redemption Date redemption date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C A Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, or any change of law, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C A Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation.

Optional Redemption by the Company. (a) So long as no default or of Event of Default has occurred, and no Change of Control has occurred, the Series C B Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven of this Indenture. The Redemption Price for the Series C B Notes shall be one four million two hundred fifty thousand Dollars dollars ($1,250,0004,000,000) and the Company shall also pay all plus accrued but unpaid interest as of the Redemption Date. (b) The Series C B Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price redemption price equal to the principal amount thereof and the Company shall also pay all plus accrued and unpaid interest to the Redemption Date redemption date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C B Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, or any change of law, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C B Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation.

Optional Redemption by the Company. (a) So long as no default or of Event of Default has occurred, and no Change of Control has occurred, the Series C Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven of this Indenture. The Redemption Price for the Series C Notes shall be one million two hundred fifty thousand Dollars dollars ($1,250,000) and the Company shall also pay all plus accrued but unpaid interest as of the Redemption Date. (b) The Series C Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price redemption price equal to the principal amount thereof and the Company shall also pay all plus accrued and unpaid interest to the Redemption Date redemption date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, or any change of law, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation.

Optional Redemption by the Company. (a) So long as no default or Event of Default has occurred, occurred and no Change of Control has occurred, at any time during the first eighteen (18) months after the Issue Date (commencing on the Issue Date), and on the day that is the first date after the expiration of the eighteenth (18) month after the Issue Date and on the corresponding day of each month thereafter, the Series C A Notes will be redeemable at the Company's option in whole at any time in accordance with Article Seven of this Indenture, including Section 7.05. The During the first eighteen (18) months after the Issue Date, the Redemption Price for the Series C A Notes shall be one million two hundred fifty thousand Dollars ($1,250,000) and two-thirds of the face amount thereof. In addition, the Company shall also pay all accrued but unpaid interest as of the Redemption Date. On the day that is the first date after the expiration of the eighteenth (18) month after the Issue Date and on the corresponding day of each month thereafter, the Redemption Price shall increase each month by 1.85185184444% of the original principal amount thereof to the Stated Maturity. In all instances, the Company shall pay all accrued but unpaid interest as of the date of such payment. (b) The Series C A Notes will be subject to redemption at the option of the Company or a successor corporation at any time, in whole but not in part, upon not less than 30 nor more than 60 days' notice, at a Redemption Price equal to the principal amount thereof thereof, and the Company shall also pay all accrued and unpaid interest to the Redemption Date if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of: (i) Bermuda or any political subdivision or governmental authority thereof or therein having power to tax, (ii) any jurisdiction, other than the United States, the United Kingdom or Luxembourg, from or through which payment on the Series C A Notes is made by the Company or a successor corporation, or its paying agent in its capacity as such, or any political subdivision or governmental authority thereof or therein having the power to tax, or (iii) any other jurisdiction, other than the United States, in which the Company or a successor corporation is organized, or any political subdivision or governmental authority thereof or therein having the power to tax, which becomes effective on or after the Issue Date, the Company or a successor corporation is or would be required on the next succeeding Interest Payment Date to pay Additional Amounts with respect to the Series C A Notes, and the payment of such Additional Amounts cannot be avoided by the use of any reasonable measures available to the Company or the successor corporation. (c) Notwithstanding the availability of Section 3.05(a), the Company may, at its option, at any time and from time to time, elect to redeem all or part of the Series A Notes at a Redemption Price of 100% of the face amount thereof. Any such redemption shall be made in accordance with Article Seven of this Indenture. On the Redemption Date, the Company shall also pay all accrued but unpaid interest on the portion of the Series A Notes being redeemed as of such date. All optional redemptions made pursuant to this Section 3.05(c) and all mandatory redemptions made pursuant to Section 3.06(b) shall be aggregated for purposes of determining whether the redemption thresholds set forth in Sections 2.02, 8.04(2), 8.15(c) and 16.04(b) of this Indenture and Section 11.9 of the Security Agreement have been satisfied.