Common use of Optional Redemptions of Bonds at Premium Clause in Contracts

Optional Redemptions of Bonds at Premium. At its option, the Shipowner may redeem the Bonds, in whole at any time, at the redemption prices as specified in the Bonds, together with interest accrued thereon to the date fixed for redemption; provided that, no such redemption shall be made prior to March 30, 2008, directly or indirectly with the proceeds of, or in anticipation of, borrowing by or for the account of the Shipowner if such borrowing has an effective interest cost (calculated in accordance with generally accepted financial practice) of less than the rate of interest borne by the Bonds. If the Shipowner shall elect to make any such optional redemption, the Shipowner shall, at least 30 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemption and specifying the Redemption Date, and the principal amount of Bonds which the Shipowner intends to redeem on such date (which shall not be less than all the Bonds outstanding). In the case of any redemption pursuant to this subsection (c) prior to March 30, 2008, the Shipowner shall deliver to the Indenture Trustee, at the time of delivery of said Request, an Officer's Certificate stating that such redemption shall comply with the proviso relating to such redemption prior to such date.

Optional Redemptions of Bonds at Premium. At its option, the Shipowner may redeem the Bonds, in whole or in part, at any time or from time to time, at the redemption prices as Redemption Prices specified in the Bonds, together with interest accrued thereon to the date fixed for redemption; provided that, no such redemption shall be made prior to March 30, 2008the tenth anniversary of the Transition Date, directly or indirectly with the proceeds of, or in anticipation of, borrowing by or for the account of the Shipowner if such borrowing has an effective interest cost (calculated in accordance with generally accepted financial practice) of less than the rate of interest borne by the Bonds. If the Shipowner shall elect to make any such optional redemption, the Shipowner shall, at least 30 45 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemption and specifying the Redemption Date, the maturity date, and the principal amount of Bonds which the Shipowner intends to redeem on such date (which shall not be less than all the Bonds outstanding)date. In the case of any redemption pursuant to this subsection Subsection (cd) prior to March 30, 2008the tenth anniversary of the Transition Date, the Shipowner shall deliver to the Indenture Trustee, at the time of delivery of said Request, an Officer's Certificate stating that such redemption shall comply with the proviso relating to such redemption prior to such date. The Indenture Trustee shall deliver a copy of such Request to each Holder along with the notice of redemption required by Section 3.08 of Exhibit 1 to the Indenture.

Optional Redemptions of Bonds at Premium. At its option, the Shipowner may redeem the Bonds, in whole at any time, at the redemption prices as specified in the Bonds, together with interest accrued thereon to the date fixed for redemption; provided that, no such redemption shall be made prior to March September 30, 2008, directly or indirectly with the proceeds of, or in anticipation of, borrowing by or for the account of the Shipowner if such borrowing has an effective interest cost (calculated in accordance with generally accepted financial practice) of less than the rate of interest borne by the Bonds. If the Shipowner shall elect to make any such optional redemption, the Shipowner shall, at least 30 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemption and specifying the Redemption Date, and the principal amount of Bonds which the Shipowner intends to redeem on such date (which shall not be less than all the Bonds outstanding). In the case of any redemption pursuant to this subsection (c) prior to March September 30, 2008, the Shipowner shall deliver to the Indenture Trustee, at the time of delivery of said Request, an Officer's Certificate stating that such redemption shall comply with the proviso relating to such redemption prior to such date.