Common use of Optional Redemptions Clause in Contracts

Optional Redemptions. If the Shipowner shall elect to make any such optional redemptions pursuant to this Article, the Shipowner shall, at least 40 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee (1) a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem on such date, and (2) at least 35 days prior to the date fixed for redemption in the case of the Fixed Rate Notes, deliver to the Indenture Trustee an amount equal to the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder or a calculation agent, to be paid on the Redemption Date. The Indenture Trustee, based on information received from the Holder or a calculation agent, shall give an estimate of the Make Whole Premium to the Shipowner within two (2) Business Days of the delivery of the Shipowner's Request. In the event the amount of the Make Whole Premium deposited by the Shipowner with the Indenture Trustee pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) is insufficient to pay the amount of the Make Whole Premium, the Shipowner shall pay the amount of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount of the Make Whole Premium deposited by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Date.

Optional Redemptions. If the Shipowner shall elect to make any such optional redemptions pursuant to this Article, the Shipowner shall, at least 40 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee (1) a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem on such date, and (2) at least 35 days prior to the date fixed for redemption in the case of the Fixed Rate Notes, deliver to the Indenture Trustee an amount equal to the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder or a calculation agent, to be paid on the Redemption Date. The Indenture Trustee, based on information received from the Holder or a calculation agent, shall give an estimate of the Make Whole Premium to the Shipowner within two (2) Business Days business days of the delivery of the Shipowner's Request. In the event the amount of the Make Whole Premium deposited by the Shipowner with the Indenture Trustee pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) is insufficient to pay the amount of the Make Whole Premium, the Shipowner shall pay the amount of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount of the Make Whole Premium deposited by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Date.

Optional Redemptions. If (a) At any time and from time to time the Shipowner Corporation, to the extent it may lawfully do so, may call for redemption all or part of the shares of Series A Preferred Stock then outstanding and not converted into Common Stock by providing the holders with a written notice as provided in Section 4(c) below. (b) The redemption price for the Series A Preferred Stock shall elect to make any be the Series A Preferred Stock Liquidation Value. In the event that fewer than all of the then outstanding shares of the Series A Preferred Stock are redeemed, such optional redemptions pursuant to this Articleshares shall be redeemed on a pro rata basis among all holders of such shares based on the number of shares of Series A Preferred Stock held by such holders on the date of the written notice of redemption. a (c) Except as otherwise provided herein, the Shipowner shall, at least 40 days but Corporation shall mail a written notice of each redemption of Series A Preferred Stock to each record holder thereof not more less than 60 twenty days prior to the date fixed redemption date, which notice shall set forth (i) the redemption price for redemption, deliver the shares to be redeemed and (ii) the place at which such holders may obtain payment of the redemption price upon surrender of their share certificates. The holders of Series A Preferred Stock to be redeemed shall in any event have the right to convert their shares into Common Stock at any time prior to the Indenture Trustee (1) a Request stating close of business on the date that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem on such date, and (2) at least 35 is two days prior to the date fixed redemption date. In case fewer than the total number of shares represented by any certificate are redeemed, a new certificate representing the number of unredeemed shares shall be issued to the holder thereof without cost to such holder. From and after the redemption date, unless there shall have been a default in payment of the redemption price, all rights of the holders of the shares of Series A Preferred Stock designated for redemption in the case redemption notice as holders of Series A Preferred Stock of the Fixed Rate NotesCorporation (except the right to receive the redemption price without interest upon surrender of their certificate or certificates) shall cease with respect to such shares, deliver to and such shares shall not thereafter be transferred on the Indenture Trustee an amount equal to books of the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder Corporation or a calculation agent, be deemed to be paid on the Redemption Dateoutstanding for any purpose whatsoever. The Indenture Trustee, based on information received from the Holder or a calculation agentAny shares of Series A Preferred Stock so redeemed shall permanently be retired, shall give an estimate of no longer be deemed outstanding and shall not under any circumstances be reissued, and the Make Whole Premium Corporation may from time to time take such appropriate action as may be necessary to reduce the Shipowner within two (2) Business Days of the delivery of the Shipowner's Request. In the event the amount of the Make Whole Premium deposited by the Shipowner with the Indenture Trustee pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) is insufficient to pay the amount of the Make Whole Premium, the Shipowner shall pay the amount of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount of the Make Whole Premium deposited by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Dateauthorized Series A Preferred Stock accordingly.

Optional Redemptions. If (a) Subject to the Shipowner shall elect restrictions in paragraph 3 above, shares of the Series A Convertible Preferred Stock will be redeemable at the option of the Company, in whole or in part, from and after December 31, 2000 at a redemption price per share of $1.00 (in each case, together with an amount equal to make any such optional redemptions pursuant the dividends accrued and unpaid thereon, whether or not declared, to this Article, the Shipowner shall, at least 40 days but not redemption date). (b) Not less than 30 nor more than 60 days prior to the date fixed for redemptionany redemption of shares of the Series A Convertible Preferred Stock pursuant to this paragraph 5, deliver a notice specifying the time and place of the redemption and the number of shares to be redeemed shall be given by first-class mail, postage prepaid, to the Indenture Trusteeholders of record of the shares of the Series A Convertible Preferred Stock to be redeemed at their respective addresses as the same shall appear on the books of the Company or the transfer agent for the Series A Convertible Preferred Stock, calling upon each holder of record to surrender to the Company at such place as shall be designated in such notice on the redemption date such holder's certificate or certificates representing the number of shares specified in the notice of redemption. Neither failure to mail such notice, nor any defect therein or in the mailing thereof, to any particular holder shall affect the sufficiency of the notice or the validity of the proceedings for redemption with respect to any other holder. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the holder receives the notice. On or after the redemption date, each holder of shares of the Series A Convertible Preferred Stock to be redeemed shall present and surrender such holder's certificate or certificates for such shares to the Company at the place designated in the redemption notice and thereupon the redemption price of the shares shall be paid to or on the order of the Person whose name appears on such certificate or certificates as the owner thereof, and each surrendered certificate shall be canceled. In case less than all the shares represented by any such certificate are redeemed, a new certificate shall be issued to the holder representing the unredeemed shares of the Series A Convertible Preferred Stock. (1c) If a Request stating that the Shipowner intends notice of redemption has been given pursuant to exercise its rights as above set forth to make such optional redemptions this paragraph 5 and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem if, on such date, and (2) at least 35 days prior to or before the date fixed for redemption, the funds necessary for such redemption shall have been set aside by the Company, separate and apart from its other funds, in trust for the pro rata benefit of the holders of the shares of the Series A Convertible Preferred Stock so called for redemption, then, notwithstanding that any certificates for such shares have not been surrendered for cancellation, on the redemption date dividends shall cease to accrue on the shares of the Series A Convertible Preferred Stock to be redeemed, and at the close of business on the redemption date the holders of such shares shall cease to be stockholders with respect to those shares, shall have no interest in or claims against the Company by virtue thereof and shall have no voting or other rights with respect thereto, except the right to receive the money payable upon such redemption, without interest thereon, upon surrender (and endorsement, if required by the Company) of their certificates, and the shares evidenced thereby shall no longer be outstanding. Subject to applicable escheat laws, any money so set aside by the Company and unclaimed at the end of two years from the redemption date shall revert to the general funds of the Company, after which reversion the holders of such shares so called for redemption shall look only to the general funds of the Company for the payment of the redemption price. Any interest accrued on funds so deposited shall be paid to the Company from time to time. (d) In every case of the Fixed Rate Notes, deliver to the Indenture Trustee an amount equal to the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder or a calculation agent, to be paid on the Redemption Date. The Indenture Trustee, based on information received from the Holder or a calculation agent, shall give an estimate redemption of less than all of the Make Whole Premium to the Shipowner within two (2) Business Days outstanding shares of the delivery of the Shipowner's Request. In the event the amount of the Make Whole Premium deposited by the Shipowner with the Indenture Trustee Series A Convertible Preferred Stock pursuant to this section (and interestparagraph 5, if anythe shares to be redeemed shall be selected pro rata or by lot or in such other manner as the Board of Directors may equitably determine, accrued thereon, less any losses incurred on the investment thereof) is insufficient to pay the amount as may be prescribed by resolution of the Make Whole PremiumBoard of Directors of the Company, provided that only whole shares shall be selected for redemption. Notwithstanding the foregoing, the Shipowner Company shall pay the amount not redeem any of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount shares of the Make Whole Premium deposited by Series A Convertible Preferred Stock at any time outstanding until all dividends accrued and in arrears upon all shares of the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount Series A Convertible Preferred Stock then outstanding shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Datehave been paid for all past dividend periods.

Optional Redemptions. If the Shipowner shall elect to make any such optional redemptions pursuant to this Article, the Shipowner shall, at least 40 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee (1) a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem on such date, and (2) at least 35 days prior to the date fixed for redemption in the case of the Fixed Rate Notes, deliver to the Indenture Trustee an amount equal to the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder or a calculation agent, Trustee to be paid on the Redemption Date. The Indenture Trustee, based on information received from the Holder or a calculation agent, Trustee shall give an estimate of the Make Whole Premium to the Shipowner within two (2) Business Days business days of the delivery of the Shipowner's Request. In the event the amount of the Make Whole Premium deposited by the Shipowner with the Indenture Trustee pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) is insufficient to pay the amount of the Make Whole Premium, the Shipowner shall pay the amount of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount of the Make Whole Premium deposited by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Date.the

Optional Redemptions. If (a) At any time (and from time to time) the Shipowner shall elect to make any such optional redemptions pursuant to this ArticleNotes may be redeemed at the option of the Issuer, the Shipowner shallin whole or in part, upon notice as set forth in clause (b) below, at least 40 days a cash redemption price equal to one hundred percent (100%) of the principal amount of the Notes being redeemed, together with accrued and unpaid interest, if any, to, but not more than 60 days prior to excluding, the date fixed for redemption; provided that if the redemption date falls after a record date and on or prior the corresponding Interest Payment Date, deliver to the Indenture Trustee (1) a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions then accrued and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem on such dateunpaid interest, and (2) at least 35 days prior to if any, to, but excluding, the date fixed for redemption shall be paid on such interest payment date to the holders of record of such Notes on the applicable record date instead of the holders on such date. (b) In case the Issuer shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to clause (a) above, it shall fix a date for redemption and it shall provide notice of such redemption in accordance with Section 10.1 not fewer than three (3) Business Days (or such shorter period of time as may be acceptable to the Administrative Agent) nor more than thirty (30) days prior to the redemption date to the Administrative Agent (which shall promptly forward such notice to each Purchaser holding Notes so to be redeemed as a whole or in part at its last address as the same appears on the Register). The notice, if delivered in the case manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Purchasers receive such notice. In any case, failure to give such notice in accordance with Section 10.1 or any defect in the notice to the Administrative Agent (or from the Administrative Agent to any Purchaser holding a Note designated for redemption as a whole or in part) shall not affect the validity of the Fixed Rate proceedings for the redemption of any other Note. Upon the giving of any such notice, the outstanding principal amount owing under the Notes specified in such notice shall become due and payable on the redemption date specified therein. (c) Each such notice of redemption shall specify the aggregate principal amount of Notes to be redeemed, the date fixed for redemption (which shall be a Business Day), the redemption price at which Notes are to be redeemed as set forth in clause (a) above, the place or places of payment, that (to the extent surrender is required pursuant to Section 2.9) payment will be made upon presentation and surrender of such Notes, deliver that interest accrued to (but excluding) the Indenture Trustee an date fixed for redemption will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed. In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the redemption date, upon surrender of such Note (if so tendered), a new Note or Notes in principal amount equal to the Make Whole Premium estimated unredeemed portion thereof will be issued. (d) On or prior to the redemption date specified in the notice of redemption given as provided in this Section 2.13, the Issuer will deposit with the Administrative Agent an amount of money in immediately available funds sufficient to redeem on the redemption date all the Notes (or portions thereof) so called for redemption at the appropriate redemption price, together with accrued interest to, but excluding, the redemption date; provided that if such payment is made on the redemption date it must be received by the Indenture Trustee, based Administrative Agent by 12:00 p.m. (New York City time) on information received from the Holder or a calculation agent, such date. Whenever any Notes are to be paid on redeemed, the Redemption Date. The Indenture Trustee, based on information received from Issuer will give the Holder or Administrative Agent written notice in the form of a calculation agent, shall give certificate of an estimate of the Make Whole Premium to the Shipowner within two Authorized Officer not fewer than three (23) Business Days (or such shorter period of time as may be acceptable to the Administrative Agent) prior to the redemption date as to the aggregate principal amount of Notes to be redeemed. (e) If less than all of the delivery outstanding Notes are to be redeemed, the Administrative Agent shall select the Notes or portions thereof to be redeemed (in principal amounts of One Thousand Dollars ($1,000) or multiples thereof) by lot, on a pro rata basis or by another method the Administrative Agent deems fair and appropriate. (f) If notice of redemption has been given as provided in this Section 2.13, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the date fixed for redemption and at the place or places stated in such notice at the applicable redemption price, together with interest accrued to (but excluding) the redemption date, and on and after said date (unless the Issuer shall default in the payment of the Shipowner's Requestredemption price and accrued interest) interest on the Notes or portion of Notes so called for redemption shall cease to accrue and, and the holders thereof shall have no right in respect of such Notes except the right to receive the redemption price thereof and unpaid interest to (but excluding) the redemption date and other Obligations then due and owing under the Note Documents. In On presentation and surrender of such Notes at a place of payment in said notice specified, such Notes or the event the amount of the Make Whole Premium deposited specified portions thereof shall be paid and redeemed by the Shipowner Issuer at the applicable redemption price, together with interest accrued thereon to, but excluding, the Indenture Trustee pursuant to this section (redemption date; provided that if the redemption date falls after a record date and on or prior the corresponding interest payment date, then accrued and unpaid interest, if any, accrued thereonto, less any losses incurred but excluding, the date fixed for redemption shall be paid on such interest payment date to the holders of record of such Notes on the investment thereof) is insufficient to pay the amount applicable record date instead of the Make Whole Premiumholders surrendering such Notes for redemption on such date. Upon presentation of any Note redeemed in part only, the Shipowner Issuer shall pay execute and the amount Administrative Agent shall authenticate and make available for delivery to the holder thereof, at the expense of the shortfall Issuer, a new Note or Notes, of authorized denominations, in principal amount equal to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount unredeemed portion of the Make Whole Premium deposited Notes so presented. Notwithstanding the foregoing, no Notes shall be redeemed and no notice of redemption may be sent during the continuance of an Event of Default. If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the redemption date at a rate equal to two percent (2.00%) per annum plus the rate borne by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount Note. Any optional redemption shall be refunded applied as specified in Section 2.15 with respect to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption DateNotes.

Optional Redemptions. If the Shipowner shall elect to make any such optional redemptions pursuant to this Article, the Shipowner shall(a) The Secured Notes will be redeemable, at least 40 days but the Issuer's option, in whole or from time to time in part upon not less than 30 and not more than 60 days days' prior notice mailed by first class mail to each Holder's registered address appearing in the Securities Register on any date prior to Maturity at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest (including Special Interest, if any, and Additional Amounts, if any), to the Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the date fixed for redemptionRedemption Date), deliver to plus the Indenture Trustee (1) a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions and specifying Make-Whole Premium. In no event will the Redemption Date and Price ever be less than 100% of the principal amount which of the Shipowner intends Secured Notes to redeem on such datebe redeemed plus accrued and unpaid interest (including Special Interest, if any, and (2) at least 35 days prior to the date fixed for redemption in the case of the Fixed Rate NotesAdditional Amounts, deliver to the Indenture Trustee an amount equal to the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder or a calculation agentif any), to be paid on the Redemption Date. The Indenture Trustee, based on information received from the Holder or a calculation agent, shall give an estimate of the Make Whole Premium to the Shipowner within two (2) Business Days of the delivery of the Shipowner's Request. In the event the amount of the Make Make-Whole Premium deposited by with respect to any Secured Notes (or portion thereof) to be redeemed will be equal to the Shipowner with the Indenture Trustee pursuant to this section (and interestexcess, if any, accrued thereonof: (i) the sum of the present values, less any losses incurred calculated as of the Redemption Date, of: (1) each interest payment that, but for such redemption, would have been payable on the investment Secured Notes (or portion thereof) is insufficient being redeemed on each Interest Payment Date occurring after the Redemption Date (excluding any accrued and unpaid interest for the period prior to pay the Redemption Date); and (2) the principal amount that, but for such redemption, would have been payable at the final maturity of the Secured Notes (or portion thereof) being redeemed, over (ii) the principal amount of the Secured Notes (or portion thereof) being redeemed. The present values of interest and principal payments referred to in clause (i) above will be determined in accordance with generally accepted principles of financial analysis. Such present values will be calculated by discounting the amount of each payment of interest or principal from the Make date that each such payment would have been payable, but for the redemption, to the Redemption Date at a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points. The Make-Whole PremiumPremium will be calculated by the Independent Investment Banker. For purposes of this Section 3.07 and Section 3.09, the Shipowner shall pay the amount of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's notice. In the event the amount of the Make Whole Premium deposited by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Date.following definitions apply:

Optional Redemptions. If the Shipowner shall elect to make any such optional redemptions of Obligations pursuant to this Article, the Shipowner shall, at least 40 days but not more than 60 days prior to the date fixed for redemption, deliver to the Indenture Trustee (1) Trustee a Request stating that the Shipowner intends to exercise its rights as above set forth to make such optional redemptions and specifying the Redemption Date and the principal amount which the Shipowner intends to redeem on such date. If payment of a Make-Whole Premium is required by this Article, and (2) at least 35 days prior to the date fixed for redemption in the case of the a Fixed Rate Notes, Bond the Shipowner shall deliver to the Indenture Trustee an amount equal to the Make Whole Premium estimated by the Indenture Trustee, based on information received from the Holder or a calculation agent, to be paid on the Redemption Date. The Indenture Trustee, based on information received from the Holder or a calculation agent, shall give an estimate of the Make Whole Premium to the Shipowner within two (2) Business Days of the delivery of the Shipowner's ’s Request. In the event the amount of the Make Whole Premium deposited by the Shipowner with the Indenture Trustee pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) is insufficient to pay the amount of the Make Whole Premium, the Shipowner shall pay the amount of the shortfall to the Indenture Trustee in immediately available funds upon one (1) day's ’s notice. In the event the amount of the Make Whole Premium deposited by the Shipowner pursuant to this section (and interest, if any, accrued thereon, less any losses incurred on the investment thereof) exceeds the Make Whole Premium, the excess amount shall be refunded to the Shipowner by the Indenture Trustee in immediately available funds on the Redemption Date.