Common use of Payment of Redemption Price Clause in Contracts

Payment of Redemption Price. The redemption price applicable under the provisions of subsection (K) shall be determined within 30 days of the date on which Optionee shall notify Company that Optionee is requiring a redemption of this Warrant or the shares. The redemption price shall be paid to Optionee in cash within ten days thereafter upon surrender by Optionee of this Warrant or the shares, provided however, that such payment of the redemption price shall be subject to the ability of Company reasonably to obtain debt or equity financing which may be necessary to fund such payment. In the event that Company shall be unable to pay the redemption price solely for the reason specified in the preceding sentence within 90 days of when due, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand for the redemption of this Warrant or the shares whereupon all rights of Optionee to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment of the redemption price by the execution and delivery by Company to Optionee of a Promissory Note in the amount of the redemption price, in the form of the Promissory Note attached as Exhibit A to the Loan Agreement, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year after the redemption of the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject to the Security Agreement.

Payment of Redemption Price. The (a) If notice of redemption price applicable under shall have been given as provided above, the provisions Obligations or portions thereof specified in such notice shall become due and payable on the Redemption Date and at the place of subsection payment and the Redemption Price stated in such notice, and on and after said Redemption Date (K) unless the Shipowner shall be determined within 30 days default in payment of the date Redemption price or shall decide to cancel the notice of optional redemption) interest on which Optionee the Obligations or portions thereof so called for redemption shall notify Company that Optionee is requiring a redemption cease to accrue. Upon presentation and surrender of this Warrant such Obligations in accordance with such notice, such Obligations or the shares. The redemption price specified portions thereof shall be paid and redeemed at the applicable Redemption Price. (b) Upon presentation of any Obligation redeemed in part only, the Shipowner shall execute and the Indenture Trustee shall authenticate and deliver to Optionee the order of the Holder thereof, at the expense of the Shipowner, a new Obligation or Obligations of like series and Stated Maturity, of authorized denominations, having endorsed thereon a Guarantee executed by the Secretary, in cash within ten days thereafter upon surrender principal amount equal to the unredeemed portion of the Obligation so presented, or, at the option of such Holder, there may be noted thereon by Optionee of this Warrant or the sharesIndenture Trustee or, provided howeverat its direction, that such by any Paying Agent the payment of the redemption price shall be subject to the ability of Company reasonably to obtain debt or equity financing which may be necessary to fund such payment. In the event that Company shall be unable to pay the redemption price solely for the reason specified in the preceding sentence within 90 days of when due, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand for the redemption of this Warrant or the shares whereupon all rights of Optionee to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment portion of the redemption price by the execution and delivery by Company to Optionee of a Promissory Note in the principal amount of the redemption price, in the form of the Promissory Note attached as Exhibit A to the Loan Agreement, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year after the redemption of the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" Obligation so called for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject to the Security Agreementredemption.

Payment of Redemption Price. The (a) If notice of redemption price applicable under shall have been given as provided above, the provisions Obligations or portions thereof specified in such notice shall become due and payable on the Redemption Date and at the place of subsection payment and the Redemption Price stated in such notice, and on and after said Redemption Date (Kunless the Shipowner shall (i) shall be determined within 30 days default in payment of the date Redemption Price; or (ii) decide to cancel a notice of redemption) interest on which Optionee the Obligations or portions thereof so called for redemption shall notify Company that Optionee is requiring a redemption cease to accrue. Upon presentation and surrender of this Warrant such Obligations in accordance with such notice, such Obligations or the shares. The redemption price specified portions thereof shall be paid and redeemed at the applicable Redemption Price. (b) Upon presentation of any Obligation redeemed in part only, the Shipowner shall execute and the Indenture Trustee shall authenticate and deliver to Optionee the order of the Holder thereof, at the expense of the Shipowner, a new Obligation or Obligations of like series and Stated Maturity, of authorized denominations, having endorsed thereon a Guarantee executed by the Secretary, in cash within ten days thereafter upon surrender principal amount equal to the unredeemed portion of the Obligation so presented, or, at the option of such Holder, there may be noted thereon by Optionee of this Warrant or the sharesIndenture Trustee or, provided howeverat its direction, that such by any Paying Agent the payment of the redemption price shall be subject to the ability of Company reasonably to obtain debt or equity financing which may be necessary to fund such payment. In the event that Company shall be unable to pay the redemption price solely for the reason specified in the preceding sentence within 90 days of when due, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand for the redemption of this Warrant or the shares whereupon all rights of Optionee to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment portion of the redemption price by the execution and delivery by Company to Optionee of a Promissory Note in the principal amount of the redemption price, in the form of the Promissory Note attached as Exhibit A to the Loan Agreement, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year after the redemption of the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" Obligation so called for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject to the Security Agreementredemption.

Payment of Redemption Price. The (a) If notice of redemption price applicable under shall have been given as provided above, the provisions Obligations or portions thereof specified in such notice shall, except as contemplated by Section 3.08(b), become due and payable on the Redemption Date and at the Place of subsection Payment and the Redemption Price stated in such notice, and on and after said Redemption Date (Kunless the Shipowner shall default in the payment of such Redemption Price) interest on the Obligations or portions thereof so called for redemption shall be determined within 30 days cease to accrue. Upon presentation and surrender of the date on which Optionee shall notify Company that Optionee is requiring a redemption of this Warrant such Obligations in accordance with such notice, such Obligations or the shares. The redemption price specified portions thereof shall be paid and redeemed at the applicable Redemption Price. (b) Upon presentation of any Obligation redeemed in part only, the Shipowner shall execute and the Indenture Trustee shall authenticate and deliver to Optionee or on the order of the Holder thereof, at the expense of the Shipowner, a new Obligation or Obligations of like series and Stated Maturity, of authorized denominations, having endorsed thereon a Guarantee or Guarantees executed by, or on behalf of, the Secretary, in cash within ten days thereafter upon surrender principal amount equal to the unredeemed portion of the Obligation so presented, or, at the option of such Holder, there may be noted thereon by Optionee of this Warrant or the sharesIndenture Trustee or, provided howeverat its direction, that such by any Paying Agent the payment of the redemption price shall be subject to the ability of Company reasonably to obtain debt or equity financing which may be necessary to fund such payment. In the event that Company shall be unable to pay the redemption price solely for the reason specified in the preceding sentence within 90 days of when due, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand for the redemption of this Warrant or the shares whereupon all rights of Optionee to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment portion of the redemption price by the execution and delivery by Company to Optionee of a Promissory Note in the principal amount of the redemption price, in the form of the Promissory Note attached as Exhibit A to the Loan Agreement, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year after the redemption of the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" Obligation so called for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject to the Security Agreementredemption.

Payment of Redemption Price. The With respect to any redemption price pursuant to Section 3.01 hereof, notice having been given in the manner provided in Section 3.02 hereof (or not required to be given as a result of a redemption pursuant to Section 3.01(b)(i) or (b)(iii)), and all conditions to the redemption contained in such notice, if applicable, having been met, the Bonds so called for redemption shall become due and payable on the redemption date so designated at the applicable under the provisions of subsection Redemption Price, and (Kexcept as provided in Section 2.02(c) shall be determined within 30 days of the date on which Optionee shall notify Company that Optionee is requiring in connection with a redemption of this Warrant Bonds pursuant to Section 3.01(b)) upon presentation and surrender thereof at the offices specified in such notice, together with, in the case of Bonds presented by other than the registered owner, a written instrument of transfer duly executed by the registered owner or the shares. The redemption price shall be paid to Optionee in cash within ten days thereafter upon surrender by Optionee of this Warrant or the sharesits duly authorized attorney; provided, provided however, that such payment so long as the Bonds are registered in the name of the redemption price Depository, payment for such redeemed Bonds shall be subject to made in accordance with the ability Representation Letter of Company reasonably to obtain debt or equity financing which may be necessary to fund such paymentthe Issuer. In the event that Company shall be unable to pay If, on the redemption price solely for the reason specified in the preceding sentence within 90 days of when duedate, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand moneys for the redemption of this Warrant or the shares whereupon Bonds to be redeemed, together with all rights of Optionee accrued interest on such Bonds, which shall equal all interest accrued on the Pass-Through Certificate to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment of the redemption price date, shall be held by the execution Trustee so as to be available therefor on said date and delivery by Company to Optionee if notice of a Promissory Note in the amount of the redemption priceshall have been given as aforesaid, in the form of the Promissory Note attached as Exhibit A to the Loan Agreementthen, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year from and after the redemption of date, interest on the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" Bonds so called for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject redemption shall cease to the Security Agreementaccrue.

Payment of Redemption Price. The redemption price applicable under the provisions of subsection (K) shall be determined within 30 days of the date on which Optionee shall notify Company that Optionee is requiring a redemption of this Warrant or the shares. The redemption price shall be paid to Optionee in cash within ten days thereafter upon surrender by Optionee of this Warrant or the shares, provided however, that such payment of the redemption price shall be subject to the ability of Company reasonably to obtain debt or equity financing which may be necessary to fund such payment. In the event that Company shall be unable to pay the redemption price solely for the reason specified in the preceding sentence within 90 days of when due, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand for the redemption of this Warrant or the shares whereupon all rights of Optionee to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment of the redemption price by the execution and delivery delivery. by Company to Optionee of a Promissory Note in the amount of the redemption price, in the form of the Promissory Note attached as Exhibit A to the Loan Agreement, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year after the redemption of the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject to the Security Agreement.of

Payment of Redemption Price. The (a) If notice of redemption price applicable under shall have been given as provided above, the provisions Obligations or portions thereof specified in such notice shall, except as contemplated by Section 3.08(b), become due and payable on the Redemption Date and at the place of subsection payment and the Redemption Price stated in such notice, and on and after said Redemption Date (Kunless the Shipowner shall default in the payment of such Redemption Price) interest on the Obligations or portions thereof so called for redemption shall be determined within 30 days cease to accrue. Upon presentation and surrender of the date on which Optionee shall notify Company that Optionee is requiring a redemption of this Warrant such Obligations in accordance with such notice, such Obligations or the shares. The redemption price specified portions thereof shall be paid and redeemed at the applicable Redemption Price. (b) Upon presentation of any Obligation redeemed in part only, the Shipowner shall execute and the Indenture Trustee shall authenticate and deliver to Optionee or on the order of the Holder thereof, at the expense of the Shipowner, a new Obligation or Obligations of like series and Stated Maturity, of authorized denominations, having endorsed thereon a Guarantee or Guarantees executed by the Secretary, in cash within ten days thereafter upon surrender principal amount equal to the unredeemed portion of the Obligation so presented, or, at the option of such Holder, there may be noted thereon by Optionee of this Warrant or the sharesIndenture Trustee or, provided howeverat its direction, that such by any Paying Agent the payment of the redemption price shall be subject to the ability of Company reasonably to obtain debt or equity financing which may be necessary to fund such payment. In the event that Company shall be unable to pay the redemption price solely for the reason specified in the preceding sentence within 90 days of when due, Optionee shall have the right, at Optionee's sole discretion, to either: (i) rescind the demand for the redemption of this Warrant or the shares whereupon all rights of Optionee to require redemption of this Warrant or the shares at any future date in accordance with the terms and provisions of subsection K and this subsection (L) shall remain in full force and effect, or (ii) accept payment portion of the redemption price by the execution and delivery by Company to Optionee of a Promissory Note in the principal amount of the redemption price, in the form of the Promissory Note attached as Exhibit A to the Loan Agreement, except that such Promissory Note would be payable in two equal consecutive annual installments commencing one year after the redemption of the Warrants or the shares. Any such Promissory Note would thereafter constitute a "Note" Obligation so called for all purposes under the Loan Agreement, including without limitation, that payment of the indebtedness represented by such Promissory Note would be secured by the Collateral subject to the Security Agreementredemption.