Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 and September 15 of each year, commencing March 15, 2001 of $6,257,000 of principal amount of Obligations, which amount represents approximately one twenty-fourth (1/24) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier of (i) September 15, 2002, or (ii) two (2) years after the Delivery Date, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September 15, 2012. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section 3.04 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section 3.04 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September 15, 2002 in the case of the Floating Rate Note and September 15, 2012 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THAT, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15, 2002 in the case of the Floating Rate Note and September 15, 2012 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 January 1 and September 15 July 1 of each year, commencing March 15January 1, 2001 1999, of $6,257,000 of 6,380,000 principal amount of ObligationsObligations (or such lesser principal amount of Obligations as shall then be outstanding), which amount represents approximately one twenty-fourth (1/24) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier of (i) September 15July 1, 20022000, or (ii) two (2) years after the Delivery Date, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September 15July 1, 20122010. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section 3.04 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section 3.04 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September 15July 1, 2002 2000 in the case of the Floating Rate Note and September 15July 1, 2012 2010 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THAT, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15, 2002 in the case of the Floating Rate Note and September 15, 2012 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.Redemption
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March January 15 and September July 15 of each year, commencing March January 15, 2001 2004 of $6,257,000 5,203,000 of principal amount of Obligations, which amount represents approximately one twentythirty-fourth sixth (1/241/36) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier earliest of (i) September January 15, 20022008, or (ii) two four (24) years after the Delivery Date, or (iii) at the request of the Secretary, within fifteen (15) Business Days from the date upon which the Trigger Event (as hereinafter defined) shall occur, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September July 15, 20122021. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September January 15, 2002 2008 in the case of the Floating Rate Note and September July 15, 2012 2021 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September January 15, 2002 2008 in the case of the Floating Rate Note and September July 15, 2012 2021 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 May 10 and September 15 November 10 of each year, commencing March 15November 10, 2001 2004 of $6,257,000 3,040,000 of principal amount of Obligations, which amount represents approximately one twenty-fourth thirtieth (1/241/30) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier earliest of (i) September 15October 1, 20022008, or (ii) two four (24) years after the Delivery Date, or (iii) at the request of the Secretary, within fifteen (15) Business Days from the date upon which the Trigger Event (as hereinafter defined) shall occur, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September 15May 10, 20122019. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September 15November 10, 2002 2008 in the case of the Floating Rate Note and September 15May 10, 2012 2019 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15October 1, 2002 2008 in the case of the Floating Rate Note and September 15May 10, 2012 2019 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual semiannual redemption on March 15 February 1 and September 15 August 1 of each year, commencing March 15(I) in the case of the Obligations issued prior to or on the Delivery Date, 2001 the earlier of $6,257,000 (x) the Payment Date next succeeding the Delivery Date of the Vessel or (y) February 1, 2003, and (II) in the case of Obligations issued after the Delivery Date, the February 1 or August 1 next succeeding the issue of such Obligations, of the principal amount of Obligations, which amount represents approximately one twenty-fourth (1/24) of Obligations as specified in the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption DateDate so that the semiannual mandatory redemption of the aggregate principal amount of the Obligations Outstanding shall be in the principal amounts set forth in the first revised amortization schedule (the “First Revised Amortization Schedule”), which is Exhibit B to Supplement No. 1 to Trust Indenture, as the same may be revised as provided in the Indenture. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on no later than the earlier earliest of (i) September 15, 2002the Payment Date next preceding four (4) years from the Delivery Date, or (ii) two February 1, 2007, or (2iii) years after the Delivery Datedate upon which the Trigger Event (as hereinafter defined) shall occur, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes Bonds on September 15the earliest of (1) August 1, 20122027, or (2) twenty-five (25) years from the Delivery Date. Notwithstanding The Stated Maturities of the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations Serial Bonds shall be reduced by reason of any redemption pursuant to Section 3.04 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section 3.04 of Exhibit 1 hereto divided by the number of Redemption Dates (including earlier than the Stated Maturity of such Obligations) scheduled thereafter to September 15, 2002 in the case Maturities of the Floating Rate Note and September 15, 2012 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THAT, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15, 2002 in the case of the Floating Rate Note and September 15, 2012 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemptionSinking Fund Bonds.”
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 May 10 and September 15 November 10 of each year, from November 10, 2005 through May 10, 2009, and commencing March 15November 1, 2001 2009, on May 1 and November 1 of each year thereafter, of $6,257,000 2,989,000 of principal amount of Obligations, which amount represents approximately one twenty-fourth thirtieth (1/241/30) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There Unless redeemed earlier in accordance with this Indenture, there shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier of (i) September 15, 2002, or (ii) two (2) years after the Delivery Date, Effective Date and a final redemption of the remaining outstanding principal of the Fixed Rate Notes Note on September 15May 1, 20122020. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September 15May 1, 2002 in the case of the Floating Rate Note and September 15, 2012 2020 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15, 2002 the Effective Date in the case of the Floating Rate Note and September 15May 1, 2012 2020 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.redemption * * *
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 May 10 and September 15 November 10 of each year, from November 10, 2004 through May 10, 2005, and commencing March 15November 1, 2001 2005, on May 1 and November 1 of each year thereafter, of $6,257,000 3,040,000 of principal amount of Obligations, which amount represents approximately one twenty-fourth thirtieth (1/241/30) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There Unless redeemed earlier in accordance with this Indenture, there shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier of (i) September 15, 2002, or (ii) two (2) years after the Delivery Date, Effective Date and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September 15May 1, 20122019. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September 15May 1, 2002 in the case of the Floating Rate Note and September 15, 2012 2019 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15, 2002 the Effective Date in the case of the Floating Rate Note and September 15May 1, 2012 2019 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 May 10 and September 15 November 10 of each year, commencing March 15May 10, 2001 2005 of $6,257,000 2,989,000 of principal amount of Obligations, which amount represents approximately one twenty-fourth thirtieth (1/241/30) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier earliest of (i) September 15April 1, 20022009, or (ii) two four (24) years after the Delivery Date, or (iii) at the request of the Secretary, within fifteen (15) Business Days from the date upon which the Trigger Event (as hereinafter defined) shall occur, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September 15November 10, 20122019. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September 15May 10, 2002 2009 in the case of the Floating Rate Note and September 15November 10, 2012 2019 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15April 1, 2002 2009 in the case of the Floating Rate Note and September 15November 10, 2012 2019 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
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Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March February 15 and September August 15 of each year, commencing March February 15, 2001 of $6,257,000 6,234,000 of principal amount of Obligations, which amount represents approximately one twenty-fourth (1/24) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier of (i) September August 15, 2002, or (ii) two (2) years after the Delivery Date, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on September August 15, 2012. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section 3.04 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section 3.04 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September August 15, 2002 in the case of the Floating Rate Note and September August 15, 2012 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THAT, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September August 15, 2002 in the case of the Floating Rate Note and September August 15, 2012 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
Appears in 1 contract
Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March 15 January 28 and September 15 July 28 of each year, commencing March 15the earlier of (x) the Payment Date next succeeding the Delivery Date of the Vessel or (y) January 28, 2001 2002 of $6,257,000 of the principal amount of Obligations, which amount represents approximately one twenty-fourth (1/24) of Obligations as specified in the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption DateDate so that the semi-annual mandatory redemption of the aggregate principal amount of the Obligations Outstanding shall be in the principal amounts set forth in the amortization schedule (the “Amortization Schedule”) which is Attachment 1 to this Indenture, as the same may be revised as provided herein. There shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on no later than the earlier earliest of (i) September 15, 2002the Payment Date next preceding four (4) years from the Delivery Date, or (ii) two January 28, 2006, or (2iii) years after the Delivery Datedate upon which the Trigger Event (as hereinafter defined) shall occur, and a final redemption of the remaining outstanding principal of the Fixed Rate Notes Bonds on September 15earliest of (i) January 28, 20122027, or twenty-five (25) years from the Delivery Date. The Stated Maturities of the Serial Bonds shall be earlier than the Stated Maturity of the Sinking Fund Bonds. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided allocated to each Redemption Date occurring thereafter in amounts scheduled, in a revised Amortization Schedule, as approved by the number Secretary, no later than the earlier of Redemption Dates (including i) the Stated Maturity of such ObligationsPayment Date next preceding four (4) scheduled thereafter to September 15years from the Delivery Date, 2002 or January 28, 2006 in the case of the Floating Rate Note Note; (ii) the respective Stated Maturities of the Serial Bonds; and September 15(iii) no later than the earlier of twenty-five (25) years from the Delivery Date, 2012 or January 28, 2027, in the case of Fixed Rate Note(s) the Sinking Fund Bonds (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided, that, if less than all of the Fixed Rate Bonds are to be redeemed under any provision of the Indenture, the Fixed Rate Bonds selected for redemption shall be in inverse order of Stated Maturity and; provided further that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not no later than September 15the earlier of the Payment Date next preceding four (4) years from the Delivery Date, 2002 or January 28, 2006, in the case of the Floating Rate Note and September 15Note, 2012 at their respective Stated Maturities in the case of each Fixed Rate Notethe Serial Bonds, and the earlier of twenty-five (25) years from the Delivery Date, or January 28, 2027, in the case of the Sinking Fund Bonds. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table Amortization Schedule of scheduled repayments of the Obligations reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.
Appears in 1 contract
Scheduled Mandatory Redemption. The Obligations are subject to redemption at a Redemption Price equal to 100% of the principal amount thereof, together with interest accrued thereon to the applicable Redemption Date, through the operation of scheduled repayment providing for the semi-annual redemption on March January 15 and September July 15 of each year, commencing March January 15, 2001 2004 of $6,257,000 5,203,000 of principal amount of Obligations, which amount represents approximately one twentythirty-fourth sixth (1/241/36) of the Original Principal Amount of Obligations, plus interest accrued thereon to the Redemption Date. There Unless redeemed earlier in accordance with this Indenture, there shall be a final redemption of the remaining outstanding principal of the Floating Rate Note on the earlier of (i) September 15, 2002, or (ii) two (2) years after the Delivery Date, Effective Date and a final redemption of the remaining outstanding principal of the Fixed Rate Notes Note on September July 15, 20122021. Notwithstanding the foregoing provisions of this subsection (a), if the principal amount of Outstanding Obligations shall be reduced by reason of any redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 to this Indenture, the principal amount of Obligations to be redeemed pursuant to this subsection (a) on each subsequent Redemption Date for such Obligations shall be reduced by an amount equal to the principal amount of such Obligations retired by reason of such redemption pursuant to Section Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including the Stated Maturity of such Obligations) scheduled thereafter to September July 15, 2002 in the case of the Floating Rate Note and September 15, 2012 2021 in the case of Fixed Rate Note(s) (subject to such increase as shall be necessary so that the total principal amount of Obligations to be redeemed on any such Redemption Date shall be an integral multiple of $1,000); PROVIDED THATprovided that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than September 15, 2002 the Effective Date in the case of the Floating Rate Note and September July 15, 2012 2021 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(d3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Section 3.04Sections 3.04 or 3.06, furnish to the Secretary, the Indenture Trustee and each Holder a revised table of scheduled repayments reflecting the reductions made pursuant to this subsection (a) as a result of such redemption.. * * *
Appears in 1 contract
