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 January 15 and July 15 of each year, commencing January 15, 2004 of $5,203,000 of principal amount of Obligations, which amount represents approximately one thirty-sixth (1/36) 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 earliest of (i) January 15, 2008, (ii) four (4) 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 July 15, 2021. 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 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 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 January 15, 2008 in the case of the Floating Rate Note and July 15, 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15, 2008 in the case of the Floating Rate Note and July 15, 2021 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
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 January 15 May 10 and July 15 November 10 of each year, commencing January 15November 10, 2004 of $5,203,000 3,040,000 of principal amount of Obligations, which amount represents approximately one thirty-sixth thirtieth (1/361/30) 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 earliest of (i) January 15October 1, 2008, (ii) four (4) 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 July 15May 10, 20212019. 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 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 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 January 15November 10, 2008 in the case of the Floating Rate Note and July 15May 10, 2021 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15October 1, 2008 in the case of the Floating Rate Note and July 15May 10, 2021 2019 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
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 January 15 May 10 and July 15 November 10 of each year, from November 10, 2005 through May 10, 2009, and commencing January 15November 1, 2004 2009, on May 1 and November 1 of each year thereafter, of $5,203,000 2,989,000 of principal amount of Obligations, which amount represents approximately one thirty-sixth thirtieth (1/361/30) 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 earliest of (i) January 15, 2008, (ii) four (4) 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, Effective Date and a final redemption of the remaining outstanding principal of the Fixed Rate Notes Note on July 15May 1, 20212020. 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 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 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 January 15May 1, 2008 in the case of the Floating Rate Note and July 15, 2021 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15, 2008 the Effective Date in the case of the Floating Rate Note and July 15May 1, 2021 2020 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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 * * *
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 January 15 May 10 and July 15 November 10 of each year, commencing January 15May 10, 2004 2005 of $5,203,000 2,989,000 of principal amount of Obligations, which amount represents approximately one thirty-sixth thirtieth (1/361/30) 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 earliest of (i) January 15April 1, 20082009, (ii) four (4) 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 July 15November 10, 20212019. 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 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 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 January 15May 10, 2008 2009 in the case of the Floating Rate Note and July 15November 10, 2021 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15April 1, 2008 2009 in the case of the Floating Rate Note and July 15November 10, 2021 2019 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
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 January March 15 and July September 15 of each year, commencing January March 15, 2004 2001 of $5,203,000 6,257,000 of principal amount of Obligations, which amount represents approximately one thirtytwenty-sixth fourth (1/361/24) 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 earliest earlier of (i) January September 15, 20082002, or (ii) four two (42) 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 July September 15, 20212012. 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 Sections Section 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 Sections Section 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 January September 15, 2008 2002 in the case of the Floating Rate Note and July September 15, 2021 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 thatPROVIDED THAT, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January September 15, 2008 2002 in the case of the Floating Rate Note and July September 15, 2021 2012 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e3.02(d) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 3.04 or 3.06Section 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 January 15 1 and July 15 1 of each year, commencing January 151, 2004 1999, of $5,203,000 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 thirtytwenty-sixth fourth (1/361/24) 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 earliest earlier of (i) January 15July 1, 20082000, or (ii) four two (42) 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 July 151, 20212010. 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 Sections Section 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 Sections Section 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 January 15July 1, 2008 2000 in the case of the Floating Rate Note and July 151, 2021 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 January 15, 2008 in the case of the Floating Rate Note and July 15, 2021 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
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 semiannual redemption on January 15 February 1 and July 15 August 1 of each year, commencing January 15(I) in the case of the Obligations issued prior to or on the Delivery Date, 2004 the earlier of $5,203,000 (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 thirty-sixth (1/36) 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 earliest of (i) January 15, 2008, (ii) the Payment Date next preceding four (4) years after from the Delivery Date, or (ii) February 1, 2007, 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 Bonds on July 15the earliest of (1) August 1, 20212027, 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 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 Sections 3.04 or 3.06 of Exhibit 1 hereto divided by the number of Redemption Dates (including earlier than the Stated Maturity of such Obligations) scheduled thereafter to January 15, 2008 in the case Maturities of the Floating Rate Note and July 15, 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15, 2008 in the case of the Floating Rate Note and July 15, 2021 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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 redemptionSinking Fund Bonds.”
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 January 15 and July 15 of each year, commencing January 15, 2004 of $5,203,000 of principal amount of Obligations, which amount represents approximately one thirty-sixth (1/36) 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 earliest of (i) January 15, 2008, (ii) four (4) 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, Effective Date and a final redemption of the remaining outstanding principal of the Fixed Rate Notes Note on July 15, 2021. 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 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 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 January 15, 2008 in the case of the Floating Rate Note and July 15, 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15, 2008 the Effective Date in the case of the Floating Rate Note and July 15, 2021 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
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 January February 15 and July August 15 of each year, commencing January February 15, 2004 2001 of $5,203,000 6,234,000 of principal amount of Obligations, which amount represents approximately one thirtytwenty-sixth fourth (1/361/24) 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 earliest earlier of (i) January August 15, 20082002, or (ii) four two (42) 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 July August 15, 20212012. 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 Sections Section 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 Sections Section 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 January August 15, 2008 2002 in the case of the Floating Rate Note and July August 15, 2021 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 thatPROVIDED THAT, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January August 15, 2008 2002 in the case of the Floating Rate Note and July August 15, 2021 2012 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e3.02(d) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 3.04 or 3.06Section 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 January 15 May 10 and July 15 November 10 of each year, commencing January 15from November 10, 2004 through May 10, 2005, and commencing November 1, 2005, on May 1 and November 1 of each year thereafter, of $5,203,000 3,040,000 of principal amount of Obligations, which amount represents approximately one thirty-sixth thirtieth (1/361/30) 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 earliest of (i) January 15, 2008, (ii) four (4) 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, Effective Date and a final redemption of the remaining outstanding principal of the Fixed Rate Notes on July 15May 1, 20212019. 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 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 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 January 15May 1, 2008 in the case of the Floating Rate Note and July 15, 2021 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 that, the entire unpaid principal amount of the Outstanding Obligations shall be paid not later than January 15, 2008 the Effective Date in the case of the Floating Rate Note and July 15May 1, 2021 2019 in the case of each Fixed Rate Note. The Shipowner shall, in accordance with Section 3.02(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
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 January 15 28 and July 15 28 of each year, commencing the earlier of (x) the Payment Date next succeeding the Delivery Date of the Vessel or (y) January 1528, 2004 2002 of $5,203,000 of the principal amount of Obligations, which amount represents approximately one thirty-sixth (1/36) 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 earliest of (i) January 15, 2008, (ii) the Payment Date next preceding four (4) years after from the Delivery Date, or (ii) January 28, 2006, 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 Bonds on July 15earliest of (i) January 28, 20212027, 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 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 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 years from the Delivery Date, or January 1528, 2008 2006 in the case of the Floating Rate Note Note; (ii) the respective Stated Maturities of the Serial Bonds; and July 15(iii) no later than the earlier of twenty-five (25) years from the Delivery Date, 2021 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, 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 the earlier of the Payment Date next preceding four (4) years from the Delivery Date, or January 1528, 2008 2006, in the case of the Floating Rate Note and July 15Note, 2021 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(e) of Exhibit 1 hereto, promptly after each redemption pursuant to said Sections 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
