Common use of Effectiveness of Redemption Clause in Contracts

Effectiveness of Redemption. If a Notice of Redemption has been duly given and if, on or before the Redemption Date specified in the notice, the funds necessary for such redemption have been set aside by the Company, separate and apart from its other funds, in trust, for the benefit of the Holders for the pro rata benefit of the Holders of the shares of Series A Preferred Stock so called for redemption, so as to be and continue to be available therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date, Preferred Dividends and Participating Dividends shall no longer accrue or be declared on any such shares of Series A Preferred Stock, such shares of Series A Preferred Stock shall cease to be outstanding, and all rights of the Holders of such shares shall terminate, except the right to receive the Redemption Price in respect of all of such Holder’s shares of Series A Preferred Stock.

Effectiveness of Redemption. If a Notice notice of Redemption redemption of any Series A Preferred Stock has been duly given and if, if on or before the Redemption Date specified in the notice, the notice all funds necessary for such redemption have been set aside by the CompanyCorporation, separate and apart from its other funds, in trust, for the benefit of the Holders trust for the pro rata benefit of the Holders holders of the shares of Series A Preferred Stock so called for redemption, so as to be and continue to be available therefor, then, notwithstanding that any certificate for any share shares of Series A Preferred Stock so called for redemption has have not been surrendered for cancellationcancellation or transferred via book-entry, on and after the Redemption Date, Preferred Dividends and Participating Dividends no further dividends shall no longer accrue or be declared on any such all shares of Series A Preferred StockStock so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares of Series A Preferred Stock shall forthwith on such Redemption Date cease to be outstanding, and all rights of the Holders of such shares shall terminate, except only the right of the holders thereof to receive the Redemption Price in respect of all of amount payable on such Holder’s shares of Series A Preferred Stockredemption, without interest.