Purchase of Securities at the Option of the Holder. Beginning in December 2001, the Holder may tender the Securities in whole, not in part, for redemption at the Redemption Price stated in the Indenture under hardship circumstances. To effect redemption, the Holder may deliver to the Company notice of redemption with the Security only during the periods June 1 through June 30 and December 1 through December 31 each calendar year. The Holder's notice of redemption is irrevocable, and is subject only to the Company's acceptance. The notice must provide information on the financial difficulty or change of circumstances of the Holder and the Holder must provide any additional information requested by the Company on the hardship situation. The Company has complete discretion on the basis of the information provided or factors unrelated to the Holder's personal circumstances to accept or reject the request for hardship redemption. Securities will be redeemed effective the last day of the month in which the notice of redemption is tendered to the Company, and payment of the Redemption Price will be made 30 calendar days thereafter. The aggregate Holder redemption of Securities in the Series in each calendar year shall not exceed 10% of the aggregate Principal amount of the Securities in the Series outstanding on the first day of each calendar year. The Company will select the Securities to be redeemed on a "first come - first served" basis or by such manner as the Company deems fair to the Holders of the Securities. In the event of the death of a Holder or joint Holder (or if the Holder is an Individual retirement Account, the death of the owner of such account), the legal representative of the estate of the decedent may tender the Security in whole, not in part, for redemption at the Redemption Price stated in the Indenture. To effect redemption, the legal representative shall deliver to the Company notice of redemption with the Security during the six-month period following the date of death of the deceased Holder or Individual Retirement Account owner. The notice of redemption is irrevocable, and is subject only to the Company's acceptance. Securities will be redeemed effective the last day of the month in which the notice of redemption is tendered to the Company, and payment of the Redemption Price will be made 30 calendar days thereafter. If the Company agrees to redeem a Holder's Securities, the Company shall notify the Trustee and the Paying Agent in writing of the Redemption Date, the Redemption Price and the Principal amount of the Securities to be redeemed, together with an Officers' Certificate stating that such redemption will comply with the conditions contained herein and in the Securities. Notwithstanding anything set forth in this Article III, the Company shall at all times comply with Article X hereof. In addition, the Paying Agent shall deduct from any amount payable to a Holder pursuant to this Section 3.05 a redemption penalty as follows: Redemption Penalty Date of Redemption (percentage of Principal amount) ------------------ -------------------------------- December 2001 and June 2002 10% December 2002 and June 2003 9% December 2003 and June 2004 8% December 2004 and June 2005 7% December 2005 and June 2006 6% December 2006 and June 2007 5%
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Purchase of Securities at the Option of the Holder. Beginning in December 2001, the Holder may tender the Securities in whole, not in part, for redemption at the Redemption Price stated in the Indenture under hardship circumstances. To effect redemption, the Holder may deliver to the Company notice of redemption with the Security only during the periods June 1 through June 30 and December 1 through December 31 each calendar year. The Holder's notice of redemption is irrevocable, and is subject only to the Company's acceptance. The notice must provide information on the financial difficulty or change of circumstances of the Holder and the Holder must provide any additional information requested by the Company on the hardship situation. The Company has complete discretion on the basis of the information provided or factors unrelated to the Holder's personal circumstances to accept or reject the request for hardship redemption. Securities will be redeemed (if the Compnay so accepts) effective the last day of the month in which the notice of redemption is tendered to the Company, and payment of the Redemption Price will be made 30 calendar days thereafter. The aggregate Holder redemption of Securities in the Series in each calendar year shall not exceed 10% of the aggregate Principal amount of the Securities in the Series outstanding on the first day of each calendar year. The Company will select the Securities to be redeemed on a "first come - first served" basis or by such manner as the Company deems fair to the Holders of the Securities. In the event of the death of a Holder or joint Holder (or if the Holder is an Individual retirement Retirement Account, the death of the owner of such account), the legal representative of the estate of the decedent may tender the Security in whole, not in part, for redemption at the Redemption Price stated in the Indenture. To effect redemption, the legal representative shall deliver to the Company notice of redemption with the Security during the six-month period following the date of death of the deceased Holder or Individual Retirement Account owner. The notice of redemption is irrevocable, and is subject only to the Company's acceptance. Securities will be redeemed (if the Company so accepts) effective the last day of the month in which the notice of redemption is tendered to the Company, and payment of the Redemption Price will be made 30 calendar days thereafter. If the Company agrees to redeem a Holder's Securities, the Company shall notify the Trustee and the Paying Agent in writing of the Redemption Date, the Redemption Price and the Principal amount of the Securities to be redeemed, together with an Officers' Certificate stating that such redemption will comply with the conditions contained herein and in the Securities. Notwithstanding anything set forth in this Article III, the Company shall at all times comply with Article X hereof. In addition, the Paying Agent shall deduct from any amount payable to a Holder pursuant to this Section 3.05 a redemption penalty as follows: Redemption Penalty Date of Redemption (percentage of Principal amount) ------------------ -------------------------------- December 2001 and 10% June 2002 10% December 2002 and 9% June 2003 9% December 2003 and 8% June 2004 8% December 2004 and 7% June 2005 7% December 2005 and 6% June 2006 6% December 2006 and 5% June 2007 5%2007
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