Redemption in Part Clause Samples
The 'Redemption in Part' clause allows an issuer to redeem only a portion of the outstanding securities or obligations before their maturity date, rather than redeeming the entire issue at once. In practice, this means the issuer can select specific bonds or notes to be repurchased, often through a random selection process or pro rata allocation among holders. This clause provides flexibility for the issuer to manage its debt obligations more efficiently and can help address cash flow needs or take advantage of favorable market conditions without committing to a full redemption.
Redemption in Part. (a) If less than all of the Outstanding Notes are to be redeemed, the Trustee will select the Notes to be redeemed in principal amounts of $1,000 or integral multiples of $1,000, by lot, on a pro rata basis or by another method the Trustee considers fair and appropriate, subject in each case to compliance with the Applicable Procedures of the Depositary. If a portion of the Notes is selected for partial redemption and the Holder of such Notes converts a portion of its Notes, the converted portion shall be deemed to be from the portion selected for redemption, except to the extent of the excess, if any, of such converted portion over such portion selected for redemption.
(b) In the event of any redemption in part, the Company, the Trustee and the Registrar shall not be required to (i) issue, register the transfer of or exchange any Notes during a period beginning at the Open of Business 15 calendar days before the giving of a Redemption Notice and ending at the Close of Business on the earliest date on which the relevant Redemption Notice is deemed to have been given to all Holders of Notes to be redeemed or (ii) register the transfer of or exchange any Notes so selected for redemption, in whole or in part, except the unredeemed portion of any Notes being redeemed in part.
Redemption in Part. (a) If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are Global Notes, the Depositary shall select the Notes to be redeemed in accordance with the Applicable Procedures. If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are Physical Notes, the Trustee shall select the Notes or portions thereof to be redeemed (in principal amounts of $1,000 or multiples thereof) by a method that is similar to the Applicable Procedures the Depositary would have applied if the Notes to be redeemed had been Global Notes. If the Trustee selects a portion of any Note for partial redemption and the Holder of such Note converts a portion of the same Note, the converted portion of the Note will be deemed to be from the portion selected for redemption.
(b) In the event of any redemption in part, the Company, the Trustee and the Registrar shall not be required to register the transfer of or exchange any Notes so selected for redemption, in whole or in part, except the unredeemed portion thereof.
Redemption in Part. If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, selection of such series for redemption or purchase will be made by the Trustee on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate and with respect to Global Notes, in accordance with the applicable procedures of DTC. In the event of partial redemption, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 15 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption. The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. No Notes of a principal amount of $2,000 or less shall be redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of the Notes held by such Holder shall be redeemed. Except as provided in the preceding sentence, provisions of this Eleventh Supplemental Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.
Redemption in Part. In case part but not all of an Outstanding registered Bond shall be selected for redemption, the registered owners thereof shall present and surrender such Bond to the Trustee for payment of the principal amount thereof so called for redemption, and the Authority shall execute and the Trustee shall authenticate and deliver to or upon the order of such registered owner, without charge therefor, Bonds representing the unredeemed balance of the principal amount of the registered Bond so surrendered.
Redemption in Part. (a) If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are Global Notes, the Depositary shall select the Notes to be redeemed in accordance with the Applicable Procedures. If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are Physical Notes in certificated form, the Trustee shall select the Notes or portions thereof to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis, or by another method the Trustee considers to be fair and appropriate. If any Note selected for partial redemption by the Trustee is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption.
(b) In the event of any redemption in part, the Company, the Trustee and the Registrar shall not be required to register the transfer of or exchange any Notes so selected for redemption, in whole or in part, except the unredeemed portion of any Notes being redeemed in part.
Redemption in Part. Debentures may be redeemed in part in denominations of $1,000 or any integral multiple thereof. In case of a redemption in part, the Debentures to be redeemed shall be selected pro rata and there shall be redeemed from each Holder that portion of principal amount of all Debentures being redeemed which the outstanding principal amount of Debentures held by such Holder bears to the total principal amount of Debentures then outstanding.
Redemption in Part. (a) If less than all of the outstanding Notes are to be redeemed, the Trustee will select the Notes to be redeemed in principal amounts of $1,000 or integral multiples of $1,000 in excess thereof, by lot or by another method the Trustee considers reasonable, fair and appropriate in accordance with the Applicable Procedures. If a portion of the Notes is selected for redemption and the Holder of such Notes converts a portion of its Notes, the converted portion shall be deemed to be of the portion selected for redemption, to the extent that the converted portion does not exceed the portion selected for redemption.
(b) In the event of any redemption in part, the Company shall not be required to (i) issue, register the transfer of or exchange any Notes during a period beginning at the open of business 15 calendar days before sending a Redemption Notice and ending at the close of business on the earliest date on which the relevant Redemption Notice is deemed to have been given to all Holders of Notes to be redeemed or (ii) register the transfer of or exchange any Notes so selected for redemption, in whole or in part, except the unredeemed portion of any Notes being redeemed in part.
Redemption in Part. If fewer than all of the Series 8-3/4% Notes are to be redeemed, the Trustee will select the Series 8-3/4% Notes to be redeemed in principal amounts of $1,000 or integral multiples thereof by lot, pro rata or by another method the Trustee considers fair and appropriate. If a portion of a Holder's Series 8-3/4% Notes is selected for partial redemption and that Holder converts a portion of those Series 8-3/4% Notes prior to the applicable Redemption Date, the converted portion shall be deemed, solely for purposes of determining the aggregate principal amount of the Series 8-3/4% Notes to be redeemed by the Company, to remain outstanding and to be of the portion selected for redemption.
Redemption in Part. In the event less than all of the shares of Preferred Stock represented by any certificate(s) surrendered to the Corporation pursuant to this Section 7 are redeemed, the Corporation shall, effective at the redemption date, issue a replacement certificate to such Holder reflecting the unredeemed shares of Preferred Stock represented by the delivered certificate; provided that the failure of the Corporation to deliver such certificate shall not affect the rights of the Holder to submit a Notice of Conversion or further redeem its Preferred Stock pursuant to the terms hereof.
Redemption in Part. Upon presentation and surrender of any Debenture which is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the holder thereof, at the expense of the Company, a new Debenture or Debentures of authorized denominations in principal amount equal to the unredeemed portion of the Debenture so presented.