Common use of Selection of Bonds to be Redeemed Clause in Contracts

Selection of Bonds to be Redeemed. Except as otherwise provided in the Bonds, and while a Book-Entry System is not in effect, if fewer than all the Bonds are to be redeemed, the Trustee shall select the Bonds to be redeemed by lot or other method it deems fair and appropriate, in Authorized Denominations, except that the Trustee shall select, first, any Bonds owned by the Credit Bank or any of its nominees or held by the Trustee for the account of the Credit Bank or any of its nominees and, second, any Undelivered Bonds if the Company has offered to purchase such Bonds in lieu of redemption. The Trustee shall make its selection from Bonds not previously called for redemption. Provisions of this Indenture that apply to Bonds called for redemption shall also apply to portions of Bonds called for redemption. While a Book-Entry System is in effect, the procedures of the Securities Depository shall control with respect to the selection of Bonds to be redeemed.

Selection of Bonds to be Redeemed. Except as otherwise provided in the Bonds, and while a Book-Entry System is not in effect, if fewer than all the Bonds of a series are to be redeemed, the Trustee shall select the Bonds of that series to be redeemed by lot or other method it deems fair and appropriate, in Authorized Denominations, except that the Trustee shall select, firstFIRST, any Bonds owned by the Credit Bank or any of its nominees or held by the Trustee for the account of the Credit Bank or any of its nominees and, secondSECOND, any Undelivered Bonds if the Company has offered to purchase such Bonds in lieu of redemption. The Trustee shall make its selection from Bonds not previously called for redemption. For this purpose, the Trustee shall consider each Bond in a denomination larger than the minimum denomination permitted by the Bonds at the time to be separate Bonds, each in the minimum denomination. Provisions of this Indenture that apply to Bonds called for redemption shall also apply to portions of Bonds called for redemption. While a Book-Entry System is in effect, the procedures of the Securities Depository shall control with respect to the selection of Bonds to be redeemed.