Optional Redemption Procedures for Series U Notes Sample Clauses

Optional Redemption Procedures for Series U Notes. The Series U Notes are redeemable, at any time in whole or from time to time in part, at the Corporation’s option, at a redemption price equal to the greater of: (a) 100% of the principal amount of the Series U Notes to be redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Series U Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Series U Notes plus 50 basis points. In each case the Corporation will pay any accrued and unpaid interest on the principal amount of the Series U Notes being redeemed to the date of redemption. The Corporation will mail notice of redemption at least 30 but not more than 60 days before the redemption date to each holder of record of the Series U Notes to be redeemed at its registered address. The notice of redemption for the Series U Notes will state, among other things, the amount of Series U Notes to be redeemed, the redemption date, the redemption price and the place or places that payment will be made upon presentation and surrender of Series U Notes to be redeemed. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Series U Notes that have been called for redemption at the redemption date. If less than all of the Series U Notes are redeemed, the Trustee will be notified at least 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Series U Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Series U Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Series U Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Series U Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Series U Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such cal...