Partial Redemption of Notes Sample Clauses
The Partial Redemption of Notes clause allows the issuer to redeem, or buy back, only a portion of the outstanding notes before their maturity date, rather than redeeming the entire issue at once. This process typically involves notifying noteholders in advance and specifying the amount or percentage of notes to be redeemed, often selected either pro rata or by lot. The core function of this clause is to provide the issuer with flexibility in managing its debt obligations, enabling it to reduce outstanding liabilities incrementally and respond to changing financial circumstances.
Partial Redemption of Notes. 3.2.1 If less than all the Notes are to be redeemed pursuant to Section 3.1, the Company shall, at least 15 days prior to the date that notice of redemption is given, notify the Trustee by Company Order stating the Company’s intention to redeem the aggregate principal amount of the Notes to be redeemed. The Notes to be redeemed shall be selected by the Trustee, if the Notes are in Global Form, in accordance with the procedures of DTC and if the Notes are certificated, on a pro rata basis, disregarding fractions, according to the principal amount of the Notes registered in the respective names of each Holder, or in such other manner as the Trustee may consider equitable, provided that such selection shall be proportionate (to the nearest minimum authorized denomination for the Notes established pursuant to Section 2.3).
3.2.2 If the Notes in denominations in excess of the minimum authorized denomination for the Notes are selected and called for redemption in part only (such part being that minimum authorized denomination or an integral multiple thereof) then, unless the context otherwise requires, references to the Notes in this Article 3 shall be deemed to include any such part of the principal amount of the Notes which shall have been so selected and called for redemption. The Holder of any Notes called for redemption in part only, upon surrender of such Notes for payment, shall be entitled to receive, without expense to such Holder, new Notes for the unredeemed part of the Notes so surrendered, and the Company shall execute and the Trustee shall authenticate and deliver, at the expense of the Company, such new Notes having the same terms as are set out herein upon receipt from the Trustee or the Paying Agent of the Notes so surrendered.
Partial Redemption of Notes. If less than all the Notes of a Series are to be redeemed pursuant to Section 3.1, the Issuer shall, at least 15 days prior to the date that notice of redemption is given, notify the Trustee of its intention to redeem the aggregate principal amount of such Series to be redeemed. The Notes to be redeemed shall be selected by the Trustee in such manner as may be described in the applicable Series of Notes and/or any supplemental indenture, or in such other manner as the Trustee may consider equitable. The day the Trustee makes such selection shall be referred to for the purpose of Sections 2.10.4.2 and 2.14 as the “Selection Date”. For this purpose, the Trustee may make, and from time to time amend, regulations with regard to the manner in which such Notes may be so selected and regulations so made shall be valid and binding upon all Holders of Notes notwithstanding the fact that, as a result thereof, one or more of such Notes become subject to redemption in part only.
Partial Redemption of Notes. (1) If less than all the Notes are to be redeemed, the Corporation shall in each such case, at least ten Business Days before the date upon which written notice of redemption is to be given, notify the Trustee by Written Direction of the Corporation of its intention to redeem Notes and of the aggregate principal amount of Notes to be redeemed. The Notes to be redeemed shall be selected on a pro rata basis.
(2) Notes in denominations in excess of $1,000.00 may be selected and called for redemption in part only (such part being $1,000.00 or an integral multiple thereof) and, unless the context otherwise requires, references to Notes in this section 3 shall be deemed to include any such part of the principal amount of Notes which shall have been so selected and called for redemption. The Holder of any Note called for redemption in part only, upon surrender of such Note for payment, shall be entitled to receive, without expense to such Holder, a new Note for the unredeemed part of the Note so surrendered, and the Corporation shall execute and the Trustee shall certify and deliver, at the expense of the Corporation, such new Note upon receipt from the paying agent of the Note so surrendered.
Partial Redemption of Notes. Upon surrender of any Note redeemed in part only, Borrower shall execute and Note Registrar shall authenticate and deliver to the Registered Owner thereof, at the expense of Borrower, a new Note or Notes of Authorized Denominations equal in aggregate principal amount to the unredeemed portion of the Note surrendered.
Partial Redemption of Notes. (1) If less than all the Notes are to be redeemed, the Corporation shall in each such case, at least ten Business Days before the date upon which notice of redemption is to be given, notify the Trustee by Written Direction of the Corporation of its intention to redeem Notes and of the aggregate principal amount of Notes to be redeemed. The Notes to be redeemed shall be selected on a pro rata basis.
(2) Notes in denominations in excess of $1,000.00 may be selected and called for redemption in part only (such part being $1,000.00 or an integral multiple thereof) and, unless the context otherwise requires, references to Notes in this Article 3 shall be deemed to include any such part of the principal amount of Notes which shall have been so selected and called for
Partial Redemption of Notes. Upon surrender of any Note for redemption in part only, the Trustee shall authenticate and deliver to the Owner thereof a new Note in aggregate principal amount equal to the unredeemed portion of the Note surrendered.
Partial Redemption of Notes. Partial redemptions shall be effected pro rata to the principal amount of the Notes held by each Noteholder.