Common use of Partial Redemption Clause in Contracts

Partial Redemption. The Company may redeem less than all of the outstanding Senior Notes, provided that the amount called for redemption at any time is not less than 25% of the amount of the outstanding principal amount of the Senior Notes. In case of any redemption of less than all of the Senior Notes at the time outstanding, the Company shall redeem the Senior Subordinated Securities in full prior to redeeming any of the Warrant Securities. Subject to the provisions hereof, the Board of Directors or a duly authorized committee thereof shall have full power and authority to prescribe the terms and conditions upon which Senior Notes shall be redeemed from time to time. If less than the full aggregate principal amount of any Senior Note is redeemed, the Company shall issue a new Senior Note in the unredeemed aggregate principal amount thereof without charge to the Holder thereof. Senior Notes may be redeemed in part only on a pro rata basis and only in minimum denominations of $1,000 and integral multiples thereof.

Partial Redemption. The Company Bank may redeem less than all of the outstanding Senior Notes, provided that the amount called for redemption at any time is not less than 25% of the amount of the outstanding principal amount of the Senior Notes. In case of any redemption of less than all of the Senior Notes at the time outstanding, the Company Bank shall redeem the Senior Subordinated Securities in full prior to redeeming any of the Warrant Securities. Subject to the provisions hereof, the Board of Directors or a duly authorized committee thereof shall have full power and authority to prescribe the terms and conditions upon which Senior Notes shall be redeemed from time to time. If less than the full aggregate principal amount of any Senior Note is redeemed, the Company Bank shall issue a new Senior Note in the unredeemed aggregate principal amount thereof without charge to the Holder thereof. Senior Notes may be redeemed in part only on a pro rata basis and only in minimum denominations of $1,000 and integral multiples thereof.