Common use of Procedure for Redemption Clause in Contracts

Procedure for Redemption. (a) In the event the Corporation shall redeem shares of Senior Preferred Stock pursuant to Sections 5(a), (b) or (d), notice of such redemption shall be given by first class mail, postage prepaid, mailed not less than 30 days nor more than 60 days prior to the redemption date, to each holder of record of the shares to be redeemed at such holder's address as the same appears on the stock register of the Corporation; provided that neither the failure to give such notice nor any defect therein shall affect the validity of the giving of notice for the redemption of any share of Senior Preferred Stock to be redeemed except as to the holder to whom the Corporation has failed to give said notice or except as to the holder whose notice was defective. Each such notice shall state: (i) the redemption date; (ii) the number of shares of Senior Preferred Stock to be redeemed; (iii) the redemption price; (iv) the place or places where certificates for such shares are to be surrendered for payment of the redemption price; and (v) that dividends on the shares to be redeemed will cease to accrue on such redemption date.

Procedure for Redemption. (aA) In Not more than sixty (60) and not less than thirty (30) days prior to the event date fixed for any redemption of the Corporation shall redeem shares of Senior Preferred Stock pursuant to Sections 5(a)Interests, written notice (bthe “Redemption Notice”) or (d), notice of such redemption shall be given by first first-class mail, postage prepaid, mailed not less than 30 days nor more than 60 days prior to the redemption date, to each holder of record of the shares Preferred Interests to be redeemed on the record date fixed for such redemption of the Preferred Interests at such holder's ’s address as the same appears on the stock register of the CorporationSchedule A hereto; provided provided, that neither the no failure to give such notice nor any defect deficiency therein shall affect the validity of the giving of notice procedure for the redemption of any share of Senior Preferred Stock Interests to be redeemed except as to the holder or holders to whom the Corporation Company has failed to give said such notice or except as to the holder or holders whose notice was defective. Each such notice The Redemption Notice shall state: : (i1) that the redemption is pursuant to Section 17(e)(ii) hereof; (2) the redemption date; Mandatory Redemption Price; (ii3) the total number of Preferred Interests being redeemed; (4) the number of shares of Senior Preferred Stock Interests held by the holder that the Company intends to redeem; (5) the date fixed for redemption (the “Redemption Date”); (6) that distributions on the Preferred Interests to be redeemed; (iii) redeemed shall cease to accumulate on the redemption price; (iv) day prior to such Redemption Date unless the place or places where certificates for such shares are to be surrendered for Company defaults in the payment of the redemption price; and Mandatory Redemption Price, and (v7) that dividends on the shares name of any bank of trust company performing the duties referred to be redeemed will cease to accrue on such redemption datein Section 17(e)(ii)(E) below.