Common use of Procedures for Redemption Clause in Contracts

Procedures for Redemption. (i) In the event the Company shall redeem shares of 6% Senior Preferred Stock pursuant to Section 7(a), notice of such redemption shall be given by first class mail, postage prepaid, mailed not less than 10 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 Company. Each such notice shall state: (i) the Redemption Date; (ii) the number of shares of 6% Senior Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed from such holder, the number of shares to be redeemed from such holder; (iii) the Redemption Price; and (iv) the place or places where certificates for such shares are to be surrendered for payment of the Redemption Price. Any notice given in such manner shall be conclusively deemed to have been duly given whether or not such notice is in fact received. (ii) Notice having been mailed as aforesaid, from and after the Redemption Date (unless the Company shall fail to provide money for the payment