Common use of Procedures for Redemption Clause in Contracts

Procedures for Redemption. In the case of a partial redemption, the Trustee shall select the Securities or portions thereof for redemption on a pro rata basis, by lot or in such other manner it deems appropriate and fair; provided, however, that mandatory and optional redemptions from Company Excess will be done as nearly as practicable on a pro rata basis. The Securities may be redeemed in part in multiples of $1,000 only. Except in the case of any Required Redemption, as otherwise required by any applicable Gaming Regulatory Authority, notice of any redemption will be sent by first class mail, at least 30 days and not more than 60 days prior to the date fixed for redemption to the Holder of each Security to be redeemed at such Holder's last address as then shown upon the registry books of the Registrar. Any notice which relates to a Security to be redeemed in part only must state the portion of the principal amount equal to the unredeemed portion thereof and must state that on and after the date of redemption, upon surrender of such Security, a new Security or Securities in a principal amount equal to the unredeemed portion thereof will be issued. On and after the date of redemption, interest will cease to accrue on the Securities or portions thereof called for redemption, unless the Issuers default in the payment thereof.

Procedures for Redemption. In the case of a partial redemption, the Trustee shall select the Securities or portions thereof for redemption on a pro rata basis, by lot or in such other manner it deems appropriate and fair; provided, however, that mandatory and optional redemptions from Company Excess Cash Flow will be done as nearly as practicable on a pro rata basis. The Securities may be redeemed in part in multiples of $1,000 only. Except in the case of any Required Redemption, as otherwise required by any applicable Gaming Regulatory Authority, notice Notice of any redemption will be sent by first class mail, at least 30 days and not more than 60 days prior to the date fixed for redemption to the Holder of each Security to be redeemed at such Holder's last address as then shown upon the registry books of the Registrar. Any notice which relates to a Security to be redeemed in part only must state the portion of the principal amount equal to the unredeemed portion thereof and must state that on and after the date of redemption, upon surrender of such Security, a new Security or Securities in a principal amount equal to the unredeemed portion thereof will be issued. On and after the date of redemption, interest and Liquidated Damages, if any, will cease to accrue on the Securities or portions thereof called for redemption, unless the Issuers default in the payment thereof.