Common use of Redemptions of Preferred Securities Clause in Contracts

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Trustee) give the Trustee not less than 40 days' prior notice thereof. The Trustee shall, as directed by the Grantor, mail, first-class postage prepaid, notice of the redemption of Preferred Securities and the proposed simultaneous redemption of the Receipts to be redeemed, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Preferred Securities and Receipts. Such notice shall be mailed to the Holders of the Receipts, at the addresses of such Holders as the same appear on the records of the Trustee. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. In case fewer than all the outstanding Receipts are to be redeemed, the Receipts to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Grantor. On the date of any such redemption of Preferred Securities, provided that the Grantor (or PECO Energy pursuant to the Guarantee) shall then have deposited with the Trustee the aggregate amount payable upon redemption of the Preferred Securities to be redeemed, the Trustee shall redeem (using the funds so deposited with it) Receipts representing the same number of Preferred Securities to be redeemed by the Grantor.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Trustee) give the Trustee not less than 40 days' prior notice thereof. The Trustee shall, as directed by the Grantor, mail, with first-class postage prepaid, notice of the redemption of Preferred Securities and the proposed simultaneous redemption of the Receipts Capital Securities to be redeemed, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Preferred Securities and ReceiptsCapital Securities. Such notice shall be mailed to the Holders of the ReceiptsCapital Securities, at the addresses of such Holders as the same appear on the records of the Trustee. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. In case fewer than all the outstanding Receipts Capital Securities are to be redeemed, the Receipts Capital Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Grantor. On the date of any such redemption of Preferred Securities, provided that the Grantor (or PECO Energy pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Securities to be redeemed, the Trustee Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Capital Securities representing the same number of Preferred Securities to be redeemed by the Grantor.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Trustee) give the Trustee not less than 40 days' prior notice thereof. The Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred Securities and the proposed simultaneous redemption of the Receipts Capital Securities to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and Receiptsthe Capital Securities. Such notice shall be mailed to the Holders of the ReceiptsCapital Securities to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Trustee with such notice, and each such notice shall state: the Redemption Date; the redemption price at which the Capital Securities and the Preferred Securities are to be redeemed; that all outstanding Capital Securities are to be redeemed or, in the case of a redemption of fewer than all outstanding Capital Securities in connection with a partial redemption of Preferred Securities, the number of such Capital Securities to be so redeemed; the place or places where Capital Securities to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Capital Securities. In case fewer than all the outstanding Receipts Capital Securities are to be redeemed, the Receipts Capital Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the GrantorTrustee. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Capital Securities from any national exchange on which the Capital Securities are then listed, the Grantor will only redeem the Preferred Securities in whole. On the date of any such redemption of Preferred Securities, provided that the Grantor (or PECO Energy pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Securities to be redeemed, the Trustee Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Capital Securities representing the same number of Preferred Securities redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 4.02 and PECO Energy shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Capital Securities called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Capital Securities (except the right to receive the redemption price in cash upon surrender of Capital Securities) shall cease and terminate. Upon surrender in accordance with said notice of the Capital Securities endorsed or assigned for transfer, if the Trustee shall so require, the Holders of such Capital Securities shall receive for each such Capital Security an amount equal to the redemption price for each Preferred Security, in addition to accrued and unpaid distributions thereon to the date fixed for redemption. If fewer than all of the Capital Securities of any Holder are called for redemption, the Registrar will deliver to the Holder of such Capital Securities upon surrender of the certificate evidencing such Capital Securities a new certificate evidencing the number of Capital Securities not called for redemption.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 45 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, with first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemed, not less than 30 and not more than 60 90 days prior to the date fixed for redemption of such Preferred Securities and ReceiptsTrust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities, at the addresses of such Holders as the same appear on the records of the TrusteeTrust. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Grantor. On the date of any such redemption of Preferred such Trust Securities, provided that the Grantor (or PECO Energy Penelec pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities in like denominations and like liquidation amounts to be redeemed by the Grantor.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, with first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemed, not less than 30 and not more than 60 90 days prior to the date fixed for redemption of such Preferred Securities and ReceiptsTrust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities, at the addresses of such Holders as the same appear on the records of the TrusteeTrust. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Grantor. On the date of any such redemption of Preferred such Trust Securities, provided that the Grantor (or PECO Energy Penelec pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities in like denominations and like liquidation amount to be redeemed by the Grantor.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 45 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 90 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and Receiptsthe Trust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Property Trustee with such notice, and each such notice and the notice of redemption from the Property Trustee to the Holders shall state: the Redemption Date; the redemption price at which the Trust Securities are to be redeemed; that all outstanding Trust Securities are to be redeemed or, in the case of a redemption of fewer than all outstanding Trust Securities, the number of such Trust Securities to be so redeemed; the place or places where Trust Securities to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Trust Securities. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected (i) if the Trust Securities are then owned of record by DTC or its successors or securities depositary, according to a determination by DTC or such successor securities depository, or (ii) otherwise, the Property Trustee shall select the Trust Securities of such series to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the Trust Securities are listed, or if the Trust Securities are not listed on a national securities exchange, on a pro rata basis, by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the GrantorProperty Trustee considers fair and appropriate. If, when an optional notice of redemption is mailed, the notice of redemption shall be of no effect unless such monies are so received on or before the Redemption Date. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Trust Securities from any national exchange on which the Trust Securities are then listed, the Grantor will redeem the Preferred Securities only in whole. On the date of any such redemption of Preferred Trust Securities, provided that the Grantor (or PECO Energy Met-Ed pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities (in like denominations and like aggregate liquidation amounts) redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 6.2 and Met-Ed shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Trust Securities called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Trust Securities (except the right to receive the redemption price in cash upon surrender of Trust Securities) shall cease and terminate. Upon surrender in accordance with said notice of the Trust Securities endorsed or assigned for transfer, if the Property Trustee shall so require, the Holders of such Trust Securities shall receive for each such Trust Security an amount equal to the redemption price for each Preferred Security, in addition to accumulated and unpaid Distributions thereon to the date fixed for redemption. If fewer than all of the Trust Securities of any Holder are called for redemption, the Property Trustee will deliver to the Holder of such Trust Securities upon surrender of the certificate evidencing such Trust Securities a new certificate evidencing the number of Trust Securities not called for redemption.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, with first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemed, not less than 30 and not more than 60 90 days prior to the date fixed for redemption of such Preferred Securities and ReceiptsTrust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities, at the addresses of such Holders as the same appear on the records of the TrusteeTrust. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Grantor. On the date of any such redemption of Preferred such Trust Securities, provided that the Grantor (or PECO Energy Met-Ed pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities in like denominations and like liquidation amounts to be redeemed by the Grantor.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, with first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemed, not less than 30 and not more than 60 90 days prior to the date fixed for redemption of such Preferred Securities and ReceiptsTrust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities, at the addresses of such Holders as the same appear on the records of the TrusteeTrust. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Grantor. On the date of any such redemption of Preferred such Trust Securities, provided that the Grantor (or PECO Energy Met-Ed pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities in like denominations and like liquidation amount to be redeemed by the Grantor.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 90 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and Receiptsthe Trust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Property Trustee with such notice, and each such notice and the notice of redemption from the Property Trustee to the Holders shall state: the Redemption Date; the redemption price at which the Trust Securities are to be redeemed; that all outstanding Trust Securities are to be redeemed or, in the case of a redemption of fewer than all outstanding Trust Securities, the number of such Trust Securities to be so redeemed; the place or places where Trust Securities to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Trust Securities. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional sharesTrust Securities) or by any other equitable method determined by the GrantorProperty Trustee. If, when a notice redemption is mailed, the notice of redemption shall be of no effect unless such monies are so received on or before the Redemption Date. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Trust Securities from any national exchange on which the Trust Securities are then listed, the Grantor will redeem the Preferred Securities only in whole. On the date of any such redemption of Preferred Trust Securities, provided that the Grantor (or PECO Energy Penelec pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities (in like denominations and like aggregate liquidation amounts) redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 6.2 and Penelec shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Trust Securities called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Trust Securities (except the right to receive the redemption price in cash upon surrender of Trust Securities) shall cease and terminate. Upon surrender in accordance with said notice of the Trust Securities endorsed or assigned for transfer, if the Property Trustee shall so require, the Holders of such Trust Securities shall receive for each such Trust Security an amount equal to the redemption price for each Preferred Security, in addition to accrued and unpaid Distributions thereon to the date fixed for redemption. If fewer than all of the Trust Securities of any Holder are called for redemption, the Property Trustee will deliver to the Holder of such Trust Securities upon surrender of the certificate evidencing such Trust Securities a new certificate evidencing the number of Trust Securities not called for redemption.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 45 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 90 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and Receiptsthe Trust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Property Trustee with such notice, and each such notice and the notice of redemption 27 from the Property Trustee to the Holders shall state: the Redemption Date; the redemption price at which the Trust Securities are to be redeemed; that all outstanding Trust Securities are to be redeemed or, in the case of a redemption of fewer than all outstanding Trust Securities, the number of such Trust Securities to be so redeemed; the place or places where Trust Securities to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Trust Securities. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected (i) if the Trust Securities are then owned of record by DTC or its successors or securities depositary, according to a determination by DTC or such successor securities depository, or (ii) otherwise, the Property Trustee shall select the Trust Securities of such series to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the Trust Securities are listed, or if the Trust Securities are not listed on a national securities exchange, on a pro rata basis, by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the GrantorProperty Trustee considers fair and appropriate. If, when an optional notice of redemption is mailed, the notice of redemption shall be of no effect unless such monies are so received on or before the Redemption Date. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Trust Securities from any national exchange on which the Trust Securities are then listed, the Grantor will redeem the Preferred Securities only in whole. On the date of any such redemption of Preferred Trust Securities, provided that the Grantor (or PECO Energy Penelec pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities (in like denominations and like aggregate liquidation amounts) redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 6.2 and Penelec shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Trust Securities called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Trust Securities (except the right to receive the redemption price in cash upon surrender of Trust Securities) shall cease and terminate. Upon surrender in accordance with said notice of the Trust Securities endorsed or assigned for transfer, if the Property Trustee shall so require, the Holders of such Trust Securities shall receive for each such Trust Security an amount equal to the redemption price for each Preferred Security, in addition to accumulated and 28 unpaid Distributions thereon to the date fixed for redemption. If fewer than all of the Trust Securities of any Holder are called for redemption, the Property Trustee will deliver to the Holder of such Trust Securities upon surrender of the certificate evidencing such Trust Securities a new certificate evidencing the number of Trust Securities not called for redemption.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Property Trustee) give the Property Trustee not less than 40 days' prior notice thereofthereof to redeem the Trust Securities. The Property Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred the Trust Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 90 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and Receiptsthe Trust Securities. Such notice shall be mailed to the Holders of the ReceiptsTrust Securities to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Property Trustee with such notice, and each such notice and the notice of redemption from the Property Trustee to the Holders shall state: the Redemption Date; the redemption price at which the Trust Securities are to be redeemed; that all outstanding Trust Securities are to be redeemed or, in the case of a redemption of fewer than all outstanding Trust Securities, the number of such Trust Securities to be so redeemed; the place or places where Trust Securities to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Trust Securities. In case fewer than all the outstanding Receipts Trust Securities are to be redeemed, the Receipts Trust Securities to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional sharesTrust Securities) or by any other equitable method determined by the GrantorProperty Trustee. If, when a notice redemption is mailed, the notice of redemption shall be of no effect unless such monies are so received on or before the Redemption Date. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Trust Securities from any national exchange on which the Trust Securities are then listed, the Grantor will redeem the Preferred Securities only in whole. On the date of any such redemption of Preferred Trust Securities, provided that the Grantor (or PECO Energy Met-Ed pursuant to the Guarantee) shall then have deposited with the Trustee Trust the aggregate amount payable upon redemption of the Preferred Trust Securities to be redeemed, the Trustee Property Trustee, on behalf of the Trust, shall redeem (using the funds so deposited with it) Receipts Trust Securities representing the same number of Preferred Securities (in like denominations and like aggregate liquidation amounts) redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 6.2 and Met-Ed shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Trust Securities called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Trust Securities (except the right to receive the redemption price in cash upon surrender of Trust Securities) shall cease and terminate. Upon surrender in accordance with said notice of the Trust Securities endorsed or assigned for transfer, if the Property Trustee shall so require, the Holders of such Trust Securities shall receive for each such Trust Security an amount equal to the redemption price for each Preferred Security, in addition to accrued and unpaid Distributions thereon to the date fixed for redemption. If fewer than all of the Trust Securities of any Holder are called for redemption, the Property Trustee will deliver to the Holder of such Trust Securities upon surrender of the certificate evidencing such Trust Securities a new certificate evidencing the number of Trust Securities not called for redemption.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Trustee) give the Trustee not less than 40 days' prior notice thereof. The Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and the Receipts. Such notice shall be mailed to the Holders of the ReceiptsReceipts to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Trustee with such notice, and each such notice shall state: the Redemption Date; the redemption price at which the Receipts and the Preferred Securities are to be redeemed; that all outstanding Receipts are to be redeemed or, in the case of a redemption of fewer than all outstanding Receipts in connection with a partial redemption of Preferred Securities, the number of such Receipts held by such Holder to be so redeemed; the place or places where Receipts to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Receipts. In case fewer than all the outstanding Receipts are to be redeemed, the Receipts to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the GrantorTrustee. On the date of any such redemption of Preferred Securities, provided The Grantor agrees that the Grantor (or PECO Energy pursuant to the Guarantee) shall then have deposited with the Trustee the aggregate amount payable upon if a partial redemption of the Preferred Securities to be redeemed, would result in a delisting of the Trustee shall redeem (using the funds so deposited with it) Receipts representing the same number of Preferred Securities to be redeemed by the Grantor.Receipts

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Trustee) give the Trustee not less than 40 days' prior notice thereof. The Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and the Receipts. Such notice shall be mailed to the Holders of the ReceiptsReceipts to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Trustee with such notice, and each such notice shall state: the Redemption Date; the redemption price at which the Receipts and the Preferred Securities are to be redeemed; that all outstanding Receipts are to be redeemed or, in the case of a redemption of fewer than all outstanding Receipts in connection with a partial redemption of Preferred Securities, the number of such Receipts to be so redeemed; the place or places where Receipts to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Receipts. In case fewer than all the outstanding Receipts are to be redeemed, the Receipts to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the GrantorTrustee. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Receipts from any national exchange on which the Receipts are then listed, the Grantor will only redeem the Preferred Securities in whole. On the date of any such redemption of Preferred Securities, provided that the Grantor (or PECO Energy pursuant to the Guarantee) shall then have deposited with the Trustee the aggregate amount payable upon redemption of the Preferred Securities to be redeemed, the Trustee shall redeem (using the funds so deposited with it) Receipts representing the same number of Preferred Securities redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 4.02 and PECO Energy shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Receipts called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Receipts (except the right to receive cash upon surrender of Receipts) shall cease and terminate. Upon surrender in accordance with said notice of the Receipts endorsed or assigned for transfer, if the Trustee shall so require, the Holders of such Receipts shall receive for each such Receipt an amount equal to the redemption price for each Preferred Security, in addition to accrued and unpaid distributions thereon to the date fixed for redemption. If fewer than all of the Receipts of any Holder are called for redemption, the Registrar will deliver to the Holder of such Receipts upon surrender of the certificate evidencing such Receipts a new certificate evidencing the number of Receipts not called for redemption.

Redemptions of Preferred Securities. Whenever the Grantor shall elect or is required to redeem Preferred Securities in accordance with the Partnership Agreement, it shall (unless otherwise agreed in writing with the Trustee) give the Trustee not less than 40 days' prior notice thereof. The Trustee shall, as directed by the Grantor, mail, or cause to be mailed, first-class postage prepaid, notice of the redemption of Preferred Securities and the proposed simultaneous redemption of the Receipts to be redeemedredeemed in connection herewith, not less than 30 and not more than 60 days prior to the date fixed for redemption (the "Redemption Date") of such Preferred Securities and the Receipts. Such notice shall be mailed to the Holders of the ReceiptsReceipts to be redeemed, at the addresses of such Holders as the same appear on the records of the TrusteeRegistrar. No defect in the notice of redemption or in the mailing or delivery thereof or publication of its contents shall affect the validity of the redemption proceedings. The Grantor shall provide the Trustee with such notice, and each such notice shall state: the Redemption Date; the redemption price at which the Receipts and the Preferred Securities are to be redeemed; that all outstanding Receipts are to be redeemed or, in the case of a redemption of fewer than all outstanding Receipts in connection with a partial redemption of Preferred Securities, the number of such Receipts held by such Holder to be so redeemed; the place or places where Receipts to be redeemed are to be surrendered for redemption; and specifying the CUSIP number assigned to the Receipts. In case fewer than all the outstanding Receipts are to be redeemed, the Receipts to be redeemed shall be selected by lot or pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the GrantorTrustee. The Grantor agrees that if a partial redemption of the Preferred Securities would result in a delisting of the Receipts from any national exchange on which the Receipts are then listed, the Grantor will only redeem the Preferred Securities in whole. On the date of any such redemption of Preferred Securities, provided that the Grantor (or PECO Energy pursuant to the Guarantee) shall then have deposited with the Trustee the aggregate amount payable upon redemption of the Preferred Securities to be redeemed, the Trustee shall redeem (using the funds so deposited with it) Receipts representing the same number of Preferred Securities redeemed by the Grantor. Notice having been mailed by the Trustee as aforesaid, from and after the Redemption Date (unless the Grantor shall have failed to redeem the Preferred Securities to be redeemed by it as set forth in the Grantor's notice provided for in this Section 4.02 and PECO Energy shall have failed to pay the redemption price of the Preferred Securities under the Guarantee), the Receipts called for redemption shall be deemed no longer to be outstanding and all rights of the Holders of Receipts (except the right to receive cash upon surrender of Receipts) shall cease and terminate. Upon surrender in accordance with said notice of the Receipts endorsed or assigned for transfer, if the Trustee shall so require, the Holders of such Receipts shall receive for each such Receipt an amount equal to the redemption price for each Preferred Security, in addition to accrued and unpaid distributions thereon to the date fixed for redemption. If fewer than all of the Receipts of any Holder are called for redemption, the Registrar will deliver to the Holder of such Receipts upon surrender of the certificate evidencing such Receipts a new certificate evidencing the number of Receipts not called for redemption.