Common use of Selection of Senior Notes to be Redeemed Clause in Contracts

Selection of Senior Notes to be Redeemed. The Senior Notes shall be known and designated as the "Guaranteed Senior Secured Notes due 2008" of the Issuer. Their Stated Maturity shall be April 30, 2008, and they shall bear interest on their outstanding principal amount at the rate of 8% per annum, from the Issue Date (or if interest has already been paid or duly provided for on the Senior Notes, from the most recent Senior Note Interest Payment Date to which interest has been paid or duly provided for), payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for payment. The Senior Notes will be redeemed in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturity, if not earlier redeemed pursuant to the provisions of this Indenture. All payments of principal, premium, if any, interest, Additional Amounts, if any, and any other amounts due on the Senior Notes shall be made in the Relevant Currency. Any amount of principal, premium, if any, interest and Additional Amounts, if any, on any Senior Note that is not paid when due shall, to the fullest extent lawful, accrue interest at a rate per annum equal to the Default Rate. Interest will be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date for the payment of principal, premium, if any, interest or Additional Amounts, if any, on the Senior Notes is not a Business Day, such payment may be made on the next succeeding day that is a Business Day, and, other than with respect to any payment of principal or premium, if any (in which case interest shall accrue), no interest shall accrue or be payable on any such payment as a result of any such delay.

Appears in 2 contracts

Samples: Deposit Agreement (Marconi Corp PLC), Deposit Agreement (Marconi Corp PLC)

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Selection of Senior Notes to be Redeemed. The If less than all of the Outstanding Senior Notes shall be known and designated as the "Guaranteed Senior Secured Notes due 2008" of the Issuer. Their Stated Maturity shall be April 30, 2008, and they shall bear interest on their outstanding principal amount at the rate of 8% per annum, from the Issue Date (or if interest has already been paid or duly provided for on the Senior Notes, from the most recent Senior Note Interest Payment Date are to which interest has been paid or duly provided for), payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for payment. The Senior Notes will be redeemed in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturitytime, if not earlier redeemed pursuant to the provisions of this Indenture. All payments of principal, premium, if any, interest, Additional Amounts, if any, and any other amounts due on Trustee shall select the Senior Notes shall to be made redeemed among the Holders of the Senior Notes in compliance with the Relevant Currency. Any amount requirements of principal, premium, if any, interest and Additional Amountsthe principal national securities exchange, if any, on which the Senior Notes are listed or, if the Senior Notes are not so listed, on a pro rata basis, by lot or in accordance with any Senior Note that is not paid when due shall, to other method the fullest extent lawful, accrue interest at a rate per annum equal to the Default Rate. Interest will be computed on the basis of a 360-day year of twelve 30-day monthsTrustee considers fair and appropriate. In the event that any of partial redemption by lot, the particular Senior Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Senior Notes not previously called for redemption. The Trustee shall promptly notify the payment Company in writing of principal, premium, if any, interest or Additional Amounts, if any, on the Senior Notes selected for redemption and, in the case of any Senior Note selected for partial redemption, the principal amount thereof to be redeemed. Senior Notes and portions of Senior Notes selected shall be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Senior Notes of a Holder are to be redeemed, the entire outstanding amount of Senior Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Senior Notes called for redemption also apply to portions of Senior Notes called for redemption. In the event the Issuers are required to make an offer to redeem Senior Notes pursuant to Sections 3.09 and 4.10 hereof and the amount of the Net Proceeds from the Sale of Assets is not a Business Dayevenly divisible by $1,000, such payment may be made on the next succeeding day that is a Business Day, and, other than with respect Trustee shall promptly refund to any payment of principal or premium, if any (the Company at the address set forth in which case interest shall accrue), no interest shall accrue or be payable on any such payment as a result Section 10.02 hereof of any such delayremaining Net Proceeds.

Appears in 1 contract

Samples: Indenture (Niagara Mohawk Power Corp /Ny/)

Selection of Senior Notes to be Redeemed. The If less than all the Senior Notes are to be redeemed at any time, the Trustee shall select the Senior Notes to be known redeemed on a pro rata basis, or by any other method which the Trustee shall determine to be fair and designated appropriate and which complies with any securities exchange and other applicable requirements, provided that the Trustee may select for redemption in part only Senior Notes in denominations larger than $1,000. In selecting Senior Notes to be redeemed pursuant to this Section 3.2, the Trustee shall make such adjustments, reallocations and eliminations as it shall deem proper so that the "Guaranteed Senior Secured Notes due 2008" of the Issuer. Their Stated Maturity shall be April 30, 2008, and they shall bear interest on their outstanding principal amount at Stated Maturity of each Senior Note to be redeemed shall be $1,000 or an integral multiple thereof, by increasing, decreasing or eliminating any amount less than $1,000 which would be allocable to any Holder. If the rate of 8% per annum, from the Issue Date (or if interest has already been paid or duly provided for on the Notes to be redeemed are Certificated Senior Notes, from the most recent Certificated Senior Note Interest Payment Date Notes to be redeemed shall be selected by the Trustee by prorating, as nearly as may be, or by any other method which interest has been paid or duly provided for)the Trustee shall determine to be fair and appropriate and which complies with any securities exchange and other applicable requirements, payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for paymentamount of Certificated Senior Notes to be redeemed among the Holders of Certificated Senior Notes registered in their respective names. The Trustee in its discretion may determine the particular Senior Notes will (if there are more than one) registered in the name of any Holder which are to be redeemed redeemed, in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturity, if not earlier redeemed pursuant to the provisions whole or in part. Provisions of this IndentureIndenture that apply to Senior Notes called for redemption also apply to portions of Senior Notes called for redemption. All payments The Trustee shall notify the Company promptly of principal, premium, if any, interest, Additional Amounts, if any, and any other amounts due on the Senior Notes shall be made in the Relevant Currency. Any amount or portions of principal, premium, if any, interest and Additional Amounts, if any, on any Senior Note that is not paid when due shall, to the fullest extent lawful, accrue interest at a rate per annum equal to the Default Rate. Interest will be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date for the payment of principal, premium, if any, interest or Additional Amounts, if any, on the Senior Notes is not a Business Day, such payment may to be made on the next succeeding day that is a Business Day, and, other than with respect to any payment of principal or premium, if any (in which case interest shall accrue), no interest shall accrue or be payable on any such payment as a result of any such delayredeemed.

Appears in 1 contract

Samples: Supplemental Indenture (Grey Wolf Inc)

Selection of Senior Notes to be Redeemed. The Senior Notes shall be known and designated as the "Guaranteed Senior Secured Notes due 2008" If less than all of the Issuer. Their Stated Maturity shall be April 30, 2008, and they shall bear interest on their outstanding principal amount at the rate of 8% per annum, from the Issue Date (or if interest has already been paid or duly provided for on the Senior Notes, from the most recent Senior Note Interest Payment Date Notes are to which interest has been paid or duly provided for), payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for payment. The Senior Notes will be redeemed in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturitytime, if not earlier redeemed pursuant to selection of the provisions of this Indenture. All payments of principal, premium, if any, interest, Additional Amounts, if any, and any other amounts due on the Senior Notes for redemption shall be made by the Trustee in compliance with the Relevant Currency. Any amount requirements of principal, premium, if any, interest and Additional Amountsthe principal national securities exchange, if any, on any Senior Note that is which the Notes are listed or, if the Notes are not paid when due shallso listed, to on a pro rata basis, by lot or by such 17 method as the fullest extent lawfulTrustee shall deem fair and appropriate; provided that, accrue interest at a rate per annum equal to the Default Rate. Interest will no Notes of $1,000 or less shall be computed on the basis of a 360-day year of twelve 30-day monthsredeemed in part. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. If any date for Note is to be redeemed in part only, a new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the redemption date, unless the Company defaults in payment of principal, premium, if anythe redemption price, interest ceases to accrue on Notes or Additional Amountsportions of them called for redemption. Except as provided in this Section 3.02, if any, on the Senior provisions of this Indenture that apply to Notes is not a Business Day, such payment may be made on the next succeeding day that is a Business Day, and, other than with respect called for redemption also apply to any payment portions of principal or premium, if any (in which case interest shall accrue), no interest shall accrue or be payable on any such payment as a result of any such delayNotes called for redemption.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Global Broadcasting Systems Inc/Fa)

Selection of Senior Notes to be Redeemed. The If less than all of the Outstanding Senior Notes are to be redeemed at any time, the Trustee shall be known and designated as allocate the "Guaranteed Senior Secured Notes due 2008" principal amount of the Issuer. Their Stated Maturity shall Senior Notes to be April 30, 2008, and they shall bear interest on their outstanding principal amount redeemed among all of the Senior Notes at the rate of 8% per annumtime Outstanding in proportion, from the Issue Date (or if interest has already been paid or duly provided for on the Senior Notesas nearly as practicable, from the most recent Senior Note Interest Payment Date to which interest has been paid or duly provided for), payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for payment. The Senior Notes will be redeemed in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturity, if not earlier redeemed pursuant to the provisions of this Indenture. All payments of principalrespective unpaid principal amounts thereof not theretofore called for redemption, premiumsubject to compliance with (1) the requirements, if any, interest, Additional Amounts, if any, and any other amounts due of the principal securities exchange on which the Senior Notes shall be made in the Relevant Currency. Any amount of principal, premiumare listed, if any, interest and Additional Amounts, if any, on any Senior Note that is not paid when due shall, to the fullest extent lawful, accrue interest at a rate per annum equal to the Default Rate. Interest will be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date for the payment of principal, premium, if any, interest or Additional Amounts, if any, on the Senior Notes is not are listed on any securities exchange and (2) any applicable laws, rules and regulations and the rules and procedures of DTC, Euroclear and/or Clearstream, Luxembourg, if interests in the Senior Notes are held in such clearing systems. The Trustee, provided it has received or obtained a Business Daycopy of the Register from the Registrar, such payment may be made on shall promptly notify the next succeeding day that is a Business Day, Issuer in writing of the Senior Notes selected for redemption as aforesaid and, other than in the case of any Senior Notes selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. The provisions of the two preceding paragraphs shall not apply with respect to any payment of principal redemption affecting only a single Senior Note, whether such Senior Note is to be redeemed in whole or premium, if any (in which part. In the case interest shall accrue), no interest shall accrue or be payable on any such payment as a result of any such delayredemption in part, the unredeemed portion of the principal amount of the Senior Note shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Senior Note. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Senior Notes shall relate, in the case of any Senior Notes redeemed or to be redeemed only in part, to the portion of the principal amount of such Senior Notes which has been or is to be redeemed. Any Senior Note which is to be redeemed only in part shall be presented at a Place of Payment therefor (with, only in the case of Definitive Registered Senior Notes, if the Issuer or the Paying Agent so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Paying Agent duly executed by, the Holder thereof or his attorney duly authorized in writing), and (1) in the case of Definitive Registered Senior Notes the Issuer shall execute, and the Paying Agent shall authenticate and deliver to the Holder of such Definitive Registered Senior Note without service charge, a new Definitive Registered Senior Note or Senior Notes in any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal amount of the Senior Note so surrendered and (2) in the case of Global Senior Notes, the Paying Agent shall make an appropriate notation on Schedule A thereto to reflect the portion of the principal amount of such Global Senior Note redeemed and the unredeemed portion of the principal of the Global Senior Note so surrendered.

Appears in 1 contract

Samples: Deposit Agreement (Marconi Corp PLC)

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Selection of Senior Notes to be Redeemed. The If less than all of the Outstanding Senior Notes are to be redeemed at any time, the Trustee shall be known and designated as allocate the "Guaranteed Senior Secured Notes due 2008" principal amount of the Issuer. Their Stated Maturity shall Senior Notes to be April 30, 2008, and they shall bear interest on their outstanding principal amount redeemed among all of the Senior Notes at the rate of 8% per annumtime Outstanding in proportion, from the Issue Date (or if interest has already been paid or duly provided for on the Senior Notesas nearly as practicable, from the most recent Senior Note Interest Payment Date to which interest has been paid or duly provided for), payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for payment. The Senior Notes will be redeemed in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturity, if not earlier redeemed pursuant to the provisions of this Indenture. All payments of principalrespective unpaid principal amounts thereof not theretofore called for redemption, premiumsubject to compliance with (1) the requirements, if any, interest, Additional Amounts, if any, and any other amounts due of the principal securities exchange on which the Senior Notes shall be made in the Relevant Currency. Any amount of principal, premiumare listed, if any, interest and Additional Amounts, if any, on any Senior Note that is not paid when due shall, to the fullest extent lawful, accrue interest at a rate per annum equal to the Default Rate. Interest will be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date for the payment of principal, premium, if any, interest or Additional Amounts, if any, on the Senior Notes is not are listed on any securities exchange and (2) any applicable laws, rules and regulations and the rules and procedures of DTC, Euroclear and/or Clearstream, Luxembourg, if interests in the Senior Notes are held in such clearing systems. The Trustee, provided it has received or obtained a Business Daycopy of the Register from the Registrar, such payment may be made on shall promptly notify the next succeeding day that is a Business Day, Issuer in writing of the Senior Notes selected for redemption as aforesaid and, other than in the case of any Senior Notes selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. The provisions of the two preceding paragraphs shall not apply with respect to any payment of principal redemption affecting only a single Senior Note, whether such Senior Note is to be redeemed in whole or premium, if any (in which part. In the case interest shall accrue), no interest shall accrue or be payable on any such payment as a result of any such delayredemption in part, the unredeemed portion of the principal amount of the Senior Note shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Senior Note. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Senior Notes shall relate, in the case of any Senior Notes redeemed or to be redeemed only in part, to the portion of the principal amount of such Senior Notes which has been or is to be redeemed. In the case of Global Senior Notes redeemed only in part, the Paying Agent shall make an appropriate notation on Schedule A thereto to reflect the portion of the principal amount of such Global Senior Note redeemed and the unredeemed portion of the principal of the Global Senior Note so surrendered.

Appears in 1 contract

Samples: Deposit Agreement (Marconi Corp PLC)

Selection of Senior Notes to be Redeemed. The If less than all of the Outstanding Senior Notes shall be known and designated as the "Guaranteed Senior Secured Notes due 2008" of the Issuer. Their Stated Maturity shall be April 30, 2008, and they shall bear interest on their outstanding principal amount at the rate of 8% per annum, from the Issue Date (or if interest has already been paid or duly provided for on the Senior Notes, from the most recent Senior Note Interest Payment Date are to which interest has been paid or duly provided for), payable quarterly in arrears, on each Senior Note Interest Payment Date in accordance with Section 2.09 (Payment; Interest Rights Preserved) until the principal thereof is paid or made available for payment. The Senior Notes will be redeemed in cash at their outstanding principal amount together with any other amounts due thereunder on their Stated Maturitytime, if not earlier redeemed pursuant to the provisions of this Indenture. All payments of principal, premium, if any, interest, Additional Amounts, if any, and any other amounts due on Trustee shall select the Senior Notes shall to be made redeemed among the Holders of the Senior Notes in compliance with the Relevant Currency. Any amount requirements of principal, premium, if any, interest and Additional Amountsthe principal national securities exchange, if any, on which the Senior Notes are listed or, if the Senior Notes are not so listed, on a PRO RATA basis, by lot or in accordance with any Senior Note that is not paid when due shall, to other method the fullest extent lawful, accrue interest at a rate per annum equal to the Default Rate. Interest will be computed on the basis of a 360-day year of twelve 30-day monthsTrustee considers fair and appropriate. In the event that any of partial redemption by lot, the particular Senior Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Senior Notes not previously called for redemption. The Trustee shall promptly notify the payment Company in writing of principal, premium, if any, interest or Additional Amounts, if any, on the Senior Notes selected for redemption and, in the case of any Senior Note selected for partial redemption, the principal amount thereof to be redeemed. Senior Notes and portions of Senior Notes selected shall be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Senior Notes of a Holder are to be redeemed, the entire outstanding amount of Senior Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Senior Notes called for redemption also apply to portions of Senior Notes called for redemption. In the event the Issuers are required to make an offer to redeem Senior Notes pursuant to Sections 3.09 and 4.10 hereof and the amount of the Net Proceeds from the Sale of Assets is not a Business Dayevenly divisible by $1,000, such payment may be made on the next succeeding day that is a Business Day, and, other than with respect Trustee shall promptly refund to any payment of principal or premium, if any (the Company at the address set forth in which case interest shall accrue), no interest shall accrue or be payable on any such payment as a result Section 10.02 hereof of any such delayremaining Net Proceeds.

Appears in 1 contract

Samples: Niagara Mohawk Power Corp /Ny/

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