Common use of Effectiveness of Redemption Clause in Contracts

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit Union, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit Union, after which time the Holders of such Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union for payment of the redemption price of such Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities Notes called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security Note so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities Notes so called for redemption, the aggregate principal amount of such Senior Subordinated Securities Notes so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities Notes (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders of such Senior Subordinated Securities Notes (or portion thereof so called for redemption) shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated SecuritiesNotes.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited irrevocably set aside by the Credit UnionCorporation, separate and apart from its other assets, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding and outstanding, all dividends with respect to such shares shall cease to bear interest from accrue after such redemption date, and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Depository Company at any time after the redemption date from the funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three two years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCorporation, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been set aside by the Company, separate and apart from its other assets, for the pro rata benefit of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Credit Union, Company with a bank or trust company selected by the Board of Directors or any duly authorized committee thereof (the “Trust”) in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemptionredemption date, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Trust at any time after the redemption date from the funds so deposited, without interest. The Company shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCompany, after which time and in the event of such repayment to the Company, the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Company for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Company, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders of such Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the such notice all funds necessary for the redemption have been deposited by the Credit UnionCorporation, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares of Designated Preferred Stock called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share of Designated Preferred Stock so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all Designated Preferred Stock so called for redemption, the aggregate principal amount all shares of such Senior Subordinated Securities Designated Preferred Stock so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares of Designated Preferred Stock shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released to the Credit UnionCorporation, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the shares of Designated Preferred Stock so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares of Designated Preferred Stock.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCorporation, separate and apart from its other assets, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors or any duly authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding and outstanding, all dividends with respect to such shares shall cease to bear interest from accrue after such redemption date, and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companycompany at any time after the redemption date from the funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCorporation, after which time and in the Holders event of such Senior Subordinated Securities (or portion thereof repayment to the Corporation, the holders of record of the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Corporation for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Corporation, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited irrevocably set aside by the Credit UnionCorporation, separate and apart from its other assets, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding and outstanding, all dividends with respect to such shares shall cease to bear interest from accrue after such redemption date, and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Depositary Company at any time after the redemption date from the funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three two years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCorporation, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCorporation, separate and apart from its other assets, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Corporation with a bank or trust company selected by the board of directors of the Corporation or any duly authorized committee of the board of directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding and outstanding, all dividends with respect to such shares shall cease to bear interest from accrue after such redemption date, and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companycompany at any time after the redemption date from the funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCorporation, after which time and in the Holders event of such Senior Subordinated Securities (or portion thereof repayment to the Corporation, the holders of record of the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Corporation for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Corporation, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionRecipient, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities Debt called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities Debt so called for redemption, the aggregate principal amount of such Senior Subordinated Securities Debt so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities Debt (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionRecipient, after which time the Holders of such Senior Subordinated Securities Debt (or portion thereof so called for redemption) shall look only to the Credit Union Recipient for payment of the redemption price of such Senior Subordinated SecuritiesDebt.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit Union, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities Debt called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities Debt so called for redemption, the aggregate principal amount of such Senior Subordinated Securities Debt so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities Debt (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit Union, after which time the Holders of such Senior Subordinated Securities Debt (or portion thereof so called for redemption) shall look only to the Credit Union for payment of the redemption price of such Senior Subordinated SecuritiesDebt.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders of the CDCI Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any CDCI Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such CDCI Senior Subordinated Securities so called for redemption, the aggregate principal amount of such CDCI Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such CDCI Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders of such CDCI Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union Company for payment of the redemption price of such CDCI Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCorporation, separate and apart from its other assets, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding and outstanding, all dividends with respect to such shares shall cease to bear interest from accrue after such redemption date, and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from the Corporation or such bank or trust companycompany at any time after the redemption date from the funds so set apart or deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCorporation, after which time and in the Holders event of such Senior Subordinated Securities (or portion thereof repayment to the Corporation, the holders of record of the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Corporation for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Corporation, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been set aside by the Corporation, separate and apart from its other assets, for the pro rata benefit of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Credit Union, Corporation with a bank or trust company selected by the Board of Directors or any duly authorized committee thereof (the “Trust”) in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemptionredemption date, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Trust at any time after the redemption date from the funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCorporation, after which time and in the event of such repayment to the Corporation, the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Corporation for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Corporation, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders of such Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given as provided in Section 7(c) and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCorporation, separate and apart from its other funds, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date unless the Corporation defaults in the payment of the redemption price, in which case such rights shall continue until the redemption price is paid, dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companyredemption, without interest. Any funds unclaimed at the end of three two years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released to the Credit UnionCorporation, after which time the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares. Shares of outstanding Series C Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation, or converted into another series of the Corporation’s preferred stock, shall be cancelled and shall revert to authorized but unissued shares of the Corporation’s preferred stock undesignated as to series.

Effectiveness of Redemption. If notice of redemption has been duly given as provided in Section 7(c) and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCorporation, separate and apart from its other funds, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date unless the Corporation defaults in the payment of the redemption price, in which case such rights shall continue until the redemption price is paid, dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date EXHIBIT I redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companyredemption, without interest. Any funds unclaimed at the end of three two years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released to the Credit UnionCorporation, after which time the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares. Shares of outstanding Series A Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation, or converted into other shares of capital stock of the Corporation, shall be cancelled and shall revert to authorized but unissued shares of the Corporation’s Preferred Stock undesignated as to series.

Effectiveness of Redemption. If notice of redemption of Convertible Preferred Units pursuant to Section 3.4(b) has been duly given pursuant to Section 3.4(c) and if on or before the Redemption Date specified in the notice redemption date all funds necessary for the redemption have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities Convertible Preferred Units called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 100 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any Convertible Preferred Unit so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest date of redemption dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all Convertible Preferred Units so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all Convertible Preferred Units so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) Convertible Preferred Units shall forthwith on such Redemption Date date of redemption cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date date of redemption shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the Convertible Preferred Units so called for redemption) redemption shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated SecuritiesConvertible Preferred Units.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionCorporation, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least US $500 million 1 billion and selected by the Board of DirectorsBoard, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three (3) years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released to the Credit UnionCorporation, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares. Notwithstanding the foregoing, at any time after the Series A First Preferred Shares become convertible pursuant to Section 7, the Corporation may not redeem any Series A First Preferred Shares unless such holders have failed to exercise their conversion rights pursuant to Section 7(a) for a period of thirty (30) days following receipt of a notice of redemption.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been set aside by the Company, separate and apart from its other assets, for the pro rata benefit of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Credit Union, Company with a bank or trust company selected by the Board of Directors or any duly authorized committee thereof (the “Trust”) in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemptionredemption date, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Trust at any time after the redemption date from the funds so deposited, without interest. The Series V Company shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCompany, after which time and in the event of such repayment to the Company, the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Company for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Company, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited irrevocably set aside by the Credit UnionCompany, separate and apart from its other assets, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors of the Company or any duly authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding and outstanding, all dividends with respect to such shares shall cease to bear interest from accrue after such redemption date, and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Depository Company at any time after the redemption date from the funds so deposited, without interest. The Company shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three two years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCompany, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated Securitiesshares.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionBank, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities Notes called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security Note so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities Notes so called for redemption, the aggregate principal amount of such Senior Subordinated Securities Notes so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities Notes (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionBank, after which time the Holders of such Senior Subordinated Securities Notes (or portion thereof so called for redemption) shall look only to the Credit Union Bank for payment of the redemption price of such Senior Subordinated SecuritiesNotes.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCompany, separate and apart from its other funds, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities Notes called for redemption, with a bank redemption (or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directorsto be redeemed pursuant to Section 3.3), so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security Note (or an affidavit of loss and indemnification in lieu thereof has been provided to the Company as provided below) so called for redemption (or to be redeemed pursuant to Section 3.3) has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all Notes so called for redemption shall no longer (or to be deemed outstanding and redeemed pursuant to Section 3.3) shall cease to bear interest from be outstanding and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) Notes shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust company, without interest. In the event any Note shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Holder certifying to the satisfaction of the Company that such Note has been lost, stolen or destroyed and entering into an indemnity agreement against any claim that may be made against it with respect to such Note, the Company will deliver any redemption price in respect thereof issuable and/or payable in exchange for such lost, stolen or destroyed certificate pursuant to the terms of this Section 3. Any funds unclaimed at the end of three years one year from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders of such Senior Subordinated Securities (or portion thereof the Notes so called for redemptionredemption (or to be redeemed pursuant to Section 3.3) shall look only to the Credit Union Company for payment of the redemption price Redemption Price of such Senior Subordinated SecuritiesNotes.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCompany, separate and apart from its other assets, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares of Perpetual Preferred Stock called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Company with a bank or trust company selected by the Board of Directors, the Preferred Stock Committee or any other duly authorized committee thereof (the “Trust”) in trust for the pro rata benefit of the Holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share of Perpetual Preferred Stock so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date all shares of Perpetual Preferred Stock so called for redemption shall cease to be outstanding, all dividends with respect to such shares of Perpetual Preferred Stock shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemptionredemption date, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Trust at any time after the redemption date from the funds so deposited, without interest. The Company shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCompany, after which time and in the event of such repayment to the Company, the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Company for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Company, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionSeller, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of DirectorsDirectors (or similar governing body) of the Seller, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security Securities so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionSeller, after which time the Holders of such Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union Seller for payment of the redemption price of such Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given pursuant to Section 6(c) and if on or before the Redemption Date redemption date specified in the notice all funds necessary for payment of the redemption applicable Redemption Price have been set aside by the Company, separate and apart from its other assets, for the benefit of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Credit Union, Company with a bank or trust company selected by the Board of Directors or any duly authorized committee thereof in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in redemption (the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor“Trust”), then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest date of such deposit the voting rights and covenants set forth in Section 12 shall cease to accrue on be of further effect and any PIK Shares in respect of which such deposit has been made shall be deemed to be not outstanding for purposes of Section 4(c)(i)(1)(B). On and after the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities redemption date all shares so called for redemption shall no longer cease to be deemed outstanding issued and outstanding, all dividends with respect to such shares shall cease to bear interest from accumulate on such redemption date and after the Redemption Date. All all other rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Trust at any time after the redemption date from the funds so deposited, without interest. The Company shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCompany, after which time and in the event of such repayment to the Company, the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Company for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Company, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCompany, separate and apart from its other assets, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, or deposited by the Company with a bank or trust company selected by the Board of Directors, the Preferred Stock Committee or any other duly authorized committee thereof (the “Trust”) in trust for the pro rata benefit of the Holders of the shares called for redemption, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemptionredemption date, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companythe Trust at any time after the redemption date from the funds so deposited, without interest. The Company shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released or repaid to the Credit UnionCompany, after which time and in the event of such repayment to the Company, the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only be deemed to be unsecured creditors of the Company for an amount equivalent to the Credit Union amount deposited as stated above for payment of the redemption price of such Senior Subordinated Securitiesshares and so repaid to the Company, but shall in no event be entitled to any interest.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionBank, in trust for the pro rata benefit of the Holders of the CDCI Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any CDCI Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such CDCI Senior Subordinated Securities so called for redemption, the aggregate principal amount of such CDCI Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such CDCI Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionBank, after which time the Holders of such CDCI Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union Bank for payment of the redemption price of such CDCI Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given as provided in Section 7(c) and if on or before the Redemption Date redemption date specified in the notice all funds necessary for the redemption have been deposited set aside by the Credit UnionCorporation, separate and apart from its other funds, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest redemption date unless the Corporation defaults in the payment of the redemption price, in which case such rights shall continue until the redemption price is paid, dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date redemption date cease and terminate, except only the right of the Holders thereof to receive the redemption price amount payable on such redemption from such bank or trust companyredemption, without interest. Any funds unclaimed at the end of three two years from the Redemption Date redemption date shall, to the extent permitted by applicable law, be released to the Credit UnionCorporation, after which time the Holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price of such Senior Subordinated Securitiesshares. Shares of outstanding Series B-1 Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation, or converted into another series of the Corporation’s preferred stock, shall be cancelled and shall revert to authorized but unissued shares of the Corporation’s preferred stock undesignated as to series.

Effectiveness of Redemption. If notice In the case of a redemption pursuant to Section 7.05(b), if the Company Notice of Redemption has been duly given given, and if on or before after the date that is no more than 30 calendar days prior to the Company Optional Redemption Date specified in the notice applicable to such redemption all funds necessary for the such redemption have been deposited by the Credit Union, Company in trust for the pro rata benefit of the Holders applicable holders of the Senior Subordinated Securities called for redemption, Series A Preferred Membership Interests with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million 500,000,000 and selected by the Board of DirectorsCompany, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any Series A Preferred Membership Interest so called for redemption has not been surrendered for cancellationsurrendered, on and after the Company Optional Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemptionDate, the aggregate principal amount of such Senior Subordinated Securities all Series A Preferred Membership Interests so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All all rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) Series A Preferred Membership Interests shall forthwith on such Company Optional Redemption Date applicable to such redemption cease and terminatebe terminated, except only for the right of the Holders holders thereof to receive the redemption price amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Company Optional Redemption Date applicable to such redemption shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time holders of the Holders of such Senior Subordinated Securities (or portion thereof Series A Preferred Membership Interests so called for redemption) redemption shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated SecuritiesSeries A Preferred Membership Interests.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionBank, in trust for the pro rata benefit of the Holders of the Senior Subordinated Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities so called for redemption, the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionBank, after which time the Holders of such Senior Subordinated Securities (or portion thereof so called for redemption) shall look only to the Credit Union Bank for payment of the redemption price of such Senior Subordinated Securities.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the such notice all funds necessary for the redemption payment of the aggregate Redemption Price (plus Additional Regular Dividends, if any) have been deposited by the Credit UnionCorporation, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directorsan Eligible Institution, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security certificate for any share of Series A Preferred Stock so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest Date, dividends shall cease to accrue on the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption, the aggregate principal amount of such Senior Subordinated Securities all shares so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after all rights of the Redemption Date. All rights respective holders with respect to such Senior Subordinated Securities (or the portion thereof so called for redemption) shares shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders respective holders thereof to receive the redemption price payable on such redemption Redemption Price from such bank or trust companyEligible Institution, without interest, and the respective holders on the Dividend Record Date to receive the Additional Regular Dividend, if any. Any funds unclaimed at the end of three years from the Redemption Date shall, to the extent permitted by applicable law, be released by such Eligible Institution (or its successor, which must also be an Eligible Institution) to the Credit UnionCorporation, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof the shares so called for redemption) redemption shall look only to the Credit Union Corporation for payment of the redemption price Redemption Price of such Senior Subordinated Securitiesshares or the Additional Regular Dividend, if any, with respect to such shares.

Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date specified in the notice all funds necessary for the redemption have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders of the Senior Subordinated EQ2 Securities called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated EQ2 Security so called for redemption has not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on the aggregate principal amount of such Senior Subordinated EQ2 Securities so called for redemption, the aggregate principal amount of such Senior Subordinated EQ2 Securities so called for redemption shall no longer be deemed outstanding and shall cease to bear interest from and after the Redemption Date. All rights with respect to such Senior Subordinated EQ2 Securities (or the portion thereof so called for redemption) shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the redemption price payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three (3) years from the Redemption Date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders of such Senior Subordinated EQ2 Securities (or portion thereof so called for redemption) redemption shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated EQ2 Securities.

Effectiveness of Redemption. If notice of redemption has been duly given under Section 8(d) and if if, on or before the Redemption Date redemption date specified in the notice notice, all funds necessary for the redemption of all Series A Preference Shares called for redemption (together, if such redemption date occurs on or after the Record Date for a Dividend and on or before the immediately following Dividend Payment Date, with the full amount of Dividends payable or deliverable on such Dividend Payment Date pursuant to the proviso to Section 8(a)) have been deposited by the Credit UnionCompany, in trust for the pro rata benefit of the Holders holders of the Senior Subordinated Securities called for redemptionsuch Series A Preference Shares, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of DirectorsBoard, so as to be and continue to be available solely therefor, then, notwithstanding that any Senior Subordinated Security so called certificate for redemption any such Series A Preference Shares has not been surrendered for cancellation, on and after such redemption date, Dividends shall (except to the Redemption Date interest shall extent provided in the proviso to Section 8(a)) cease to accrue on all such Series A Preference Shares, all such Series A Preference Shares shall, unless previously converted, be redeemed, and (except to the aggregate principal amount of such Senior Subordinated Securities so called for redemption, extent provided in the aggregate principal amount of such Senior Subordinated Securities so called for redemption shall no longer be deemed outstanding and shall cease proviso to bear interest from and after the Redemption Date. All Section 8(a)) all rights with respect to such Senior Subordinated Securities Series A Preference Shares (or the portion thereof so called for redemptionincluding voting and consent rights) shall forthwith on such Redemption Date redemption date cease and terminate, except only that the right of the Holders holders thereof to receive the redemption price amount payable on such redemption (together with any such Dividends pursuant to the proviso to Section 8(a)) from such bank or trust company, without interestinterest shall survive such cessation and termination. Any funds unclaimed at the end of three five years from the Redemption Date such redemption date shall, to the extent permitted by applicable law, be released to the Credit UnionCompany, after which time the Holders holders of such Senior Subordinated Securities (or portion thereof so called for redemption) Series A Preference Shares shall look only to the Credit Union Company for payment of the redemption price of such Senior Subordinated SecuritiesSeries A Preference Shares (or such Dividends).