Common use of Optional Prepayment by Company Clause in Contracts

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1, 2007, at the optional prepayment price equal to the outstanding principal amount of the Securities to be prepaid, plus accrued and unpaid interest thereon (including Compounded Interest and Additional Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price"). If the Securities are only partially prepaid pursuant to this Section 14.02, the Securities to be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to Securities registered as a Global Security at the time of prepayment, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner of such Securities to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a), upon the entry of an order for dissolution of Trenwick Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, but

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, the Company shall have the right to prepay redeem the Securities, in whole or in part, from time to time, on or after February 1, 2007the Initial Optional Prepayment Date, at the optional prepayment price equal to the outstanding principal amount redemption prices set forth below (expressed as percentages of the Securities to be prepaidprincipal) plus, plus in each case, accrued and unpaid interest thereon (including Compounded Additional Interest and Additional Compounded Interest, if any) and any Additional Sums to the applicable date of prepayment redemption (the "Optional Prepayment Price")) if redeemed during the 12-month period beginning February 1 of the years indicated below. Year Percentage ---- ---------- 2007 104.625% 2008 104.163% 2009 103.700% 2010 103.238% 2011 102.775% 2012 102.313% 2013 101.850% 2014 101.388% 2015 100.925% 2016 100.463% 2017 and thereafter 100.000% -------- If the Securities are only partially prepaid redeemed pursuant to this Section 14.02, the Securities to be prepaid will be chosen pro rata redeemed PRO RATA or by lot or by any other method utilized by the Trustee; providedPROVIDED, that, as to that if at the time of redemption the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner holder of such Securities a Security to be prepaidredeemed. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment redemption or at such earlier time as the Company determines, provided, PROVIDED that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.02, upon the entry of an order for dissolution of Trenwick the OnBank Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepaymentredemption, in whole only, butbut not in part, on or after February 1, 2007, at the optional redemption prices set forth in Section 14.02 and otherwise in accordance with this Article XIV. (c) Any redemption of Securities pursuant to Section 14.01 or Section 14.02 shall be subject to the Company obtaining the prior approval of the Federal Reserve, if such approval is then required under applicable capital guidelines or policies of the Federal Reserve.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIVFourteen, the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1[ ], 2007[ ], at the optional prepayment price equal to [ ]% of the outstanding principal amount balance of the Securities to be prepaid(such amount, plus the "Optional Prepayment Price"), plus, in each case, accrued and unpaid interest thereon (including Compounded Additional Interest and Additional Compounded Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price")prepayment. If the Securities are only partially prepaid pursuant to this Section 14.02, the Securities to will be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to provided that if at the time of prepayment the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner holder of such Securities a Security to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.02, upon the entry of an order for dissolution of Trenwick the HSBC USA Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, butbut not in part, on or after [ ], [ ], at the Optional Prepayment Price set forth in this Section 14.02 and otherwise in accordance with this Article Fourteen. (c) Any prepayment of Securities pursuant to Section 14.01 or Section 14.02 shall be subject to the Company obtaining the prior approval of the Federal Reserve and the FSA, if such approval is then required under applicable capital guidelines or policies of the Federal Reserve and the FSA, respectively.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIVFourteen, the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1, 2007, the Initial Optional Prepayment Date at the optional prepayment price equal to the outstanding principal amount prices set forth below (expressed as percentages of the Securities to be prepaidprincipal) plus, plus in each case, accrued and unpaid interest thereon (including Compounded Additional Interest and Additional Compounded Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price")) if prepaid during the 12-month period beginning January 29 of the years indicated below. Year Percentage 2007 104.680% 2008 104.212% 66 2009 103.744% 2010 103.276% 2011 102.808% 2012 102.340% 2013 101.872% 2014 101.404% 2015 100.936% 2016 100.468% 2017 and thereafter 100.000% If the Securities are only partially prepaid pursuant to this Section 14.02, the Securities to will be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to that if at the time of prepayment the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner holder of such Securities a Security to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.02, upon the entry of an order for dissolution of Trenwick Webster Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional ▇▇▇▇▇▇al prepayment, in whole only, butbut not in part, on or after January 29, 2007, at the optional prepayment prices set forth in Section 14.02 and otherwise in accordance with this Article Fourteen. (c) Any prepayment of Securities pursuant to Section 14.01 or Section 14.02 shall be subject to the receipt by the Company of any required regulatory approval.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February January 1, 2007, at the optional prepayment price equal to the outstanding principal amount of the Securities to be prepaid, plus accrued and unpaid interest thereon (including Additional Sums and Compounded Interest and Additional Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price"). If the Securities are only partially prepaid pursuant to this Section 14.02, the Securities to be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, provided that, as to Securities registered as a Global Security at the time of prepayment, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner holder of such Securities a Security to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a), upon the entry of an order for dissolution of Trenwick Orion Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, butbut not in part, on or after January 1, 2007, at the optional prepayment price set forth in Section 14.02(a) and otherwise in accordance with this Article XIV.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1, 2007, at the optional prepayment price equal to the outstanding principal amount of the Securities to be prepaid, plus accrued and unpaid interest thereon (including Compounded Interest and Additional Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price"). If the Securities are only partially prepaid pursuant to this Section 14.02, the Securities to be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to Securities registered as a Global Security at the time of prepayment, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner of such Securities to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a), upon the entry of an order for dissolution of Trenwick Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, butbut not in part, on or after February 1, 2007, at the optional prepayment price set forth in Section 14.02(a) and otherwise in accordance with this Article XIV.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, including but not limited to Section 14.2(c), the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1, 2007, the Initial Optional Prepayment Date at the an optional prepayment price (the "Optional Prepayment Price") equal to 100% of the outstanding principal amount of the Securities to be prepaid, prepaid plus accrued and unpaid interest thereon (including Compounded Additional Interest and Additional Compounded Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price")prepayment. If the Securities are only partially prepaid redeemed pursuant to this Section 14.0214.2, the Securities to will be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to that if at the time of prepayment the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner for the account of such Securities its participants to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.2, upon the entry of an order for dissolution of Trenwick Capital NYB Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, butbut not in part, on or after October 31, 2001, at the Optional Prepayment Price and otherwise in accordance with this Article XIV. (c) Any prepayment of Securities pursuant to Section 14.1 or Section 14.2 shall be subject to the receipt by the Company of any required regulatory approval, if then required.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, including but not limited to Section 14.2(c), the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1, 2007, the Initial Optional Prepayment Date at the an optional prepayment price (the "Optional Prepayment Price") equal to the percentage of the outstanding principal amount of the Securities to be prepaidspecified below, plus plus, in each case, accrued and unpaid interest thereon (including Compounded Additional Interest and Additional Compounded Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price")prepayment: On or after _________, __________: 100.000%. If the Securities are only partially prepaid redeemed pursuant to this Section 14.0214.2, the Securities to will be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to that if at the time of prepayment the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner for the account of such Securities its participants to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.2, upon the entry of an order for dissolution of Trenwick Capital LFC Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, butbut not in part, on or after ___________________, at the Optional Prepayment Price and otherwise in accordance with this Article XIV. (c) Any prepayment of Securities pursuant to Section 14.1 or Section 14.2 shall be subject to the receipt by the Company of any required regulatory approval, if then required.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, the Company shall have the right to prepay the Securities, in whole or in part, from time to time, on or after February 1December 15, 20072006, at the optional prepayment price equal to the outstanding principal amount of the Securities to be prepaidredeemed, plus accrued and unpaid interest thereon (including Additional Sums and Compounded Interest and Additional Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price"). If the Securities are only partially prepaid pursuant to this Section 14.02, the Securities to will be prepaid will be chosen pro rata PRO RATA or by lot or by any other method utilized by the Trustee; providedPROVIDED, that, as to that if at the time of prepayment the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner holder of such Securities a Security to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.02, upon the entry of an order for dissolution of Trenwick ▇.▇. ▇▇▇▇▇▇▇ Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepayment, in whole only, butbut not in part, on or after December 15, 2006, at the optional prepayment price set forth in Section 14.02 and otherwise in accordance with this Article XIV.

Optional Prepayment by Company. (a) Subject to the provisions of Section 11.8(b) and to the provisions of this Article XIV11 hereof, the Company shall have the right to prepay the Debt Securities, in whole or in part, at any time and from time to time, on or after February 1[March [___], 2007], at the optional prepayment a redemption price equal to the outstanding principal amount of the Securities to be prepaid, plus accrued and unpaid interest thereon (including Compounded Interest and Additional Interest, if any) and any Additional Sums to the applicable date of prepayment (the "Optional Prepayment Price"). Any prepayment pursuant to this paragraph will be made upon not less than thirty (30) days' nor more than sixty (60) days' notice to the Holders of the Debt Securities. If the Debt Securities are only partially prepaid pursuant to this Section 14.023.2, the Debt Securities to will be prepaid will be chosen pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to that if at the time of prepayment the Debt Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Debt Securities held by each beneficial owner Holder of such Securities a Debt Security to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment or at such earlier time as the Company determines, provided, determines provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding If a partial prepayment of the first sentence Debt Securities would result in the delisting of Section 14.02(a), upon the entry of an order for dissolution of Trenwick Capital Securities issued by the Trust I by a court of competent jurisdictionfrom any national securities exchange or other organization on which the Capital Securities are then listed, the Company shall not be permitted to effect such partial prepayment and may only prepay the Debt Securities thereafter will be subject to optional prepayment, in whole only, butwhole.

Optional Prepayment by Company. (a) Subject to the provisions of this Article XIV, the Company shall have the right to prepay redeem the Securities, in whole or in part, from time to time, on or after February 1, 2007the Initial Optional Prepayment Date, at the optional prepayment price equal to the outstanding principal amount redemption prices set forth below (expressed as percentages of the Securities to be prepaidprincipal) plus, plus in each case, accrued and unpaid interest thereon (including Compounded Additional Interest and Additional Compounded Interest, if any) and any Additional Sums to the applicable date of prepayment redemption (the "Optional Prepayment Price")) if redeemed during the 12-month period beginning February 1 of the years indicated below. Year Percentage ---- ---------- 2007 104.625% 2008 104.163% 2009 103.700% 2010 103.238% 2011 102.775% 2012 102.313% 2013 101.850% 2014 101.388% 2015 100.925% 2016 100.463% 2017 and thereafter 100.000% -------- If the Securities are only partially prepaid redeemed pursuant to this Section 14.02, the Securities to be prepaid will be chosen redeemed pro rata or by lot or by any other method utilized by the Trustee; provided, that, as to that if at the time of redemption the Securities are registered as a Global Security at the time of prepaymentSecurity, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner holder of such Securities a Security to be prepaidredeemed. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment redemption or at such earlier time as the Company determines, provided, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. (b) Notwithstanding the first sentence of Section 14.02(a)14.02, upon the entry of an order for dissolution of Trenwick the OnBank Capital Trust I by a court of competent jurisdiction, the Securities thereafter will be subject to optional prepaymentredemption, in whole only, butbut not in part, on or after February 1, 2007, at the optional redemption prices set forth in Section 14.02 and otherwise in accordance with this Article XIV. (c) Any redemption of Securities pursuant to Section 14.01 or Section 14.02 shall be subject to the Company obtaining the prior approval of the Federal Reserve, if such approval is then required under applicable capital guidelines or policies of the Federal Reserve.