Common use of Optional Prepayment by Company Clause in Contracts

Optional Prepayment by Company. (a) Subject to the provisions of this Article III, the Company shall have the right to prepay the Debentures, in whole or in part, from time to time, on or after the Initial Optional Prepayment Date, at the Prepayment Price. If the Debentures are only partially prepaid pursuant to this Section 3.2, the Debentures to be prepaid shall be selected on a pro rata basis not more than 60 days prior to the date fixed for prepayment from the outstanding Debentures not previously called for prepayment, provided, however, that any such proration may be made on the basis of the aggregate principal amount of Debentures held by each Holder and may be made by making such adjustments as the Company deems fair and appropriate in order that only Debentures in denominations of $25 or integral multiples thereof shall be prepaid. The Prepayment Price shall be paid prior to 12:00 noon, New York time, on the date of such prepayment or at such earlier time as the Company determines, provided further that the Company shall deposit with the Trustee an amount sufficient to pay the Prepayment Price by 10:00 a.m., New York City time, on the date such Prepayment Price is to be paid.