Common use of Prepayment and Redemption Clause in Contracts

Prepayment and Redemption. The Company and ITT Holdings LLC shall have the option to prepay its obligations hereunder at the times and in the amounts as necessary to exercise its option to cause the Bonds to be redeemed in whole or in part as set forth in the Indenture and in the Bonds. Each of the Company and ITT Holdings LLC hereby agrees that it shall prepay its obligations hereunder at the times and in the amounts as necessary to accomplish the mandatory redemption of the Bonds as set forth in the Indenture and in the Bonds. The Issuer, at the request of the Company, shall forthwith take all steps (other than the payment of the money required for such redemption) necessary under the applicable redemption provisions of the Indenture to effect redemption of all or part of the Outstanding Bonds, as may be specified by the Company or ITT Holdings LLC, on the date established for such redemption.

Prepayment and Redemption. The Company and ITT Holdings LLC shall have the option to prepay its obligations hereunder at the times and in the amounts as necessary to exercise its option to cause the Bonds to be redeemed in whole or in part as set forth in the Indenture and in the Bonds. Each of the Company and ITT Holdings LLC hereby agrees that it shall prepay its obligations hereunder at the times and in the amounts as necessary to accomplish the mandatory redemption of the Bonds as set forth in the Indenture and in the Bonds. The IssuerAuthority, at the request of the Company, shall forthwith take all steps (other than the payment of the money required for such redemption) necessary under the applicable redemption provisions of the Indenture to effect redemption of all or part of the Outstanding Bonds, as may be specified by the Company or ITT Holdings LLC, on the date established for such redemption.