Common use of Procedure and Payment Clause in Contracts

Procedure and Payment. Within fifteen (15) days following its receipt of the Redemption Election, the Corporation shall mail a written notice, first class postage prepaid, to the Redeeming Holder at the address last shown for such Redeeming Holder on the share transfer records of the Corporation. In addition to any information required by law, such notice (the “Redemption Notice”) shall state: (i) the Redemption Date, (ii) the Redemption Price, (iii) the number of shares that may lawfully be redeemed from such Redeeming Holder, and (iv) the place or places where certificates for such shares are to be surrendered for payment of the Redemption Price. If the Corporation is unable lawfully to redeem all of the shares set forth in the Redemption Election with respect to a Redeeming Holder, then the Corporation may reduce the number of shares of Series B Preferred to be redeemed from any such Redeeming Holder, without penalty or prejudice, by written notice to such Redeeming Holder given within ten (10) days of receipt of the Redemption Notice. Subject to the preceding sentence, on or after the Redemption Date, the Redeeming Holder shall surrender to the Corporation the certificate or certificates representing such shares, in the manner and at the place designated in the Redemption Notice, and thereupon the Redemption Price of such shares shall be payable in accordance with this Section 3(b) to the person whose name appears on such certificate or certificates as the owner thereof and each surrendered certificate shall be cancelled. As promptly as practicable after receipt of the surrendered certificate or certificates (and in no event more than ten (10) days following the Redemption Date), the Corporation shall issue and deliver to or upon the written order of such Redeeming Holder, at such office or other place designated by the Redeeming Holder, a check for cash in an amount equal to the Redemption Price for the shares to be redeemed. In the event less than all the shares represented by any such certificate are redeemed, a new certificate shall be issued representing the unredeemed shares.

Procedure and Payment. Within fifteen (15) days following its receipt of the Redemption Election, the The Corporation shall mail a written noticeRedemption Notice, first class postage prepaid, to the Redeeming each Redeemed Holder at the address last shown for such Redeeming Redeemed Holder on the share transfer records of the Corporation. In addition No failure to any information required by law, give such notice (or any defect therein or in the “Redemption Notice”) mailing thereof shall state: (i) affect the Redemption Date, (ii) the Redemption Price, (iii) the number of shares that may lawfully be redeemed from such Redeeming Holder, and (iv) the place or places where certificates for such shares are to be surrendered for payment validity of the Redemption Price. If proceedings for the Corporation is unable lawfully to redeem all redemption of the shares set forth in the Redemption Election with respect to a Redeeming Holder, then the Corporation may reduce the number of shares of any Series B Preferred except as to be redeemed from any such Redeeming Holder, without penalty holder to whom the Corporation has failed to give notice or prejudice, except as to any holder to whom notice was defective. Unless otherwise determined by written notice to such Redeeming Holder given within ten (10) days of receipt of the Redemption Notice. Subject to the preceding sentenceBoard, on or after before the applicable Redemption Date, the Redeeming Redeemed Holder shall surrender to the Corporation the certificate or certificates representing such sharesthe shares to be redeemed, in the manner and at the place designated in the Redemption Notice, and thereupon the Redemption Price of such shares shall be payable in accordance with this Section 3(b4(c) to the person whose name appears on such certificate or certificates as the owner thereof and each surrendered certificate shall be cancelled. As promptly as practicable after receipt of the surrendered certificate or certificates (and in no event more than ten (10) days following the Redemption Date), the Corporation shall issue and deliver to or upon the written order of such Redeeming Redeemed Holder, at such office or other place designated by the Redeeming Holderholder, a check for cash in an amount equal to the Redemption Price for the shares to be redeemed. In the event less than all the shares represented by any such certificate certification are redeemed, a new certificate shall be issued representing the unredeemed shares. No Series B Preferred may be redeemed except with assets legally available for the payment of the Redemption Price.