Common use of Redemption or Repurchase Clause in Contracts

Redemption or Repurchase. In the event that the Issuer ------------------------ exercises any right of redemption with respect to, or the Issuer or Bermuda Holdings exercises any right to repurchase, a Global Note in whole or in part, as the case may be, the Custodian, upon notice by the Depositary, will promptly surrender such Global Note to the Trustee who shall cause an adjustment to be made to such Global Note such that the aggregate principal amount of such Global Note shall be reduced by the amount of such redemption or repurchase, as the case may be, and shall thereafter return such Global Note (as so adjusted) to the Custodian and thenceforth the Global Receipt representing such Global Note shall automatically represent beneficial ownership of 100% of the Global Note, as adjusted to reflect the reduction in aggregate principal amount; provided, however, that DTC, in its discretion, (a) may request that the Depository issue a new Global Receipt or (b) may make an appropriate notation on such Global Receipt indicating the date and amount of such reduction in principal.