Company as may be maintained for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. So long as the Notes remain in book-entry form, all payments of principal and interest will be made by the Company in immediately available funds.
6. The Company may redeem the Notes prior to maturity at the Companys option, at any time in whole or from time to time in part. Prior to the Par Call Date (as defined below), the Redemption Price will be equal to the greater of:
(a) 100% of the principal amount of the Notes to be redeemed, and
(b) as determined by the Quotation Agent (as defined below), the sum of the present values of the Remaining Scheduled Payments (as defined below) of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date, discounted to the Redemption Date on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months at the Adjusted Treasury Rate (as defined below) plus 20 basis points; plus, in each case, accrued and unpaid interest on the principal amount of Notes to be redeemed to the Redemption Date.
At any time on or after the Par Call Date, the Redemption Price shall be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date.
Adjusted Treasury Rate means, for any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date;
Comparable Treasury Issue means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming the Notes matured on the Par Call Date) that would be used, at the time of a selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed;
Comparable Treasury Price means, for any Redemption Date, the average of the Reference Treasury Dealer Quotations for that Redemption Date;
Par Call Date means August 15, 2051;
Quotation Agent means any Reference Treasury Dealer appointed by the Company to act as a quotation agent;
Reference Treasury Dealer means each of BNP Paribas Securities Corp. and any Primary Treasury Dealer (as defined below) selected by Credit Agricole Securities (USA) Inc., CIBC World Markets Corp. and U.S. Bancorp Investments, Inc. or any of such parties successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (each, a Primary Treasury Dealer), the Company will substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer;