Common use of Bond Terms Clause in Contracts

Bond Terms. The Series R Bonds shall be dated the date of their authentication and shall bear interest from such date, except as otherwise provided for Bonds issued upon subsequent exchanges and transfers by Section 2.06 of the Original Indenture, shall mature and be due on December 31, 2028 ( the "MATURITY DATE"), and shall bear interest at 5.96% per annum, payable on the first Business Day (as hereinafter defined) of October, January, April, and July of each year, beginning with the first Business Day of October, 2005, and on the Maturity Date, until the Company's obligation with respect to the payment of principal, premium (if any) and interest shall be discharged. Business Day shall mean any day that CoBank is open for business, except any day when Federal Reserve Banks are closed. The Series R Bonds shall be issuable as registered bonds without coupons in the denominations of Five Hundred Thousand Dollars ($500,000) and any multiple thereof, numbered RR-l and upwards. reference: CoBank for the benefit of Artesian Water Company, Inc. (or to such other account as CoBank may direct by notice). Funds received by wire before 3:00 p.m. Eastern time shall be credited on the day received and funds received by wire after 3:00 p.m. Eastern time shall be credited the next Business Day. The Series R Bonds shall be redeemable as provided in the Original Indenture, in whole or in part, at any time or from time to time, either (i) at the option of the Company or (ii) pursuant to any provision of the Original Indenture or the Bond Purchase Agreement requiring or authorizing such redemption. Any redemption of the Series R Bonds shall be effected in accordance with the provisions of Article V of the Original Indenture and the provisions of this Section 1.2. In accordance with the provisions of Section 6.07 of the Original Indenture, in the event that either (i) all or substantially all the property of the Company at the time subject to the lien of the Indenture as a first mortgage lien thereon or (ii) all or substantially all of the property of the Company at the time subject to the lien of the Indenture as a first mortgage lien thereon that is used or useful in connection with the business of the Company as a water company or as a water utility shall be released from the lien of the Indenture under the provisions of Section 6.03 or Section 6.06 of the Original Indenture, then all of the Bonds then outstanding including the Series R Bonds are to be redeemed. The redemption of any or all of the Series R Bonds shall be at a redemption price equal to the sum of (i) the aggregate principal amount thereof to be redeemed, plus (ii) the interest accrued thereon to the date fixed for redemption plus (iii) a "REDEMPTION PREMIUM" (as hereinafter defined) determined three (3) Business Days prior to the date fixed for redemption. CoBank will furnish notice to the Company and the Trustee, by telecopy or other same-day written communication, on a date at least two (2) Business Days prior to the date fixed for redemption of the Series R Bonds, of the Redemption Premium, if any, applicable to such redemption and the calculations, in reasonable detail, used to determine the amount of any such Redemption Premium. As used herein, the term Redemption Premium shall mean and be calculated as follows:

Bond Terms. The Series R T Bonds shall be dated the date of their authentication and shall bear interest from such date, except as otherwise provided for Bonds issued upon subsequent exchanges and transfers by Section 2.06 of the Original Indenture, shall mature and be due on December 3120, 2028 ( 2036 (the "MATURITY DATEMaturity Date"), and . The Series T Bonds shall bear interest at 5.964.24% per annum, from the date of their authentication through and including the Maturity Date. Interest on the Series T Bonds is payable in arrears on June 30th and December 31st of each year (or if such day is not a Business Day, such interest shall be payable on the first next succeeding Business Day (as hereinafter defined) and such extension of October, January, April, and July time shall be included in computing any interest in respect of each yearsuch payment), beginning with the first Business Day of OctoberJune 30, 20052017, and on the Maturity Date, until the Company's obligation with respect to the payment of principal, premium (if any) and interest shall be discharged. Business Day shall mean any day that CoBank is open for business, except any day when Federal Reserve Banks are closed. The Series R T Bonds shall be issuable as registered bonds without coupons in the denominations of Five Two Hundred Thousand Dollars ($500,000200,000) and any multiple thereof, numbered RR-l TR-1 and upwards. Unless otherwise agreed to in writing by the Company and the holders of the Series T Bonds, the payment of the principal of, premium (if any) and interest on, the Series T Bonds shall be made by the Company by wire transfer of immediately available funds for the advice and credit of CoBank to ABA No. 000000000, reference: CoBank for the benefit of Artesian Water Company, Inc. (or to such other account as CoBank may direct by notice). Funds received by wire before 3:00 p.m. Eastern time shall be credited on the day received and funds received by wire after 3:00 p.m. Eastern time shall be credited the next Business Day. The Trustee shall be fully protected in assuming the Company has made all payments due hereunder unless otherwise notified by the Company or the holder. The Series R T Bonds shall be redeemable as provided in the Original Indenture, in whole or in part, at any time or from time to time, either (i) at the option of the Company Company, or (ii) pursuant to any provision of the Original Indenture or the Bond Purchase Agreement requiring or authorizing such redemption. Any redemption of the Series R T Bonds shall be effected in accordance with the provisions of Article V of the Original Indenture (as it may be amended or modified from time to time) and the provisions of this Section 1.2. In accordance with the provisions of Section 6.07 of the Original Indenture, in the event that either (i) all or substantially all the property of the Company at the time subject to the lien of the Indenture as a first mortgage lien thereon or (ii) all or substantially all of the property of the Company at the time subject to the lien of the Indenture as a first mortgage lien thereon that is used or useful in connection with the business of the Company as a water company or as a water utility shall be released from the lien of the Indenture under the provisions of Section 6.03 or Section 6.06 of the Original Indenture, then all of the Bonds then outstanding including the Series R T Bonds are to be redeemed. The redemption of any or all of the Series R T Bonds shall be at a redemption price equal to the sum of (i) the aggregate principal amount thereof to be redeemed, plus (ii) the interest accrued thereon to to, but excluding, the date fixed for redemption plus redemption, plus, (iii) a "REDEMPTION PREMIUMRedemption Premium" (as hereinafter defined) determined three (3) Business Days prior to the date fixed for redemption. CoBank will furnish notice to the Company and the Trustee, by telecopy or other same-day written communication, on a date at least two (2) Business Days prior to the date fixed for redemption of the Series R T Bonds, of the Redemption Premium, if any, applicable to such redemption and the calculations, in reasonable detail, used to determine the amount of any such Redemption Premium. As used herein, the term Redemption Premium shall mean mean, and be calculated as followsas, the greater of:

Bond Terms. The Bonds of Series R Bonds P shall be dated the date of their authentication and shall bear interest from such date, except as otherwise provided for Bonds issued upon subsequent exchanges and transfers by Section 2.06 of the Original Indenture, shall mature and be due on December January 31, 2028 2018 ( the "MATURITY DATEMaturity Date"), and shall bear interest at 5.966.58% per annum, payable on the first Business Day (as hereinafter defined) of October, January, April, July and July October of each year, beginning with the first Business Day of OctoberApril, 20052003, and on the Maturity Date, until the Company's obligation with respect to the payment of principal, premium (if any) and interest shall be discharged. Business Day shall mean any day that CoBank is open for business, except any day when Federal Reserve Banks are closed. The Bonds of Series R Bonds P shall be issuable as registered bonds without coupons in the denominations of Five Hundred Thousand Dollars ($500,000) and any multiple thereof, numbered RRPR-l and upwards. Unless otherwise agreed to in writing by the Company and the holders of the Bonds of Series P, the payment of the principal of, premium (if any) and interest on, the Bonds of Series P shall be made by wire transfer of immediately available funds for the advice and credit of CoBank to ABA No. 00000000-4, reference: CoBank for the benefit of Artesian Water Company, Inc. (or to such other account as CoBank may direct by notice). Funds received by wire before 3:00 p.m. Eastern time shall be credited on the day received and funds received by wire after 3:00 p.m. Eastern time shall be credited the next Business Day. The Bonds of Series R Bonds P shall be redeemable as provided in the Original Indenture, in whole or in part, at any time or from time to time, either (i) at the option of the Company or (ii) pursuant to any provision of the Original Indenture or the Bond Purchase Agreement requiring or authorizing such redemption. Any redemption of the Bonds of Series R Bonds P shall be effected in accordance with the provisions of Article V of the Original Indenture and the provisions of this Section 1.2. In accordance with the provisions of Section 6.07 of the Original Indenture, in the event that either (i) all or substantially all the property of the Company at the time subject to the lien of the Indenture as a first mortgage lien thereon or (ii) all or substantially all of the property of the Company at the time subject to the lien of the Indenture as a first mortgage lien thereon that is used or useful in connection with the business of the Company as a water company or as a water utility shall be released from the lien of the Indenture under the provisions of Section 6.03 or Section 6.06 of the Original Indenture, then all of the Bonds then outstanding including the Bonds of Series R Bonds P are to be redeemed. The redemption of any or all of the Bonds of Series R Bonds P shall be at a redemption price equal to the sum of (i) the aggregate principal amount thereof to be redeemed, plus (ii) the interest accrued thereon to the date fixed for redemption plus (iii) a "REDEMPTION PREMIUMRedemption Premium" (as hereinafter defined) determined three (3) Business Days prior to the date fixed for redemption. CoBank will furnish notice to the Company and the Trustee, by telecopy or other same-day written communication, on a date at least two (2) Business Days prior to the date fixed for redemption of the Bonds of Series R BondsP, of the Redemption Premium, if any, applicable to such redemption and the calculations, in reasonable detail, used to determine the amount of any such Redemption Premium. As used herein, the term Redemption Premium shall mean and be calculated as follows: