Common use of Extraordinary Optional Redemption Clause in Contracts

Extraordinary Optional Redemption. The Bonds in an Indexed Mode, Term Rate Mode, Term Indexed Mode, Stepped Coupon Mode, or Fixed Rate Mode are subject to extraordinary optional redemption, at the option and the written direction of the Borrower, in whole or in part on any Interest Payment Date in a LIBOR Term Indexed Mode while a Bondholder Agreement is in effect and on any date at any other time, in each case under the circumstances described below, at a price equal to 100% of the principal amount together with interest accrued and unpaid thereon to the date fixed for redemption, which shall be a date at least forty-five (45) days following receipt by the Trustee of the written direction of the Borrower. The circumstances, either of which may give rise to an extraordinary optional redemption of such Bonds, are as follows: