Common use of Extraordinary Redemption Clause in Contracts

Extraordinary Redemption. The Series 2021 Bonds shall be callable for redemption prior to maturity in whole on any date, if (i) the Project or a material portion thereof is damaged or destroyed or taken in a condemnation proceeding, or a material defect in the construction of the Project shall become apparent, or title to or the use of all or any material portion of the Project shall be lost by reason of a defect in title thereto, (ii) the Net Proceeds of any insurance policy, performance bond or condemnation award made available by reason of one or more such occurrences shall be insufficient to pay in full the cost of repairing or replacing such portion of the Project, and (iii) the Board elects to discharge its obligation to repair and replace such portion of the Project by depositing such Net Proceeds into the Bond Fund. Upon the deposit of such Net Proceeds in the Bond Fund, the payment obligations of the Board with respect to the Project under the Master Lease shall terminate and the Board shall have no further obligation for the payment of Base Rentals and Additional Rentals thereunder with respect to the Project, and possession of the Project, as well as all right, title and interest of the Board and the Authority in any funds or accounts created under the Indenture with respect to the Project shall be surrendered to the Trustee, as trustee for the Bondholders. Thereafter, the Indenture and the Security Documents applicable to the Project may, subject to the limitations of Article IX of the General Indenture, be foreclosed and the Authority’s interest in the Project liquidated and the proceeds of such liquidation and the Net Proceeds of any insurance policy, performance bond or condemnation award so deposited in the Bond Fund, as well as all other moneys on deposit in any fund created under the Indenture with respect to the Project (except moneys held in the Rebate Fund or for the payment of Bonds not then deemed outstanding), shall be applied to the redemption of the Series 2021 Bonds at the earliest date practicable, as specified in a written notice from the Authority to the Trustee. Any such redemption of the Series 2021 Bonds shall be made upon payment of all or a prorated portion of the principal amount thereof plus accrued interest thereon to the redemption date. IN THE EVENT THE SERIES 2021 BONDS ARE TO BE REDEEMED BY PAYMENT OF AN AMOUNT LESS THAN THE OUTSTANDING PRINCIPAL AMOUNT THEREOF, AND ACCRUED INTEREST TO THE REDEMPTION DATE, NO FURTHER CLAIM FOR PAYMENT MAY BE HAD BY THE BONDHOLDERS AGAINST THE AUTHORITY, THE DISTRICT, THE BOARD, OR THE TRUSTEE WITH RESPECT TO SAID SERIES 2021 BONDS. In the event there are moneys remaining in the Bond Fund after payment in full of Series 2021 Bonds issued under the Indenture, the Trustee is authorized and directed to transfer said moneys to the Board.

Extraordinary Redemption. (a) The Series 2021 Bonds shall be callable for redemption prior are subject to maturity mandatory redemption, in whole or in part, on any dateBusiness Day, if (i) in the event of damage to, or destruction or Condemnation of the Project or a material portion any part thereof is damaged or destroyed or taken in a condemnation proceeding, or a material defect in under the construction of the Project shall become apparent, or title to or the use of all or any material portion of the Project shall be lost by reason of a defect in title thereto, (ii) the Net Proceeds of any insurance policy, performance bond or condemnation award made available by reason of one or more such occurrences shall be insufficient to pay in full the cost of repairing or replacing such portion of the Project, conditions and (iii) the Board elects to discharge its obligation to repair and replace such portion of the Project by depositing such Net Proceeds into the Bond Fund. Upon the deposit of such Net Proceeds in the Bond Fund, the payment obligations of the Board with respect to the Project under the Master Lease shall terminate and the Board shall have no further obligation for the payment of Base Rentals and Additional Rentals thereunder with respect extent provided in Section 5.7(2) hereof, at a redemption price equal to the Project, and possession of the Project, as well as all right, title and interest of the Board and the Authority in any funds or accounts created under the Indenture with respect to the Project shall be surrendered to the Trustee, as trustee for the Bondholders. Thereafter, the Indenture and the Security Documents applicable to the Project may, subject to the limitations of Article IX of the General Indenture, be foreclosed and the Authority’s interest in the Project liquidated and the proceeds of such liquidation and the Net Proceeds of any insurance policy, performance bond or condemnation award so deposited in the Bond Fund, as well as all other moneys on deposit in any fund created under the Indenture with respect to the Project (except moneys held in the Rebate Fund or for the payment of Bonds not then deemed outstanding), shall be applied to the redemption of the Series 2021 Bonds at the earliest date practicable, as specified in a written notice from the Authority to the Trustee. Any such redemption of the Series 2021 Bonds shall be made upon payment of all or a prorated portion of the principal amount thereof plus accrued and unpaid interest thereon and payment of any Prepayment Fee owed. (b) The Bonds are subject to mandatory redemption in whole on the first date after which proper notice has been given in accordance with Section 3.4 of this Indenture if the Bondholder Representative gives written notice to the Trustee that (i) the Conversion Date has not occurred on or before the Construction Term Maturity Date (as may be extended as provided for in Section 4.2(f) of the Loan Agreement), and (ii) the Bondholder Representative demands such redemption date. IN THE EVENT THE SERIES 2021 BONDS ARE TO BE REDEEMED BY PAYMENT OF AN AMOUNT LESS THAN THE OUTSTANDING PRINCIPAL AMOUNT THEREOF, AND ACCRUED INTEREST TO THE REDEMPTION DATE, NO FURTHER CLAIM FOR PAYMENT MAY BE HAD BY THE BONDHOLDERS AGAINST THE AUTHORITY, THE DISTRICT, THE BOARD, OR THE TRUSTEE WITH RESPECT TO SAID SERIES 2021 BONDS. In at a redemption price equal to the event there principal amount thereof plus accrued and unpaid interest plus three percent (3.0%) of the principal of the Bonds Outstanding and any Prepayment Fee owed. (c) The Bonds are moneys subject to mandatory redemption in part on the first date after which proper notice has been given in accordance with Section 3.4 of this Indenture that Bond proceeds then remaining on deposit in the Bond Project Fund are not needed for the development of the Project and to cause the Conditions to Conversion to be satisfied prior to the Construction Term Maturity Date (based on the written concurrence of the Bondholder Representative and the Borrower, after payment the Borrower advises the Trustee in full writing that no further requisitions will be made from the Project Fund), at a redemption price equal to a principal amount equal to the amount then on deposit in the Project Fund (or such lesser amount as the Bondholder Representative determines as may be needed to cause the Conversion Date to occur under and for purposes of Series 2021 Bonds issued under the IndentureLoan Agreement) plus accrued and unpaid interest. (d) Prior to Conversion, the Trustee is authorized and directed Bonds are subject to transfer said moneys mandatory redemption in whole upon the occurrence of a Determination of Taxability at a redemption price equal to the Boardprincipal amount thereof plus accrued and unpaid interest. (e) Each mandatory redemption as provided above shall occur on the first Business Day after which proper notice is given under Section 3.4 of this Indenture.