Mandatory Taxability Redemption. The Outstanding Bonds are subject to mandatory redemption at any time at a redemption price of 100% of the principal amount of the Bonds so redeemed plus accrued interest to the redemption date in the event (i) the Company delivers to the Trustee and the Bond Insurer an opinion of Bond Counsel stating that interest on the Bonds is or will become includable in gross income of the owners thereof for federal income tax purposes, or (ii) it is finally determined by the Internal Revenue Service or a court of competent jurisdiction, as a result of (A) a proceeding in which the Company has participated or been given notice and an opportunity to participate, and (B) either a failure by the Company or the Seabrook Transferee to observe any covenant or agreement undertaken in or pursuant to this Agreement or a Seabrook Transfer, or the inaccuracy of any representation made by the Company or the Seabrook Transferee in or pursuant to this Agreement or a Seabrook Transfer, that interest payable on the Bonds is includable for federal income tax purposes in the gross income of any owner thereof (other than an owner which is a "substantial user" or a "related person" within the meaning of IRC Section 147(a)). Any determination under clause (ii) above will not be considered final for this purpose until the earliest of the conclusion of any appellate review, the denial of appellate review or the expiration of the period for seeking appellate review. Redemption under this Subsection 307(c) shall be in whole unless, not later than forty-five (45) days prior to the redemption date, the Company delivers to the Trustee an opinion of Bond Counsel to the effect that a redemption of less than all of the Bonds will preserve the tax-exempt status of interest on the remaining Bonds outstanding subsequent to such redemption. Any redemption under this Subsection 307(c) shall be made on the 60th day after the date on which the opinion described in clause (i) is delivered or the determination described in clause (ii) becomes final or on such earlier date as the Company may designate by notice given to the Trustee at least forty-five (45) days prior to such designated date. If such redemption shall occur in accordance with the terms of this Agreement, then such failure by the Company or the Seabrook Transferee to observe such covenant or agreement, or the inaccuracy of any such representations will not, in and of itself, constitute a Default hereunder. If the Trustee receives written notic...
Mandatory Taxability Redemption. Upon the occurrence of a Determination of Taxability, the Initial Bonds shall be redeemed prior to maturity on any date within one hundred twenty (120) days following such Determination of Taxability, at a Redemption Price equal to one hundred percent (100%) of the principal amount thereof, together with accrued interest at the Taxable Rate from the occurrence of the Event of Taxability to the date of redemption. The Initial Bonds shall be redeemed in whole unless redemption of a portion of the Initial Bonds Outstanding would have the result that interest payable on the Initial Bonds remaining Outstanding after such redemption would not be includable in the gross income of any Holder of an Initial Bond (other than a Holder who is a “substantial user” of the Facility or a “related person”, within the meaning of the Code). In such event, the Initial Bonds shall be redeemed in such amount as is deemed necessary in the opinion of Nationally Recognized Bond Counsel to accomplish that result.
Mandatory Taxability Redemption. In the event of a Determination of Taxability, the Bond shall be redeemed at the time and in the manner as provided in the Indenture, at the Redemption Price applicable at the first optional redemption date. If any Bonds are paid at maturity or purchased by the Borrower or the Trustee or redeemed subsequent to a Tax Incidence Date without payment of an amount at least equal to the amounts that would have been received if such Bonds had been redeemed on the date of such retirement at the applicable Redemption Price and otherwise in accordance with the provisions hereof, the holders of such Bonds at the time of maturity, purchase or redemption, upon establishing their then ownership thereof, shall be entitled to receive as an additional premium thereon an amount equal to the difference between the amounts actually received and the amounts that would have been received upon such retirement of such Bond. Mandatory Redemption at Option of the Registered Owner of the Bond. All or any portion of the Bond shall be redeemed by the Authority on or after the 5th anniversary of date of original issuance of the Initial Bonds, at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the date of redemption, upon the written demand, in the form attached as an exhibit to this Bond, of the Registered Owner of the Bond, with a copy to the Authority. The Bond, or any portion thereof, shall be redeemed, and the redemption of the Bond shall be paid to the Registered Owner of the Bond, on the date specified by the Registered Owner of the Bond. Notwithstanding the foregoing, if the Registered Owner of the Bond shall demand the redemption of the Bond in whole pursuant to this paragraph, the Borrower shall have the right to purchase the Bond on any date after the date of the Bondholder's written demand and prior to the next Business Day preceding the date of the proposed redemption, at a purchase price equal to 100% of the principal amount of the Bond, together with accrued interest to the date of purchase. In the event of a redemption of this Bond in whole, the redemption price shall be paid to the Registered Owner of this Bond only upon surrender of this Bond at the principal office of the Borrower or such other place as the Borrower shall designate on such Interest Payment Date. In the event of a partial optional or mandatory redemption, payment shall be made by wire transfer of immediately available funds without presentation and surrender of...
Mandatory Taxability Redemption. In the event of a Determination of Taxability, the Initial Bonds shall be redeemed at the time and in the manner and as provided in this Indenture, at the Redemption Price applicable at the first optional redemption date. If any Initial Bonds are paid at maturity, purchased by the Borrower or the Trustee or redeemed subsequent to the Tax Incidence Date without payment of an amount at least equal to the amounts that would have been received if such Bonds had been redeemed on the date of such retirement at the applicable Redemption Price set forth above, the holders of such Bonds at the time of maturity, purchase or redemption, upon establishing their then ownership thereof, shall be entitled to receive as an additional payment thereon an amount equal to the difference between the amounts actually received and the amounts that would have been received upon such retirement of such Bonds. In the case of any redemption pursuant to this subsection, the Authority or the Borrower shall deliver to the Trustee a certificate of an Authorized Representative specifying the event giving rise to such inclusion in the gross income of the recipient thereof and the dates which are the Tax Incidence Date and the date of the Determination of Taxability. Such certificate shall be delivered at least ten days before notice of redemption is required to be given.
