Common use of Purchase in Lieu of Optional Redemption Clause in Contracts

Purchase in Lieu of Optional Redemption. The Company shall have the option to cause the Bonds to be purchased in lieu of redemption pursuant to Section 3.02(b) hereof. Such option shall be exercised by the Company by delivering to the Trustee on or prior to the Business Day preceding the redemption date a written direction of the Company specifying that the Bonds shall not be redeemed, but instead shall be subject to purchase pursuant to this Section. Upon delivery of such notice, the Bonds shall not be redeemed but shall instead be subject to mandatory tender for purchase at a purchase price equal to the redemption price at which the Bonds would have been redeemed hereunder on the date that would have been the redemption date; provided that funds in an amount equal to the purchase price shall be made available to the Trustee on or prior to the purchase date. Anything herein to the contrary notwithstanding, in no event shall the purchase of Bonds pursuant to this Section 3.10 be deemed to constitute a redemption of such Bonds, except upon the written notice by the Company to the Trustee that the Company has elected to treat such Bonds as paid and retired in full, accompanied by the surrender of said Bonds to the Trustee for cancellation.