Common use of Purchase in Lieu of Redemption Clause in Contracts

Purchase in Lieu of Redemption. In accordance with Section 308 of the General Resolution, whenever 2022 Series __ Bonds are subject to redemption, they may instead be purchased, at the election of the Agency, at a purchase price equal to the Redemption Price plus accrued interest to the date of purchase. When the Trustee receives notice from the Agency of its election or direction to purchase 2022 Series __ Bonds in lieu of redemption, the Trustee will give notice, in the name of the Agency, of the purchase of such 2022 Series __ Bonds. Such notice will specify the maturities of the 2022 Series __ Bonds to be purchased, the date set for such purchase, any conditions precedent to such purchase and the place or places where amounts due upon such purchase will be payable. The provisions of Sections 306 and 308 of the General Resolution to the contrary notwithstanding, not less than twenty (20) days before the purchase date for such 2022 Series __ Bonds, the Trustee shall mail a copy of such notice, postage prepaid, to the registered Holders of any 2022 Series __ Bonds or portions of Bonds which are to be purchased at their last addresses appearing upon the registry books. The 2022 Series __ Bonds to be purchased shall be tendered on the purchase date to the Trustee. Any 2022 Series __ Bonds to be purchased that are not so tendered will be deemed to have been properly tendered for purchase.