Redemption or Defeasance of Bonds Sample Clauses
The 'Redemption or Defeasance of Bonds' clause outlines the conditions and procedures under which bonds issued by an entity can be repaid before their scheduled maturity or rendered void through the deposit of sufficient funds or securities. Typically, this clause specifies the timing, notice requirements, and financial arrangements necessary for early repayment or for setting aside assets to cover future payments, effectively releasing the issuer from further obligations. Its core function is to provide flexibility for the issuer to manage debt obligations proactively, while offering bondholders clarity on how and when their bonds may be redeemed or satisfied ahead of schedule.
Redemption or Defeasance of Bonds. Use its best efforts to cause the Trustee, upon redemption or defeasance of all of the Bonds pursuant to the Indenture, to surrender the Letter of Credit to the Issuing Bank for cancellation.
Redemption or Defeasance of Bonds. Use its best efforts to cause the applicable Bond L/C to be surrendered for cancellation to the Issuing Lender upon redemption or defeasance of all of the applicable Bonds for which such Bond L/C was issued.
Redemption or Defeasance of Bonds. The Company shall have and is hereby granted the option to cause all or a portion of the Bonds to be redeemed or defeased at the times, at the prices and in the manner permitted by the Indenture. The Issuer and the Trustee, at the request of the Company, shall forthwith take all steps (other than the payment of the money required for such redemption or defeasance) necessary under the applicable redemption or defeasance provisions of the Indenture to effect redemption or defeasance of all or part of the Outstanding Bonds, as may be specified by the Company, on the date established for such redemption or defeasance. In the event that the Company exercises its option to cause all or a portion of the Bonds to be optionally redeemed or defeased pursuant to this Section and Section 3.02 of the Indenture, the Company shall transmit written notice of optional redemption or defeasance to the Issuer and the Trustee at least 60 days prior to the date fixed for redemption or defeasance. The Company shall, not later than one Business Day prior to the date fixed for redemption or defeasance, deposit moneys in an amount which will be sufficient to pay principal, premium, if any, and interest accrued and, in the case of defeasance, to accrue, on the Bonds to be redeemed or defeased on the redemption date. In the event that the Company exercises its option to cause all of the Bonds to be optionally redeemed or defeased pursuant to this Section and Section 3.02 or Article VII of the Indenture and has paid all amounts required to be paid hereunder and under the Indenture, the Company may continue to occupy the Project without any additional Rent payments, as a tenant until the earlier to occur of (i) the end of the Lease Term, or (ii) the occurrence of a Default hereunder and during such period shall not be obligated to pay any amounts pursuant to Section 6.1(a) hereof. Upon the occurrence of (i) above, the Company shall have the right to exercise the options set forth in Section 5.3 hereof. Upon the occurrence of (ii) above, the Company shall immediately vacate the Project, deliver the Project to the Issuer free and clear of any lien or claims and have no further rights or interest in the Project. In addition, the Issuer, at the expense of the Company, shall execute, acknowledge and deliver such mortgages, indentures, agreements and other documents and instruments as the Company shall reasonably request in order to enable the Company to refinance the Project, provided such ...
Redemption or Defeasance of Bonds. The Applicant shall use commercially reasonable efforts to cause the Trustee, upon redemption or defeasance of all of the Bonds pursuant to the Indenture or other event that causes the Termination Date under the Letter of Credit, to surrender the Letter of Credit to the Issuing Bank for cancellation.