Selection of Bonds to be Redeemed Clause Samples
The 'Selection of Bonds to be Redeemed' clause defines the process by which a bond issuer determines which specific bonds will be repurchased or paid off before their scheduled maturity date. Typically, this clause outlines the methods used for selection, such as random drawing, pro rata allocation, or another fair and impartial process, and may specify whether the selection applies to entire bond issues or only certain series or maturities. Its core practical function is to ensure transparency and fairness in the redemption process, preventing arbitrary or biased selection and providing bondholders with clarity regarding how their bonds may be affected by early redemption.
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Selection of Bonds to be Redeemed. Selection of the Bonds to be redeemed shall be made in such manner as the Trustee deems fair and reasonable, the particular Bonds to be redeemed to be selected by the Trustee not more than 12 or less than 7 days prior to the Redemption Date in the case of a redemption pursuant to Section 11.01, from the Outstanding Bonds not previously called for redemption by lot or pro rata or by such other methods as the Trustee shall deem fair and appropriate; provided, that the Trustee shall select Bonds for redemption in such manner that no single Bond to be Outstanding following redemption shall be in a denomination of less than $100,000. The Trustee shall notify the Issuer in writing of the Bonds selected for redemption and, in the case of any Bonds selected for partial redemption, the principal amount to be redeemed, on the same day on which the Holders of the Bonds are so notified. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Bonds shall relate, in the case of any Bond redeemed or to be redeemed only in part, to the portion of the principal of such Bond which has been or is to be redeemed.
Selection of Bonds to be Redeemed. If less than all the Bonds shall be called for redemption under any provision of this Indenture permitting such partial redemption, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Trustee, in such manner as the Trustee in its discretion may deem proper, in the aggregate principal amount designated to the Trustee by the Company or otherwise as required by this Indenture; provided, however, that if, as indicated in a certificate of an Authorized Company Representative delivered to the Trustee, the Company shall have offered to purchase all Bonds then Outstanding and less than all such Bonds have been tendered to the Company for such purchase, the Trustee, at the direction of an Authorized Company Representative, shall select for redemption all such Bonds which shall not have been so tendered; and provided, further, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or some integral multiple thereof and that, in selecting Bonds for redemption, the Trustee shall treat each Bond as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by $5,000. If it is determined that one or more, but not all, of the $5,000 units of principal amount represented by any such Bond is to be called for redemption, then, upon notice of intention to redeem such $5,000 unit or units, the Owner of such Bond shall forthwith surrender such Bond to the Paying Agent or any Co-Paying Agent for (y) payment to such Owner of the redemption price (including the redemption premium, if any, and accrued interest to the date fixed for redemption) of the $5,000 unit or units of principal amount called for redemption and (z) delivery to such Owner of a new Bond or Bonds in the aggregate principal amount of the unredeemed balance of the principal amount of any such Bond. Bonds representing the unredeemed balance of the principal amount of any such Bond shall be delivered to the Owner thereof, without charge therefor. If the Owner of any such Bond of a denomination greater than $5,000 shall fail to present such Bond to the Paying Agent or any Co-Paying Agent for payment and exchange as aforesaid, such Bond shall, nevertheless, become due and payable on the date fixed for redemption to the extent of the $5,000 unit or units of principal amount called for redemption (and to that extent only).
Selection of Bonds to be Redeemed. Except as provided in the Bonds, if fewer than all the Bonds are to be redeemed, the Trustee will select the Bonds to be redeemed by lot, except that the Trustee will first select any Bonds owned by the Company or any of its nominees or held by the Trustee for the account of the Company or any of its nominees. The Trustee will make the selection from Bonds not previously called for redemption. For this purpose, the Trustee will consider each Bond in a denomination larger than the minimum denomination permitted by the Bonds at the time to be separate Bonds each in the minimum denomination. Provisions of this Agreement that apply to Bonds called for redemption also apply to portions of Bonds called for redemption.
Selection of Bonds to be Redeemed. The Bonds to be redeemed in accordance with this subsection (c) shall be selected by the Borrower, with notice to the Authority and the Trustee pursuant to a certificate of a Borrower’s Representative, with a copy to the Authority and the Trustee, in accordance with applicable provisions of the Indenture, including subsection (iii) of Section 4.1(c).
Selection of Bonds to be Redeemed. Except as may be otherwise provided in this Indenture, in the event of redemption of less than all of the Outstanding Bonds of a like maturity, the Trustee shall assign to each such Outstanding registered Bond of the maturity to be redeemed a distinctive number for each $5,000 of the Principal Amount of such Bond and shall select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to such Bonds as many numbers as, at $5,000 for each number, shall equal the Principal Amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the Principal Amount of each such registered Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. For purposes of this Section, Bonds which have theretofore been selected by lot for redemption shall not be deemed Outstanding.
Selection of Bonds to be Redeemed. In the case of Bonds to be redeemed at the election or direction of the Borrower, the Borrower will select the subseries (if any), Mode, maturities, Interest Periods, interest rates, and principal amounts of the Bonds to be redeemed; if less than all Bonds of the same subseries (if any), maturity, Interest Period, and interest rate are to be redeemed, the Bonds of such subseries, maturity, Interest Period and interest rate to be redeemed will be selected by the Trustee, by lot, using such method of selection as the Trustee in its discretion shall consider appropriate and fair, except as otherwise provided in the Bond Indenture; provided that Liquidity Facility Bonds (if any) of such subseries are to be redeemed first.
Selection of Bonds to be Redeemed. Subject to any further limitations set forth in the terms of the Bonds or the applicable Supplement:
a. The Bonds shall be redeemable as a whole, or from time to time in part, provided that redemption is made for all Bonds of an issue bearing the same Issue Date, but for interest-bearing Bonds, any partial redemption may be made only on an Interest Payment Date. In case of a partial redemption of Bonds, the Bonds to be redeemed shall not be selected by lot, but by one or more groups, each group comprising all of the Bonds of the same issue with the same Issue Date. No Bonds of any issue may be redeemed under this Article unless the Bonds of such issues having all prior Issue Dates shall have been called for redemption.
b. The Bonds shall be redeemed at the Redemption Price.
Selection of Bonds to be Redeemed. Bonds shall be redeemed pursuant to Sections 401 and 402 only in Authorized Denominations. When less than all of the Outstanding Bonds are to be redeemed and paid prior to maturity pursuant to Section 401 or 402 hereof, such Bonds or portions of Bonds to be redeemed shall be selected by the Trustee by lot in Authorized Denominations in such equitable manner as it may determine; provided that Bonds shall be redeemed in the following order of priority:
Selection of Bonds to be Redeemed. (a) A Redemption of Bonds shall be a Redemption of the whole or any part of the Bonds from any funds available for that purpose in accordance with the provisions of the Indenture. If less than all of the Bonds shall be called for Redemption under any provision of the Indenture permitting such partial redemption, the particular Bonds (or Authorized Denominations thereof), to be redeemed shall be selected by the Trustee by lot, using such method as the Trustee in its sole discretion may deem proper, in the principal amount designated in writing to the Trustee by the Borrower or otherwise as required by the Indenture. The Trustee shall be notified in writing pursuant to the Indenture not less than sixty (60) days prior to the date fixed for Redemption, but in the case of a Mandatory Redemption due to an Act of Bankruptcy of the Bank, not more than ten (10) days following the occurrence thereof.
(b) Except as otherwise provided in the Indenture, any Bonds selected for Redemption which are deemed to be paid in accordance with the Indenture will bear interest up to, but not including, the date fixed for redemption.
Selection of Bonds to be Redeemed. Except as otherwise provided in the Bonds, and while a Book-Entry System is not in effect, if fewer than all the Bonds are to be redeemed, the Trustee shall select the Bonds to be redeemed by lot or other method it deems fair and appropriate, in Authorized Denominations, except that the Trustee shall select, first, any Bonds owned by the Credit Bank or any of its nominees or held by the Trustee for the account of the Credit Bank or any of its nominees and, second, any Undelivered Bonds if the Company has offered to purchase such Bonds in lieu of redemption. The Trustee shall make its selection from Bonds not previously called for redemption. Provisions of this Indenture that apply to Bonds called for redemption shall also apply to portions of Bonds called for redemption. While a Book-Entry System is in effect, the procedures of the Securities Depository shall control with respect to the selection of Bonds to be redeemed.