Common use of Defeasance and Redemption Clause in Contracts

Defeasance and Redemption. (a) The Local Government shall not defease or redeem its obligations under this Agreement, except as provided in this Section 6.2. (b) The Local Government shall satisfy the following conditions prior to the defeasance and redemption of its obligations under this Agreement: (1) The Local Government shall provide to VRA not less than 60 days' prior written notice of the deposit of the funds described in (2), (3) and (4) below. (2) The Local Government shall deposit with the Trustee an amount sufficient for VRA to establish an escrow of cash and non-callable, non-prepayable Government Obligations the principal of and interest on which will be sufficient (without reinvestment) to cause the defeasance under Article XII of the Master Indenture of the portion of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds corresponding to the portion of this Agreement to be defeased or prepaid (the "Allocated Portion"). The defeasance of the Allocated Portion may be either to maturity or an earlier redemption date as determined by the Local Government. (3) The Local Government shall deposit with VRA cash in an amount sufficient, as determined by VRA, to pay for a verification report required for the defeasance of the Related 2012A VRA or the Related 2019C VRA Bonds under Article XII of the Master Indenture, any costs incurred by VRA in connection with the redemption, refunding and defeasance of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds, all amounts overdue or then due on this Agreement (including, without limitation, any Supplemental Interest) and all amounts overdue, due or to become due under Section 6.1(a) of this Agreement. (4) The Local Government shall deposit with VRA cash in an amount equal to the present value of interest that would be paid on the principal of the Allocated Portion at a rate equal to 0.125%, payable semiannually, to the maturity dates of the Allocated Portion or, if earlier, the redemption date or dates of the Allocated Portion. Present value shall be determined by using a discount rate equal to the true interest cost of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds, as applicable. (c) VRA will determine which of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds will be designated as the Allocated Portion and the amounts to be deposited under subsection (b)(2) and (3) above using such reasonable allocation and estimation methods as may be selected by VRA, and VRA's determinations shall be conclusive (absent manifest error). (d) VRA shall permit the defeasance, redemption, prepayment or purchase of this Agreement out of amounts remaining in the Local Account as described in Section 4.2(c); provided that any such defeasance, redemption or prepayment of this Agreement results in the defeasance, redemption or prepayment of the corresponding principal amount and maturities of the Related 2012A VRA Bonds or Related 2019C VRA Bonds, as applicable, as determined by VRA.

Defeasance and Redemption. (a) The Local Government shall not defease or redeem its obligations under this Agreement, except as provided in this Section 6.2. (b) The Local Government shall satisfy the following conditions prior to the defeasance and redemption of may defease or redeem its obligations under this AgreementAgreement in whole or in part upon satisfaction of the following conditions: (1) The Local Government shall provide to VRA not less than 60 days' prior written notice of the deposit of the funds described in (2), (3) and (4) below. (2) The Local Government shall deposit with the Trustee an amount sufficient for VRA to establish an escrow of cash and non-callable, non-prepayable Government Obligations the principal of and interest on which will be sufficient (without reinvestment) to cause the defeasance under Article XII of the Master Indenture of the portion of the Related 2012A VRA Bonds or the Related 2019C Portion of VRA Bonds corresponding to the portion of this Agreement to be defeased or and/or prepaid (the "Allocated Portion"). The defeasance of the Allocated Portion may be either to maturity or an earlier redemption date as determined by the Local Government. (3) The Local Government shall deposit with VRA cash in an amount sufficient, as determined by VRA, to pay for a verification report required for the defeasance of the Related 2012A VRA or the Related 2019C VRA Bonds Allocated Portion under Article XII of the Master Indenture, any costs incurred by VRA in connection with the redemption, refunding and defeasance of the Related 2012A VRA Bonds or the Related 2019C VRA BondsAllocated Portion, all amounts overdue or then due on this Agreement (including, without limitation, any Supplemental Interest) and all amounts overdue, due or to become due under Section 6.1(a) of this Agreement. (4) The Local Government shall deposit with VRA cash in an amount equal to the present value of interest that would be paid on the principal of the Allocated Portion at a rate equal to 0.125%, payable semiannually, to the maturity dates of the Allocated Portion or, if earlier, the redemption date or dates of the Allocated Portion. Present value shall be determined by using a discount rate equal to the true interest cost of the Related 2012A VRA Bonds or the Related 2019C Portion of VRA Bonds, as applicable. (c) VRA will determine which Related Portion of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds will be designated as the Allocated Portion and the amounts to be deposited under subsection (b)(2) and (3) above using such reasonable allocation and estimation methods as may be selected by VRA, and VRA's determinations shall be conclusive (absent manifest error). (d) VRA shall permit the defeasance, redemption, prepayment or purchase of this Agreement out of amounts remaining in the Local Account as described in Section 4.2(c); provided that any such defeasance, redemption or prepayment of this Agreement results in the defeasance, redemption or prepayment of the corresponding principal amount and maturities of the Related 2012A VRA Bonds or Related 2019C VRA Bonds, as applicable, as determined by VRA.and

Defeasance and Redemption. (a) The Local Government shall not defease or redeem its obligations under this Agreement, except as provided in this Section 6.2. (b) The Local Government shall satisfy the following conditions prior to the defeasance and redemption of its obligations under this Agreement: (1) The Local Government shall provide to VRA not less than 60 days' prior written notice of the deposit of the funds described in (2), (3) and (4) below. (2) The Local Government shall deposit with the Trustee an amount sufficient for VRA to establish an escrow of cash and non-callable, non-prepayable Government Obligations the principal of and interest on which will be sufficient (without reinvestment) to cause the defeasance under Article XII of the Master Indenture of the portion of the Related 2012A VRA Bonds or the Related 2019C Portion of VRA Bonds corresponding to the portion of this Agreement to be defeased or prepaid (the "Allocated Portion"). The defeasance of the Allocated Portion may be either to maturity or an earlier redemption date as determined by the Local Government. (3) The Local Government shall deposit with VRA cash in an amount sufficient, as determined by VRA, to pay for a verification report required for the defeasance of the Related 2012A VRA or the Related 2019C VRA Bonds Allocated Portion under Article XII of the Master Indenture, any costs incurred by VRA in connection with the redemption, refunding and defeasance of the Related 2012A VRA Bonds or the Related 2019C VRA BondsAllocated Portion, all amounts overdue or then due on this Agreement (including, without limitation, any Supplemental Interest) and all amounts overdue, due or to become due under Section 6.1(a) of this Agreement. (4) The Local Government shall deposit with VRA cash in an amount equal to the present value of interest that would be paid on the principal of the Allocated Portion at a rate equal to 0.125%, payable semiannually, to the maturity dates of the Allocated Portion or, if earlier, the redemption date or dates of the Allocated Portion. Present value shall be determined by using a discount rate equal to the true interest cost of the Related 2012A VRA Bonds or the Related 2019C Portion of VRA Bonds, as applicable. (c) VRA will determine which Related Portion of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds will be designated as the Allocated Portion and the amounts to be deposited under subsection (b)(2) and (3) above using such reasonable allocation and estimation methods as may be selected by VRA, and VRA's determinations shall be conclusive (absent manifest error). (d) VRA shall permit the defeasance, redemption, prepayment or purchase of this Agreement out of amounts remaining in the Local Account as described in Section 4.2(c); provided that any such defeasance, redemption or prepayment of this Agreement results in the defeasance, redemption or prepayment of the corresponding principal amount and maturities of the Related 2012A VRA Bonds or Related 2019C VRA Bonds, as applicable, as determined by VRA.and

Defeasance and Redemption. (a) The Local Government shall not defease or redeem its obligations under this Agreement, except as provided in this Section 6.2. (ba) The Local Government shall satisfy the following conditions prior to the defeasance and redemption of its obligations under this Agreement: (1) The Local Government shall provide to VRA not less than 60 days' prior written notice of the deposit of the funds described in (2), (3) and (4) below. (2) The Local Government shall deposit with the Trustee an amount sufficient for VRA to establish an escrow of cash and non-callable, non-prepayable Government Obligations the principal of and interest on which will be sufficient (without reinvestment) to cause the defeasance under Article XII of the Master Indenture of the portion of the Related 2012A VRA Bonds or the Related 2019C Portion of VRA Bonds corresponding to the portion of this Agreement to be defeased or prepaid (the "Allocated Portion"). The defeasance of the Allocated Portion may be either to maturity or an earlier redemption date as determined by the Local Government. (3) The Local Government shall deposit with VRA cash in an amount sufficient, as determined by VRA, to pay for a verification report required for the defeasance of the Related 2012A VRA or the Related 2019C VRA Bonds Allocated Portion under Article XII of the Master Indenture, any costs incurred by VRA in connection with the redemption, refunding and defeasance of the Related 2012A VRA Bonds or the Related 2019C VRA BondsAllocated Portion, all amounts overdue or then due on this Agreement (including, without limitation, any Supplemental Interest) and all amounts overdue, due or to become due under Section 6.1(a) of this Agreement. (4) The Local Government shall deposit with VRA cash in an amount equal to the present value of interest that would be paid on the principal of the Allocated Portion at a rate equal to 0.125%, payable semiannually, to the maturity dates of the Allocated Portion or, if earlier, the redemption date or dates of the Allocated Portion. Present value shall be determined by using a discount rate equal to the true interest cost of the Related 2012A VRA Bonds or the Related 2019C Portion of VRA Bonds, as applicable. (cb) VRA will determine which Related Portion of the Related 2012A VRA Bonds or the Related 2019C VRA Bonds will be designated as the Allocated Portion and the amounts to be deposited under subsection (b)(2) and (3) above using such reasonable allocation and estimation methods as may be selected by VRA, and VRA's determinations shall be conclusive (absent manifest error). (d) VRA shall permit the defeasance, redemption, prepayment or purchase of this Agreement out of amounts remaining in the Local Account as described in Section 4.2(c); provided that any such defeasance, redemption or prepayment of this Agreement results in the defeasance, redemption or prepayment of the corresponding principal amount and maturities of the Related 2012A VRA Bonds or Related 2019C VRA Bonds, as applicable, as determined by VRA.and