Common use of Demand Purchase Option Clause in Contracts

Demand Purchase Option. While the Bonds bear interest at the Floating Rate, any Bond (or any portion of such Bond in an authorized denomination) shall be purchased on demand of the Owner thereof on any Business Day designated by such Owner in a Demand Purchase Notice (herein defined), at a price equal to 100% of the outstanding principal amount of such Bond, plus accrued and unpaid interest on such Bond to the date of purchase (the “Purchase Price”), provided that (a) the Owner of such Bond delivers to the Tender Agent, at the address set forth below, a written notice or demand (a “Demand Purchase Notice”) stating (i) the principal amount (or portion thereof) and number of the Bond to be purchased; and (ii) the date on which such Bond (or portion thereof) shall be purchased (the “Purchase Date”), which shall be a Business Day prior to the Conversion Date, but not earlier than the seventh (7th) day following the date of delivery of the Demand Purchase Notice to the Tender Agent; and (b) the Owner delivers such Bond, duly endorsed for transfer or accompanied by a bond power endorsed in blank, to the Tender Agent at its Delivery Office not later than 10:00 a.m., New York City time, on the Purchase Date. If however, any Bond as to which the Owner has delivered a Demand Purchase Notice is remarketed to such Owner pursuant to the Remarketing Agreement (as defined in the Indenture), such Owner need not deliver such Bond to the Tender Agent as provided in (b) above and such Bond shall nonetheless be deemed to have been delivered to the Tender Agent, remarketed to the Owner and redelivered to such Owner for purposes of the Indenture. All Demand Purchase Notices, Bonds tendered for purchase and other instruments required to be delivered to the Tender Agent in connection with a tender of Bonds for purchase shall be delivered to Allfirst Bank, Corporate Trust Services, 000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000, or, if applicable, to the designated office of any successor Tender Agent (the “Delivery Office”).

Demand Purchase Option. While the Bonds bear interest at the Floating Rate, any Bond (or any portion of such Bond in an authorized denomination) shall be purchased on demand of the Owner thereof on any Business Day designated by such Owner in a Demand Purchase Notice (herein defined), at a price equal to 100% of the outstanding principal amount of such Bond, plus accrued and unpaid interest on such Bond to the date of purchase (the “Purchase Price”), provided that (a) the Owner of such Bond delivers to the Tender Agent, at the address set forth below, a written notice or demand (a “Demand Purchase Notice”) stating (i) the principal amount (or portion thereof) and number of the Bond to be purchased; and (ii) the date on which such Bond (or portion thereof) shall be purchased (the “Purchase Date”), which shall be a Business Day prior to the Conversion Date, but not earlier than the seventh (7th) day following the date of delivery of the Demand Purchase Notice to the Tender Agent; and (b) the Owner delivers such Bond, duly endorsed for transfer or accompanied by a bond power endorsed in blank, to the Tender Agent at its Delivery Office not later than 10:00 a.m., New York City time, on the Purchase Date. If If, however, any Bond as to which the Owner has delivered a Demand Purchase Notice is remarketed to such Owner pursuant to the Remarketing Agreement (as defined in the Indenture), such Owner need not deliver such Bond to the Tender Agent as provided in (b) above and such Bond shall nonetheless be deemed to have been delivered to the Tender Agent, remarketed to the Owner and redelivered to such Owner for purposes of the Indenture. All Demand Purchase Notices, Bonds tendered for purchase and other instruments required to be delivered to the Tender Agent in connection with a tender of Bonds for purchase shall be delivered to Allfirst BankALLFIRST BANK, Corporate Trust Services, 000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000, or, if applicable, to the designated office of any successor Tender Agent (the “Delivery Office”).

Demand Purchase Option. While the Bonds bear interest at the Floating Rate, any Bond (or any portion of such Bond in an authorized denomination) shall be purchased on demand of the Owner thereof on any Business Day designated by such Owner in a Demand Purchase Notice (herein defined), at a price equal to 100% of the outstanding principal amount of such Bond, plus accrued and unpaid interest on such Bond to the date of purchase (the “Purchase Price”), provided that (a) the Owner of such Bond delivers to the Tender Agent, at the address set forth below, a written notice or demand (a “Demand Purchase Notice”) stating (i) the principal amount (or portion thereof) and number of the Bond to be purchased; and (ii) the date on which such Bond (or portion thereof) shall be purchased (the “Purchase Date”), which shall be a Business Day prior to the Conversion Date, but not earlier than the seventh (7th) day following the date of delivery of the Demand Purchase Notice to the Tender Agent; and (b) the Owner delivers such Bond, duly endorsed for transfer or accompanied by a bond power endorsed in blank, to the Tender Agent at its Delivery Office not later than 10:00 a.m., New York City time, on the Purchase Date. If If, however, any Bond as to which the Owner has delivered a Demand Purchase Notice is remarketed to such Owner pursuant to the Remarketing Agreement (as defined in the Indenture), such Owner need not deliver such Bond to the Tender Agent as provided in (b) above and such Bond shall nonetheless be deemed to have been delivered to the Tender Agent, remarketed to the Owner and redelivered to such Owner for purposes of the Indenture. All Demand Purchase Notices, Bonds tendered for purchase and other instruments required to be delivered to the Tender Agent in connection with a tender of Bonds for purchase shall be delivered to Allfirst BankDAUPHIN DEPOSIT BANK AND TRUST COMPANY, Corporate Trust Services, 000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000, or, if applicable, to the designated office of any successor Tender Agent (the “Delivery Office”).

Demand Purchase Option. While the Bonds bear interest at the Floating Rate, any Bond (or any portion of such Bond in an authorized denomination) shall be purchased on demand of the Owner thereof on any Business Day designated by such Owner in a Demand Purchase Notice (herein defined), at a price equal to 100% of the outstanding principal amount of such Bond, plus accrued and unpaid interest on such Bond to the date of purchase (the “Purchase Price”), provided that (a) the Owner of such Bond delivers to the Tender Agent, at the address set forth below, a written notice or demand (a “Demand Purchase Notice”) stating (i) the principal amount (or portion thereof) and number of the Bond to be purchased; and (ii) the date on which such Bond (or portion thereof) shall be purchased (the “Purchase Date”), which shall be a Business Day prior to the Conversion Date, but not earlier than the seventh (7th) day following the date of delivery of the Demand Purchase Notice to the Tender Agent; and (b) the Owner delivers such Bond, duly endorsed for transfer or transferor accompanied by a bond power endorsed in blank, to the Tender Agent at its Delivery Office not later than 10:00 a.m., New York City time, on the Purchase Date. If If, however, any Bond as to which the Owner has delivered a Demand Purchase Notice is remarketed to such Owner pursuant to the Remarketing Agreement (as defined in the Indenture), such Owner need not deliver such Bond to the Tender Agent as provided in (b) above and such Bond shall nonetheless be deemed to have been delivered to the Tender Agent, remarketed to the Owner and redelivered to such Owner for purposes of the Indenture. All Demand Purchase Notices, Bonds tendered for purchase and other instruments required to be delivered to the Tender Agent in connection with a tender of Bonds for purchase shall be delivered to Allfirst BankDAUPHIN DEPOSIT BANK AND TRUST COMPANY, Corporate Trust Services, 000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000, or, if applicable, to the designated office of any successor Tender Agent (the “Delivery Office”).

Demand Purchase Option. While the Bonds bear interest at the Floating Rate, any Bond (or any portion of such Bond in an authorized denomination) shall be purchased on demand of the Owner thereof on any Business Day designated by such Owner in a Demand Purchase Notice (herein defined), at a price equal to 100% of the outstanding principal amount of such Bond, plus accrued and unpaid interest on such Bond to the date of purchase (the “Purchase Price”), provided that (a) the Owner of such Bond delivers to the Tender Agent, at the address set forth below, a written notice or demand (a “Demand Purchase Notice”) stating (i) the principal amount (or portion thereof) and number of the Bond to be purchased; and (ii) the date on which such Bond (or portion thereof) shall be purchased (the “‘Purchase Date”), which shall be a Business Day prior to the Conversion Date, but not earlier than the seventh (7th) day following the date of delivery of the Demand Purchase Notice to the Tender Agent; and (b) the Owner delivers such Bond, duly endorsed for transfer or accompanied by a bond power endorsed in blank, to the Tender Agent at its Delivery Office not later than 10:00 a.m.am, New York City time, on the Purchase Date. If If, however, any Bond as to which the Owner has delivered a Demand Purchase Notice is remarketed to such Owner pursuant to the Remarketing Agreement (as defined in the Indenture), such Owner need not deliver such Bond to the Tender Agent as provided in (b) above and such Bond shall nonetheless be deemed to have been delivered to the Tender Agent, remarketed to the Owner and redelivered to such Owner for purposes of the Indenture. All Demand Purchase Notices, Bonds tendered for purchase and other instruments required to be delivered to the Tender Agent in connection with a tender of Bonds for purchase shall be delivered to Allfirst Bank, Corporate Trust Services, 000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000, or, if applicable, to the designated office of any successor Tender Agent (the “Delivery Office”).

Demand Purchase Option. While the Bonds bear interest at the Floating Rate, any Bond (or any portion of such Bond in an authorized denomination) shall be purchased on demand of the Owner thereof on any Business Day designated by such Owner in a Demand Purchase Notice (herein defined), at a price equal to 100% of the outstanding principal amount of such Bond, plus accrued and unpaid interest on such Bond to the date of purchase (the “Purchase Price”), provided that (a) the Owner of such Bond delivers to the Tender Agent, at the address set forth below, a written notice or demand (a “Demand Purchase Notice”) stating (i) the principal amount (or portion thereof) and number of the Bond to be purchased; and (ii) the date on which such Bond (or portion thereof) shall be purchased (the “Purchase Date”), which shall be a Business Day prior to the Conversion Date, but not earlier than the seventh (7th) day following the date of delivery of the Demand Purchase Notice to the Tender Agent; and (b) the Owner delivers such Bond, duly endorsed for transfer or accompanied by a bond power endorsed in blank, to the Tender Agent at its Delivery Office not later than 10:00 a.m., New York City time, on the Purchase Date. If If, however, any Bond as to which the Owner has delivered a Demand Purchase Notice is remarketed to such Owner pursuant to the Remarketing Agreement (as defined in the Indenture), such Owner need not deliver such Bond to the Tender Agent as provided in (b) above and such Bond shall nonetheless be deemed to have been delivered to the Tender Agent, remarketed to the Owner and redelivered to such Owner for purposes of the Indenture. All Demand Purchase Notices, Bonds tendered for purchase and other instruments required to be delivered to the Tender Agent in connection with a tender of Bonds for purchase shall be delivered to Allfirst BankALLFIRST BANK, Corporate Trust Services, 000 Xxxxxx Xxxxxx, Mail Code 000-00-00, Xxxxxxxxxx, Xxxxxxxxxxxx 00000, or, if applicable, to the designated office of any successor Tender Agent (the “Delivery Office”).