Common use of Effect of Prepayment Clause in Contracts

Effect of Prepayment. In the event that the City prepays the 2015-A Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 2015-A Bonds in accordance with the Indenture. In the event that the City prepays the 2015-A Purchase Payments in part, such prepayment shall be applied to the prepayment of the 2015-A Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 2015-A Bonds redeemed pursuant to Section 2.02 of the Indenture; and (ii) the Interest Component of each remaining 2008 Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 2015-A Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A Purchase Payments in part, the City shall provide the Corporation with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 2015-A 2020 Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 2015-A 2020 Bonds in accordance with the Indenture. In the event that the City prepays the 2015-A 2020 Purchase Payments in part, such prepayment shall be applied to the prepayment of the 2015-A 2020 Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2020 Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 2015-A 2020 Bonds redeemed pursuant to Section 2.02 of the Indenture; and (ii) the Interest Component of each remaining 2008 2020 Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 2015-A 2020 Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A 2020 Purchase Payments in part, the City shall provide the Corporation Authority with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 2015-A 2022 Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 2015-A 2022 Bonds in accordance with the Indenture. In the event that the City prepays the 2015-A 2022 Purchase Payments in part, such prepayment shall be applied to the prepayment of the 2015-A 2022 Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2022 Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 2015-A 2022 Bonds redeemed pursuant to Section 2.02 of the Indenture; and (ii) the Interest Component of each remaining 2008 2022 Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 2015-A 2022 Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A 2022 Purchase Payments in part, the City shall provide the Corporation Authority with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 20152016-A Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 20152016-A Bonds in accordance with the Indenture. In the event that the City prepays the 20152016-A Purchase Payments in part, such prepayment shall be applied to the prepayment of the 20152016-A Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2016-A Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 20152016-A Bonds redeemed pursuant to Section 2.02 of the Indenture; and (ii) the Interest Component of each remaining 2008 2016-A Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 20152016-A Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 20152016-A Purchase Payments in part, the City shall provide the Corporation Authority with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 2015-A 2016 Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 2015-A 2016 Bonds in accordance with the Indenture. In the event that the City prepays the 2015-A 2016 Purchase Payments in part, such prepayment shall be applied to the prepayment of the 2015-A 2016 Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2016 Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 2015-A 2016 Bonds redeemed pursuant to Section 2.02 2.03 of the Indenture; and (ii) the Interest Component of each remaining 2008 2016 Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 2015-A 2016 Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A Purchase Payments in part, the City shall provide the Corporation with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 20152009-A Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 20152009-A Bonds in accordance with the Indenture. In the event that the City prepays the 20152009-A Purchase Payments in part, such prepayment shall be applied to the prepayment of the 20152009-A Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2009-A Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 20152009-A Bonds redeemed pursuant to Section 2.02 2.03 of the Indenture; and (ii) the Interest Component of each remaining 2008 2009-A Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 20152009-A Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A Purchase Payments in part, the City shall provide the Corporation with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 20152014-A Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 20152014-A Bonds in accordance with the Indenture. In the event that the City prepays the 20152014-A Purchase Payments in part, such prepayment shall be applied to the prepayment of the 20152014-A Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2014-A Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 20152014-A Bonds redeemed pursuant to Section 2.02 2.03 of the Indenture; and (ii) the Interest Component of each remaining 2008 2014-A Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 20152014-A Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A Purchase Payments in part, the City shall provide the Corporation with an amended Exhibit B hereto.

Effect of Prepayment. In the event that the City prepays the 2015-A 2022 Purchase Payments in whole, the amount paid shall be applied to the redemption in full of the principal and interest with respect to the 2015-A 2022 Bonds in accordance with the Indenture. In the event that the City prepays the 2015-A 2022 Purchase Payments in part, such prepayment shall be applied to the prepayment of the 2015-A 2022 Purchase Payments as follows: (i) the City shall designate which Principal Components are being prepaid, and to what extent, and the Principal Component of each remaining 2008 2022 Purchase Payment shall be reduced accordingly, in each case in the amount equal to Authorized Denominations in excess thereof corresponding to the principal amount of 2015-A 2022 Bonds redeemed pursuant to Section 2.02 2.03 of the Indenture; and (ii) the Interest Component of each remaining 2008 2022 Purchase Payment shall be reduced by the aggregate corresponding amount of interest which would otherwise be payable on the 2015-A 2022 Bonds thereby redeemed pursuant to the Indenture. Upon any prepayment of 2015-A Purchase Payments in part, the City shall provide the Corporation with an amended Exhibit B hereto.