Common use of Extraordinary Optional Redemption Clause in Contracts

Extraordinary Optional Redemption. The Bonds shall be redeemed in whole or in part, and if in part by such method as the Trustee may deem fair and appropriate, at any time at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date, upon receipt by the Trustee of a written notice from the Company stating that any of the following events has occurred and that the Company therefore intends to exercise its option to prepay the payments due under the Loan Agreement in whole or in part pursuant to Section 9.01 of the Loan Agreement and thereby effect the redemption of Bonds in whole or in part: (i) the Company shall have determined or concurred in a determination that the continued operation of the Project is impracticable, uneconomical or undesirable for any reason; (ii) all or substantially all of the Project shall have been condemned or taken by eminent domain; (iii) the operation of the Project shall have been enjoined or shall have otherwise been prohibited by, or shall conflict with, any order, decree, rule or regulation of any court or of any federal, State or local regulatory body, administrative agency or other governmental body; or (iv) unreasonable burdens or excessive liabilities shall have been imposed upon the Company in respect of all or a part of the Project including, without limitation, federal, State or other ad valorem, property, income or other taxes not being imposed on the date of the Loan Agreement, as well as any statute or regulation enacted or promulgated after the date of the Loan Agreement that prevents the Company from deducting interest in respect of the Loan Agreement for federal income tax purposes.

Extraordinary Optional Redemption. The Bonds shall be redeemed in whole or in part, and if in part by such method as the Trustee may deem fair and appropriate, at any time at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date, upon receipt by the Trustee of a written notice from the Company stating that any of the following events has occurred and that the Company therefore intends to exercise its option to prepay the payments due under the Loan Agreement in whole or in part pursuant to Section 9.01 of the Loan Agreement and thereby effect the redemption of Bonds in whole or in partpart out of moneys available pursuant to this Indenture and, if necessary, other Company funds: (i) the Company shall have determined or concurred in a determination that the continued operation of the Project Plant is impracticable, uneconomical or undesirable for any reason; (ii) all or substantially all of the Project Plant shall have been condemned or taken by eminent domain; (iii) the operation of the Project Plant shall have been enjoined or shall have otherwise been prohibited by, or shall conflict with, any order, decree, rule or regulation of any court or of any federal, State state or local regulatory body, administrative agency or other governmental body; or (iv) unreasonable burdens or excessive liabilities shall have been imposed upon the Company in respect of all or a part of the Project or the Plant including, without limitation, federal, State state or other ad valorem, property, income or other taxes not being imposed on the date of the Loan Agreement, as well as any statute or regulation enacted or promulgated after the date of the Loan Agreement that prevents the Company from deducting interest in respect of the Loan Agreement for federal income tax purposes.

Extraordinary Optional Redemption. The Bonds shall be redeemed subject to optional redemption by the Issuer, at the written direction of the Company, in whole or in partpart as described in Section 9.3 hereof, and if in part by such method as the Trustee may deem fair and appropriateon any date, at any time at a redemption price equal to 100% of the principal amount thereof being redeemed plus accrued interest to the redemption date, upon receipt by the Trustee of a written notice from the Company stating that any of the following events has occurred and that the Company therefore intends to exercise its option to prepay the payments due under the Loan Agreement in whole or in part pursuant to Section 9.01 of the Loan Agreement and thereby effect the redemption of Bonds in whole or in partif: (i) the Company shall have determined or concurred in a determination that the continued construction or operation of the Project a Facility is impracticable, uneconomical or undesirable due to (A) the imposition of taxes, other than ad valorem taxes currently levied upon privately owned property used for any reasonthe same general purpose as such Facility, or other liabilities or burdens with respect to such Facility or the operation thereof, (B) changes in technology, in environmental standards or legal requirements or in the economic availability of materials, supplies, equipment or labor or (C) destruction of or damage to all or part of such Facility; (ii) all or substantially all of the Project a Facility shall have been condemned or taken by eminent domain; (iii) the construction or operation of the Project a Facility shall have been enjoined or shall have otherwise been prohibited by, or shall conflict with, by any order, decree, rule or regulation of any court or of any federal, State state or local regulatory body, administrative agency or other governmental body; or (iv) unreasonable burdens a Facility or excessive liabilities portion thereof shall have been imposed upon sold and the Company proceeds of sale shall not have been reinvested as provided in the Guarantee. Anything in this subsection (d) to the contrary notwithstanding, if any of the events described above shall have occurred with respect to a portion, but not all, of all or the Project, the amounts of Bonds that may be redeemed shall not exceed an amount derived by multiplying the total principal amount of the Bonds by a part fraction (a) the numerator of which is the cost of the Project including, without limitation, federal, State or other ad valorem, property, income or other taxes not being imposed on portion thereof so affected and (b) the date denominator of which is the total cost of the Loan Agreement, as well as any statute or regulation enacted or promulgated after the date of the Loan Agreement that prevents the Company from deducting interest in respect of the Loan Agreement for federal income tax purposesProject.