Extraordinary Redemption Without Premium Sample Clauses
Extraordinary Redemption Without Premium. To the extent moneys are transferred to the Bond Fund pursuant to Section 403 or 408 or pursuant to the provisions of the Reimbursement Agreement, or any related documents between the Borrower and the Bank relating to proceeds of the sale, lease or other disposition of the Project (or a portion thereof) or receipt of certain insurance or eminent domain proceeds relating to all or a portion of the Project, the Borrower shall promptly direct the Trustee in writing to draw on the Credit Facility in an amount equal to the highest multiple of Five Thousand Dollars ($5,000) which is less than the proceeds received to redeem Bonds in whole or in part, on any date within 60 days at a redemption price of 100% of the principal amount of the Bonds redeemed, plus accrued interest to the redemption date, and such moneys in the Bond Fund (and earnings thereon) shall be used to reimburse the Bank for moneys drawn on the Credit Facility, but only for payments of principal. If the amount so transferred in any one calendar year is less than One Hundred Thousand Dollars ($100,000), the Trustee may, and upon written direction of the Borrower shall, apply it to reimburse the Bank for drawings on the Credit Facility for regularly scheduled payments of principal instead of calling Bonds for redemption.
Extraordinary Redemption Without Premium. The Bonds shall be subject to redemption prior to maturity (1) as a whole, without premium, as provided in Section 4.03 hereof, in the event of (a) a taking in Condemnation of, or failure of title to, all or substantially all of the Project Facility, (b) damage to or destruction of part or all of the Project Facility and (x) election by the Company to redeem the Bonds in accordance with Section 7.1 of the Agreement or (y) election by the Bank to cause a redemption of the Bonds in accordance with Section 7.1 of the Agreement, or (c) a taking in Condemnation of part of the Project Facility and (x) election by the Company to redeem the Bonds in accordance with Section 7.2 of the Agreement or (y) election by the Bank to cause a redemption of the Bonds in accordance with Section 7.2 of the Agreement, or (2) in part, without premium, (a) as provided in Section 4.03 hereof, in the event that (i) excess moneys remain in the Insurance and Condemnation Fund following damage or condemnation of a portion of the Project Facility and completion of the repair, rebuilding or restoration of the Project Facility by the Company, and (ii) such moneys are not paid to the Company pursuant to Section 4.03 hereof, or (b) as provided in Section 4.02 hereof, in the event excess moneys remain in the Project Fund after the Completion Date. In any such event, the Bonds shall be redeemed, as a whole or in part, as the case may be, in the manner provided in this Article III, at such time as the Trustee determines, at a redemption price equal to the principal amount thereof, plus accrued interest to the redemption date, without premium.