Common use of General Option to Prepay the Loan Clause in Contracts

General Option to Prepay the Loan. Subject to Section 11.03 hereof, the Company shall have and is hereby granted the option exercisable at any time to prepay all or any portion of the Loan by depositing with the Trustee an amount of money or Government Obligations described in Section 1(a) of the definition of such term as set forth in Article I of the Indenture to the extent permitted by Section 7.01 of the Indenture, the principal and interest on which, when due, will be equal (giving effect to the credit, if any, provided by Section 11.02 hereof) to an amount sufficient to pay the principal of (in integral multiples of $100,000 and in multiples of $5,000 in excess thereof), premium, if any, and interest on any portion of the Bonds then Outstanding under the Indenture. The exercise of the option granted by this Section shall not be cause for redemption of Bonds unless such redemption is permitted or required at that time under the provisions of Article V of the Indenture, and the Company Representative specifies the date for such redemption. In the event the Company prepays all of the Loan pursuant to this Section (and the Bonds are defeased in accordance with the Indenture) and pays all reasonable and necessary fees and expenses of the Trustee accrued and to accrue through final payment or redemption of the Bonds as a result of such prepayment and all of its liabilities accrued and to accrue hereunder to the City through final payment or redemption of the Bonds as a result of such prepayment, this Loan Agreement shall terminate except for Sections 5.01 (f), 4.06 and 8.05 hereof. The City and the Trustee may certify to the Company prior to payment all expenses, fees and liabilities due for payment hereunder. Payment of moneys or securities to the Trustee under this Section 11.01 shall be accompanied by an Opinion of Bond Counsel to the effect that the application of such payment will not adversely affect the tax-exempt status of the Bonds Outstanding.

General Option to Prepay the Loan. Subject So long as no Event of Default pursuant to Section 11.03 hereof10.01 hereunder exists, the Company Borrower shall have and is hereby granted the option exercisable at any time to prepay all or any portion of the Loan by depositing with the Trustee an amount of money or Government Obligations described in Section 1(a) of the definition of such term as set forth in Article I of the Indenture securities to the extent permitted by Section 7.01 of the IndentureIndenture representing the principal amount, the principal and interest on which, when due, will be equal (giving effect to the credit, if any, provided by Section 11.02 hereof) to an amount sufficient to pay the principal of (in integral multiples of $100,000 and in multiples of $5,000 in excess thereof), premium, if any, and interest on any portion the Loan to be paid at maturity, with respect to one or more Series of Bonds, or prepaid to the date a corresponding amount of such Series of Bonds then Outstanding under the Indentureare redeemed. The exercise of the option granted by this Section shall not be cause for redemption of Bonds unless such redemption is permitted or required at that time under the provisions of Article V of the Indenture, Indenture and the Company Representative Borrower specifies the date for such redemption. Prior to the date a specific Series of Bonds is subject to redemption as provided in the Indenture, the corresponding Promissory Note is prepayable at any time in an amount sufficient to defease a related amount of such Series of Bonds in accordance with Article VII of the Indenture. In the event the Company Borrower prepays all of the Loan evidenced by the Promissory Note pursuant to this Section (and the Bonds are defeased in accordance with the Indenture) and Section, pays all reasonable and necessary fees and expenses of the Trustee and the Bondholder Representative accrued and to accrue through final payment or redemption of the Bonds as a result of such prepayment prepayment, and all of its liabilities accrued and to accrue hereunder to the City Issuer through final payment or redemption of the Bonds as a result of such prepayment, and all other amounts payable by the Borrower hereunder, including payments of any Rebate Amount, this Loan Agreement shall terminate except for Sections 5.01 (f), 4.06 and 8.05 hereof. The City and the Trustee may certify to the Company prior to payment all expenses, fees and liabilities due for payment hereunder. Payment of moneys or securities to the Trustee under this Section 11.01 shall be accompanied by an Opinion of Bond Counsel to the effect that the application of such payment will not adversely affect the tax-exempt status of the Bonds Outstandingas otherwise provided herein.

General Option to Prepay the Loan. Subject to Section 11.03 hereof, the Company shall have and is hereby granted the option exercisable at any time to prepay all or any portion of the Loan by depositing with the Trustee an amount of money or Government Obligations described in Section 1(a) of the definition of such term as set forth in Article I of the Indenture to the extent permitted by Section 7.01 of the Indenture, the principal and interest on which, when due, will be equal (giving effect to the credit, if any, provided by Section 11.02 hereof) to an amount sufficient to pay the principal of (in integral multiples of $100,000 and in multiples of $5,000 in excess thereof), premium, if any, and interest on any portion of the Bonds then Outstanding under the Indenture. The exercise of the option granted by this Section shall not be cause for redemption of Bonds unless such redemption is permitted or required at that time under the provisions of Article V of the Indenture, and the Company Representative specifies the date for such redemption. In the event the Company prepays all of the Loan pursuant to this Section (and the Bonds are defeased in accordance with the Indenture) and pays all reasonable and necessary fees and expenses of the Trustee accrued and to accrue through final payment or redemption of the Bonds as a result of such prepayment and all of its liabilities accrued and to accrue hereunder to the City Authority through final payment or redemption of the Bonds as a result of such prepayment, this Loan Agreement shall terminate except for Sections 5.01 (f), 4.06 and 8.05 hereof. The City Authority and the Trustee may certify to the Company prior to payment all expenses, fees and liabilities due for payment hereunder. Payment of moneys or securities to the Trustee under this Section 11.01 shall be accompanied by an Opinion of Bond Counsel to the effect that the application of such payment will not adversely affect the tax-exempt status of the Bonds Outstanding.

General Option to Prepay the Loan. Subject So long as no Event of Default pursuant to Section 11.03 hereof10.1 hereunder exists, the Company Borrower shall have and is hereby granted the option exercisable at any time to prepay all or any portion of the Loan evidenced by the Promissory Note by depositing with the Trustee an amount of money or Government Obligations described in Section 1(a) of the definition of such term as set forth in Article I of the Indenture securities to the extent permitted by Section 7.01 7.1 of the IndentureIndenture representing the principal amount, the principal and interest on which, when due, will be equal (giving effect to the credit, if any, provided by Section 11.02 hereof) to an amount sufficient to pay the principal of (in integral multiples of $100,000 and in multiples of $5,000 in excess thereof), premium, if any, and interest on any portion the Loan to be paid at maturity, with respect to one or more Series of Bonds, or prepaid to the date a corresponding amount of such Series of Bonds then Outstanding under the Indentureare redeemed. The exercise of the option granted by this Section shall not be cause for redemption of such Series of Bonds unless such redemption is permitted or required at that time under the provisions of the Indenture and the Borrower specifies the date for such redemption and provides written direction as per Article V of the Indenture, and the Company Representative specifies . Prior to the date for a specific Series of Bonds is subject to redemption as provided in the Indenture, the corresponding Promissory Note is prepayable at any time in an amount sufficient to defease a related amount of such redemptionSeries of Bonds in accordance with the Indenture. In the event the Company Borrower prepays all of the Loan evidenced by the Promissory Notes pursuant to this Section (and the Bonds are defeased in accordance with the Indenture) and Section, pays all reasonable and necessary fees and expenses of the Trustee accrued and to accrue through final payment or redemption of the Series of Bonds as a result of such prepayment prepayment, and all of its liabilities accrued and to accrue hereunder to the City Authority through final payment or redemption of the Series of Bonds as a result of such prepayment, and all other amounts payable by the Borrower hereunder, including payments of any Rebate Amount, this Loan Agreement shall terminate except for Sections 5.01 (f), 4.06 and 8.05 hereof. The City and the Trustee may certify to the Company prior to payment all expenses, fees and liabilities due for payment hereunder. Payment of moneys or securities to the Trustee under this Section 11.01 shall be accompanied by an Opinion of Bond Counsel to the effect that the application of such payment will not adversely affect the tax-exempt status of the Bonds Outstandingas otherwise provided herein.