Common use of Make-Whole Redemption Clause in Contracts

Make-Whole Redemption. (a) The 2002 Series B Bonds are subject to redemption, as a whole or in part, on any date (whether or not an Interest Payment Date) at the election of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2002 Series B Bonds being redeemed plus all accrued, but not yet due and payable, interest to the Redemption Date; and (ii) the sum of the present values of all principal and interest payments scheduled to become due after the date of such redemption in respect of the 2002 Series B Bonds being redeemed discounted on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) and calculated using a discount rate equal to the sum of (A) the yield to maturity on the U.S. Treasury security having an average life equal to the remaining average life of the 2002 Series B Bonds to be redeemed and trading in the secondary market at the price closest to par, and (B) twenty (20) basis points; PROVIDED, HOWEVER, that if there is no U.S. Treasury security having an average life equal to the remaining average life of the 2002 Series B Bonds to be redeemed, such discount rate shall be calculated using a yield to maturity interpolated or extrapolated on a straight-line basis (rounding to the nearest calendar month, if necessary) from the yields to maturity of two U.S. Treasury securities having average lives most closely corresponding to the remaining life of the 2002 Series B Bonds to be redeemed and trading in the secondary market at the prices closest to par. In addition, any interest due and payable but unpaid on 2002 Series B Bonds being redeemed shall be paid on the Redemption Date therefor.

Make-Whole Redemption. (a) The 2002 2003 Series B A Bonds are subject to redemption, as a whole or in part, on any date (whether or not an Interest Payment Date) at the election of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2002 2003 Series B A Bonds being redeemed plus all accrued, but not yet due and payable, interest to the Redemption Date; and (ii) the sum of the present values of all principal and interest payments scheduled to become due after the date of such redemption in respect of the 2002 2003 Series B A Bonds being redeemed discounted on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) and calculated using a discount rate equal to the sum of (A) the yield to maturity on of the U.S. Treasury security having an average a life equal to the remaining average life of the 2002 2003 Series B A Bonds to be redeemed and trading in the secondary market at the price closest to par, and (B) twenty (20) basis points; PROVIDEDprovided, HOWEVERhowever, that if there is no U.S. Treasury security having an average a life equal to the remaining average life of the 2002 2003 Series B A Bonds to be redeemed, such discount rate shall be calculated using a yield to maturity interpolated or extrapolated on a straight-line basis (rounding to the nearest calendar month, if necessary) from the yields to maturity of two (2) U.S. Treasury securities having average lives most closely corresponding to the remaining average life of the 2002 2003 Series B A Bonds to be redeemed and trading in the secondary market at the prices closest to par. In addition, any interest due and payable but unpaid on 2002 2003 Series B A Bonds being redeemed shall be paid on the Redemption Date therefor.

Make-Whole Redemption. (a) The 2002 2001 Series B A Bonds are subject to redemption, as a whole or in part, on any date (whether or not an Interest Payment Date) at the election of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2002 2001 Series B A Bonds being redeemed plus all accrued, but not yet due and payable, accrued interest to the Redemption Date; and (ii) the sum of the present values of all principal and interest payments scheduled to become due after the date of such redemption in respect of the 2002 2001 Series B A Bonds being redeemed redeemed, discounted on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) and calculated using a discount rate equal to the sum of (A) the yield to maturity on the U.S. Treasury security having an average life equal to the remaining average life of the 2002 2001 Series B A Bonds to be redeemed and trading in the secondary market at the price closest to par, and (B) twenty (20) basis points; PROVIDEDprovided, HOWEVERhowever, that if there is no U.S. Treasury security having an average life equal to the remaining average life of the 2002 2001 Series B Bonds to be redeemedA Bonds, such discount rate shall be calculated using a yield to maturity interpolated or extrapolated on a straight-line basis (rounding to the nearest calendar month, if necessary) from the yields to maturity of two U.S. Treasury securities having average lives most closely corresponding to the remaining life of the 2002 2001 Series B A Bonds to be redeemed and trading in the secondary market at the prices price closest to par. In additionWithout duplication, any interest due and payable but unpaid on 2002 2001 Series B A Bonds being redeemed shall be paid on the Redemption Date therefor.

Make-Whole Redemption. (a) The 2002 2001 Series B A Bonds are subject to redemption, as a whole or in part, on any date (whether or not an Interest Payment Date) at the election of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2002 2001 Series B A Bonds being redeemed plus all accrued, but not yet due and payable, accrued interest to the Redemption Date; and (ii) the sum of the present values of all principal and interest payments scheduled to become due after the date of such redemption in respect of the 2002 2001 Series B A Bonds being redeemed redeemed, discounted on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) and calculated using a discount rate equal to the sum of (A) the yield to maturity on the U.S. Treasury security having an average life equal to the remaining average life of the 2002 2001 Series B A Bonds to be redeemed and trading in the secondary market at the price closest to par, and (B) twenty (20) basis points; PROVIDED, HOWEVER, that if there is no U.S. Treasury security having an average life equal to the remaining average life of the 2002 2001 Series B Bonds to be redeemedA Bonds, such discount rate shall be calculated using a yield to maturity interpolated or extrapolated on a straight-line basis (rounding to the nearest calendar month, if necessary) from the yields to maturity of two U.S. Treasury securities having average lives most closely corresponding to the remaining life of the 2002 2001 Series B A Bonds to be redeemed and trading in the secondary market at the prices price closest to par. In additionWithout duplication, any interest due and payable but unpaid on 2002 2001 Series B A Bonds being redeemed shall be paid on the Redemption Date therefor.