Mandatory Redemption at Option of Bank. At any time on or after June 1, 2012, all or any portion of this Bond shall be redeemed by the Issuer, in whole or in part (but if in part in the principal amount of $100,000 or integral multiples of $5,000 in excess thereof) at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the date of redemption, upon not less than 180 days written demand, in the form attached as Exhibit "B" to the Agreement, of the Bank, with a copy to the Issuer. The Bond, or any portion thereof, shall be redeemed, and the redemption of this Bond shall be paid to the owner of this Bond, on the date specified by the Bank. However, if the Bank shall demand the redemption of this Bond in whole pursuant to this paragraph, the Borrower shall have the right to purchase this Bond on any date after the date of the Bank's written demand and prior to the next Business Day preceding the date of the proposed redemption, at a purchase price equal to 100% of the principal amount of this Bond, together with accrued interest to the date of purchase. Notwithstanding the foregoing, if, prior to the date of redemption otherwise specified in accordance with this subsection, the Borrower shall cause to be delivered to the Bank a Letter of Credit, in form and substance reasonably satisfactory to the Bank, the Bond shall not be subject to mandatory prepayment on the date specified by the Bank, and thereafter, so long as such Letter of Credit shall be in effect, the Bank shall have no right to demand the prepayment of the Bond pursuant to this subsection.
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Samples: Financing Agreement (Met Pro Corp)
Mandatory Redemption at Option of Bank. At any time on or after June 1, 2012the third anniversary of the date of original issuance of the Bond, all or any portion of this the Bond shall be redeemed by the IssuerAuthority, in whole or and not in part (but if in part in the principal amount of $100,000 or integral multiples of $5,000 in excess thereof) part, at a redemption price equal to 100% of the principal amount thereof plus thereof, together with accrued interest to the date of redemption, upon not less than 180 days the written demand, demand of the Bank in the form attached as Exhibit "B" B to this Agreement, to the Agreement, of the BankBorrower, with a copy to the IssuerAuthority. The BondBank shall provide the Borrower with notice of the date of any mandatory redemption pursuant to this paragraph and the principal amount of the Bond to be redeemed by first-class mail, or any portion thereofpostage prepaid, sent at least ninety (90) days before such redemption date to the Borrower at the Borrower’s address for notice appearing in this Agreement as of the close of business on the Business Day prior to such mailing. The Bond shall be redeemed, and the redemption price of this the Bond shall be paid to the owner of this the Bond, on the date specified by the Bank. HoweverNotwithstanding the foregoing, if the Bank shall demand the redemption of this the Bond in whole pursuant to this paragraph, in lieu of such redemption, the Borrower shall have the right to (A) purchase this the Bond from the Bank on any date after the date of the Bank's ’s written demand and prior to the next Business Day preceding the date of the proposed redemption, at a purchase price equal to 100% of the principal amount of this the Bond, together with plus accrued interest to the date of purchase. Notwithstanding ; or (B) after delivery of a Favorable Opinion of Bond Counsel, deliver a letter of credit to the foregoing, if, benefit of the Bank on any date after the date of the Bank’s written demand and prior to the next Business Day preceding the date of the proposed redemption otherwise specified in accordance with this subsection, which shall satisfy the Borrower shall cause to be delivered to the Bank a Letter of Credit, in form and substance reasonably satisfactory to the Bank, the Bond shall not be subject to mandatory prepayment on the date specified by the Bank, and thereafter, so long as such Letter of Credit shall be in effect, the Bank shall have no right to demand the prepayment of the Bond pursuant to this subsection.following requirements:
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Mandatory Redemption at Option of Bank. At any time on On or after June December 1, 20122010, all or any portion of this the Bond shall be redeemed by the Issuer, in whole or in part (but if in part in the principal amount of $100,000 or integral multiples of $5,000 in excess thereof) ), at a redemption price equal to 100% of the principal amount thereof plus thereof, together with accrued interest to the date of redemption, upon not less than 180 ninety (90) days written demand, demand of the Bank in the form attached as Exhibit "“B" ” to the Agreement, of Agreement to the BankBorrower, with a copy to the Issuer. The Bond, or any portion thereof, shall be redeemed, and the redemption price of this the Bond shall be paid to the owner of this BondBank, on the date specified by the Bankowner of the Bond. HoweverNotwithstanding the foregoing, if the Bank shall demand the redemption of this the Bond in whole pursuant to this paragraph, in lieu of such redemption the Borrower shall have the right to (A) purchase this the Bond from the Bank on any date after the date of the Bank's ’s written demand and prior to the next Business Day preceding the date of the proposed redemption, at a purchase price equal to 100% of the principal amount of this the Bond, together with plus accrued interest to the date of purchase. Notwithstanding ; or (B) deliver a letter of credit to the foregoing, if, benefit of the Bank on any date after the date of the Bank’s written demand and prior to the next Business Day preceding the date of the proposed redemption otherwise specified which shall satisfy the requirements set forth under Section 6.1(c) of the Agreement. On each such redemption date, payment or provision for payment of the redemption price having been made, the Bond or the portion thereof so called for redemption shall become due and payable on the redemption date, and interest shall cease to accrue thereon from and after the redemption date. In the event of a redemption of this Bond in whole, the redemption price shall be paid to the Bank only upon surrender of this Bond at the principal office of the Borrower or such other place as the Borrower shall designate on such Interest Payment Date. In the event of a partial optional or mandatory redemption, payment shall be made by wire transfer of immediately available funds without presentation and surrender of this Bond, provided that the Borrower’s record of such payment shall be conclusive and binding upon the Bank and each succeeding owner of the Bond, absent manifest error. In addition to any amounts due in connection with the redemption of this Bond as set forth above, in the event of any redemption or prepayment of this Bond for any reason, whether by redemption, prepayment, acceleration or otherwise, there shall be paid to the Bank an additional amount equal to the sum of all actual losses or expenses suffered or incurred by the Bank as a result of the redemption or prepayment, including any loss, breakage or other cost or expense incurred by reason of the termination of any interest rate protection agreement or the liquidation or reemployment of deposits or other funds acquired by the Bank to make or maintain its investment in the principal amount of this Bond at a fixed interest rate; provided, however, if (i) there is a mandatory redemption pursuant to Section 6.1(c) of the Agreement, (ii) the Borrower is not in default under the Agreement, and (iii) a letter of credit has not been delivered pursuant to Section 6.1(c) of the Agreement, this paragraph shall not apply. The Bank shall provide the calculation of any such loss at the Borrower’s request, which calculation shall be final in the absence of manifest error. This Bond is transferable, in accordance with the provisions of the Agreement, by the owner hereof or its duly authorized attorney at the designated office of the Borrower, upon surrender of this subsectionBond, the Borrower shall cause to be delivered to the Bank accompanied by a Letter duly executed instrument of Credittransfer, in form and substance reasonably satisfactory to the BankBorrower, and upon payment by the owner hereof of any taxes, fees or other governmental charges incident to such transfer. Upon any such transfer, a new fully-registered Bond in the same aggregate principal amount will be issued to the transferee. The person in whose name this Bond is registered may be deemed the owner thereof by the Issuer and the Borrower, and any notice to the contrary shall not be binding upon the Issuer or the Borrower. The Agreement permits the amendment thereof and the modifications of the rights and obligations of the Issuer and the rights of the owner of the Bond upon the terms set forth therein. Any consent or waiver by the owner of this Bond shall be conclusive and binding upon such Bank and upon all future owners of this Bond and of the Bond issued upon the transfer of this Bond whether or not notation of such consent or waiver is made hereon. The Agreement also contains provisions permitting the owner of the Bond to waive certain past defaults under the Agreement and their consequences. This Bond is issued under and pursuant to, and in full compliance with the laws of the Commonwealth of Pennsylvania, including particularly the Act, which shall govern its construction, and by appropriate action duly taken by the Issuer which authorizes the execution and delivery of the Agreement and this Bond. No covenant or agreement contained in this Bond shall be deemed to be the covenant or agreement of any member, officer, attorney, agent or employee of the Issuer in an individual capacity. No recourse shall be had for the payment of principal, premium, if any, or interest on this Bond or any claim based thereon or on any instruments and documents executed and delivered by the Issuer in connection with the Project, against any officer, member, agent, attorney or employee of the Issuer past, present or future, or any successor body or their representative heirs, personal representatives, successors, as such, either directly or through the Issuer, or any such successor body, whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all of such liability being hereby released as a condition of and as a consideration for the execution and delivery of this Bond. Notwithstanding anything in any Borrower Financing Document (as defined in the Agreement) to the contrary, no recourse shall be had against any assets of the Issuer other than its rights under the Agreement and the other Borrower Financing Documents. This Bond shall not be subject to mandatory prepayment on constitute the date specified by the Bankpersonal obligation, and thereaftereither jointly or severally, so long as such Letter of Credit shall be in effectany director, the Bank shall have no right to demand the prepayment officer, employee or agent of the Issuer. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed precedent to and in the execution and delivery of the Agreement and issuance of this Bond pursuant to this subsectiondo exist, have happened, exist and have been performed.
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Mandatory Redemption at Option of Bank. At any time on On or after June December 1, 20122010, all or any portion of this the Bond shall be redeemed by the Issuer, in whole or in part (but if in part in the principal amount of $100,000 or integral multiples of $5,000 in excess thereof) ), at a redemption price equal to 100% of the principal amount thereof plus thereof, together with accrued interest to the date of redemption, upon not less than 180 ninety (90) days written demand, demand of the Bank in the form attached as Exhibit "“B" ” to this Agreement to the Agreement, of the BankBorrower, with a copy to the Issuer. The Bond, or any portion thereof, shall be redeemed, and the redemption price of this the Bond shall be paid to the owner of this BondBank, on the date specified by the Bankowner of the Bond. HoweverNotwithstanding the foregoing, if the Bank shall demand the redemption of this the Bond in whole pursuant to this paragraph, in lieu of such redemption the Borrower shall have the right to (A) purchase this the Bond from the Bank on any date after the date of the Bank's ’s written demand and prior to the next Business Day preceding the date of the proposed redemption, at a purchase price equal to 100% of the principal amount of this the Bond, together with plus accrued interest to the date of purchase. Notwithstanding ; or (B) deliver a letter of credit to the foregoing, if, benefit of the Bank on any date after the date of the Bank’s written demand and prior to the next Business Day preceding the date of the proposed redemption otherwise specified in accordance with this subsection, which shall satisfy the Borrower shall cause to be delivered to the Bank a Letter of Credit, in form and substance reasonably satisfactory to the Bank, the Bond shall not be subject to mandatory prepayment on the date specified by the Bank, and thereafter, so long as such Letter of Credit shall be in effect, the Bank shall have no right to demand the prepayment of the Bond pursuant to this subsection.following requirements:
Appears in 1 contract
Mandatory Redemption at Option of Bank. At any time on or after June 1, 2012the third anniversary of the date of original issuance of the Bond, all or any portion of this Bond shall be redeemed by the IssuerAuthority, in whole or in part (but if in part in the principal amount of $100,000 or integral multiples of $5,000 in excess thereof) at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the date of redemption, upon not less than 180 days written demanddemand of the Bank, in the form attached as Exhibit "B" B to the Agreement, of the Bank, with a copy to the IssuerAuthority. The Bank shall provide the Borrower with notice of the date of any mandatory redemption pursuant to this paragraph and the principal amount of the Bond to be redeemed by first-class mail, postage prepaid, sent at least ninety (90) days before such redemption date to the Borrower at the Borrower’s address for notice appearing in the Agreement as of the close of business on the Business Day prior to such mailing. This Bond, or any portion thereof, shall be redeemed, and the redemption of this Bond shall be paid to the owner of this Bond, on the date specified by the Bank. However, if the Bank shall demand the redemption owner of this Bond Bond. Notwithstanding the foregoing, in whole pursuant to this paragraph, lieu of such redemption the Borrower shall have the right to (A) purchase this the Bond from the Bank on any date after the date of the Bank's ’s written demand and prior to the next Business Day preceding the date of the proposed redemption, at a purchase price equal to 100% of the principal amount of this the Bond, together with plus accrued interest to the date of purchase. Notwithstanding ; or (B) deliver a letter of credit to the foregoing, if, benefit of the Bank on any date after the date of the Bank’s written demand and prior to the next Business Day preceding the date of the proposed redemption otherwise specified in accordance with this subsection, which shall satisfy the Borrower shall cause to be delivered to the Bank a Letter of Credit, in form and substance reasonably satisfactory to the Bank, the Bond shall not be subject to mandatory prepayment on the date specified by the Bank, and thereafter, so long as such Letter of Credit shall be in effect, the Bank shall have no right to demand the prepayment requirements set forth under Section 6.1(b) of the Bond pursuant to this subsectionAgreement.
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