Common use of Mandatory Sinking Fund Redemption Clause in Contracts

Mandatory Sinking Fund Redemption. The Series 2024 Bonds are issued as Term Bonds subject to mandatory sinking fund redemption prior to maturity, at a redemption price equal to the purchase amount thereof plus accrued interest to the date of redemption in accordance with the following schedule: 20 Term Bond *Final Maturity The Trustee shall credit against the mandatory sinking fund requirement for the Series 2024 Bonds, and corresponding mandatory redemption obligation, in the order determined by the Issuer, any Series 2024 Bonds which have previously been redeemed (otherwise than as a result of a previous mandatory redemption requirement) or delivered to the Trustee for cancellation or purchased for cancellation by the Trustee and not theretofore applied as a credit against any redemption obligation. Each Series 2024 Bond so delivered or cancelled shall be credited by the Trustee at one hundred percent (100%) of the principal amount thereof against the mandatory sinking fund obligation on such mandatory redemption date, and any excess of such amount shall be credited on future redemption obligations, and the principal amount of bonds to be redeemed by operation of the mandatory sinking fund requirement shall be accordingly reduced; provided, however, the Trustee shall only credit such bonds to the extent received on or before forty-five