Common use of Option B - Redemption of the Subordinate Bonds Clause in Contracts

Option B - Redemption of the Subordinate Bonds. In the event that the Borrower shall determine that it is not practical or desirable to rebuild, repair or restore the Project, or, in case the Borrower is unable to deliver the certificates or reports necessary under Option A of this Section, this Loan Agreement shall be terminated in accordance with Section 8.4 hereof and the Subordinate Bonds shall be redeemed. If the Net Proceeds of insurance, together with all amounts then held by the Trustee under the Indenture available to redeem or retire the Subordinate Bonds, shall be insufficient to so redeem the Subordinate Bonds (including the expenses of redemption), the Borrower shall pay such deficiency to the Trustee as a Basic Payment and the Net Proceeds of insurance, together with such Basic Payment and amounts held by the Trustee under the Indenture, shall be applied to such redemption of the Subordinate Bonds in accordance with Section 8.4 hereof and Section 3.1 of the Indenture. If the Subordinate Bonds have been fully paid and all obligations of the Borrower hereunder have been paid or provided for, all Net Proceeds shall be paid to the Borrower.

Option B - Redemption of the Subordinate Bonds. In the event The Borrower may elect that the Borrower shall determine that it is not practical or desirable to rebuild, repair or restore the Project, or, in case the Borrower is unable to deliver the certificates or reports necessary under Option A of this Section, this Loan Agreement shall be terminated in accordance with Section 8.4 hereof and the Subordinate Bonds shall be redeemed. If the Net Proceeds of insurancecondemnation, together with all amounts the amount then held by the Trustee under the Indenture available to redeem or retire the Subordinate Bonds, Bonds shall be insufficient to so redeem the Subordinate Bonds (including the principal, accrued interest, and expenses of redemption), the Borrower shall pay such deficiency to the Trustee as a Basic Payment Payment, and the Net Proceeds of insurancecondemnation, together with such Basic Payment and amounts held by the Trustee under the Indenture, Indenture shall be applied to such redemption of the Subordinate Bonds in accordance with Section 8.4 hereof and Section 3.1 of the Indenture. If the Subordinate Bonds have been fully duly paid and all other obligations of the Borrower hereunder have been paid or provided for, all any remaining Net Proceeds shall be paid to the Borrower.

Option B - Redemption of the Subordinate Bonds. In the event The Borrower may elect that the Borrower shall determine that it is not practical or desirable to rebuild, repair or restore the Project, or, in case the Borrower is unable to deliver the certificates or reports necessary under Option A of this Section, this Subordinate Loan Agreement shall be terminated in accordance with Section 8.4 hereof and the Subordinate Bonds shall be redeemed. If the Net Proceeds of insurancecondemnation, together with all amounts the amount then held by the Trustee under the Subordinate Indenture available to redeem or retire the Subordinate Bonds, Bonds shall be insufficient to so redeem the Subordinate Bonds (including the principal, accrued interest, and expenses of redemption), the Borrower shall pay such deficiency to the Trustee as a Basic Payment Payment, and the Net Proceeds of insurancecondemnation, together with such Basic Payment and amounts held by the Trustee under the Indenture, Subordinate Indenture shall be applied to such redemption of the Subordinate Bonds in accordance with Section 8.4 hereof and Section 3.1 of the Subordinate Indenture. If the Subordinate Bonds have been fully duly paid and all other obligations of the Borrower hereunder have been paid or provided for, all any remaining Net Proceeds shall be paid to the Borrower.