Common use of Optional Prepayment of Lease Payments Because of Casualty or Condemnation Clause in Contracts

Optional Prepayment of Lease Payments Because of Casualty or Condemnation. The Company shall be permitted to prepay Lease Payments and all other amounts due hereunder in full prior to the Stated Maturity Date of the Bonds (or provision for payment in full thereof having been made under the Indenture), if any of the following shall have occurred: (a) The Equipment and Improvements shall have been damaged or destroyed to such extent that in the reasonable judgment of the Company they (i) cannot reasonably be restored within six (6) months to substantially their condition immediately preceding such damage or destruction, or (ii) cannot reasonably be used to carry on the normal operations of the Company for six (6) months, or (iii) the reasonably estimated cost of restoration exceeds twenty percent (20%) of the original face amount of the Bonds and is also reasonably estimated to exceed the Net Proceeds; provided that such estimates shall be reasonably approved by the Trustee; or (b) By reason of the exercise of the power of eminent domain by any governmental authority, title shall have been taken to all or substantially all of the Equipment and Improvements, or so much thereof that in the reasonable judgment of the Company (i) the Company will be prevented from carrying on its normal operations for six (6) months, or (ii) the reasonably estimated cost of restoration of the Equipment and Improvements exceeds twenty percent (20%) of the original face amount of the Bonds and is reasonably estimated to exceed the Net Proceeds; provided that such estimates shall be reasonably approved by the Trustee; or (c) As a result of any changes in the Constitution of the State or the Constitution of the United States of America, or of any legislative or administrative action, whether state or federal, or of any final decree, judgment or order of any court or administrative body, whether state or federal, entered after the contest thereof by the Company in good faith, the agreements contained in this Agreement shall have become impossible of performance in accordance with the intent and purposes of the parties as expressed herein, or unreasonable burdens or excessive liabilities shall have been imposed upon the Company, including, but not limited to the imposition of new state or local ad valorem, property, income or other taxes not imposed on the date of this Agreement, other than ad valorem taxes upon privately owned property and for the same general purpose as the Facilities and special assessments levied in amounts proportionate to and not exceeding the benefits of future public improvements to the Land. To exercise such prepayment, the Company shall, within 120 days following the event set forth in paragraph (a), (b) or (c) above, give written notice to the Issuer, Credit Provider and the Trustee if any of the Bonds shall then be unpaid and provision for the payment thereof has not been made in accordance with the provisions of the Indenture and shall specify therein the date of closing such prepayment, which date shall be not less than ten (10) days nor more than ninety (90) days from the date such notice is mailed. Such notice shall specify the Redemption Date for the Bonds to be redeemed, which date shall be the first date succeeding the date set for closing such prepayment for which the Trustee can properly give notice as provided in Section 304 of the Indenture, and shall request the Trustee to take all steps necessary under the applicable provisions of the Indenture to effect the redemption of the Bonds on such date upon receipt in full of the prepayment. The prepayment amounts by the Company pursuant to this Section shall be the sum of the following: (i) an amount of money to be paid into the Bond Fund which, when added to the amount then on deposit with the Trustee in the Funds and available for payment of the Bonds, shall be sufficient to pay the principal of and accrued interest to the redemption date on all the Bonds then Outstanding in accordance with the Indenture; plus (ii) an amount of money equal to the Trustee’s fees and expenses under the Indenture and the expenses of the Issuer accrued and to accrue until such final payment and redemption of the Bonds. In such event, the Company may direct the Trustee to pay into the Bond Fund any Net Proceeds of insurance or condemnation award which the Trustee may then hold to be used solely for payment of principal of and accrued interest on the Bonds on the date selected for redemption. Upon the date of prepayment in full as provided in this Section 10.2, the Company shall be entitled to retain possession of the Facilities throughout the Term, subject to the right of the Company to terminate the Term or, in accordance with Section 10.3, purchase the Facilities.

Optional Prepayment of Lease Payments Because of Casualty or Condemnation. The Company shall be permitted to prepay Lease Payments and all other amounts due hereunder in full prior to the Stated Maturity Date of the Bonds (or provision for payment in full thereof having been made under the Indenture), if any of the following shall have occurred: (a) The Equipment and Improvements shall have been damaged or destroyed to such extent that in the reasonable judgment of the Company they (i) cannot reasonably be restored within six (6) months to substantially their condition immediately preceding such damage or destruction, or (ii) cannot reasonably be used to carry on the normal operations of the Company for six (6) months, or (iii) the reasonably estimated cost of restoration exceeds twenty percent (20%) of the original face amount of the Bonds and is also reasonably estimated to exceed the Net Proceeds; provided that such estimates shall be reasonably approved by the Trustee; or (b) By reason of the exercise of the power of eminent domain by any governmental authority, title shall have been taken to all or substantially all of the Equipment and Improvements, or so much thereof that in the reasonable judgment of the Company (i) the Company will be prevented from carrying on its normal operations for six (6) months, or (ii) the reasonably estimated cost of restoration of the Equipment and Improvements exceeds twenty percent (20%) of the original face amount of the Bonds and is reasonably estimated to exceed the Net Proceeds; provided that such estimates shall be reasonably approved by the Trustee; or (c) As a result of any changes in the Constitution of the State or the Constitution of the United States of America, or of any legislative or administrative action, whether state or federal, or of any final decree, judgment or order of any court or administrative body, whether state or federal, entered after the contest thereof by the Company in good faith, the agreements contained in this Agreement shall have become impossible of performance in accordance with the intent and purposes of the parties as expressed herein, or unreasonable burdens or excessive liabilities shall have been imposed upon the Company, including, but not limited to the imposition of new state or local ad valorem, property, income or other taxes not imposed on the date of this Agreement, other than ad valorem taxes upon privately owned property and for the same general purpose as the Facilities and special assessments levied in amounts proportionate to and not exceeding the benefits of future public improvements to the LandFacilities. To exercise such prepayment, the Company shall, within 120 days following the event set forth in paragraph (a), (b) or (c) above, give written notice to the Issuer, Credit Provider and the Trustee if any of the Bonds shall then be unpaid and provision for the payment thereof has not been made in accordance with the provisions of the Indenture and shall specify therein the date of closing such prepayment, which date shall be not less than ten (10) days nor more than ninety (90) days from the date such notice is mailed. Such notice shall specify the Redemption Date for the Bonds to be redeemed, which date shall be the first date succeeding the date set for closing such prepayment for which the Trustee can properly give notice as provided in Section 304 of the Indenture, and shall request the Trustee to take all steps necessary under the applicable provisions of the Indenture to effect the redemption of the Bonds on such date upon receipt in full of the prepayment. The prepayment amounts by the Company pursuant to this Section shall be the sum of the following: (i) an amount of money to be paid into the Bond Fund which, when added to the amount then on deposit with the Trustee in the Funds and available for payment of the Bonds, shall be sufficient to pay the principal of and accrued interest to the redemption date on all the Bonds then Outstanding in accordance with the Indenture; plus (ii) an amount of money equal to the Trustee’s fees and expenses under the Indenture and the expenses of the Issuer accrued and to accrue until such final payment and redemption of the Bonds. In such event, the Company may direct the Trustee to pay into the Bond Fund any Net Proceeds of insurance or condemnation award which the Trustee may then hold to be used solely for payment of principal of and accrued interest on the Bonds on the date selected for redemption. Upon the date of prepayment in full as provided in this Section 10.2, the Company shall be entitled to retain possession of the Facilities throughout the Term, subject to the right of the Company to terminate the Term or, in accordance with Section 10.3, purchase the Facilities.

Optional Prepayment of Lease Payments Because of Casualty or Condemnation. The Company shall be permitted to prepay Lease Payments and all other amounts due hereunder in full prior to the Stated Maturity Date of the Bonds (or provision for payment in full thereof having been made under the Indenture), if any of the following shall have occurred: (a) The Equipment and Improvements shall have been damaged or destroyed to such extent that in the reasonable judgment of the Company they (i) cannot reasonably be restored within six (6) months to substantially their condition immediately preceding such damage or destruction, or (ii) cannot reasonably be used to carry on the normal operations of the Company for six (6) months, or (iii) the reasonably estimated cost of restoration exceeds twenty percent (20%) of the original face amount of the Bonds and is also reasonably estimated to exceed the Net Proceeds; provided that such estimates shall be reasonably approved by the Trustee; or (b) By reason of the exercise of the power of eminent domain by any governmental authority, title shall have been taken to all or substantially all of the Equipment and Improvements, or so much thereof that in the reasonable judgment of the Company (i) the Company will be prevented from carrying on its normal operations for six (6) months, or (ii) the reasonably estimated cost of restoration of the Equipment and Improvements exceeds twenty percent (20%) of the original face amount of the Bonds and is reasonably estimated to exceed the Net Proceeds; provided that such estimates shall be reasonably approved by the Trustee; or (c) As a result of any changes in the Constitution of the State or the Constitution of the United States of America, or of any legislative or administrative action, whether state or federal, or of any final decree, judgment or order of any court or administrative body, whether state or federal, entered after the contest thereof by the Company in good faith, the agreements contained in this Agreement shall have become impossible of performance in accordance with the intent and purposes of the parties as expressed herein, or unreasonable burdens or excessive liabilities shall have been imposed upon the Company, including, but not limited to the imposition of new state or local ad valorem, property, income or other taxes not imposed on the date of this Agreement, other than ad valorem taxes upon privately owned property and for the same general purpose as the Facilities and special assessments levied in amounts proportionate to and not exceeding the benefits of future public improvements to the LandFacilities. To exercise such prepayment, the Company shall, within 120 days following the event set forth in paragraph (a), (b) or (c) above, give written notice to the Issuer, Credit Provider and the Trustee if any of the Bonds shall then be unpaid and provision for the payment thereof has not been made in accordance with the provisions of the Indenture and shall specify therein the date of closing such prepayment, which date shall be not less than ten (10) days nor more than ninety (90) days from the date such notice is mailed. Such notice shall specify the Redemption Date for the Bonds to be redeemed, which date shall be the first date succeeding the date set for closing such prepayment for which the Trustee can properly give notice as provided in Section 304 3.11 of the Indenture, and shall request the Trustee to take all steps necessary under the applicable provisions of the Indenture to effect the redemption of the Bonds on such date upon receipt in full of the prepayment. The prepayment amounts by the Company pursuant to this Section shall be the sum of the following: (i) an amount of money to be paid into the Bond Fund which, when added to the amount then on deposit with the Trustee in the Funds and available for payment of the Bonds, shall be sufficient to pay the principal of and accrued interest to the redemption date on all the Bonds then Outstanding in accordance with the Indenture; plus (ii) an amount of money equal to the Trustee’s fees and expenses under the Indenture and the expenses of the Issuer accrued and to accrue until such final payment and redemption of the Bonds. In such event, the Company may direct the Trustee to pay into the Bond Fund any Net Proceeds of insurance or condemnation award which the Trustee may then hold to be used solely for payment of principal of and accrued interest on the Bonds on the date selected for redemption. Upon the date of prepayment in full as provided in this Section 10.2, the Company shall be entitled to retain possession of the Facilities throughout the Term, subject to the right of the Company to terminate the Term or, in accordance with Section 10.3, purchase the Facilities.