Common use of Optional Termination Upon Discharge of Indenture Clause in Contracts

Optional Termination Upon Discharge of Indenture. The Company shall have the following options to terminate the Term and discharge the lien of the Indenture as provided in Section 1001 of the Indenture: (a) At any time prior to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture), the Company may terminate the Term by giving the Issuer notice in writing of such termination and by paying to the Trustee, for the account of the Issuer for deposit in the Bond Fund, an amount of Eligible Funds which, when added to the amount on deposit in any Funds and available therefor, shall be sufficient to discharge the Indenture in accordance with its terms. (b) At any time after full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of Section 1001 of the Indenture), the Company may terminate the Term by giving the Issuer and the Trustee notice in writing of such termination. Upon compliance with the foregoing and the giving of notice to the Issuer and the Trustee in writing of such termination, such termination shall forthwith become effective.

Optional Termination Upon Discharge of Indenture. The Company shall have the following options to terminate the Term and discharge the lien of the Indenture as provided in Section 1001 Article VIII of the Indenture: (a) At any time prior to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture), the Company may terminate the Term by giving the Issuer notice in writing of such termination and by paying to the Trustee, for the account of the Issuer for deposit in the Bond Fund, an amount of Eligible Funds eligible funds which, when added to the amount on deposit in any Funds and available therefor, shall be sufficient to discharge the Indenture in accordance with its terms. (b) At any time after full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of Section 1001 Article VIII of the Indenture), the Company may terminate the Term by giving the Issuer and the Trustee notice in writing of such termination. Upon compliance with the foregoing and the giving of notice to the Issuer and the Trustee in writing of such termination, such termination shall forthwith become effective.