Common use of Redemption at the Election or Direction of the Authority Clause in Contracts

Redemption at the Election or Direction of the Authority. In the case of any redemption of Bonds other than as provided in Section 4.3, the Authority, at the request of the Borrower, shall give written notice to the Trustee of its election or direction so to redeem, of the redemption date, of the Principal Amounts of the Bonds of each maturity and series to be redeemed (which maturities, Principal Amounts thereof to be redeemed shall be determined by the Authority in its sole discretion, at the request of the Borrower, subject to any limitation with respect thereto contained in this Indenture) and of the moneys to be applied to the payment of the Redemption Price. Such notice shall be given at least forty-five (45) days prior to the redemption date or such shorter period as shall be acceptable to the Trustee. In the event notice of redemption shall have been given as provided in Section 4.5, such redemption shall be effective only if, on the date of redemption, the Trustee shall hold an amount in immediately available funds which, in addition to other moneys, if any, available therefor held by the Trustee, will be sufficient to redeem all of the Bonds to be redeemed and to pay the accrued interest on such Bonds to the redemption date.