Common use of Special Mandatory Redemption Upon Taxability Clause in Contracts

Special Mandatory Redemption Upon Taxability. If, as a result of the failure of the Company to observe any covenant, agreement or representation in this Agreement, a court of competent jurisdiction or any administrative agency finally determines (such determination not to be considered final unless the Authority has been given written notice and, if, in consultation with the Company, the Authority determines to contest, at the Company’s expense, either directly or in the name of any holder of a Bond, any such determination, until the conclusion of any appellate review if sought by the Authority in consultation with the Company) that the interest payable on any Bond is includable for federal income tax purposes in the gross income, as defined in Section 61 of the Code, of any Bondholder (other than a “substantial user” of the Project or a “related person,” as defined in the Code), the Bonds shall be subject to special mandatory redemption prior to maturity, as a whole, or in part if such partial redemption will preserve the exclusion from gross income for federal income tax purposes of interest on the remaining Bonds outstanding (and if in part, to be selected by the Trustee or by the Securities Depository, as applicable, by lot or in any other customary manner as determined by the Trustee or by the Securities Depository, as applicable) at a redemption price equal to the principal amount thereof, plus interest accrued to the redemption date, without premium. The Company will give notice to the Authority and the Trustee in writing of the amount of Bonds to be redeemed and of the date selected for such redemption not later than 90 days after the date of such final determination, such redemption date to be not more than 180 days after the date of such final determination.

Special Mandatory Redemption Upon Taxability. If, as a result of the failure of the Company to observe any covenant, agreement or representation in this Agreement, a court of competent jurisdiction or any administrative agency finally determines (such determination not to be considered final unless the Authority Company has been given written notice and, ifif it so desires, in consultation with the Company, the Authority determines to contesthas been afforded an opportunity, at the Company’s 's expense, to contest, either directly or in the name of any holder of a BondBondowner, any such determination, determination or until the conclusion of any appellate review if sought by the Authority in consultation with the Company) that the interest payable on any Bond is includable for federal income tax purposes in the gross income, as defined in Section 61 of the CodeIRC, of any Bondholder Bondowner (other than a “"substantial user” " of the Project or a “"related person,” " as defined in the CodeIRC), the Bonds shall be subject to special mandatory redemption prior to maturity, as a whole, or in part if such partial redemption will preserve the exclusion from gross income for federal income tax purposes of interest on the remaining Bonds outstanding (and if in part, to be selected by the Trustee Paying Agent or by the Securities DepositoryDTC, as applicable, by lot or in any other customary manner as determined by the Trustee Paying Agent or by the Securities DepositoryDTC, as applicable) at a redemption price equal to the principal amount thereof, plus interest accrued to the redemption date, without premium. The Company will give notice to the Authority Authority, the Trustee and the Trustee Paying Agent in writing of the amount of Bonds to be redeemed and of the date selected for such redemption not later than 90 days after the date of such final determination, such redemption date to be not more than 180 90 days after the date of such final determinationwritten notice.

Special Mandatory Redemption Upon Taxability. If, as a result of the failure of the Company to observe any covenant, agreement or representation in this AgreementAgreement or any related agreement or certificate of the Company relating to federal tax compliance, a court of competent jurisdiction or any administrative agency finally determines (such determination not to be considered final unless the Authority has been given written notice and, if, in consultation with the Company, the Authority determines to contest, at the Company’s expense, either directly or in the name of any holder of a Bond, any such determination, until the conclusion of any appellate review if sought by the Authority in consultation with the Company and at the Company’s expense) that the interest payable on any Bond is includable for federal income tax purposes in the gross income, as defined in Section 61 of the Code, of any Bondholder (other than a “substantial user” of the Project or a “related person,” as defined in the Code), the Bonds shall be subject to special mandatory redemption prior to maturity, as a whole, or in part if such partial redemption will preserve the exclusion from gross income for federal income tax purposes of interest on the remaining Bonds outstanding (and if in part, to be selected by the Trustee or by the Securities Depository, as applicable, by lot or in any other customary manner as determined by the Trustee or by the Securities Depository, as applicable) at a redemption price Redemption Price equal to the principal amount thereof, plus interest accrued to the redemption dateRedemption Date, without premium. The Company will give notice to the Authority and the Trustee in writing of the amount of Bonds to be redeemed and of the date selected for such redemption not later than 90 days after the date of such final determination, such redemption date Redemption Date to be not more than 180 days after the date of such final determination.

Special Mandatory Redemption Upon Taxability. If, as a result of the failure of the Company to observe any covenant, agreement or representation in this Agreement, a court of competent jurisdiction or any administrative agency finally determines (such determination not to be considered final unless the Authority Company has been given written notice and, ifif it so desires, in consultation with the Company, the Authority determines to contesthas been afforded an opportunity, at the Company’s expense, to contest, either directly or in the name of any holder of a Bond, any such determination, determination or until the conclusion of any appellate review if sought by the Authority in consultation with the Company) that the interest payable on any Bond is includable for federal income tax purposes in the gross income, as defined in Section 61 of the CodeIRC, of any Bondholder Bondowner (other than a “substantial user” of the Project or a “related person,” as defined in the CodeIRC), the Bonds shall be subject to special mandatory redemption prior to maturity, as a whole, or in part if such partial redemption will preserve the exclusion from gross income for federal income tax purposes of interest on the remaining Bonds outstanding (and if in part, to be selected by the Trustee Paying Agent or by the Securities DepositoryDTC, as applicable, by lot or in any other customary manner as determined by the Trustee Paying Agent or by the Securities DepositoryDTC, as applicable) at a redemption price equal to the principal amount thereof, plus interest accrued to the redemption date, without premium. The Company will give notice to the Authority and the Trustee Paying Agent in writing of the amount of Bonds to be redeemed and of the date selected for such redemption not later than 90 days after the date of such final determination, such redemption date to be not more than 180 days after the date of such final determination.