Special Redemption Generally Sample Clauses
The 'Special Redemption Generally' clause defines the circumstances under which an investor or participant can redeem their investment outside of the standard redemption schedule. Typically, this clause outlines specific events or conditions—such as regulatory changes, significant fund modifications, or personal hardship—that trigger the right to request a special redemption. By providing a mechanism for early or exceptional withdrawal, this clause offers flexibility and protection to investors, addressing situations where adhering to the normal redemption process would be impractical or unfair.
Special Redemption Generally. In accordance with and for the purpose of Section 7.9 hereof, the Bonds shall be subject to mandatory redemption, at the option of the Authority, at the request of the Borrower, prior to the stated maturities thereof on a pro rata basis, in whole or in part at any time, on the earliest practicable date for which notice of redemption can be given as provided in Section 4.5 hereof at a Redemption Price equal to 100% of the Principal Amount of such Bonds or portions thereof to be redeemed, together with accrued interest thereon to the date of redemption, without premium, in a Principal Amount having an aggregate Redemption Price equal to the amount of moneys which are deposited in or transferred to the Redemption Fund (x) from any Net Proceeds or any Prepayment made by the Borrower in order to fully retire the Loan in connection with a condemnation or casualty loss which results in Net Proceeds, and (y) from excess amounts in the Debt Service Reserve Fund resulting from a reduction in the Debt Service Reserve Fund Requirement after giving effect to any special redemption under this subsection (c). The Trustee shall apply any such amounts described above in accordance with applicable provisions hereof from time to time as directed by a certificate of a Borrower’s Representative, with notice to the Authority; provided, however, that (i) such amount to be applied to such redemption shall be rounded to the next lower Authorized Denomination, and (ii) unless otherwise directed by a certificate of a Borrower’s Representative, with notice to the Authority, no such redemption of Bonds shall be effected unless the total amount to be applied to redeem Bonds on such date shall be at least $25,000. Bonds to be redeemed pursuant to this Section 4.1 shall be redeemed or purchased in accordance with Section 7.8 hereof.