University's Election to Redeem Sample Clauses

University's Election to Redeem. Except in the case of redemption pursuant to any Mandatory Sinking Fund Requirements or pursuant to other mandatory redemption provisions provided in a Series Resolution or a Certificate of Award, Obligations shall be redeemed only by written notice from the University to the Trustee of its election to redeem in accordance with the applicable Series Resolution or the Certificate of Award. The notice shall specify the places where the amounts due upon such redemption are payable, the redemption date and the principal amount of each maturity of each series of redeemable Obligations to be redeemed and shall be given at least 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 to the Holders as provided in Section 3.03 hereof, the University shall, and hereby covenants that it will, prior to the redemption date pay to the Trustee for deposit in the appropriate account in the Debt Service Fund an amount in cash which, in addition to other moneys, if any, available therefor and held by the Trustee, will be sufficient to redeem at the redemption price thereof, plus interest accrued to the redemption date, all of the redeemable Obligations which the University has so elected to redeem, less an amount equal to one hundred percent (100%) of the principal amount of Obligations described in the next following paragraph. The University shall have the option to deliver to the Registrar for cancellation Obligations subject to redemption in any aggregate principal amount and to receive a credit against the Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligation) of any such Obligations. That option shall be exercised by the University, on or before the 45th day preceding the applicable mandatory sinking fund redemption date, by furnishing the Trustee a certificate, executed by the Fiscal Officer, setting forth the extent of the credit to be applied with respect to the subject Mandatory Sinking Fund Requirements, and the Obligations to be so credited. If the certificate and the Obligations to be credited are not timely furnished to the Trustee, the Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) shall not be reduced. Credit against the then current Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligation) also shall be received by the University for any Obligations which pr...
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Related to University's Election to Redeem

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