1. MIDA Bond-Bethany on 42nd
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1. MIDA Bond-Bethany on 42nd
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4/16/2008 10:43:45 AM
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<br />Redemption Date <br />( 1) <br /> <br />Principal <br />Amount <br /> <br />Redemption Date <br />( 1) <br /> <br />Principal <br />Amount <br /> <br />*Final Maturity <br /> <br />Within ten (10) days before the thirtieth (30th) day prior to each Mandatory Redemption Date, <br />the Trustee will proceed to select for redemption (by random selection in such manner as the Trustee <br />may determine) from Outstanding Series 2008 Bonds subject to Mandatory Redemption on such <br />date, a principal amount of such Series 2008 Bonds equal to the aggregate principal amount of such <br />Series 2008 Bonds redeemable on the Mandatory Redemption Date and will call such Series 2008 <br />Bonds or portions thereof ($5,000 in principal amount or any integral multiple thereof) for <br />redemption on such Mandatory Redemption Date and give notice of such call at the time and in the <br />manner provided by Section 2.12 hereof. <br /> <br />In the event that Series 2008 Bonds are purchased or redeemed at the option of the Issuer <br />pursuant to Section 2.8 or 2.10(a) hereof, such Series 2008 Bonds may, at the option of the <br />Company, be applied as a credit against any subsequent Mandatory Redemption. Such credit shall <br />equal the principal amount of such Series 2008 Bonds purchased or redeemed. The Company shall <br />notify the Trustee in writing not less than forty-five (45) days prior to the Mandatory Redemption <br />Date of its election to apply such Series 2008 Bonds as a credit and the Trustee shall reduce the <br />amount of Series 2008 Bonds to be paid or redeemed on the Mandatory Redemption Date specified <br />by the Company. If the Company fails to notify the Trustee at or before the time required above, the <br />Company shall not be permitted to make such reduction in the Mandatory Redemption payable on <br />such Mandatory Redemption Date. <br /> <br />SECTION 2.10. EXTRAORDINARY REDEMPTION OF BONDS. The Outstanding Series 2008 <br />Bonds shall be subject to redemption on any Business Day for which proper notice of redemption <br />can be given, as follows: <br /> <br />(a) In the event of damage to or destruction of the Facilities or condemnation of <br />the Facilities to the extent provided in Section 6.01 or 6.02 of the Loan Agreement, at the <br />option of the Company, the Net Proceeds of any insurance claim or condemnation award <br />shall be applied to redeem in whole or in part Outstanding Series 2008 Bonds by the Issuer <br />at a redemption price equal to one hundred percent (100%) of the principal amount to be <br />redeemed plus accrued interest; or <br /> <br />(b) If a Determination of Taxability occurs the Outstanding Series 2008 Bonds <br />shall be redeemed in whole prior to maturity with funds derived from a mandatory <br />prepayment of the Loan by the Company pursuant to Section 8.01 of the Loan Agreement, <br />or other funds available hereunder at a redemption price equal to one hundred three percent <br />(103%) of the principal amount to be redeemed plus accrued interest; or <br /> <br />2-6 <br />
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