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Extraordinary Redemption

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Extraordinary Redemption
A situation in which a bond issuer redeems a bond before its maturity because the revenue source paying the coupons disappears. For example, suppose a callable bond is issued to build a factory, and the revenue from the factory pays the interest on the bond. If the factory burns down, the company may redeem the bond at par so it no longer has to make interest payments. While the above example is catastrophic, most extraordinary redemptions occur for more mundane reasons; for instance, a mortgage-backed security may be extraordinarily redeemed if too many mortgages are refinanced. An extraordinary redemption is also called a special call.

extraordinary redemption


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The system is required to apply excess connection fees not needed for payment of debt service or replenishment of the debt service reserve for extraordinary redemption of parity bonds.
Bondholder security is provided in the transaction structure outlined in: --The trust indenture between Wells Fargo Bank and PACE that outlines certain commitments to bondholders, including extraordinary redemption of the bonds in the event of an early termination of the gas purchase agreement for any reason and the payment of swap netting payments prior to debt service.
The trust indenture between The Bank of New York Trust Company and Main Street that outlines certain commitments to bondholders, including extraordinary redemption of the bonds in the event of an early termination of the gas purchase agreement for any reason and the payment of swap netting payments prior to debt service.
 
 
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