32-17 Economic Development Revenue Bonds (Studebaker Project)

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ARTICLE V. REDEMPTION OF SERIES 2017 BONDS BEFORE MATURITY Section 5.1. Redemption Dates and Prices. (a) Optional Redemption. The Series 2017 Bonds are subject to optional redemption by the Issuer at the direction of the Developer, prior to maturity on any date, upon seven (7) days' notice, in whole or in part, in such order of maturity as the Issuer shall direct in writing and by lot within maturities, at face value, without premium, plus in each case accrued interest to the date fixed for redemption. (b) Mandatory Redemption. If funds are on deposit in the Bond Fund in excess of amounts necessary to pay principal due on the next succeeding payment date, the Issuer shall direct the Trustee in writing to use such amounts on the earliest date possible following such payment date to redeem Series 2017 Bonds, in whole or in part, at 100% of the principal amount thereof without premium. So long as the Series 2017 Bonds are held by the Bond Purchaser, the Series 2017 Bonds do not need to be presented for payment upon mandatory sinking fund redemption. Section 5.2. Notice of Redemption. In the case of redemption of Series 2017 Bonds pursuant to Section 5.1 hereof, notice of the call for any such redemption identifying the Series 2017 Bonds, or portions of fully registered Series 2017 Bonds, to be redeemed shall be given by mailing a copy of the redemption notice by first class mail not less than seven (7) days prior to the date fixed for redemption to the registered Owner of each Series 2017 Bond to be redeemed at the address shown on the registration books. Such notice of redemption shall specify the CUSIP number, if applicable, and, in the event of a partial redemption the Series 2017 Bond numbers and called amounts of each Series 2017 Bond, the redemption date, redemption price, interest rate, maturity date and the name and address of the Trustee and the Paying Agent; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any such registered Series 2017 Bond shall not affect the validity of any proceedings for the redemption of other Series 2017 Bonds. On and after the redemption date specified in the aforesaid notice, such Series 2017 Bonds, or portions thereof, thus called shall not bear interest, shall no longer be protected by this Indenture and shall not be deemed to be outstanding under the provisions of this Indenture, and the holders thereof shall have the right only to receive the redemption price thereof,plus accrued interest thereon to the date fixed for redemption. Notice of any redemption hereunder required to be given to the Owners with respect to Series 2017 Bonds held under a book entry system shall be given by the Trustee only to the Depository, or its nominee, as the Holder of such Series 2017 Bonds. Section 5.3. Cancellation. All Series 2017 Bonds which have been redeemed in whole shall be canceled and cremated or otherwise destroyed by the Trustee and shall not be reissued and a counterpart of the certificate of cremation or other destruction evidencing such cremation or other destruction shall be furnished by the Trustee to the Issuer and the Developer. - 24 - 1111860514.2