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ARTICLE III <br /> REDEMPTION OF BONDS BEFORE MATURITY <br /> SECTION 3.1. Redemption Dates and Prices. <br /> (a) Optional Redemption. <br /> Series 2022A Bonds. The Series 2022A Bonds are subject to redemption by the <br /> Issuer at the option of the Company on June 1, 2032 and any Business Day thereafter, in <br /> whole or in part on any date, at the redemption price equal to the principal amount to be <br /> redeemed plus accrued interest to the date of redemption. <br /> Series 2022E Bonds. The Series 2022B Bonds are not subject to optional <br /> redemption prior to maturity. <br /> Bonds shall be redeemed only in the principal amount of$5,000 or any integral <br /> multiple thereof. If only a portion of the Bonds are redeemed, such Bonds to be redeemed <br /> shall be selected from maturities designated by the Company. If less than all of one (1) <br /> maturity is to be redeemed, Bonds of such maturity shall be selected randomly by lot in <br /> such manner determined by the Trustee. <br /> (b) Extraordinary Redemption. The Bonds shall be subject to redemption at any time <br /> upon the occurrence of any of the following events: (i)the School Facilities or any portion thereof <br /> is damaged or destroyed or taken in a condemnation proceeding to which Section 6.2(b) of the <br /> Loan Agreement is applicable; (ii) any of the events specified in Section 10.2 of the Loan <br /> Agreement have occurred and upon the Company's exercising its option to prepay the loan <br /> pursuant to Section 10.1 of the Loan Agreement; or(iii) upon acceleration because of an Event of <br /> Default. If called for redemption at any time pursuant to clause (1) or (11) above, the Bonds shall <br /> be subject to redemption by the Issuer prior to maturity at any time in whole or (in the case of <br /> redemption pursuant to Section 6.2(b) of the Loan Agreement) in part, in such manner as the <br /> Company may direct, less than all of such Bonds of a single maturity to be selected randomly in <br /> such manner as the Trustee may determine, such redemption to be at a redemption price of one <br /> hundred percent (100%) of the principal amount thereof plus accrued interest to the redemption <br /> date. <br /> (c) Redemption upon Determination of Taxability. The Series 2022 Bonds shall be <br /> redeemed upon a Determination of Taxability,in whole but not in part,within thirty(30)days after <br /> the date of the Determination of Taxability and at a redemption price equal to one hundred three <br /> percent (103%) of the principal amount of the Series 2022A Bonds, plus accrued interest to the <br /> redemption date, and one hundred percent(100%)of the Series 2022B Bonds,plus accrued interest <br /> to the redemption date. <br /> (d) Mandatory Sinking Fund Redemption. The Series 2022 Bonds are subject to <br /> mandatory sinking fund redemption prior to maturity, and are to be redeemed randomly by lot in <br /> such other manner as the Trustee may determine, at one hundred percent (100%) of the principal <br /> amount thereof plus accrued interest to the date of redemption, on the following dates and in the <br /> following principal amounts: <br /> 31 <br /> 735810810 <br />