Extraordinary Redemption Provision
From Open Risk Manual
Definition
Extraordinary Redemption Provision. Provision that gives a bond issuer the right to call its bonds due to an unusual one-time occurrence, as specified in the offering statement
Such redemptions may occur when bond proceeds are not spent according to schedule; when bond proceeds are used in a way that makes nontaxable bond interest taxable; or when a catastrophe destroys the project being financed, among other reasons.
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Facts about "Extraordinary Redemption Provision"
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