Common use of Default Mandatory Redemption Clause in Contracts

Default Mandatory Redemption. (a) The bonds of Series 1996A shall be redeemed promptly, without notice, by the Company in whole at 100% of the principal amount thereof plus accrued interest to the date of redemption following receipt by the Trustee of written notice from the trustee under the Series 1996A IDFA Indenture stating that the principal of the Series 1996A IDFA Bonds has been declared to be immediately due and payable as a result of an event of default under the Series 1996A IDFA Indenture. (b) The bonds of Series 1996B shall be redeemed promptly, without notice, by the Company in whole at 100% of the principal amount thereof plus accrued interest to the date of redemption following receipt by the Trustee of written notice from the trustee under the Series 1996B IDFA Indenture stating that the principal of the Series 1996B IDFA Bonds has been declared to be immediately due and payable as a result of an event of default under the Series 1996B IDFA Indenture.

Default Mandatory Redemption. (a) The bonds of Series 1996A 2008D shall be redeemed promptly, without notice, by the Company in whole at 100% of the principal amount thereof plus accrued interest to the date of redemption following receipt by the Trustee of written notice from the trustee under the Series 1996A IDFA IFA 2008D Indenture stating that the principal of the Series 1996A IDFA IFA 2008D Bonds has been declared to be immediately due and payable as a result of an event of default under the Series 1996A IDFA IFA 2008D Indenture. (b) The bonds of Series 1996B 2008F shall be redeemed promptly, without notice, by the Company in whole at 100% of the principal amount thereof plus accrued interest to the date of redemption following receipt by the Trustee of written notice from the trustee under the Series 1996B IDFA IFA 2008F Indenture stating that the principal of the Series 1996B IDFA IFA 2008F Bonds has been declared to be immediately due and payable as a result of an event of default under the Series 1996B IDFA IFA 2008F Indenture.