Common use of Optional Refinancing Clause in Contracts

Optional Refinancing. (i) The Issuer may, at the direction of the Holders of at least 66-2/3% of the Outstanding Principal Balance of the Class F Notes, effect a Refinancing of the Offered Notes in whole, but not in part, on any Refinancing Date by payment to the Holders of the Offered Notes and other Persons entitled thereto the Refinancing Price pursuant to the Indenture and the other Transaction Documents. To effect a Refinancing, the Servicer on behalf of the Issuer shall deposit in the Note Distribution Account an amount equal to the Refinancing Price and shall comply with the provisions of Section 10.04 of the Indenture. (ii) Notice of a Refinancing shall be given by the Issuer to the Servicer, the Indenture Trustee, the Owner Trustee, the Class A-2 Agent and the Rating Agencies and by the Indenture Trustee to each Holder of Notes.

Optional Refinancing. (i) The Issuer may, at the direction of the Holders of at least 66-2/3% of the Outstanding Principal Balance of the Class F Notes, effect a Refinancing of the Offered Notes in whole, but not in part, on any Refinancing Date by payment to the Holders of the Offered Notes and other Persons entitled thereto the Refinancing Price pursuant to the Indenture and the other Transaction Documents. To effect a Refinancing, the Servicer on behalf of the Issuer shall deposit in the Note Distribution Account an amount equal to the Refinancing Price and shall comply with the provisions of Section 10.04 of the Indenture. (ii) Notice of a Refinancing shall be given by the Issuer to the Servicer, the Indenture Trustee, the Owner Trustee, the Class A-2 Agent and the Rating Agencies and by the Indenture Trustee to each Holder of Notes.