Common use of Redemption/Defeasance Account Clause in Contracts

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Securities or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Securities or any Class thereof pursuant to Article 12, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease such Series or Class. If any cash Capital Contribution is made in connection with any Optional Redemption, the Member will notify the Administrator in writing of the amount thereof, and the Administrator will notify the Indenture Trustee in writing within one Business Day after the making of any such Capital Contribution that such Capital Contribution has been made.

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Securities Notes or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Securities Notes or any Class thereof pursuant to Article 12XII, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease such Series or Class. If any cash Capital Contribution is made in connection with any Optional Redemption, the Member will notify the Administrator in writing of the amount thereof, and the Administrator will notify the Indenture Trustee in writing within one Business Day after the making of any such Capital Contribution that such Capital Contribution has been made.