Redeemable Notes definition
Examples of Redeemable Notes in a sentence
The purchase price for the Redeemable Notes shall be equal to the applicable Redemption Price, provided the Issuer has available funds sufficient to pay such amount.
If the Redeemable Notes are to be redeemed pursuant to this Section 10.1, the Servicer or the Issuer shall furnish notice thereof to the Indenture Trustee not later than 25 days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and deposit into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Redeemable Notes, whereupon all such Notes shall be due and payable on the Redemption Date.
The Redeemable Notes shall, following notice of redemption as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the Issuer shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price.
The Redeemable Notes are subject to redemption in whole, but not in part, upon the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 8.01 of the Trust Sale and Servicing Agreement.
Any Notes issued in replacement for the Redeemable Notes will have the same rights and privileges as the Class of Redeemable Note that was refinanced with the related proceeds thereof; provided, such replacement Notes may have different Expected Repayment Dates and Stated Maturity Dates.
In anticipation of a redemption of the Redeemable Notes at the end of their Revolving Period, the Issuer may issue a new Series or one or more Classes of Notes within the 90 day period prior to the end of such Revolving Period and reserve the cash proceeds of the issuance for the sole purpose of paying the principal balance and all accrued and unpaid interest on the Redeemable Notes to be redeemed, on the last day of their Revolving Period.
Any reinvestment of interest shall be made in accordance with the procedures of the Company’s Platform Website, which initially shall provide for the reinvestment of interest payments through the Holder’s purchase of additional Redeemable Notes and which also may, from time to time in the Company’s sole discretion, provide for the automatic reinvestment of interest payments.
The interest on any Note may be reinvested in additional Redeemable Notes at the option of the Holder, subject to the limitations under Section 2.03.
Holdings in Redeemable Notes shall also be subject to a maximum holding per each Holder and per each Account of $10 million (the “Aggregate Maximum Holding”).
The Company will grant to the Trustee, for the benefit of the Trustee and the Holders of the Mandatorily Redeemable Notes, a security interest in the Pledged Property to secure the Company's payment obligations under the Mandatorily Redeemable Notes until the Trigger Date, as set forth in the Security Agreement.