Optional Redemption of Notes; Final Disposition of Funds Sample Clauses

Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date as of which the sum of (1) the Class A Note Principal Balance and (2) the Class B Note Principal Balance is less than ten percent (10.00%) of the sum of (x) the Initial Class A Note Principal Balance and (y) the Initial Class B Note Principal Balance, the Servicer shall have the option to cause the retirement of the Notes by depositing with the Indenture Trustee the sum of (i) the outstanding Class A Note Principal Balance and the outstanding Class B Note Principal Balance as of such Payment Date (after giving effect to the payment of any principal on such Payment Date), (ii) accrued interest on the related Note Principal Balances at the related Note Rate and (iii) all amounts owed to the Indenture Trustee and the Note Insurer pursuant to the Transaction Documents. Upon receipt of such amounts and all amounts then owed to the Indenture Trustee the Indenture Trustee shall (x) make the final payment in full to the Noteholders, (y) pay all amounts owed to the Note Insurer and (z) release any remaining Trust Property to the Residual Holders. In the event that the Servicer elects to redeem the Notes in accordance with this Section 9.02, the Servicer shall be required to notify the Indenture Trustee in writing by no later than two (2) Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.02(b).
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Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date following any Calculation Date on which the Aggregate Discounted Contract Balance is less than ten percent (10%) of the sum of the Aggregate Discounted Contract Balance of the Initial Contracts as of the Closing Date plus the aggregate Discounted Contract Principal Balance of all Subsequent Contracts as of the related Subsequent Transfer Date, the Trust Certificate Holder shall have the option to redeem the Notes in whole by depositing or causing to be deposited into the Collection Account the greater of (x) the sum of (1) the Class A Note Principal Balance and the Class B Note Principal Balance and (2) the Class A Note Interest and the Class B Note Interest and (y) the Repurchase Amount for each Contract that was not a Defaulted Contract as of the close of business on the second preceding Collection Period, by two Business Days prior to such Payment Date; it being understood that in the event the purchase price paid is equal to the amount in clause (y) above, any Defaulted Contracts and any related recoveries shall remain property of the Trust. In the event that the Trust Certificate Holder elects to redeem the Notes in accordance with this Section 9.02(a), the Trust Certificate Holder shall be required to notify the Indenture Trustee in writing by no later than two (2) Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.02(b).
Sample 1
Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date on which the Aggregate Discounted Contract Principal Balance is less than ten percent (10%) of the sum of (x) the Initial Aggregate Discounted Contract Principal Balance and (y) the Original Pre-Funded Amount (which as of the Closing Date, the Servicer hereby represents is the level at which the Servicer reasonably believes that servicing the Contracts on behalf of the Beneficiaries would be economically inefficient), LLC II, on behalf of each of the Issuers, shall have the option to redeem the Notes in whole by depositing or causing to be deposited into the Collection Account the sum of (i) the Class A Note Principal Balance, the Class B Note Principal Balance, the Class C Note Principal Balance and the Class D Note Principal Balance, (ii) the Class A Note Interest, the Class B Note Interest, the Class C Note Interest and the Class D Note Interest due as of such Payment Date, (iii) all Operating Expenses due as of such Payment Date (without regard to the limitation set forth in Section 7.07(a)(ii) hereof) and (iv) all Reimbursement Amounts, if any, due as of such Payment Date. In the event 57 63 that LLC II elects to redeem the Notes in accordance with this Section 9.01(a), LLC II shall be required to notify the Indenture Trustee in writing by no later than five (5) Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.01(b).
Sample 1

Related to Optional Redemption of Notes; Final Disposition of Funds

  • Optional Redemption of Notes Prior to the Par Call Date, the Company may redeem the Notes at its option, in whole or in part, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) (the “Redemption Price”) equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to but excluding the Redemption Date; and (ii) 100% of the principal amount of the Notes; plus, in either case, accrued and unpaid interest thereon to the Redemption Date. Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time or from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date. Notwithstanding the foregoing, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption). The Company shall not redeem the Notes pursuant to this Section 4.1 if on any date the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

  • Notice of Optional Redemption; Selection of Notes (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee not less than 5 Business Days prior to the date such Redemption Notice is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 35 nor more than 60 Trading Days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part; provided, however, that if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee, the Conversion Agent (if other than the Trustee) and the Paying Agent (if other than the Trustee). The Redemption Date must be a Business Day. The Company may not specify a Redemption Date that falls on or after the 31st Scheduled Trading Day immediately preceding the Maturity Date.

  • Maturing Notes and Notes Called for Redemption or Subject to Repurchase If, on a Redemption Date, a Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Sections 4.02(D), 4.03(E) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in each case as provided in this Indenture.

  • Payment of Notes Called for Redemption (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.

  • Purchase and Redemption of Fund Shares 1.1. The Fund and the Underwriter agree to make available for purchase by the Company shares of the Portfolios and shall execute orders placed for each Account on a daily basis at the net asset value next computed after receipt by the Fund or its designee of such order. For purposes of this Section 1.1, the Company shall be the designee of the Fund and the Underwriter for receipt of such orders from each Account and receipt by such designee shall constitute receipt by the Fund; provided that the Fund receives notice of such order by 10:00 a.m. Eastern time on the next following Business Day. "

  • Issue and Redemption of Fund Shares All expenses incurred in connection with the issue, redemption, and transfer of the Fund’s shares, including the expense of confirming all share transactions;

  • Optional Redemption of the Notes (a) The Master Servicer shall have the option to redeem the Notes in whole, but not in part, on any Payment Date on or after the Payment Date on which the aggregate Stated Principal Balance of the Mortgage Loans as of the end of the prior Due Period is less than or equal to [___]% of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date. The aggregate redemption price for the Notes will be equal to the greater of (i) the Stated Principal Balance of the Mortgage Loans and the appraised value of any REO Properties, such appraisal to be conducted by an Independent appraiser mutually agreed upon by the Master Servicer and the Indenture Trustee in their reasonable discretion and (ii) the fair market value of the Mortgage Loans and the REO Properties (as determined by the Master Servicer and, to the extent that a Class of Class A Notes or a Class of Mezzanine Notes will not receive all amounts owed to it as a result of the redemption, the Indenture Trustee (it being understood and agreed that any determination by the Indenture Trustee shall be made solely in reliance on an appraisal by an Independent appraiser as provided above), in each case plus accrued and unpaid interest thereon at the weighted average of the Mortgage Rates through the end of the Due Period preceding the final Payment Date plus unreimbursed Servicing Advances, P&I Advances, any unpaid Servicing Fees allocable to such Mortgage Loans and REO Properties and any accrued and unpaid Basis Risk Shortfalls (the "Redemption Price"); provided, however, that the Master Servicer will not be permitted to redeem the Notes unless the Redemption Price is sufficient to retire the Note Balance of the remaining Notes to zero. If the determination of the fair market value of the Mortgage Loans and REO Properties shall be required to be made by the Master Servicer and an Independent appraiser as provided above, (A) such appraisal shall be obtained at no expense to the Indenture Trustee and (B) the Indenture Trustee may conclusively rely on, and shall be protected in relying on, such appraisal.

  • Redemption of Notes Section 10.01. Redemption...................................................................53 Section 10.02. Form of Redemption Notice....................................................54 Section 10.03. Notes Payable on Redemption Date.............................................54

  • Transfers of Notes Subject to Redemption, Repurchase or Conversion Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due.

  • SALE AND REDEMPTION OF SHARES 1. Whenever the Fund shall sell any shares issued by the Fund ("Shares") it shall deliver to Custodian a Certificate or Instructions specifying the amount of money and/or Securities to be received by Custodian for the sale of such Shares and specifically allocated to an Account for such Series.

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