Callable Certificates Clause Samples
Callable Certificates. If one or more specified Persons has the right to purchase all or a portion of the Certificates of any given Series, the Terms Schedule will designate such Series as a "Callable Series," and specify the terms upon which any such specified Person may exercise its right to purchase all or a portion of the Certificates. Such terms may relate to, but are not limited to, the following:
(i) a minimum Certificate Principal Balance with respect to each Certificate being purchased;
(ii) a requirement that the Certificate Principal Balance of each Certificate being purchased be an integral multiple of a specified amount;
(iii) specified dates during which such a purchase may be effected (each, a "Call Date"); and (iv) the price at which such a purchase may be effected (the "Call Price"). After receiving notice of the exercise of such a call right, the Trustee will provide notice thereof as specified in the Terms Schedule. Upon the satisfaction of any applicable conditions to the exercise of such right to purchase of the Certificates described in such Terms Schedule, each Holder will be entitled to receive a distribution of a pro rata share of the Call Price paid in connection with such exercise, in the manner and to the extent described in such Terms Schedule.
Callable Certificates. (a) If one or more specified Persons has or have the right to purchase, or the Trustee is obligated to redeem under certain circumstances, all or a portion of the Certificates (a "Call Right"), the Terms Schedule shall designate such Series as a "Callable Series," and specify the terms and conditions upon which such right may be exercised. Such terms and conditions may include the following:
(i) a minimum share of the Principal Balance (or Notional Amount, as applicable) to be purchased or redeemed;
(ii) a requirement that the share of the Principal Balance (or Notional Amount, as applicable) being purchased or redeemed be an integral multiple of a specified amount;
(iii) if the Call Right is exercised with respect to less than all of the Certificates, the manner of selecting the Certificates being purchased or redeemed ;
(iv) specified dates during which such a purchase or redemption may be effected (each, a "Call Date"); and
Callable Certificates. (a) If one or more specified Persons has or have the right to purchase all or a portion of the Certificates (a "Call Right"), the Terms Schedule shall designate such 39 46 Series as a "Callable Series," and specify the terms and conditions upon which such right may be exercised. Such terms and conditions may include the following:
(i) a minimum Principal Balance (or Notional Amount, as applicable) with respect to each Certificate being purchased;
(ii) a requirement that the Principal Balance (or Notional Amount, as applicable) of each Certificate being purchased be an integral multiple of a specified amount;
(iii) specified dates during which such a purchase may be effected (each, a "Call Date"); and
(iv) the price at which such a purchase may be effected (the "Call Price"). After receiving notice of the exercise of any Call Right, the Trustee shall give notice thereof in the manner specified in the Terms Schedule.
(b) Prior to the redemption date specified in the Terms Schedule, the Person exercising the Call Right shall deposit, or cause to be deposited, with the Trustee or with a Paying Agent (or, if such Person is acting as its own Paying Agent, shall segregate and hold in trust), an amount of money to pay the Call Price of, and (unless the redemption date is an interest payment date) accrued interest on, all Certificates which are to be purchased on such date.
(c) On the redemption date specified in the Terms Schedule, the Certificates being purchased shall become due and payable at the Call Price, and from and after such date (unless the Person exercising the Call Right defaults in the payment of the Call Price and any accrued interest) such Certificates shall cease to bear interest. Upon surrender of any such Certificate for redemption in accordance with the notice given by the Trustee in accordance with the last sentence of paragraph (a) above, such Certificate shall be paid by the Person exercising the Call Right at the Call Price, together with accrued interest to the redemption date; provided that, unless otherwise specified in the Terms Schedule, installments of interest becoming due and payable on or prior to the redemption date shall be payable to the holder of such Certificate, or one or more Predecessor Certificates, registered as such at the close of business on the relevant Record Date.