Common use of Callable Certificates Clause in Contracts

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.