Early Redemption Events Sample Clauses
The Early Redemption Events clause defines specific circumstances under which a party may redeem a financial instrument or terminate an agreement before its scheduled maturity date. Typically, this clause outlines the types of events—such as a default, regulatory changes, or significant corporate actions—that trigger the right to early redemption, and it may specify notice requirements or penalties associated with such actions. Its core practical function is to provide flexibility and risk management for parties by allowing them to exit or restructure their obligations in response to significant, predefined events.
Early Redemption Events. (a) In the event and on each occasion that any Net Proceeds are received by or on behalf of the Issuer or any Subsidiary in respect of any Early Redemption Event, the Issuer shall (i) in the case of an event described in part (a) or (b) of the definition of Early Redemption Event, apply all such Net Proceeds, or (ii) in the case of an event described in part (c) or (d) of the definition of Early Redemption Event, apply 75% of such Net Proceeds to redeem Notes in an Early Redemption Offer pursuant to and subject to the conditions of this Section 4.01; provided that, in the case of any event described in clause (a) of the definition of the term "Early Redemption Event" occurring on or prior to the six-month anniversary of the Issue Date (other than the sale, transfer or other disposition of (i) Receivables in connection with a Permitted Receivables Financing, or (ii) other assets of the Issuer or any Subsidiary in connection with the incurrence of Indebtedness in respect of an asset-backed financing entered into with the consent of the Holders of a majority (by aggregate principal amount) of the Notes), if the Issuer shall deliver to the Trustee a certificate of a Financial Officer to the effect that no Default has occurred and is continuing, then no redemption shall be required pursuant to this paragraph in respect of the Net Proceeds in respect of such event until the six-month anniversary of the Issue Date; and further provided, that the Issuer shall have no obligation to make such an Early Redemption Offer unless so directed by the Holders of a majority, in aggregate principal amount, of the Notes (in accordance with part (b) of this Section 4.01); and further provided that, for so long as any Revolver Obligations are outstanding, an Early Redemption Offer shall only be made to the extent of Net Proceeds remaining following the repayment in full of such Revolver Obligations or to the extent that the lenders of such Revolver Obligations provide their consent.
(b) Within 5 Business Days following the occurrence of an Early Redemption Event that, pursuant to part (a) of this Section 4.01, requires an Early Redemption Offer to be made, the Issuer shall mail a notice to each Holder with a copy to the Trustee, stating that an Early Redemption Event has occurred and requesting that the Holders of Notes provide their instructions as to whether or not the Issuer should make an Early Redemption Offer. If the Holders of a majority (by aggregate principal amount) of...
Early Redemption Events. In addition to the events identified as Early Redemption Events in Section 1201 of the Indenture, if the average Portfolio Yield for any three consecutive Monthly Periods is less than the average Base Rate for such three consecutive Monthly Periods, an “Early Redemption Event” with respect to the Series 2008-2 Notes will be deemed to have occurred.
Early Redemption Events. Notwithstanding any provision of the Indenture or the Indenture Supplement to the contrary, upon the occurrence of an Early Redemption Event with respect to the Class A(2002-1) Notes (other than an Early Redemption Event described in Section 1201(c) of the Indenture), if none of (i) an Early Redemption Event described in Section 1201(c) of the Indenture, (ii) an Interest Reserve Account Event, (iii) the termination of the Derivative Agreement pursuant to its terms or (iv) an Event of Default and acceleration of the Class A(2002-1) Notes has previously occurred, then the Issuer will not pay any amounts accumulated in the Principal Funding sub-Account for the Class A(2002-1) Notes to the holders of the Class A(2002-1) Notes until the Monthly Principal Payment Date occurring on or immediately following the earliest to occur of: (a) the Expected Principal Payment Date; (b) the date on which an Early Redemption Event Described in Section 1201(c) of the Indenture occurs; (c) the date on which an Interest Reserve Account Event occurs; and (d) the date on which the Derivative Agreement terminates pursuant to its terms. If the Issuer is unable to pay the redemption price in full on such Monthly Principal Payment Date, monthly payments on the Class A(2002-1) Notes will thereafter be made on each following Monthly Principal Payment Date until the Outstanding Dollar Principal Amount of the Class A(2002-1) Notes, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V of the Indenture and Article III
Early Redemption Events. ING may redeem one or more series of the notes upon the occurrence of certain tax events or in the event of changes in treatment of the notes for purposes of certain loss absorption regulations.
Early Redemption Events. In addition to the events identified as Early Redemption Events in Section 1201 of the Indenture, each of the following events will also be an Early Redemption Event with respect to the Series 2004-B Notes:
(1) the occurrence of the Early Amortization Event specified in Section 9.01(f) of the Pooling and Servicing Agreement;
(2) the occurrence of the Early Amortization Event specified in Section 9.01(g) of the Pooling and Servicing Agreement;
(3) the occurrence of any Early Amortization Event specified in Section 9.01(b), (c), (d) or (e) of the Pooling and Servicing Agreement;
(4) the occurrence of the Early Amortization Event specified in Section 9.01(a) of the Pooling and Servicing Agreement;
(5) on any Payment Date, the Primary Overcollateralization Amount for such Payment Date is reduced to an amount less than the Required Primary Overcollateralization Amount on that Payment Date after giving effect to the distributions to be made on such Payment Date; provided that, for the purpose of determining whether an Early Redemption Event has occurred pursuant to this clause (5), any reduction of the Primary Overcollateralization Amount resulting from reallocations of the Series 2004-B Available Principal Amounts to pay interest on the Series 2004-B Notes in the event LIBOR is equal to or greater than the prime rate upon which interest on the Receivables is calculated on the applicable LIBOR Determination Date will be considered an Early Redemption Event only if LIBOR remains equal to or greater than such prime rate for the next 30 consecutive days following such LIBOR Determination Date ;
(6) any Service Default occurs;
(7) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 20% of the Pool Balance on that last day;
(8) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%;
(9) the Outstanding Dollar Principal Amount of the Series 2004-B Notes is not repaid by the Series 2004-B Expected Principal Payment Date;
(10) the Issuer becomes an investment company within the meaning of the Investment Company Act of 1940;
(11) the occurrence of an Event of Default with respect of the Series 2004-B Notes;
(12) the CARCO Trust shall file a petition commencing a voluntary case under any chapter of the Federal bankruptcy laws; or the CARCO Trust shall file a petition or answer or consent seek...
Early Redemption Events. (a) In addition to the events identified as Early Redemption Events in Section 1201 of the Indenture, if for any month the amount of Excess Available Funds averaged over the three preceding Monthly Periods is less than the Required Excess Available Funds for such month, an “Early Redemption Event” with respect to the BAseries Notes will be deemed to have occurred.
(b) In addition, the terms document for any tranche of Notes may list additional events which are “Early Redemption Events” with respect to such tranche of Notes.
Early Redemption Events. In addition to the events identified as Early Redemption Events in Section 12.01 of the Indenture, the following events shall constitute a “Series Early Redemption Event” with respect to the WFCardSeries Notes:
Early Redemption Events. 12 Section 2.11.
Early Redemption Events. (a) In addition to the events identified as Early Redemption Events in Section 1201 of the Indenture, each of the following events will be an “Early Redemption Event” with respect to the DiscoverSeries Notes:
(i) if for any Distribution Date, (x) the average of the Excess Spread Amounts for the three consecutive Distribution Dates ending on and including such Distribution Date is less than the Required Excess Spread Amount for such Distribution Dates, (y) for so long as the Series 2007-CC Collateral Certificate is the only Collateral Certificate owned by the Issuer, the three month rolling average Group Excess Spread is less than zero and (z) for so long as the Series 2007-CC Collateral Certificate is the only Collateral Certificate owned by the Issuer and any series issued by DCMT is outstanding that is not designated as an Interchange Series in accordance with the DCMT Pooling and Servicing Agreement and the series supplement for such series, the three month rolling average Interchange Subgroup Excess Spread is less than zero (as each such term is defined in the Series 2007-CC Supplement) (such event, an “Excess Spread Early Redemption Event”);
(ii) if any Amortization Event with respect to the Series 2007-CC Collateral Certificate has occurred;
(iii) if any Trust Portfolio Repurchase Event has occurred with respect to DCMT and Discover Funding LLC is required to repurchase Principal Receivables (as defined in the DCMT Pooling and Servicing Agreement) as a result thereof;
(iv) if any Series Repurchase Event has occurred with respect to the Series 2007-CC Collateral Certificate and Discover Funding LLC is required to repurchase the Series 2007-CC Collateral Certificate as a result thereof; or
(v) if the applicable Note Rating Agencies so require upon the addition of any Collateral Certificate (other than the Series 2007-CC Collateral Certificate) to the Note Issuance Trust, the occurrence of an Amortization Event, Trust Portfolio Repurchase Event, Series Repurchase Event or any comparable event, however designated, with respect to any Additional Collateral Certificate. Notwithstanding the foregoing, no event set forth in subclause (ii), (iii), (iv) or (v) shall be an Early Redemption Event if at the time of such event, the Note Issuance Trust owns one or more Additional Collateral Certificates and is able to reinvest all amounts received as a result of such event in such Additional Collateral Certificates (or, if such event occurs with respect to such Add...
Early Redemption Events. Section 5.02. Events of Default Section 5.03. Acceleration of Maturity; Rescission and Annulment Section 5.04. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee Section 5.05. Remedies; Priorities Section 5.06. Optional Preservation of the Trust Estate