Common use of Mandatory Purchase Clause in Contracts

Mandatory Purchase. Upon the occurrence and continuance of an Event of Default under paragraph (e)(ii) or (g) (but, with respect to paragraph (g), only with respect to a default under Section 801(e)(ii) of the Series ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇) of Section 801 hereof, as provided in Section 302(d) hereof the Credit Enhancer in its notice to the Trustee may direct the Trustee to purchase the Bonds for the Credit Enhancer's own account, rather than to accelerate the Bonds as provided in Section 802(a) hereof. In such case, the Trustee shall draw upon the Credit Facility in accordance with the provisions of Section 302 (d) hereof to pay the purchase price for the Bonds, which shall be an amount equal to the principal of all Outstanding Bonds and accrued interest thereon to the Mandatory Purchase Date, and upon receipt of the proceeds of such draw, shall immediately purchase the Bonds in accordance with Section 302 hereof.

Mandatory Purchase. Upon the occurrence and continuance of an Event of Default under paragraph (e)(ii) or (g) (but, with respect to paragraph (g), only with respect to a default under Section 801(e)(ii) of the Series ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇) of Section 801 hereof, as provided in Section 302(d) hereof the Credit Enhancer in its notice to the Trustee may direct the Trustee to purchase the Bonds for the Credit Enhancer's own account, rather than to accelerate the Bonds as provided in Section 802(a) hereof. In such case, the Trustee shall draw upon the Credit Facility in accordance with the provisions of Section 302 (d302(d) hereof to pay the purchase price for the Bonds, which shall be an amount equal to the principal of all Outstanding Bonds and accrued interest thereon to the Mandatory Purchase Date, and upon receipt of the proceeds of such draw, shall immediately purchase the Bonds in accordance with Section 302 hereof.