Common use of Optional Redemption by Issuer Clause in Contracts

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption price in any case shall be equal to the Outstanding Amount of the Series to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "Redemption Price," for purposes of this Section 10.01). If the Issuer elects to redeem the Securitization Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, not later than twenty-five (25) days prior to the Redemption Date for such redemption and (b) the Rating Agencies, not later than ten (10) days prior to such Redemption Date, whereupon all such Securitization Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 to each Holder of the Securitization Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption price in any case shall be equal to the Outstanding Amount outstanding Principal amount of the Series Transition Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "“Redemption Price," for purposes of this Section 10.01”). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, not later than twenty-five (25) days prior to the Redemption Date for such redemption and (b) the Rating Agencies, not later than ten (10) days prior to such Redemption Date, whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so and to the extent provided in the related Series Supplement Supplement, and provided that there is if no Interest Rate Swap Agreement with respect to any Class of that Series is in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Transition Bonds has been reduced to less than five percent (5%) a percentage of the initial principal balance of such SeriesSeries below the percentage specified in such Series Supplement. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "Redemption Price," for purposes of this Section 10.01"). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish written notice of such election to (a) the Trustee, not later than twenty-five (25) 25 days prior to the Redemption Date for such redemption and (b) to the Rating Agencies, not later than ten (10) 10 days prior to such Redemption Date, whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a written notice complying with Section 10.03 to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Transition Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "Redemption Price," for purposes of this Section 10.01"). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, not later than twenty-five (25) days prior to the Redemption Date for such redemption and (b) the Rating Agencies, not later than ten (10) days prior to such Redemption Date, whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Transition Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "Redemption Price," for purposes of this Section 10.01"). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, not later than twenty-five (25) days prior to the Redemption Date for such redemption and (b) to the Rating Agencies, not later than ten (10) days prior to such Redemption Date, whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the The Issuer may, at its ----------------------------- option, redeem all, but not less than all, of the Securitization Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption thereof at a price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Bond Interest Rate to the Optional Redemption Date (such price being called the "Optional Redemption Price," for purposes of this Section 10.01"). If the Issuer elects shall elect to redeem the Securitization Bonds of a Series pursuant to this Section 10.01, it shall furnish written notice (which notice shall state all items listed in Section 10.02) of such election to (a) the Trustee, Trustee and the Rating Agencies not later than twenty-five (25) 25 days prior to the Optional Redemption Date for such redemption and (b) shall deposit with the Rating Agencies, Trustee not later than ten (10) days one Business Day prior to such the Optional Redemption Date, Date the Optional Redemption Price of the Bonds to be redeemed whereupon all such Securitization Bonds shall be due and payable on such the Optional Redemption Date upon the furnishing of a notice complying with Section 10.03 10.02 to each Holder of the Securitization Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so and to the extent provided in the related Series Supplement Supplement, and provided that there is if no Interest Rate Swap Agreement with respect to any Class of that Series is in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Transition Bonds has been reduced to less than five percent (5%) a percentage of the initial principal balance of such SeriesSeries below the percentage specified in such Series Supplement. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "Redemption Price," for purposes of this Section 10.01"). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, not later than twenty-five (25) 25 days prior to the Redemption Date for such redemption and (b) to the Rating Agencies, not later than ten (10) 10 days prior to such Redemption Date, whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effectSupplement, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Transition Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Bond Rate to the Redemption Date (( the "Redemption Price," for purposes of this Section 10.01"). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, Trustee not later than twenty-five (25) 25 days prior to the Redemption Date for such redemption and (b) shall deposit with the Rating Agencies, not later than ten (10) days Trustee the Redemption Price of the Transition Bonds to be redeemed plus interest accrued thereon to such Redemption Date on or prior to such Redemption Date, Date whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 hereof to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Bonds has been reduced to less than five percent (5%) of the initial principal balance of such Series. The redemption price in any case shall be equal to the Outstanding Amount of the Series to be redeemed plus accrued and unpaid interest thereon at the Interest Rate to the Redemption Date (the "Redemption Price," for purposes of this Section 10.01). If the Issuer elects to redeem the Securitization Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, not later than twenty-five (25) days prior to the Redemption Date for such redemption and (b) the Rating Agencies, not later than ten (10) days prior to such Redemption Date, whereupon all such Securitization Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 to each Holder of the Securitization Bonds of such Series pursuant to this Section 10.01.complying

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effectSupplement, the Issuer may, at its option, redeem all, but not less than all, of the Securitization Transition Bonds of a Series on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of any such Series of Securitization Transition Bonds has been reduced to less than five percent (5%) of the initial principal balance of such suc Series. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed plus accrued and unpaid interest thereon at the Interest Bond Rate to the Redemption Date (( the "Redemption Price," for purposes of this Section 10.01"). If the Issuer elects to redeem the Securitization Transition Bonds of a Series pursuant to this Section 10.01, it shall furnish notice of such election to (a) the Trustee, Trustee not later than twenty-five (25) 25 days prior to the Redemption Date for such redemption and (b) shall deposit with the Rating Agencies, not later than ten (10) days Trustee the Redemption Price of the Transition Bonds to be redeemed plus interest accrued thereon to such Redemption Date on or prior to such Redemption Date, Date whereupon all such Securitization Transition Bonds shall be due and payable on such Redemption Date upon the furnishing of a notice complying with Section 10.03 hereof to each Holder of the Securitization Transition Bonds of such Series pursuant to this Section 10.01.

Optional Redemption by Issuer. If so provided in the related Series Supplement and provided that there is no Interest Rate Swap Agreement with respect to any Class of that Series in effect, the The Issuer may, at its option, redeem allin whole, but not less than allin part, of the Securitization Bonds of a Series on any Payment date after the latest Scheduled Maturity Date ifof all Classes of Bonds, after giving effect to payments that would otherwise be made on such Payment Date, but only if the Outstanding Amount of any such Series of Securitization Bonds has been reduced to on or before the Redemption Date is less than or equal to five percent (5%) of the initial principal balance of such Seriesamount thereof. The redemption price in any case shall be equal to the Outstanding Amount outstanding principal amount of the Series Bonds to be redeemed redeemed, plus accrued and unpaid interest thereon at the Bond Interest Rate to the Redemption Date (such price being called the "“Optional Redemption Price," for purposes of ”). The Issuer may only release Bonds pursuant to this Section 10.01)10.01 if the Issuer has adequate funds to do so and if such exercise would not cause the Issuer to be insolvent. If the Issuer elects shall elect to redeem the Securitization Bonds of a Series pursuant to this Section 10.01, it shall furnish written notice (which notice shall state all items listed in Section 10.02) of such election to (a) the Trustee, Trustee and the Rating Agencies not later than twenty-five (25) days nor more than fifty (50) days prior to the Redemption Date for such redemption and (b) shall deposit with the Rating Agencies, Trustee not later than ten one (101) days Business Day prior to such the Redemption Date, Date the Redemption Price of the Bonds to be redeemed whereupon all such Securitization Bonds shall be due and payable on such the Redemption Date upon the furnishing of a notice complying with Section 10.03 10.02 hereof to each Holder of the Securitization Bonds of such Series pursuant to this Section 10.01.