Common use of MANDATORY EARLY REDEMPTION Clause in Contracts

MANDATORY EARLY REDEMPTION. If the Rapid Amortisation Period or the Regulated Amortisation Period commences in respect of any Class of Notes prior to its Scheduled Redemption Date as specified in the Applicable Supplement, then on each Interest Payment Date which thereafter occurs, such Class of Note will be redeemed pro rata to the extent of the principal amount which is deposited on such date to the Series Distribution Account in reduction of the corresponding Class of Investor Interest as specified in the Applicable Supplement until the earlier of (a) such time as such Class of Notes has been repaid in full and (b) the Series Termination Date specified in the Applicable Supplement.

MANDATORY EARLY REDEMPTION. If the Rapid Amortisation Period or the Regulated Amortisation Period commences in respect of any Class of Loan Notes prior to its Scheduled Redemption Date as specified in the Applicable SupplementDate, then on each Interest Payment Date which thereafter occurs, such Class of Loan Note will be redeemed pro rata to the extent of the principal amount which is deposited on such date to the Series Loan Note Issuer Distribution Account (as recorded in the relevant Series Loan Note Issuer Distribution Account Ledger) in reduction of the corresponding Class of Investor Interest as specified in the Applicable Supplement until the earlier of (a) such time as such Class of Loan Notes has been repaid in full and (b) the relevant Series Termination Date specified in the Applicable SupplementDate.