Common use of Payment of Principal, Premium Clause in Contracts

Payment of Principal, Premium. if any, and Interest; ---------------------------------------------------- Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights ------------------------------------------------------------------------------ Preserved. --------- (a) The Notes shall accrue interest as provided in the related Series Supplement which shall be substantially in the form set forth in Exhibit C hereto, at the applicable Note Interest Rate specified therein, and such interest shall be payable on each Payment Date as specified therein. Any installment of interest, principal or premium, if any, payable on any Note which is punctually paid or duly provided for by the Note Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person's address as it appears on the Note Register on such Record Date or in such other manner as may be provided in the related Series Supplement, except that, with respect to Notes registered on the Record Date in the name of the Certificate Trustee, payments will be made by wire transfer in immediately available funds to the account designated by the Certificate Trustee and except that the final installment of principal and premium, if any, payable with respect to such Note on a Payment Date will be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03 hereof. (b) The principal of each Note of each Series shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date specified in the related Series Supplement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes of a Series shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing with respect to such Series, if the Note Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes of all Series have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the Notes of any Series shall be made pro rata to the Noteholders entitled thereto. The Note Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Note Issuer expects that the final installment of principal of and premium, if any, and interest on such Note will be paid. Such notice shall be mailed no later than five days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. (c) If the Note Issuer defaults in a payment of interest on the Notes of any Series when due, the Note Issuer shall pay such defaulted interest (plus interest on such defaulted interest at the applicable Note Interest Rate to the extent lawful). The Note Issuer may pay such defaulted interest (plus interest on such defaulted interest) to the Persons who are Noteholders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Note Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 20 days before any such special record date, the Note Issuer shall mail to each affected Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal, Premium. if any, and Interest; ---------------------------------------------------- Interest on Overdue Principal; Principal, Principal and Premium, if any; Principal, Premium and Interest Rights ------------------------------------------------------------------------------ Preserved. ---------. (a) The Notes Transition Bonds shall accrue interest as provided in the related form of Transition Bond attached to the Series Supplement which shall be substantially in the form set forth in Exhibit C heretofor such Transition Bonds, at the applicable Note Interest Bond Rate specified therein, and such interest shall be payable on each Payment Date as specified therein. Any installment instalment of interest, principal or premium, if any, payable on any Note Transition Bond which is punctually paid or duly provided for by the Note Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note Transition Bond (or one or more Predecessor NotesTransition Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person's address as it appears on the Note Transition Bond Register on such Record Date or in such other manner as may be provided in the related Series Supplement, except that, that with respect to Notes Transition Bonds registered on the a Record Date in the name of the Certificate Trusteenominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by the Certificate Trustee such nominee and except that for the final installment instalment of principal and premium, if any, payable with respect to such Note Transition Bond on a Payment Date will which shall be payable as provided in clause (b) below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03 hereof. (b) The principal of each Note Transition Bond of each Series (and, if applicable, Class) shall be paid, to the extent funds are available therefor payable in the Collection Account, in installments instalments on each Payment Date specified in the related Expected Amortization Schedule included in the form of Transition Bond attached to the Series SupplementSupplement for such Transition Bonds, but only to the extent that moneys are available for such payment pursuant to Section 8.02. Failure to pay in accordance with such Expected Amortization Schedule because moneys are not so available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes Transition Bonds of a any Series or Class shall be due and payable, if not previously paidpaid (i) on the Series Termination Date (or, if applicable, Class Termination Date) therefor, (ii) on the date on which an Event of Default shall have occurred and be continuing with respect to such Series, if the Note Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes Transition Bonds of all Series have been declared the Notes to be immediately due and payable in accordance with Section 5.02 or (iii) on the manner provided in Section 5.02. All payments of principal and premiumRedemption Date, if any, on the Notes of any Series shall be made pro rata to the Noteholders entitled theretotherefor. The Note Bond Trustee shall notify the Person in whose name a Note Transition Bond is registered at the close of business on the Record Date second preceding the Payment Date on which the Note Issuer expects that the final installment instalment of principal of and premium, if any, and interest on such Note Transition Bond will be paid. Such notice shall be mailed no later than five days prior to such final Payment Date and shall specify that such final installment instalment of principal and premium, if any, will be payable to the Person in whose name a Transition Bond is registered at the close of business on the Record Date immediately preceding such final Payment Date and only upon presentation and surrender of such Note Transition Bond and shall specify the place where such Note Transition Bond may be presented and surrendered for payment of such installmentinstalment. Notices in connection with redemptions of Notes Transition Bonds shall be mailed to Noteholders Transition Bondholders as provided in Section 10.0210.03. (c) If the Note Issuer defaults in a payment of interest on the Notes Transition Bonds of any Series when dueSeries, the Note Issuer shall pay such defaulted interest (plus interest on such defaulted interest at the applicable Note Interest Bond Rate to the extent lawful)) in any lawful manner. The Note Issuer may pay such defaulted interest (plus interest on such defaulted interest) to the Persons who are Noteholders Transition Bondholders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Note Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 20 15 days before any such special record date, the Note Issuer shall mail to each affected Noteholder Transition Bondholder a notice that states the special record date, the payment date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal, Premium. if any, and Interest; ---------------------------------------------------- Interest on Overdue Principal; Principal, Principal and Premium, if any; Principal, Premium and Interest Rights ------------------------------------------------------------------------------ Preserved. ---------. (a) The Notes Transition Bonds shall accrue interest as provided in the related form of Transition Bond attached to the Series Supplement which shall be substantially in the form set forth in Exhibit C heretofor such Transition Bonds, at the applicable Note Interest Bond Rate specified therein, and such interest shall be payable on each Payment Date as specified therein. Any installment instalment of interest, principal or premium, if any, payable on any Note Transition Bond which is punctually paid or duly provided for by the Note Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note Transition Bond (or one or more Predecessor NotesTransition Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person's address as it appears on the Note Transition Bond Register on such Record Date or in such other manner as may be provided in the related Series Supplement, except that, that with respect to Notes Transition Bonds registered on the a Record Date in the name of the Certificate Trusteenominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by the Certificate Trustee such nominee and except that for the final installment instalment of principal and premium, if any, payable with respect to such Note Transition Bond on a Payment Date will which shall be payable as provided in clause (b) below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03 hereof. (b) The principal of each Note Transition Bond of each Series (and, if applicable, Class) shall be paid, to the extent funds are available therefor payable in the Collection Account, in installments instalments on each Payment Date specified in the related Expected Amortization Schedule included in the form of Transition Bond attached to the Series SupplementSupplement for such Transition Bonds, but only to the extent that moneys are available for such payment pursuant to Section 8.02. Failure to pay in accordance with such Expected Amortization Schedule because moneys are not so available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes Transition Bonds of a any Series or Class shall be due and payable, if not previously paidpaid (i) on the Final Maturity Date for such Series (or, if applicable, Class), (ii) on the date on which an Event of Default shall have occurred and be continuing with respect to such Series, if the Note Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes Transition Bonds of all Series have been declared the Notes to be immediately due and payable in accordance with Section 5.02 or (iii) on the manner provided in Section 5.02. All payments of principal and premiumRedemption Date, if any, on the Notes of any Series shall be made pro rata to the Noteholders entitled theretotherefor. The Note Bond Trustee shall notify the Person in whose name a Note Transition Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Note Issuer expects that the final installment instalment of principal of and premium, if any, and interest on such Note Transition Bond will be paid. Such notice shall be mailed no later than five days prior to such final Payment Date and shall specify that such final installment instalment of principal and premium, if any, will be payable only upon presentation and surrender of such Note Transition Bond and shall specify the place where such Note Transition Bond may be presented and surrendered for payment of such installmentinstalment. Notices in connection with redemptions of Notes Transition Bonds shall be mailed to Noteholders Transition Bondholders as provided in Section 10.0210.03. (c) If the Note Issuer defaults in a payment of interest on the Notes Transition Bonds of any Series when dueSeries, the Note Issuer shall pay such defaulted interest (plus interest on such defaulted interest at the applicable Note Interest Bond Rate to the extent lawful)) in any lawful manner. The Note Issuer may pay such defaulted interest (plus interest on such defaulted interest) to the Persons who are Noteholders Transition Bondholders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Note Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 20 15 days before any such special record date, the Note Issuer shall mail to each affected Noteholder Transition Bondholder a notice that states the special record date, the payment date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal, Premium. if any, and Interest; ---------------------------------------------------- Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights ------------------------------------------------------------------------------ Preserved. ---------. (a) The Notes shall accrue interest as provided in the related ---------- Series Supplement which shall be substantially in the form set forth in Exhibit C A hereto, at the applicable Note Interest Rate specified therein, and such interest shall be payable on each Payment Date as specified therein. Any installment of interest, principal or premium, if any, payable on any Note which is punctually paid or duly provided for by the Note Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person's address as it appears on the Note Register on such Record Date or in such other manner as may be provided in the related Series Supplement, except that, that with respect to Notes registered on the Record Date in the name of the Certificate Trustee, Trustee payments will be made by wire transfer in immediately available funds to the account designated by the Certificate Trustee and except that for the final installment of principal and premium, if any, payable with respect to such Note on a Payment Date will which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03 hereof. (b) The principal of each Note of each Series (and, if applicable, Class) shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date specified in the related Series Supplement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes of a Series shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing with respect to such Series, if the Note Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes of all Series have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the Notes of any Series shall be made pro rata to the Noteholders entitled thereto. The Note Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Note Issuer expects that the final installment of principal of and premium, if any, and interest on such Note will be paid. Such notice shall be mailed no later than five days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. (c) If the Note Issuer defaults in a payment of interest on the Notes of any Series when due, the Note Issuer shall pay such defaulted interest (plus interest on such defaulted interest at the applicable Note Interest Rate to the extent lawful). The Note Issuer may pay such defaulted interest (plus interest on such defaulted interest) to the Persons who are Noteholders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Note Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 20 days before any such special record date, the Note Issuer shall mail to each affected Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.