Common use of Rating Event Prepayment Option Clause in Contracts

Rating Event Prepayment Option. (a) Upon the occurrence of Rating Prepayment Event, each Debenture Holder shall have the right (but shall have no obligation) to require the Issuer, by issuing a written notice to the Issuer (“Rating Event Prepayment Notice”), to redeem immediately but no later than 90 (ninety) days from the date of the Rating Event Prepayment Notice all the Debentures held by such Debenture Holder, (“Rating Event Prepayment Option”). (b) Upon receipt of a Rating Event Prepayment Notice, the Issuer shall be bound to redeem in full all the Debentures mentioned therein held by the Debenture Holder, and shall pay to such Debenture Holder within 90 (ninety) days from the date of the Rating Event Prepayment Notice, the amounts equal to the outstanding principal amounts of the Debentures as stated in the Rating Event Prepayment Notice along with all the other Amounts Due including the accrued Coupon (until the date of full payment of all Amounts Due pursuant to this sub-section) on such Debentures, and until such amounts have been prepaid, the Issuer shall continue to pay Coupon along with the Critical Rating Deterioration Interest as applicable pursuant to the terms of the Deed.