Common use of Redemption and Call Clause in Contracts

Redemption and Call. The Trust Property is subject to redemption in accordance with the terms of the Underlying Securities and as described in Schedule II. Any such redemption will cause a redemption of a corresponding portion of the Class A Units and the Class B Units. The Class A Units and the Class B Units are subject to call in accordance with the Warrant Terms. If the Warrants are partially exercised or if there is a partial redemption of the Underlying Securities, the Trustee will randomly select Class A Units to be redeemed in full from the proceeds of such partial redemption or called in full from the proceeds of such partial exercise. The Trustee will also select for call or redemption a Notional Amount of Class B Units, up to a Notional Amount equal to the Unit Principal Balance of Class A Units subject to such call or redemption, (i) first, from Class B Units held by any Warrantholder who has exercised its Warrants (provided that the Warrantholder as holder of such Class B Units can tender delivery of such Class B Units to the Trustee and identify such Class B Units to the satisfaction of the Trustee as owned by such Warrantholder), and (ii) then, from other Class B Units by random selection.

Appears in 7 contracts

Samples: Trust Agreement (MS Structured Asset Corp), Trust Agreement (MS Structured Asset Corp), Trust Agreement (MS Structured Asset Corp)

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Redemption and Call. The Trust Property is subject to redemption in accordance with the terms of the Underlying Securities and as described in Schedule II. Any such redemption will cause a redemption of a corresponding portion of the Class A Units and the Class B Units. The Class A Units and the Class B Units are subject to call in accordance with the Warrant Terms. If the Warrants are partially exercised or if there is a partial redemption of the Underlying Securities, the Trustee will randomly select Class A Units to be redeemed in full from the proceeds of such partial redemption or called in full from the proceeds of such partial exercise. The Trustee will also select for call or redemption a an Initial Notional Amount Amortizing Balance of Class B Units, up to a Notional Amount equal Units corresponding to the Unit Principal Balance of Applicable Class A Units subject to such call or redemptionB Equivalent Amount, (i) first, from Class B Units held by any Warrantholder who has exercised its Warrants (provided that the Warrantholder as holder of such Class B Units can tender delivery of such Class B Units to the Trustee and identify such Class B Units to the satisfaction of the Trustee as owned by such Warrantholder), and (ii) then, from other Class B Units by random selection.

Appears in 3 contracts

Samples: Trust Agreement (MS Structured Asset Corp), Trust Agreement (MS Structured Asset Corp), Trust Agreement (MS Structured Asset Corp)

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Redemption and Call. The Trust Property is subject to redemption in accordance with the terms of the Underlying Securities and as described in Schedule II. Any such redemption will cause a redemption of a corresponding portion of the Class A Units and the Class B Units. The Class A Units and the Class B Units are subject to call in accordance with the Warrant Terms. If the Warrants are partially exercised or if there is a partial redemption of the Underlying Securities, the Trustee will randomly select Class A Units to be redeemed in full from the proceeds of such partial redemption or called in full from the proceeds of such partial exercise. The Trustee will also select for call or redemption a corresponding Notional Amount of Class B Units, up to a Notional Amount equal to the Unit Principal Balance of Class A Units subject to such call or redemption, (i) first, from Class B Units held by any Warrantholder who has exercised its Warrants (provided that the Warrantholder as holder of such Class B Units can tender delivery of such Class B Units to the Trustee and identify such Class B Units to the satisfaction of the Trustee as owned by such Warrantholder), and (ii) then, from other Class B Units by random selection.

Appears in 1 contract

Samples: Trust Agreement (MS Structured Asset Corp)

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