Common use of Redemption/Defeasance Account Clause in Contracts

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Securities or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Securities or any Class thereof pursuant to Article 12, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease such Series or Class. If any cash Capital Contribution is made in connection with any Optional Redemption, the Member will notify the Administrator in writing of the amount thereof, and the Administrator will notify the Indenture Trustee in writing within one Business Day after the making of any such Capital Contribution that such Capital Contribution has been made. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Section 3.13. (c) On each Redemption Date, the Administrator shall direct the Indenture Trustee in writing to transfer a portion of the proceeds of any Optional Redemption equal to the Redemption Price of such Series of Securities from the Redemption/Defeasance Account, established in respect of such Optional Redemption in accordance with Section 3.13, to the Series Account for such Series (except that an amount equal to the Hedge Termination Value that is owed by the Issuer, if any, included in the Redemption Price concurrently will be directed to be withdrawn from the Redemption/Defeasance Account and paid to the applicable Hedge Provider). (d) On each Payment Date, in respect of any Series of Securities that is the subject of a legal defeasance or covenant defeasance, the Administrator shall direct the Indenture Trustee in writing to transfer from the Redemption/Defeasance Account to the Series Account or the Certificate Account, as applicable, for such Series, and from such Series Account or the Certificate Account to the Holders of such Securities the payments of principal and interest due on such Securities.

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Securities Notes or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Securities Notes or any Class thereof pursuant to Article 12XII, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease such Series or Class. If any cash Capital Contribution is made in connection with any Optional Redemption, the Member will notify the Administrator in writing of the amount thereof, and the Administrator will notify the Indenture Trustee in writing within one Business Day after the making of any such Capital Contribution that such Capital Contribution has been made. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Section 3.13. (c) On each Redemption Date, the Administrator shall direct the Indenture Trustee in writing to transfer a portion of the proceeds of any Optional Redemption equal to the Redemption Price of such Series of Securities Notes from the Redemption/Defeasance Account, established in respect of such Optional Redemption in accordance with Section 3.13, to the Series Account for such Series (except that an amount equal to the Hedge Termination Value that is owed by the Issuer, if any, included in the Redemption Price concurrently will be directed to be withdrawn from the Redemption/Defeasance Account and paid to the applicable Hedge Provider). (d) On each Payment Date, in respect of any Series of Securities Notes that is the subject of a legal defeasance or covenant defeasance, the Administrator shall direct the Indenture Trustee in writing to transfer from the Redemption/Defeasance Account to the Series Account or the Certificate Account, as applicable, for such Series, and from such Series Account or the Certificate Account to the Holders Noteholders of such Securities Notes the payments of principal and interest due on such SecuritiesNotes.

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Securities Equipment Notes or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Securities Equipment Notes or any Class thereof pursuant to Article 12XII hereof, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease such Series or Class. If any cash Capital Contribution is made in connection with any Optional Redemption, the Member will notify the Administrator in writing of the amount thereof, and the Administrator will notify the Indenture Trustee in writing within one Business Day after the making of any such Capital Contribution that such Capital Contribution has been made. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Section 3.133.13 hereof. (c) On each Redemption Date, the Administrator shall direct Administrator, on behalf of the Indenture Trustee in writing to Trustee, shall transfer a portion of the proceeds of any Optional Redemption equal to the Redemption Price of such Series of Securities Equipment Notes from the Redemption/Defeasance Account, established in respect of such Optional Redemption in accordance with Section 3.133.13 hereof, to the Series Account for such Series (except that an amount equal to the Hedge Termination Value that is owed by the Issuer, if any, included in the Redemption Price concurrently will be directed to be withdrawn from the Redemption/Defeasance Account and paid to the applicable Hedge Provider). (d) On each Payment Date, in respect of any Series of Securities Equipment Notes that is the subject of a legal defeasance or covenant defeasance, the Administrator shall direct Administrator, on behalf of the Indenture Trustee in writing to Trustee, shall transfer from the Redemption/Defeasance Account to the Series Account or the Certificate Account, as applicable, for such Series, and from such Series Account or the Certificate Account to the Holders of such Securities Equipment Notes the payments of principal and interest due on such SecuritiesEquipment Notes.

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Securities Notes or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Securities Notes or any Class thereof pursuant to Article 12XII, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease such Series or Class. If any cash Capital Contribution is made in connection with any Optional Redemption, the Member will notify the Administrator in writing of the amount thereof, and the Administrator will notify the Indenture Trustee in writing within one Business Day after the making of any such Capital Contribution that such Capital Contribution has been made. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Section 3.13. (c) On each Redemption Date, the Administrator shall direct the Indenture Trustee in writing to transfer a portion of the proceeds of any Optional Redemption equal to the Redemption Price of such Series of Securities Notes from the Redemption/Defeasance Account, established in respect of such Optional Redemption in accordance with Section 3.13, to the Series Account for such Series (except that an amount equal to the Hedge Termination Value that is owed by the Issuer, if any, included in the Redemption Price concurrently will be directed to be withdrawn from the Redemption/Defeasance Account and paid to the applicable Hedge Provider). (d) On each Payment Date, in respect of any Series of Securities Notes that is the subject of a legal defeasance or covenant defeasance, the Administrator shall direct the Indenture Trustee in writing to transfer from the Redemption/Defeasance Account to the Series Account or the Certificate Account, as applicable, for such Series, and from such Series Account or the Certificate Account to the Holders Noteholders of such Securities Notes the payments of principal and interest due on such SecuritiesNotes.