Common use of Redemption/Defeasance Account Clause in Contracts

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of the Equipment Notes, or an election by the Issuer to effect a legal defeasance or covenant defeasance of the Equipment Notes pursuant to Article XII hereof, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease the Equipment Notes. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Sections 3.12 and 3.13 hereof. (c) On each Redemption Date, the Administrator, on behalf of the Indenture Trustee, shall transfer a portion of the proceeds of any Redemption of the Equipment Notes equal to the Redemption Price of the Equipment Notes from the Redemption/Defeasance Account, established in respect of such Redemption to the Equipment Note Account in accordance with Sections 3.12 and 3.13 hereof and transfer the balance of such proceeds to the Expense Account. (d) On each Payment Date, in respect of Equipment Notes that are the subject of a legal defeasance or covenant defeasance, the Administrator, on behalf of the Indenture Trustee, shall transfer from the Redemption/Defeasance Account to the Holders of such Equipment Notes the payments of principal and interest due on such Equipment Notes in accordance with the terms of such defeasance.

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of any Series of the Equipment NotesNotes or any Class thereof, or an election by the Issuer to effect a legal defeasance or covenant defeasance of any Series of the Equipment Notes or any Class thereof pursuant to Article XII hereof, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease the Equipment Notessuch Series or Class. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Sections 3.12 and Section 3.13 hereof. (c) On each Redemption Date, the Administrator, on behalf of the Indenture Trustee, shall transfer a portion of the proceeds of any Optional Redemption of the Equipment Notes equal to the Redemption Price of the such Series of Equipment Notes from the Redemption/Defeasance Account, established in respect of such Optional Redemption to the Equipment Note Account in accordance with Sections 3.12 and Section 3.13 hereof and transfer the balance of such proceeds hereof, to the Expense AccountSeries 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 withdrawn from the Redemption/Defeasance Account and paid to the applicable Hedge Provider). (d) On each Payment Date, in respect of any Series of Equipment Notes that are is the subject of a legal defeasance or covenant defeasance, the Administrator, on behalf of the Indenture Trustee, shall transfer from the Redemption/Defeasance Account to the Holders Series Account for such Series, and from such Series Account to the Noteholders of such Equipment Notes the payments of principal and interest due on such Equipment Notes in accordance with the terms of such defeasanceNotes.

Redemption/Defeasance Account. (a) Upon the sending of a Redemption Notice in respect of the Equipment Notes, or an election by the Issuer to effect a legal defeasance or covenant defeasance of the Equipment Notes pursuant to Article XII hereof, the Indenture Trustee will establish a Redemption/Defeasance Account to retain the proceeds to be used in order to redeem or defease the Equipment Notes. (b) Amounts shall be deposited into any Redemption/Defeasance Account in accordance with Sections 3.12 and Section 3.13 hereof. (c) On each Redemption Date, the Administrator, on behalf of the Indenture Trustee, shall transfer a portion of the proceeds of any Optional Redemption of the Equipment Notes equal to the Redemption Price of the Equipment Notes from the Redemption/Defeasance Account, established in respect of such Optional Redemption to the Equipment Note Account in accordance with Sections 3.12 and Section 3.13 hereof and transfer the balance of such proceeds to the Expense Account. (d) On each Payment Date, in respect of Equipment Notes that are the subject of a legal defeasance or covenant defeasance, the Administrator, on behalf of the Indenture Trustee, shall transfer from the Redemption/Defeasance Account to the Holders of such Equipment Notes the payments of principal and interest due on such Equipment Notes in accordance with the terms of such defeasance.