Common use of REDEMPTION OF NOTES IN GENERAL Clause in Contracts

REDEMPTION OF NOTES IN GENERAL. The Notes shall be subject to redemption prior to their Legal Final Maturity only upon the terms and conditions, and only on the applicable dates and at the redemption price, as are set forth in this Terms Supplement. The redemption price of the Notes shall, in each case, be par plus (i) accrued interest to the applicable dates on which such redemption will occur and (ii) all unpaid Carryover Interest, if any, thereon. Principal of and interest and unpaid Carryover Interest on the Notes shall be paid from the moneys available therefor in the Note Payment Account in the Collection Fund and in the Reserve Fund. If Outstanding Notes are to be redeemed pursuant to the provisions of this Article III, the Indenture Trustee shall give written notice of such redemption to the Holders of such Outstanding Notes not less than fifteen (15) days prior to the applicable dates on which such Outstanding Notes are to be redeemed. Each notice of redemption shall state (i) the date, Series and numbers of the Notes to be redeemed, the applicable dates on which such redemption will occur and the redemption price payable upon such redemption; (ii) that the interest on such Outstanding Notes and on any unpaid Carryover Interest shall cease to accrue from and after the applicable date on which such redemption will occur and (iii) that on said date there will become due and payable on each such Outstanding Note the principal amount thereof and the interest accrued on such principal amount to the applicable date on which the redemption will occur and all unpaid Carryover Interest. Each notice of redemption shall also state that each such Outstanding Note must be surrendered to the Indenture Trustee for payment of the principal of and interest and any unpaid Carryover Interest on such Outstanding Notes. If notice of redemption of Outstanding Notes has been duly given as hereinbefore provided and if moneys for the payment of the principal of and interest and any unpaid Carryover Interest on such Outstanding Notes are held for the purpose of such payment by the Indenture Trustee, then such Outstanding Notes shall, on the applicable dates on which such redemption will occur, become due and payable, and interest on said Outstanding Notes and on any unpaid Carryover Interest shall cease to accrue. All Notes surrendered pursuant to the provisions of this Article III shall be canceled by the Indenture Trustee.