Common use of Voluntary Redemptions Clause in Contracts

Voluntary Redemptions. If permitted under the related Series Supplement and if no Event of Default then exists, Issuer will have the option to prepay, in whole or in part, the Outstanding Principal Balance of any Class of such Series of Equipment Notes in an Optional Redemption, provided that (i) any Optional Redemption in whole of the Class B Notes within a Series shall be subject to there also being an Optional Redemption in whole of the Class A Notes within such Series, (ii) subject to clause (iv) below, an Optional Redemption in part of the Class B Notes within a Series shall be subject to there also being an Optional Redemption in part of the Class A Notes in the same proportionate part, (iii) any Optional Redemption of Class A Notes shall not have the effect of causing the Outstanding Principal Balance of the Senior Class within any Series not secured by a Policy to equal or exceed the Outstanding Principal Balance of all Class A Notes secured by a Policy and (iv) if an Early Amortization Event is then continuing, (x) Issuer shall not be permitted to prepay any Class B Notes until the Outstanding Principal Balance of all Class A Notes shall have been paid in full and (y) Issuer shall not be permitted to prepay any Class A Notes of any Series until the Outstanding Principal Balance of all Class A Notes having an earlier Issuance Date than such Class A Notes shall have been paid in full. If an Event of Default then exists, Issuer will have the option to prepay, in whole, the Outstanding Principal Balance of all (but not less than all) Series of Equipment Notes then outstanding. It is understood that Optional Redemptions do not effect a release of Collateral from the Security Interest of this Master Indenture, unless resulting in the repayment of all Secured Obligations in full.

Voluntary Redemptions. If permitted under the related Series Supplement and if no Event of Default then exists, the Issuer will have the option to prepay the Outstanding Principal Balance of any Class of the applicable Series of Equipment Notes in an Optional Redemption; provided that, if an Early Amortization Event has occurred and is continuing (i) any Optional Redemption in whole of the Class B Equipment Notes within a Series shall be subject to an Optional Redemption in whole of the Class A Equipment Notes within such Series (ii), (A) an Optional Redemption in part of the Class B Equipment Notes within a Series shall be subject to an Optional Redemption in part of the Class A Equipment Notes within such Series in the same proportion as the Optional Redemption in part of the Class B Equipment Notes, in each case, based on the ratio of (x) the Outstanding Principal Balance of the Equipment Notes in such Class within such Series subject to such Optional Redemption to (y) the Outstanding Principal Balance of the Equipment Notes in such Class within such Series, (B) the Issuer (x) shall not be permitted to prepay any Class B Equipment Notes until the Outstanding Principal Balance of all Class A Equipment Notes shall have been paid in full and (y) shall not be permitted to prepay any Class A Equipment Notes of any Series until the Outstanding Principal Balance of all Class A Equipment Notes having an earlier Closing Date than such Class A Equipment Notes shall have been paid in full. If an Event of Default then exists, the Issuer will have the option to prepay, in whole or in part, the Outstanding Principal Balance of any Class of such Series of Equipment Notes in an Optional Redemption, provided that (i) any Optional Redemption in whole of the Class B Notes within a Series shall be subject to there also being an Optional Redemption in whole of the Class A Notes within such Series, (ii) subject to clause (iv) below, an Optional Redemption in part of the Class B Notes within a Series shall be subject to there also being an Optional Redemption in part of the Class A Notes in the same proportionate part, (iii) any Optional Redemption of Class A Notes shall not have the effect of causing the Outstanding Principal Balance of the Senior Class within any Series not secured by a Policy to equal or exceed the Outstanding Principal Balance of all Class A Notes secured by a Policy and (iv) if an Early Amortization Event is then continuing, (x) Issuer shall not be permitted to prepay any Class B Notes until the Outstanding Principal Balance of all Class A Notes shall have been paid in full and (y) Issuer shall not be permitted to prepay any Class A Notes of any Series until the Outstanding Principal Balance of all Class A Notes having an earlier Issuance Date than such Class A Notes shall have been paid in full. If an Event of Default then exists, Issuer will have the option to prepay, in whole, the Outstanding Principal Balance of all (but not less than all) Series of Equipment Notes then outstandingOutstanding. It is understood that Optional Redemptions do not effect a release of Collateral from the Security Interest of this Master Indenture, unless resulting the subject of such Optional Redemption is a Series of Notes and it results in the repayment in full of all Secured Obligations relating to the Series of Notes being redeemed. Any Optional Redemption in fullpart, if (in the case of Equipment Notes) permitted in accordance with the applicable Series Supplement, will be achieved by a pro rata prepayment of the Outstanding Principal Balance of the applicable Notes.

Voluntary Redemptions. If permitted under the related Series Supplement and if no Event of Default then exists, the Issuer will have the option to prepay the Outstanding Principal Balance of any Class of the applicable Series of Equipment Notes in an Optional Redemption; provided that, if an Early Amortization Event has occurred and is continuing (i) any Optional Redemption in whole of the Class B Equipment Notes within a Series shall be subject to an Optional Redemption in whole of the Class A Equipment Notes within such Series (ii), (A) an Optional Redemption in part of the Class B Equipment Notes within a Series shall be subject to an Optional Redemption in part of the Class A Equipment Notes within such Series in the same proportion as the Optional Redemption in part of the Class B Equipment Notes, in each case, based on the ratio of (x) the Outstanding Principal Balance of the Equipment Notes in such Class within such Series subject to such Optional Redemption to (y) the Outstanding Principal Balance of the Equipment Notes in such Class within such Series, (B) the Issuer (x) shall not be permitted to prepay any Class B Equipment Notes until the Outstanding Principal Balance of all Class A Equipment Notes shall have been paid in full and (y) shall not be permitted to prepay any Class A Equipment Notes of any Series until the Outstanding Principal Balance of all Class A Equipment Notes having an earlier Closing Date than such Class A Equipment Notes shall have been paid in full. If an Event of Default then exists, the Issuer will have the option to prepay, in whole or in part, the Outstanding Principal Balance of any Class of such Series of Equipment Notes in an Optional Redemption, provided that (i) any Optional Redemption in whole of the Class B Notes within a Series shall be subject to there also being an Optional Redemption in whole of the Class A Notes within such Series, (ii) subject to clause (iv) below, an Optional Redemption in part of the Class B Notes within a Series shall be subject to there also being an Optional Redemption in part of the Class A Notes in the same proportionate part, (iii) any Optional Redemption of Class A Notes shall not have the effect of causing the Outstanding Principal Balance of the Senior Class within any Series not secured by a Policy to equal or exceed the Outstanding Principal Balance of all Class A Notes secured by a Policy and (iv) if an Early Amortization Event is then continuing, (x) Issuer shall not be permitted to prepay any Class B Notes until the Outstanding Principal Balance of all Class A Notes shall have been paid in full and (y) Issuer shall not be permitted to prepay any Class A Notes of any Series until the Outstanding Principal Balance of all Class A Notes having an earlier Issuance Date than such Class A Notes shall have been paid in full. If an Event of Default then exists, Issuer will have the option to prepay, in whole, the Outstanding Principal Balance of all (but not less than all) Series of Equipment Notes then outstandingOutstanding. It is understood that Optional Redemptions do not effect a release of Collateral from the Security Interest of this Master Indenture, unless resulting in the repayment in full of all Secured Obligations relating to the Series being redeemed. Any Optional Redemption in fullpart, if permitted in accordance with the applicable Series Supplement, will be achieved by a pro rata prepayment of the Outstanding Principal Balance of the applicable Equipment Notes.