Put and Call Options.

 

Pursuant to the terms of that certain -------------------- Confirmation dated December 8, 1997, and all agreements, provisions and definitions incorporated by reference therein (the Trust Call Option), between The Chase Manhattan Bank as Trustee of Frontier Pass-Through Asset Trust 1997-1, a trust formed under the laws of the State of New York (the Trustee), and Union Bank of Switzerland, London Branch (the Callholder), upon delivery of irrevocable notice by the Callholder to the Trustee on or before December 1, 1999 (or if that day is not a Business Day, the preceding Business Day), the Callholder has the right to purchase the Notes from the Trustee on December 15, 1999 (the Settlement Date) (or, if that day is not a Business Day, on the first following day that is a Business Day), for a purchase price equal to 100% of the aggregate face amount thereof (the Call Price). Pursuant to that certain Trust Agreement (the Trust Agreement) dated as of December 3, 1997, between the Issuer and the Trustee, the Trustee has the obligation to require the Issuer to repurchase all of the Notes (the Put Option) at a purchase price equal to 100% of the aggregate face amount thereof on the Settlement Date, if (i) the Trustee has not received irrevocable notice from the Callholder on or before December 1, 1999, that the Callholder intends to exercise the Trust Call Option, or (ii) the Callholder fails to make payment of the Call Price on the Business Day prior to the Settlement Date. Notwithstanding the foregoing, the Trust Agreement may be amended under certain circumstances to provide that the Trustee will not exercise the Put Option and to provide for such other changes to the Trust Agreement as may be consequential thereto. In the event that the Trust Call Option is exercised, then under the terms of the Confirmation between the Issuer and the Callholder dated December 8, 1997 (the Company Call Option), the Issuer has the right and option, upon delivery by it of irrevocable notice to the Callholder during the period from December 1, 1999 to and including December 5, 1999 (or the first following day that is a Business Day), to purchase from the Callholder all of the Callholders right, title, and interest and obligations in, to and under the Trust Call Option in consideration for a payment to the Callholder on the Settlement Date (or, if that day is not a Business Day, the first following day that is a Business Day) in an amount calculated pursuant to the...

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