Amendment to Each Supplement Sample Clauses


Amendment to each Supplement. Each Supplement shall be amended by adding a new Section 30 to such Supplement, which shall read as follows:Section 30. Defeasance. (a) The Depositor may, at its option, defease, in whole or in part, the obligations with respect to the principal of and part or all of the Interest Distribution Amounts on the Certificates issued by the Trust on the date the applicable conditions set forth in Section 30(b) are satisfied (a "Defeasance") by depositing or causing to be deposited with the Trustee U.S. Dollar-denominated senior debt securities of the United States of America issuedby the U.S. Treasury Department and backed by the full faith and credit of the United States of America ("Treasury Securities").(b) The following shall be the conditions to Defeasance under Section 30(a): (1) the Depositor shall have delivered to the Trustee a direction letter (A) directing the Trustee to sell Term Assets and Additional ABS Securities such that proceeds from such sale shall be sufficient to pay the purchase price of Treasury Securities in accordance with this Section, and (B) specifying the Treasury Securities, if any, that shall be purchased, as hereinafter set forth; (2) the Depositor shall have irrevocably deposited or caused to be deposited with the Trustee, under the terms of the Trust Agreement, for making the payments described below, (A) Dollars in an amount, or (B) Treasury Securities, which through the scheduled payment of principal and interest in respect thereof will provide, not later than the due date of payment thereon, money in an amount, or (C) a combination thereof (collectively, the "Defeasance Obligations"), in each case sufficient to pay and discharge, if the Defeasance is only with respect to principal, all remaining scheduled principal payments, and if the Defeasance is also with respect to part or all of the remaining Interest Distribution Amounts, also such remaining Interest Distribution Amounts, on the outstanding Certificates of the Trust to which the Defeasance applies on the dates scheduled for such payments in this Supplement and the Agreement and all amounts owed to the Credit Support Provider provided in this Supplement or the Agreement; (3) the Depositor shall have caused to be delivered to the Trustee an Opinion of Counsel to the effect that such deposit and termination of obligations would not (i) be inconsistent with the Depositor's and Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or ...