Defeasance Applicable to Notes Sample Clauses
The "Defeasance Applicable to Notes" clause allows the issuer of notes to be released from certain obligations under the notes if specific conditions are met, typically involving the deposit of sufficient funds or government securities to cover all future payments. In practice, this means that once the issuer sets aside the required assets in a trust for the benefit of noteholders, the issuer is no longer bound by some or all of the covenants or restrictions in the note agreement. This clause provides assurance to both parties by enabling the issuer to effectively discharge its debt obligations while ensuring noteholders will still receive their payments, thereby facilitating financial flexibility and risk management.
Defeasance Applicable to Notes. Pursuant to Section 301(18) of the Original Indenture, provision is hereby made for both (i) defeasance of the Notes under Section 402(2) of the Original Indenture and (ii) covenant defeasance of the Notes under Section 402(3) of the Original Indenture, in each case, upon the terms and conditions contained in Article Four of the Original Indenture. For purposes of the Notes, pursuant to Section 301(18) of the Original Indenture, Section 402(4)(ii) of the Original Indenture is hereby amended by (A) replacing the phrase “an Opinion of Counsel” with the phrase “a legal opinion of outside counsel,” (B) replacing the phrase “such Opinion of Counsel” with the phrase “such legal opinion of outside counsel,” and (C) replacing the phrase “Holders” with the phrase “beneficial owners.”
Defeasance Applicable to Notes. Pursuant to Section 3.1(18) and Section 13.1 of the Base Indenture, provision is hereby made for both (i) defeasance of the Notes under Section 13.2 of the Base Indenture and (ii) covenant defeasance of the Notes under Section 13.3 of the Base Indenture, in each case, upon the terms and conditions contained in Article 13 of the Base Indenture.
Defeasance Applicable to Notes. Pursuant to Section 3.01(xi) and Section 12.01 of the Indenture, the Company will have (i) the option of defeasance of the Notes under Section 12.02 of the Indenture and (ii) the option of covenant defeasance under Section 12.03 of the Indenture, in each case, upon the terms and conditions contained in Article XII of the Indenture.
Defeasance Applicable to Notes. Pursuant to Section 3.1 of the Base Indenture, provision is hereby made for defeasance of the Notes under Section 13.1 of the Base Indenture upon the terms and conditions contained in Article XIII of the Base Indenture.
Defeasance Applicable to Notes. Pursuant to Sections 3.01(10), 15.01 and 15.02 of the Original Indenture, provision is hereby made for both (i) defeasance of the Notes under Section 15.03 of the Original Indenture and (ii) covenant defeasance of the Notes under Section 15.04, in each case, upon the terms and conditions contained in Article Fifteen of the Original Indenture. For purposes of such defeasance or covenant defeasance, the term “Government Obligations” shall not include obligations referred to in the definition of such term in the Original Indenture which are not obligations of the United States or a Person controlled or supervised by and acting as an agency or an instrumentality thereof.
Defeasance Applicable to Notes. Pursuant to Section 301(18) and Section 403 of the Indenture, provision is hereby made for defeasance of the Notes under Section 403 of the Indenture upon the terms and conditions contained in Article IV of the Indenture.
Defeasance Applicable to Notes. Pursuant to Section 301(19) and Section 1301 of the Indenture, the Company will have the option of defeasance of the Notes under Section 1302 of the Indenture upon the terms and conditions contained in Article Thirteen of the Indenture; provided, however, that the Company shall not have the option of covenant defeasance, as described in Section 1303 of the Indenture, with respect to the Notes. ARTICLE FIVE
Defeasance Applicable to Notes. Pursuant to Section ------------------------------- 301(19) and Section 1401 of the Indenture, the Company will have the option of defeasance of the Notes under Section 1402 and 1403 of the Indenture upon the terms and conditions contained in Article Fourteen of the Indenture, as amended by this First Supplemental Indenture; provided, however, that the Company's -------- ------- option of covenant defeasance, as described in Section 1403 of the Indenture, shall be limited to defeasance of its obligations under Article Eight of this First Supplemental Indenture.
Defeasance Applicable to Notes. Pursuant to Section 301(19) and Section 1401 of the Indenture, the Company, on or after March 1, 2010, will have (i) the option of defeasance of the Notes under Section 1402 of the Indenture and (ii) the option of covenant defeasance under Section 1403, in each case, upon the terms and conditions contained in Article Fourteen of the Indenture.