Delivery of. a Underlying Security by the related Trust to the Warrantholder will only be made against payment by the Warrantholder in immediately available funds. Such payment must occur no later than 10:00 a.m. New York City Time on the Early Termination Date. In the event that the Warrantholder fails to make such payment by such time (a "Purchase Default"), the sale shall be voided and the Early Termination will be deemed not to be effective with respect to such Early Termination Date. In the event of a Purchase Default, the Certificates shall continue to remain outstanding and, unless such Purchase Default was due to a failure in the federal wire system, the Warrantholder's rights with respect to the Call Warrant shall be deemed surrendered to the Depositor.
Appears in 2 contracts
Samples: Southpoint Structured Assets Inc, Southpoint Structured Assets Inc
Delivery of. a Underlying Security by the related Trust to the Warrantholder will only be made against payment by the Warrantholder in immediately available funds. Such payment must occur no later than 10:00 a.m. New York City Time on the Early Termination Date. In the event that the Warrantholder fails to make such payment by such time (a "Purchase Default"), the sale shall be voided and the Early Termination will be deemed not to be effective with respect to such Early Termination Date. In the event of a Purchase Default, the Certificates shall continue to remain outstanding and, unless such Purchase Default was due to a failure in the federal wire system, the Warrantholder's Warrantholders rights with respect to the Call Warrant shall be deemed surrendered to the Depositor.
Appears in 1 contract
Samples: Southpoint Structured Assets Inc