Purchase and Ownership of the Defeasance Collateral Sample Clauses

Purchase and Ownership of the Defeasance Collateral. The "Defeasance Collateral" must consist only of non-callable and non-redeemable securities issued, or fully insured as to payment, by the United States of America (including, without limitation, obligations issued or held in book-entry form of the Department of the Treasury and principal-only and interest-only strips that are issued by the United States Treasury, or non-callable obligations, the principal of and interest on which are unconditionally guaranteed by the United States of America, or senior, unsubordinated U.S. Agency for International Development (U.S.A.I.R.) guaranteed notes which mature at least four (4) business days before the appropriate Payment Due Date), or such other securities as are permitted at the time of Defeasance by the Tax Code with respect to REMIC collateral substitutions.The Defeasance Collateral also must provide for (A) redemption payments to occur prior, but as close as possible, to all successive Payment Due Dates occurring after the Release Date and (B) deliver redemption proceeds at least equal to (1) in the event of Defeasance of the entire Loan the amount of principal and interest due on the Note on each such Payment Due Date including full payment due on the Note on the Open Date or (2) in the event of partial Defeasance the amount of principal and interest due on the Defeasance Note on each such Payment Due Date, including full payment due on the Defeasance Note on the Open Date ("Scheduled Debt Payment"). The Defeasance Collateral shall be arranged such that redemption payments received from the Defeasance Collateral are paid directly to Lender to be applied on account of the Scheduled Debt Payments. Unless otherwise agreed in writing by Lender, the pledge of the Defeasance Collateral shall be effectuated through the book-entry facilities of a qualified securities intermediary designated by Lender (which may be Lender itself or an Affiliate of Lender if such party qualifies as a securities intermediary) in conformity with all applicable laws.
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Purchase and Ownership of the Defeasance Collateral. The “Defeasance Collateral” must consist only of U.S. Obligations that provide for (A) redemption payments to occur prior, but as close as possible, to all successive Payment Due Dates occurring after the Release Date and (B) deliver redemption proceeds at least equal to the amount of principal and interest due on the Note on such Payment Due Date including full payment of all obligations under the Note on the Maturity Date or Open Date (“Scheduled Debt Payments”). The Defeasance Collateral shall be arranged such that redemption payments received from the Defeasance Collateral are paid directly to Lender to be applied on account of the Scheduled Debt Payments. Unless otherwise agreed in writing by Lender, the pledge of the Defeasance Collateral shall be effectuated through the book-entry facilities of a qualified securities intermediary designated by Lender (which may be Lender itself or an Affiliate of Lender if such party qualifies as a securities intermediary) in conformity with all applicable laws.
Sample 1

Related to Purchase and Ownership of the Defeasance Collateral

  • DEFEASANCE AND COVENANT DEFEASANCE SECTION 1301.

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Issuer’s Option to Effect Defeasance or Covenant Defeasance The Issuer may, at its option and at any time prior to the Stated Maturity of the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

  • Company’s Option to Effect Defeasance or Covenant Defeasance The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

  • Option to Effect Defeasance or Covenant Defeasance The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to have either SECTION 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Option to Effect Legal Defeasance or Covenant Defeasance The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  • Legal Defeasance and Covenant Defeasance Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance........................................... 77 Section 8.02 Legal Defeasance and Discharge.......................... 77 Section 8.03

  • Conditions to Defeasance The Company may exercise its legal defeasance option or its covenant defeasance option only if:

  • Conditions to Legal Defeasance or Covenant Defeasance The following shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes: In order to exercise either Legal Defeasance or Covenant Defeasance:

  • SECTION 1303. Covenant Defeasance 59 Section 1304. Conditions to Defeasance or Covenant Defeasance.... 59

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