Redemption, Investment and Substitution of Assets. (a) The Trustee shall surrender for payment all maturing Assets and all Assets called for redemption and deposit the principal amount of the proceeds of any such payment to the Trust Account.
Redemption, Investment and Substitution of Assets. (a) The Trustee shall surrender for payment all maturing Assets and all Assets called for redemption (and provide written notice to the Beneficiary to that effect) and deposit the principal amount of the proceeds of any such payment to the Trust Account.
Redemption, Investment and Substitution of Assets. (a) Upon call or maturity of an Asset, the Trustee may withdraw such Asset without the consent of the Beneficiary, if the Trustee provides notice to the Beneficiary, liquidates or redeems the Asset, and the proceeds are paid into the Trust Account no later than five (5) days after the liquidation or redemption of such Asset. The Trustee shall have the right to draw down the full amount of any letter of credit included as an Asset of the Trust Account on or after the fifth (5th) business day immediately preceding the termination or expiration of the then existing letter of credit in the event that a substitute letter of credit is not obtained and delivered to the Trustee at a time prior to such fifth (5th) business day. The Trustee shall hold the proceeds as Assets in the Trust Account should the Trustee be required to make such drawing prior to the termination or expiration as provided herein.
Redemption, Investment and Substitution of Assets. (a) Upon call or maturity of a Trust Asset, the Trustee may withdraw the Asset without the consent of the Beneficiaries if the Trustee provides notice to the Beneficiaries, liquidates or redeems the Asset, and the proceeds are paid to the Trust Account.
Redemption, Investment and Substitution of Assets. (a) Upon call or maturity of an Asset, the Trustee may withdraw such Asset without the consent of the Beneficiary, if the Trustee provides notice to the Beneficiary, liquidates or redeems the Asset, and the proceeds are paid into the Trust Account no later than five (5) days after the liquidation or redemption of such Asset.
Redemption, Investment and Substitution of Assets. (a) The Grantor or its designated investment advisor shall surrender for payment all maturing Assets and all Assets called for redemption and deposit the principal amount of the proceeds of any such payment to the Reserve Trust Account and will provide notice thereof to the Beneficiary. (b) From time to time, the Grantor or its designated investment advisor shall invest and reinvest the Assets in the Reserve Trust Account in Eligible Assets. The Trustee shall have no responsibility whatsoever to determine that such designated investments constitute Eligible Assets, and may rely on the decision of the Grantor or its designated investment advisor. (c) From time to time, without prior notice to or consent of the Beneficiary, the Grantor may direct the Trustee to substitute Assets, provided, that at the time of such substitution, the withdrawn Assets are replaced with other Eligible Assets having a Statutory Book Value at least equal to the Statutory Book Value of the Assets withdrawn. The Trustee shall have no responsibility whatsoever to determine the value of such substituted Assets or that such substituted Assets constitute Eligible Assets. (d) All investments and substitutions of Assets referred to in paragraphs (b) and (c) of this Section 4 shall be in compliance with the definition of "Eligible Assets" in Section 13. Any instruction or order concerning such investments or substitutions of Assets shall be referred to herein as an "Investment Order." The Trustee shall execute Investment Orders and settle securities transactions by itself or by means of an agent or broker. The Trustee shall not be responsible for any act or omission, or for the solvency, of any such agent or broker. (e) When the Trustee is directed to deliver Assets against payment, delivery will be made in accordance with generally accepted market practice. The Trustee is not required to make advances of cash, securities or any other property on behalf of the Reserve Trust Account, or permit overdrafts in the Reserve Trust Account in connection with the acquisition or disposition of Assets; provided, however, that if the Trustee chooses to make such advance or permit such an overdraft, such advance or overdraft shall be deemed an extension of credit by the 9 <Page> Trustee to the Grantor, which extension of credit shall be payable on demand and shall bear interest at the Trustee's customary rate for similar extensions of credit. The Grantor will be solely responsible for repayment of such...
Redemption, Investment and Substitution of Assets. (a) The Trustee shall surrender for payment all maturing Assets and all Assets called for redemption, deposit the principal amount of the proceeds of any such payment to the Supplemental Trust Account and give written notice to the Beneficiary and the Grantor of such action. (b) The Grantor may appoint an investment manager (in such capacity, the “Asset Manager”), to make investment decisions with regard to the Assets held by the Trustee in the Supplemental Trust Account. The Grantor shall promptly notify the Trustee in writing of the termination of the appointment of the Asset Manager. From time to time, the Grantor, or the Asset Manager, acting on behalf of Grantor, may instruct the Trustee to invest Assets in the Supplemental Trust Account (other than the Surplus Notes held therein) in Eligible Assets. The Trustee agrees to follow any investment instructions from the Asset Manager and to execute and settle all such trades in the ordinary course. The Grantor shall be responsible to ascertain whether investments are “Eligible Assets”. (c) From time to time, the Grantor may provide written instructions to the Trustee to direct the Trustee to substitute other Eligible Assets for Assets presently held in the Supplemental Trust Account; provided, however, that (i) such written instructions (A) certify that the fair market values of the assets being substituted equals or exceeds the fair market value of the assets being withdrawn and (B) reference current information from an independent third- party pricing source that customarily values such assets, and (ii) the Beneficiary is promptly
Redemption, Investment and Substitution of Assets. (a) The Grantor, subject to the approval of the Beneficiary, may retain (and pay the service fees of) a professional asset manager (the “Asset Manager”) to manage and make investment decisions with regard to the Assets held by the Trustee in the Trust Account. Subject to Section l(c) of this Agreement, the Grantor or the Asset Manager (if any) shall direct the Trustee to invest such Assets in Eligible Securities and the Trustee, at the direction of the Grantor or the Asset Manager (if any) shall cause the Assets held in the Trust Account to be invested in Eligible Securities. Unless and until directed in accordance with this Agreement by the Grantor, the Trustee shall not be required to take any action with respect to the investment or reinvestment of the Trust Account’s Assets.
Redemption, Investment and Substitution of Assets. 5.1 SUBSTITUTIONS. From time to time, the Grantor may direct the Trustee to substitute Eligible Securities of comparable Market Value for other securities presently held in the Trust Account. The Trustee shall have no responsibility whatsoever to determine the value of such substituted securities or that such substituted securities constitute Eligible Securities.
Redemption, Investment and Substitution of Assets. (a) The Grantor or its designated investment advisor shall surrender for payment all maturing Assets and all Assets called for redemption and deposit the principal amount of the proceeds of any such payment to the Reserve Trust Account and will provide notice thereof to the Beneficiary.
