Common use of Refunding Bonds Clause in Contracts

Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bonds to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositors shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds in accordance with Section 3.7, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the Depositors, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositors shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositors may deem proper; provided, however, that the Trustee may accept such an offer only if such substitute or refunding bonds shall be eligible for coverage of, and upon deposit into the Trust shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Certificateholder, including an identification of the Bonds eliminated and the Bonds substituted thereof. Except as set forth in this Section 3.8, the -25- 433559.1 acquisition by the Trust Fund of any securities other than the Bonds is prohibited.

Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bonds to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositors Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds in accordance with Section 3.73.8, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the DepositorsDepositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositors Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositors Depositor may deem proper; provided, however, that the Trustee may accept such an offer only if such substitute or refunding bonds shall be eligible for coverage of, and upon deposit into the Trust shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Certificateholder, including an identification of the Bonds eliminated and the Bonds substituted thereof. Except as set forth in this Section 3.83.9, the -25- 433559.1 acquisition by the Trust Fund of any securities other than the Bonds is prohibited.

Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bonds to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositors Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds in accordance with Section 3.7, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the DepositorsDepositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositors Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositors Depositor may deem proper; provided, however, that the Trustee may accept such an offer only if such substitute or refunding bonds shall be eligible for coverage of, and upon deposit into the Trust shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Certificateholder, including an identification of the Bonds eliminated and the Bonds substituted thereof. Except as set forth in this Section 3.8, the -25- 433559.1 acquisition by the Trust Fund of any securities other than the Bonds is prohibited.

Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bonds to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositors Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds in accordance with Section 3.7Bonds, except that if (1a) the issuer is in default with respect to such Bonds or (2b) in the opinion of the DepositorsDepositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositors Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositors Depositor may deem proper; provided, however, that the Trustee may accept such an offer only if such substitute or refunding bonds . Any obligation so received in exchange shall be eligible for coverage of, deposited in trust hereunder and upon deposit into the Trust shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited in trust hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Certificateholder, including an identification of the Bonds Bond eliminated and the Bonds substituted thereoftherefor. Except as set forth in this Section 3.83.08 and in Section 3.14, the -25- 433559.1 acquisition by the Trust Fund of any securities other than the Bonds is prohibited.