Common use of Subordinated Bonds Clause in Contracts

Subordinated Bonds. (a) The Issuer may issue one or more classes of additional bonds secured by the Trust Estate that are fully subordinated ("Subordinated Bonds") to the Bonds originally issued on the Delivery Date; provided, however, that the issuance thereof will be subject to satisfaction of the following conditions: (i) confirmation by each Rating Agency that the issuance of the Subordinated Bonds will not result in the downgrading of the credit rating of any outstanding Class of Bonds and (ii) delivery to the Trustee of an Opinion of Counsel to the effect that: (A) such Subordinated Bonds will be treated as indebtedness for federal income and franchise tax purposes, (B) such issuance will not adversely affect the characterization of any Outstanding Bonds for federal income or franchise tax purposes and (C) such issuance will not cause a taxable event to the Holders of any Outstanding Bonds. (b) The issuance of Subordinated Bonds shall be evidenced by a supplement to this Indenture Supplement. The Trustee shall be authorized to issue such Subordinated Bonds upon (i) receipt of an Issuer Order accompanied by a form of supplement and the written consent of each Rating Agency; (ii) receipt of an Opinion of Counsel to the general effect set forth in Section 4.01(3) of the Original Indenture; and (iii) satisfaction of the conditions described in Section 10(a) hereof.

Subordinated Bonds. (a) The Issuer may issue one or more classes of additional bonds secured by the Trust Estate that are fully subordinated ("Subordinated Bonds") to the Bonds originally issued on the Delivery Date; provided, however, that the issuance thereof will be subject to satisfaction of the following conditions: (i) confirmation by each Rating Agency that the issuance of the Subordinated Bonds will not result in the downgrading of the credit rating of any outstanding Class of Bonds and (ii) delivery to the Trustee of an Opinion of Counsel to the effect that: (A) such Subordinated Bonds will be treated as indebtedness for federal income and franchise tax purposes, (B) such issuance will not adversely affect the characterization of any Outstanding Bonds for federal income or franchise tax purposes and (C) such issuance will not cause a taxable event to the Holders of any Outstanding Bonds. (b) The issuance of Subordinated Bonds shall be evidenced by a supplement to this Indenture Supplement. The Trustee shall be authorized to issue such Subordinated Bonds upon (i) receipt of an Issuer Order accompanied by a form of supplement and the written consent of each Rating Agency; (ii) receipt of an Opinion of Counsel to the general effect set forth in Section 4.01(3) of the Original Indenture; and (iii) satisfaction receipt of the conditions an Opinion of Counsel as to various tax matters as described in clause (iii) of Section 10(a) hereofabove.

Subordinated Bonds. (a) The Issuer may issue one or more classes of additional bonds secured by the Trust Estate that are fully subordinated ("Subordinated Bonds") to the Bonds originally issued on the Delivery Date; provided, however, that the issuance thereof will be subject to satisfaction of the following conditions: (i) confirmation by each Rating Agency that the issuance of the Subordinated Bonds will not result in the downgrading of the credit rating of any outstanding Class of Outstanding Bonds and (ii) either (x) delivery to the Trustee of an Opinion of Counsel to the effect that: (A) such Subordinated Bonds will be treated as indebtedness for federal income and franchise tax purposes, (B) such issuance will not adversely affect the characterization of any Outstanding Bonds for federal income or franchise tax purposes and (C) such issuance will not cause a taxable event to the Holders of any Outstanding BondsBonds or (y) restrictions on the transfer thereof to any Person other than the Issuer or the direct or indirect owner of all stock of the Issuer without the delivery of an opinion described in (x) above. (b) The issuance of Subordinated Bonds shall be evidenced by a supplement to this Indenture Supplement. The Trustee shall be authorized to issue such Subordinated Bonds upon (i) receipt of an Issuer Order accompanied by a form of supplement and the written consent of each Rating Agency; (ii) receipt of an Opinion of Counsel to the general effect set forth in Section 4.01(3) of the Original Indenture; and (iii) satisfaction of the conditions described in Section 10(a11(a) hereof.