Examples of Direct Purchase Notes in a sentence
Direct Purchase Notes shall be sold to the Direct Purchaser pursuant to the terms of a Loan Agreement.
If the Designated Representative determines that the Notes of a series are to be sold by private placement, the Designated Representative shall solicit proposals to purchase the Direct Purchase Notes and to select the Direct Purchaser that submits the proposal that is in the best interest of the City.
As of the Closing Time, the Depositor will sell the Certificates and the Direct Purchase Notes to Pass Holding and Pass Holding will have purchased the Certificates and the Direct Purchase Notes pursuant to the Purchase Agreement.
At no time shall the City permit the sum of (i) the aggregate principal amount of all outstanding Commercial Paper Notes plus the amount of interest to accrue thereon to maturity, plus (ii) the aggregate outstanding principal amount of all Loans, plus (iii) the aggregate outstanding principal amount of all Direct Purchase Notes purchased by the Bank pursuant to the JPMorgan Note Purchase Agreement, to exceed the Commitment from time to time in effect.
The Notes are issued as Direct Purchase Notes under the Ordinance and, pursuant to the Ordinance and the Master Ordinance, the principal of and interest on the Notes are payable from and secured by a lien on and pledge of the Pledged Revenues, subordinate solely to the lien on and pledge of the Pledged Revenues securing the Prior Lien Obligations and otherwise subject to the terms and conditions of the Master Ordinance and the Ordinance.
For use as described in Section 9 hereof, City will, prior to the time that it intends to issue Direct Purchase Notes, deliver to the Agent the Direct Purchase Notes to be issued, bearing the manual or facsimile signatures of the requisite number of Authorized City Representatives with all terms included (including principal amount, payee, date of issue, maturity date and interest rate).
Notwithstanding anything herein to the contrary, in no event shall, at any time, the sum of (i) the aggregate principal amount of all outstanding Commercial Paper Notes plus the amount of interest to accrue thereon to maturity, plus (ii) the aggregate outstanding principal amount of all Loans, plus (iii) the aggregate outstanding principal amount of all Direct Purchase Notes purchased by the Bank pursuant to the JPMorgan Note Purchase Agreement, exceed the Commitment from time to time in effect.
The Direct Purchase Notes shall be in the form set forth in Exhibit B to the Note Ordinance, with such appropriate insertions, omissions, substitutions, and other variations as are permitted or required by the Note Ordinance and approved by an Authorized City Representative.
Subject to the provisions of Section 4.21 hereof, the Bank acknowledges that Section 2.09 of the Ordinance expresses the Issuer’s intent to pay the principal of the Direct Purchase Notes from the issuance of Notes or other obligations of the Issuer, and that the Issuer will not set System rates sufficient to pay the principal of the Direct Purchase Notes on their stated Maturity Date.
Notwithstanding the provisions of Section 9 hereof, the Agent shall not authenticate and deliver Direct Purchase Notes unless it has received the certifications of City in the form required by Section 5(c) of the Note Ordinance and the Instructions are otherwise in conformity with the requirements of the Note Ordinance.