Environmental Trust Bond Collateral definition
Examples of Environmental Trust Bond Collateral in a sentence
The Environmental Trust Bonds shall be non-recourse obligations and shall be secured by and payable solely out of the proceeds of the Environmental Control Property and the other Environmental Trust Bond Collateral.
All moneys deposited from time to time in the Collection Account, all deposits therein pursuant to this Indenture and all investments made in Eligible Investments as directed in writing by the Issuer with such moneys, including all income or other gain from such investments, shall be held by the Securities Intermediary in the Collection Account as part of the Environmental Trust Bond Collateral as herein provided.
The Indenture Trustee shall hold any Environmental Trust Bond Collateral consisting of money in a deposit account and shall act as “bank” for purposes of perfecting the security interest in such deposit account.
Notwithstanding any provision of this Indenture or the Series Supplement to the contrary, Holders shall look only to the Environmental Trust Bond Collateral with respect to any amounts due to the Holders hereunder and under the Series Supplement and the Environmental Trust Bonds and, in the event such Environmental Trust Bond Collateral is insufficient to pay in full the amounts owed on the Environmental Trust Bonds, shall have no recourse against the Issuer in respect of such insufficiency.
In determining such sufficiency or insufficiency with respect to clause (B) above and clause (C) above, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Environmental Trust Bond Collateral for such purpose.
Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Environmental Trust Bond Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, subject to Article VI, including the institution and prosecution of appropriate Proceedings.
If and to the extent that such proceeds of the Environmental Control Property and the other Environmental Trust Bond Collateral are insufficient to pay all amounts owing with respect to the Environmental Trust Bonds, then, except as otherwise expressly provided hereunder, the Holders shall have no Claim in respect of such insufficiency against the Issuer or the Indenture Trustee, and the Holders, by their acceptance of the Environmental Trust Bonds, waive any such Claim.
The Indenture Trustee shall hold any Environmental Trust Bond Collateral consisting of money in the Collection Account and hereby confirms that for such purpose, the Collection Account is a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC.
Nothing in this Indenture or in the Environmental Trust Bonds, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Environmental Trust Bond Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture.
It is the desire of the parties hereto and the Holders that there be at all times sufficient funds for the payment of principal of and premium, if any, and interest on the Environmental Trust Bonds, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Environmental Trust Bond Collateral.