Preference Opinion definition

Preference Opinion means an opinion of Bond Counsel addressed to the Trustee stating in effect that the use of the funds to which the opinion relates for the purchase of Bonds or for the payment of the principal of, premium, if any, or interest on the Bonds, as the case may be, will not, upon the occurrence of a Bankruptcy Condition on or after the date of such opinion, constitute a preference payment under the United States Bankruptcy Code (taking into account the “insider” provisions thereof) or a payment of similar import (that is, a payment subject to disgorgement upon the occurrence of certain bankruptcy events) under the then applicable Federal and State bankruptcy, insolvency and reorganization laws.
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Preference Opinion means, with respect to any money▇ ▇▇tended to be used to pay Debt Service, an unqualified opinion of counsel of national recognition experienced in bankruptcy matters that payment of such moneys to the Holders would not constitute an avoidable preference under Section 547 of the Bankruptcy Code recoverable under Section 550 thereof in the event of the filing of a petition thereunder by or against the Company or by the Issuer.
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Preference Opinion means an opinion of nationally recognized counsel experienced in bankruptcy matters to the effect that the payment of principal, interest and premium (if any) on the Bonds will not be considered an avoidable "preferential transfer" by the Company or the Issuer under the United States Bankruptcy Code in the event of the commencement of a bankruptcy case under the United States Bankruptcy Code by the Issuer or by or against the Company or any Affiliate of the Company, as debtor.
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Examples of Preference Opinion in a sentence

  • The provisions of this Indenture and the Loan Agreement which require that particular funds be Eligible Funds or that require a Preference Opinion with respect thereto shall not apply if no Credit Facility is outstanding.

  • Prior to or simultaneously with any such purchase of the Class A Notes, all amounts payable to the Insurer pursuant to the Insurance Agreement shall have been paid in full, the Rating Agencies shall have been notified in writing of the proposed purchase and each purchasing Class B Noteholder shall have delivered a Preference Opinion to the Trustee, the Insurer and the Rating Agencies.

  • Appendix Item -------- ---- A Opinion of Counsel to Borrower B Approving Opinion of Bond Counsel C Preference Opinion of Bond Counsel D Opinion of Counsel to Letter of Credit Bank E Opinion of Counsel to the Issuer APPENDIX A [Letterhead of Counsel to Borrower] __________, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇.

  • Any such purchase and cancellation of a Bond made with Eligible Funds as to which the Trustee has received a Preference Opinion shall ipso facto reduce the unpaid principal balance of the Promissory Note on the date of such cancellation by an amount equal to the unpaid principal amount of such Bond.

  • Any such purchase and cancellation of a Bond made with Eligible Funds as to which the Trustee has received a Preference Opinion shall ipso facto reduce the unpaid principal balance of the Rental Payments on the date of such cancellation by an amount equal to the unpaid principal amount of such Bond.


More Definitions of Preference Opinion

Preference Opinion means an Opinion of Counsel nationally recognized in bankruptcy matters and acceptable to the Trustee to the effect that the purchase price paid to the holders of the Class A Notes and the amounts paid to the Insurer by the holders of the Class B Notes would not constitute a voidable preference under Section 547 of the Bankruptcy Code if the purchaser of the Class A Notes were to become a debtor under the Bankruptcy Code.
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Preference Opinion means an opinion of nationally recognized Counsel experienced in bankruptcy matters to the effect that the payment of principal, interest and premium (if any) on the Bonds made solely with drawings under the Letter of Credit and the payment of the Purchase Price of any Bonds made solely from the proceeds of the remarketing of the Bonds and/or drawings under the Letter of Credit will not be considered an avoidable “preferential transfer” by the Company or the Issuer under the United States Bankruptcy Code in the event of the commencement of a bankruptcy case under the United States Bankruptcy Code by the Issuer or by or against the Company or any Affiliate of the Company, as debtor. “Principal Office of the Trustee,” “Principal Office of the Paying Agent” or “Principal Office of the Remarketing Agent” is defined in the definitions of Trustee, Paying Agent, and Remarketing Agent herein.
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