Substitute Escrowed Securities definition

Substitute Escrowed Securities means non-callable direct obligations of the United States of America, which have been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with Section 8 of this Agreement.

Substitute Escrowed Securities means non-callable direct obligations of the United States of America, which have been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with the Escrow Agreement.

Substitute Escrowed Securities means Defeasance Obligations that have been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with Section 8 of this Escrow Agreement.

Examples of Substitute Escrowed Securities in a sentence

• The Escrow Agent shall purchase such Substitute Escrowed Securities with the proceeds derived from the sale, transfer, disposition or redemption of the Escrowed Securities together with any other funds available for such purpose.

• At the written request of the City and upon compliance with the conditions hereinafter stated, the Escrow Agent shall have the power to sell, transfer, request the redemption of or otherwise dispose of the Escrowed Securities and to substitute for the Escrowed Securities solely cash or Substitute Escrowed Securities.

• If the original Escrowed Securities become available and are tendered to the Escrow Agent, the Escrow Agent shall accept such Escrowed Securities, shall return the Substitute Escrowed Securities and shall notify Special Counsel and the City of the transaction.

• The Escrow Agent shall purchase such Substitute Escrowed Securities with the proceeds derived from any such sale, transfer, disposition or redemption of the Escrowed Securities together with any other funds available for such purpose.

• The Escrow Trustee shall purchase such Substitute Escrowed Securities with the proceeds derived from the sale, transfer, disposition or redemption of the original Escrowed Securities, together with any other funds available for such purpose.

• The sale, transfer, disposition or redemption of the original Escrowed Securities, and the purchase of the Substitute Escrowed Securities, occur simultaneously.

More Definitions of Substitute Escrowed Securities

Substitute Escrowed Securities means non-callable direct obligations of the United States of America, evidences of a direct ownership interest in the interest component of obligations of the Resolution Funding Corporation or non-prepayable securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, provided, that the full faith and credit of the United States of America has been pledged to any such direct obligation or guarantee, which has been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with Section 6 of this Agreement; provided, however, Substitute Escrowed Securities do not include money market mutual funds that invest in the obligations described in this definition.

Substitute Escrowed Securities means securities that satisfy the requirement of Defeasance Obligations as set forth in the Refunded Bonds Indenture, which have been acquired by the Defeasance Escrow Agent and substituted for Escrowed Securities in accordance with the Defeasance Escrow Agreement.

Substitute Escrowed Securities means non-callable direct obligations of the United States of America, which have been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with Section 8 of this Agreement. 2. Receipt of Documents. The Escrow Agent hereby acknowledges receipt of true and correct copies of the Series 2021 Bond Ordinance and the Refunded Bonds Ordinance, and reference herein to or citation herein of any provisions of said documents shall be deemed to incorporate the same as a part hereof in the same manner and with the same effect as if such provisions were fully set forth herein.

Substitute Escrowed Securities means non-callable direct obligations of the United States of America, which have been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with Section 8 of this Agreement. 2. Receipt of Documents. The Escrow Agent hereby acknowledges receipt of true and correct copies of the Series 2021 Bond Ordinance, the Refunded Declaration of Trust and the Refunded Lease, and reference herein to or citation herein of any provisions of said documents shall be deemed to incorporate the same as a part hereof in the same manner and with the same effect as if such provisions were fully set forth herein. 3. Creation of Escrow Fund. There is hereby created and established with the Escrow Agent the following special and irrevocable separate trust fund to be held in the custody of the Escrow Agent and designated as the “Escrow Fund for Tax-Exempt Refunding Certificates of Participation, Series 2014A” (the “Escrow Fund”). [**4. Verification of Certified Public Accountants. Robert Thomas CPA, LLC, Shawnee Mission, Kansas, Certified Public Accountants, have verified the mathematical computations performed by Piper Sandler & Co., the Underwriter of the Series 2021 Bonds, which demonstrate that the cash held in the Escrow Fund, together with the maturing Escrowed Securities and interest to accrue thereon, will be sufficient to (a) pay on April 1, 2021, the principal portion and accrued interest portion of basic rent represented by the Refunded Certificates scheduled to become due and payable on April 1, 2021, and (b) prepay on the Prepayment Date (April 1, 2021), of the remaining principal portion of the basic rent payments represented by the Refunded Certificates scheduled to become due and payable on April 1, 2022, and thereafter, and the accrued interest portion of basic rent payments attributable thereto. A copy of the verification report has been delivered to the City, the Refunded Certificates Trustee and the Escrow Agent concurrently with the execution and delivery of this Agreement.**] 5. Deposits to the Escrow Fund. Concurrently with the execution and delivery of this Agreement, and pursuant to the provisions of the Resolution, the Escrow Agent acknowledges receipt and deposit into the Escrow Fund of (a) $[ ] from the proceeds of the Series 2021 Bonds and(b) $[ ] from moneys on deposit in the reserve fund for the Refunded Certificates (aggregating $[ ] in total). The Escrow Agent shall apply such amount as follows:

Substitute Escrowed Securities means securities that satisfy the requirement of Defeasance Obligations as set forth in the Series 2006 Bond Ordinance, which have been acquired by the Escrow Agent and substituted for Escrowed Securities in accordance with Section 8 of this Agreement.