Underlying Bond definition

Underlying Bond means a municipal security, note, bond or other evidence of indebtedness issued by a State or local government unit the ownership of which is evidenced by a custodial receipt, trust receipt or any other similar instrument that evidences the ownership based on a pass-through arrangement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Underlying Bond means Buoni Poliennali Del Tesoro 3.75 per cent. due 01 August 2015 (ISIN: IT0003844534).

Underlying Bond. The Collateralized Callable Mortgage Bond issued by the Bond Issuer pursuant to the Indenture.

Examples of Underlying Bond in a sentence

• The Certificates will also be subject to mandatory redemption in accordance with the Trust Agreement on any Distribution Date on which the Underlying Bond is redeemed.

• In some circumstances the anniversary date of the issuance of the Underlying Bond may not be readily determinable.

• The anniversary date of the issuance of the Underlying Bond is June 30.

• For example, if a strip bond is purchased on February 1 of a year and the anniversary date of the issuance of the Underlying Bond is June 30, only five months of notional interest accrual will be required in the year of purchase.

• In the event the transfer and assignment of the Underlying Bond contemplated by the Agreement is deemed to be other than a sale notwithstanding the intent of the parties hereto, the Agreement shall be deemed to be and in such event hereby is the grant of a security interest from the Depositor to the Trustee, and the Trustee shall have all the rights, powers and privileges of a secured party under the Uniform Commercial Code in effect in the applicable jurisdiction.

• The assignment of the Underlying Bond accomplished hereby is absolute and is intended as a sale.

• For individuals and certain trusts, the required accrual of notional interest in each year is generally only up to the anniversary date of the issuance of the Underlying Bond.

• Upon the occurrence of any Event of Default, the Trustee, as the holder of the Underlying Bond, will follow the procedures set forth in this Article.

• The Depositor represents and covenants that the Underlying Bond as of the Closing Date is free and clear of any right, charge, security interest or lien or claim in favor of the Depositor or any person claiming through the Depositor and that the Depositor has, as of the Closing Date, the right to assign the Underlying Bond to the Trustee.

• Neither this Certificate nor the Underlying Bond is guaranteed or insured by any governmental agency or instrumentality.

More Definitions of Underlying Bond

Underlying Bond means a bond, debenture or other evidence of indebtedness of or guaranteed by the Government of Canada or any province or territory of Canada or by any foreign country or any political division of a foreign country.

Underlying Bond. With respect to the Class M-1 Certificates and Trust Fund 1, the Class M-1-1 Bonds and Class M-1-2 Bonds; with respect to the Class M-2 Certificates and Trust Fund 2, the Class M-2-1 Bonds and Class M-2-2 Bonds; with respect to the Class M-3 Certificates and Trust Fund 3, the Class M-3-1 Bonds and Class M-3-2 Bonds; with respect to the Class M-4 Certificates and Trust Fund 4, the Class M-4-1 Bonds and Class M-4-2 Bonds; with respect to the Class M-5 Certificates and Trust Fund 5, the Class M-5-1 Bonds and Class M-5-2 Bonds; with respect to the Class M-6 Certificates and Trust Fund 6, the Class M-6-1 Bonds and Class M-6-2 Bonds; with respect to the Class B Certificates and Trust Fund 7, the Class B-1 Bonds and Class B-2 Bonds; with respect to the Class A-IO Certificates and Trust Fund 8, the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in each case, issued pursuant to the Underlying Indenture.

Underlying Bond. The Mortgage Collateralized Bond issued by American Residential Eagle Trust [___] pursuant to the Indenture. Underwriter: _____________ as underwriter of the public offering of the Regular Certificates.

Underlying Bond or “Underlying Bonds” means the portion of the bonds underlying the Portfolio Assets as set forth on Schedule I.

Underlying Bond. Each of the securities identified on Exhibit B hereto.

Underlying Bond or “Underlying Bonds” means the portion of the bonds underlying the Portfolio Assets as set forth on Schedule I. “Underlying Bond Documents” means the trust agreements, loan agreements, resolutions, indentures or other documents pursuant to