Collateral Bonds. The obligation of the Company to make payments with respect to the interest on 2007-2 Collateral Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that, at the time that any such payment shall be due, the then due interest and/or fees under the Reimbursement Agreement shall have been fully or partially paid. Satisfaction of any obligation to the extent that payment is made with respect to the interest and/or fees under the Reimbursement Agreement means that if any payment is made on the interest and/or fees under the Reimbursement Agreement, a corresponding payment obligation with respect to the interest on the 2007-2 Collateral Bonds shall be deemed discharged in the same amount as the payment with respect to the Reimbursement Obligations discharges the outstanding obligation with respect to such Reimbursement Obligations. The Trustee may at any time and all times conclusively assume that the obligation of the Company to make payments with respect to the principal of and interest on this bond, so far as such payments at the time have become due, has been fully satisfied and discharged unless and until the Trustee shall have received a written notice from the Lender stating (i) that timely payment of principal and interest on the 2007-2 Collateral Bonds has not been made, (ii) that the Company is in arrears as to the payments required to be made by it to the Lender in connection with the Liabilities pursuant to the Reimbursement Agreement, and (iii) the amount of the arrearage. If a Default (as defined in the Reimbursement Agreement) with respect to the payment of the principal of the Reimbursement Obligations shall have occurred, it shall be deemed to be a default for purposes of Section 11.01 of the Indenture in the payment of the principal of the 2007-2 Collateral Bonds equal to the amount of such unpaid Reimbursement Obligations (but in no event in excess of the principal amount of the 2007-2 Collateral Bonds). If a Default (as defined in the Reimbursement Agreement) with respect to the payment of interest on the Reimbursement Obligations or any fees shall have occurred, it shall be deemed to be a default for purposes of Section 11.01 of the Indenture in the payment of the interest on the 2007-2 Collateral Bonds equal to the amount of such unpaid interest or fees. This bond is not redeemable except upon written demand of the Lender following the occurrence of a Default under the Reimbursement Agreement and th...
Collateral Bonds. If an Event of Default (as defined in the Credit Agreement) with respect to the payment of interest on the Loans and/or the Reimbursement Obligations or any fees shall have occurred, it shall be deemed to be a default for purposes of Section 11.01 of the Indenture in the payment of the interest on the 2005-1 Collateral Bonds equal to the amount of such unpaid interest or fees. This bond is not redeemable except upon written demand of the Agent following the occurrence of an Event of Default under the Credit Agreement and the acceleration of the Obligations, as provided in Section 9.2 of the Credit Agreement. This bond is not redeemable by the operation of the improvement fund or the maintenance and replacement provisions of the Indenture or with the proceeds of released property. In case of certain defaults as specified in the Indenture, the principal of this bond may be declared or may become due and payable on the conditions, at the time, in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults. The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five per centum in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company's interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time outstanding, not less than sixty per centum in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and the rights of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend the maturity of this bond or reduce the rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof, or (b) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or (c) reduce the percentage of the principal amount of the bonds the holders of which are required to approve any ...
Collateral Bonds. The Collateral Bonds have been duly authorized by the Company and, when duly executed and authenticated in accordance with the provisions of the Mortgage Indenture and delivered to the Senior Trustee in the manner provided therein, will have been duly authorized, executed, authenticated and issued and will constitute valid and legally binding obligations of the Company, secured by the lien of, and entitled to the benefits provided by, the Mortgage Indenture, equally and ratably with all other bonds of the Company duly issued and outstanding under the Mortgage Indenture, and will be enforceable against the Company in accordance with their terms, except as the same may be limited by the laws of the States of Wisconsin and Michigan affecting the remedies for the enforcement of the security provided for therein (which laws do not make such remedies inadequate for the realization of the benefits of such security) and by the Bankruptcy Exceptions; the Collateral Bonds conform in all material respects to the description thereof contained in the Registration Statement, Time of Sale Information and Final Prospectus.
Collateral Bonds. The obligation of the Company to make payments with respect to the principal of 2005-1 Collateral Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that, at the time that any such payment shall be due, the then due principal of the Loans and/or the Reimbursement Obligations included in the Obligations shall have been fully or partially paid. Satisfaction of any obligation to the extent that payment is made with respect to the Loans and/or the Reimbursement Obligations means that if any payment is made on the principal of the Loans and/or the Reimbursement Obligations, a corresponding payment obligation with respect to the principal of the 2005-1 Collateral Bonds shall be deemed discharged in the same amount as the payment with respect to the Loans and/or the Reimbursement Obligations discharges the outstanding obligation with respect to such Loans and/or Reimbursement Obligations. No such payment of principal shall reduce the principal amount of the 2005-1
Collateral Bonds. The obligation of the Company to make payments with respect to the principal of 2011-3 Collateral Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that, at the time that any such payments shall be due, the then due principal of the
Collateral Bonds. The obligation of the Company to make payments with respect to the principal of 2007-2 Collateral Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that, at the time that any such payment shall be due, the then due Reimbursement Obligations included in the Liabilities shall have been fully or partially paid. Satisfaction of any obligation to the extent that payment is made with respect to the Reimbursement Obligations means that if any payment is made on the Reimbursement Obligations, a corresponding payment obligation with respect to the principal of the 2007-2 Collateral Bonds shall be deemed discharged in the same amount as the payment with respect to the Reimbursement Obligations discharges the outstanding obligation with respect to such Reimbursement Obligations. No such payment of principal shall reduce the principal amount of the 2007-2
Collateral Bonds. The obligation of the Company to make payments with respect to the principal of 2011-4 Collateral Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that, at the time that any such payments shall be due, the then due principal of the Liabilities shall have been fully or partially paid. Satisfaction of any obligation to the extent that payment is made with respect to the Liabilities means that if any payment is made on the principal of the Liabilities, a corresponding payment obligation with respect to the principal of the 2011-4 Collateral Bonds shall be deemed discharged in the same amount as the payment with respect to the Liabilities discharges the outstanding obligation with respect to such Liabilities. No such payment of principal shall reduce the principal amount of the 2011-4
Collateral Bonds. Investing in the Collateral Bonds may entail a variety of unique risks. Among other risks, the Collateral Bonds may be subject to prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk. In addition, the performance and market value of a Collateral Bond will be affected by a variety of factors, including its priority in the capital structure of the issue thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying loans or other assets that are being security for obligations under the Collateral Bonds, remoteness of those assets from the originator or transferor, the adequacy of and ability to realise upon any related collateral and the capability of a servicer or manager of the securitised assets. In addition the Collateral Bonds will be subject to general economic conditions, operational risks, structural risks, the condition of financial markets, political events, developments or trends in any particular industry, changes in prevailing interest rates and periods of adverse performance. A decrease in the market value of the Collateral Bond Portfolio would adversely affect the amount of proceeds which could be realised upon liquidation of the Collateral Bond Portfolio and ultimately the ability of the Issuer to redeem the Notes consequent upon a Note Event of Default under the Notes. There can be no assurance that, upon any such redemption, the proceeds realised would permit any payment on any of the Notes after required payments are made to the other creditors of the Issuer which rank in priority to the holders of such Notes pursuant to the applicable Payments Priorities. Credit Exposures to the Credit Support Providers Certain Collateral Bonds have the benefit of credit support in the form of Credit Support Instruments issued by a Credit Support Provider. Accordingly, the Issuer and Noteholders will have exposure to credit risk in relation to the Credit Support Providers. Noteholders may lose some or all of the amounts invested in the Notes if a default occurs in respect of a Collateral Bond and the relevant Credit Support Provider defaults on its obligations under its credit support. Each Credit Support Provider is engaged primarily in the business of writing financial guarantees or related lines of business. Although the policy of each Credit Support Provider may be to diversify and manage its exposures to single o...
Collateral Bonds. The 5.22% Collateral Bonds are also subject to mandatory redemption at any time, as a whole, at 100% of the principal amount thereof plus accrued interest to the redemption date, without premium, in the event the Trustee shall receive a written demand (a “5.22% Default Redemption Demand”) from the holder of the 5.22% Collateral Bonds for redemption stating that the Company has failed to pay National, as agent for MBIA, any amount due and payable under Section 2.01(a) of the 5.22% Note Insurance Agreement. The Trustee shall within 10 days of receiving the 5.22% Default Redemption Demand mail a copy to the Company stamped or otherwise marked to show the date of receipt by the Trustee. The Company shall fix a redemption date and shall mail to the Trustee notice of the date selected at least 15 days prior to the date so selected. Such redemption date may be any day not more than 60 days after the receipt by the Trustee of the 5.22% Default Redemption Demand. If the Trustee does not receive notice of such selection by the Company within 45 days after the 5.22% Default Redemption Demand was received by the Trustee, then the redemption date shall be the 60th day after such receipt. The Trustee shall mail notice of the redemption date (the “Default Redemption Notice”) to the holder of the 5.22% Collateral Bonds not more than 10 nor less than 5 days prior to the date fixed for redemption. The Trustee shall not mail any Default Redemption Notice (and no such redemption shall be made) if the Trustee receives prior to the mailing of the Default Redemption Notice a written cancellation of the 5.22% Default Redemption Demand from the holder of the 5.22% Collateral Bonds. Notwithstanding any other provision contained in this bond or the Mortgage, the holder of the 5.22% Collateral Bonds by the acceptance of the 5.22% Collateral Bonds hereby waives any longer notice of redemption. The principal hereof may be declared or may become due prior to the express date of the maturity hereof on the conditions, in the manner and at the time set forth in the Mortgage, upon the occurrence of a completed default as in the Mortgage provided. The 5.22% Collateral Bonds are issuable only as registered bonds without coupons in denominations of $1,000 and authorized multiples thereof. To the extent this bond is transferable, it may be transferred as prescribed in the Mortgage by the registered holder hereof in person, or by his or her duly authorized attorney, at the office or agency to be...
Collateral Bonds. In the event the Trustee shall receive from the holder of the 5.22% Collateral Bonds a 5.22% Note Default Redemption Demand (as defined in the form of bond for the 5.22% Collateral Bonds contained herein), the 5.22% Collateral Bonds shall be subject to mandatory redemption, as a whole at any time prior to maturity, in the manner and upon the conditions provided in said form of bond, at 100% of the principal amount thereof together with accrued interest to the redemption date, without premium.
