Defeasance Portfolio Sample Clauses

Defeasance Portfolio. (a) If the Warranty Provider exercises the remedy provided by Section 4.1(c)(i) upon a Permanent Defeasance Event, the Warranty Provider shall have the right to cause the Adviser to immediately allocate all of the assets of the Fund to the Fixed-Income Portfolio (the "Defeasance Portfolio"). In addition to or in lieu of the remedy provided in the immediately preceding sentence, at any time after the occurrence of a Permanent Defeasance Event, the Warranty Provider may, at its election in its sole discretion, cause the Custodian to invest all of the assets of the Fund in U.S. Zeroes (other than in connection with sales of portfolio investments for Cash and/or Cash Equivalents after receipt by the Fund of redemption requests in order to meet such requests or in connection with the payment of Fund fees). The Financial Warranty Fee shall remain due and payable in accordance with Section 2.4 notwithstanding the occurrence of a Permanent Defeasance Event. The Adviser shall provide the Warranty Provider upon the issuance of the Financial Warranty with an irrevocable instruction, in the form of Annex A to the Service Agreement, executed by the Adviser which shall constitute the Warranty Provider's direction to the Custodian pursuant to this Section 4.2(a) and the Service Agreement. The irrevocable instruction shall also constitute a limitation of the further authority of the Adviser (including any subadviser of the Fund) to manage the Fund's assets other than in accordance with the irrevocable instruction. If the Warranty Provider elects to provide instructions to the Custodian pursuant to this Section 4.2(a) following a Permanent Defeasance Event, the Warranty Provider shall do so by delivering the irrevocable instruction to the Custodian. The Warranty Provider shall only deliver such instruction to the Custodian following a Permanent Defeasance Event and after notice thereof to the Adviser.
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Defeasance Portfolio. If the Insurer exercises remedies provided by Section 4.01(c) or Section 4.01(d), the Insurer shall instruct the Custodian to invest the assets of the Fund in a Defeasance Portfolio. "Defeasance Portfolio" means an earmarked portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount and that mature on a date as close to the Guarantee Maturity Date as practicable but in any event no later than the Guarantee Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, Cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii) Cash. To the extent the Fund Value exceeds 101% of the Bond Floor, the Insurer shall direct the Custodian to take instruction from the Adviser with respect to the investment of any such excess subject to the condition that such excess may only be invested in Permitted Fixed Income Securities, Permitted Equity Securities, Permitted Equity Options that are Purchased Calls, and/or Cash, it being understood that the investing of such excess shall in no event create any liability which could affect the Defeasance Portfolio.
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Defeasance Portfolio. If the Insurer exercises remedies provided by Section 4.01(c) or Section 4.01(d), the Insurer shall instruct the Custodian to invest the assets of the Fund in a Defeasance Portfolio. "Defeasance Portfolio" means a portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount and that mature on a date as close to the Guarantee Maturity Date as practicable but in any event no later than the Guarantee Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, Cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii)
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Defeasance Portfolio. (a) The Warranty Provider may exercise the remedies provided in Section -------- 4.1(c) at any time after the occurrence of a Trigger Event or Market ------ Initiated Defeasance Event. If the Warranty Provider exercises the remedy provided by Section 4.1(c)(i)(A), the Warranty Provider shall have the right -------------------- to instruct the Adviser to immediately allocate all of the assets of the Fund to the Defeasance Portfolio in accordance with subsection (i) of the definition of Defeasance Portfolio under Section 1.1. If the Warranty ------------ Provider exercises the remedy provided by Section 4.1(c)(i)(B), the Warranty --------------------- Provider shall have the right to deliver to the Custodian the Irrevocable Instructions instructing the Custodian to invest all of the assets of the Fund in a Defeasance Portfolio in accordance with subsection (ii) of the definition of Defeasance Portfolio under Section 1.1 and such Irrevocable ----------- Instructions. For the avoidance of doubt, the parties hereby agree that (i) the Warranty Provider may at its election, in its sole discretion, exercise the remedy provided in Section 4.1(c)(i)(B) after it has exercised the remedy --------------------- provided in Section 4.1(c)(i)(A) and (ii) if the Warranty Provider exercises --------------------- its rights to adjust the Multiple under Section 4.1(c)(ii), the Warranty ------------------- Provider shall not be precluded subsequent thereto from exercising its rights under Sections 4.1(c)(i)(A) and/or 4.1(c)(i)(B). The Financial Warranty Fee ---------------------- ------------ shall remain due and payable in accordance with Section 2.4 notwithstanding ----------- the occurrence of a Trigger Event, Trigger Initiated Defeasance Event or a Market Initiated Defeasance Event. The Adviser shall provide the Warranty Provider as a condition precedent to the issuance of the Financial Warranty with irrevocable instructions ("Irrevocable Instructions"), in substantially ------------------------- the form of Annex A to the Service Agreement, executed by the Adviser. The ------- Irrevocable Instructions shall also constitute a limitation of the further authority of the Adviser (including any subadviser of the Fund) to manage the Fund's assets other than in accordance with the Irrevocable Instructions after the occurrence of a Trigger Initiated Defeasance Event or Market Initiated Defeasance Event, as applicable, and the delivery of the Irrevocable Instructions to the Custod...
Sample 1
Defeasance Portfolio. A. In accordance with these Irrevocable Instructions, you shall invest the assets of the Fund in an earmarked portfolio (the "Defeasance Portfolio") of investments consisting of (i) subject to subsections (ii) and (iii) below, (A) (1) in the absence of a Floor Shortfall, U.S. Zeroes having an aggregate par amount equal to the Aggregate Protected Amount (as determined by the Calculation Agent and communicated to you with these Irrevocable Instructions), or (2) in the event of a Floor Shortfall (as determined by the Calculation Agent and communicated to you with these Irrevocable Instructions), U.S. Zeroes having an aggregate par amount equal to the Aggregate Protected Amount less the Floor Shortfall, in each case that mature on a date as close to [___________, 2010] (the "Maturity Date") as practicable but in any event no earlier than three-months prior to, and no later than, the Maturity Date and (B) following the maturity of such U.S. Zeroes, Cash; (ii) a portfolio of U.S. Zeroes that mature on various dates which correspond as closely as practicable to the expected payment dates of the expected Fund Fees and Expenses, exclusive of any Extraordinary Expenses; and (iii) Cash and/or Cash Equivalents to the extent necessary for the Fund to meet redemption requests reasonably anticipated to be received by the Fund within a rolling five Exchange Business Day period. In the event there are additional assets of the Fund that are not necessary to meet the requirements of (i)(A)(1), (ii) and (iii) above, such additional assets shall be invested in U.S. Zeroes that mature on a date as close to the Maturity Date as practicable but in any event no earlier than three-months prior to, and no later than, the Maturity Date.
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Defeasance Portfolio. If the Insurer exercises remedies provided by SECTION 4.01(C) or SECTION 4.01(D), the Insurer shall be entitled to deliver the Direction and Undertaking Regarding Remedies and to direct the Custodian with respect to the liquidation of the Fund's assets and the acquisition of Defeasance Portfolio. "DEFEASANCE PORTFOLIO" means an earmarked portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount and that mature on a date as close to the Maturity Date as practicable but in any event no later than the Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, Cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii) Cash. To the extent practicable, the Adviser shall manage the Defeasance Portfolio to obtain the highest available yields consistent with the requirements set forth in the definition of "Defeasance Portfolio", and such constraints as may exist due to the value of the Fund's assets at the time the Fund's assets are invested in the Defeasance Portfolio. For example, if Fund Value is less than 100% of the Bond Floor the Adviser shall invest the Defeasance Portfolio, to the extent possible, in the following order of priority: (i) the instruments in SECTION 4.02(I), (ii) the instruments in SECTION 4.02(II), and (iii) Cash. It is understood that, if Fund Value is less than 100% of the Bond Floor, the extent of the Fund's assets may limit the Fund's ability to purchase zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount.
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Related to Defeasance Portfolio

  • Defeasance Collateral Account On or before the date on which Borrower delivers the Defeasance Collateral, Borrower or Successor Borrower (as applicable) shall open at any Eligible Bank the defeasance collateral account (the “Defeasance Collateral Account”) which shall at all times be an Eligible Account. The Defeasance Collateral Account shall contain only (i) Defeasance Collateral and (ii) cash from interest and principal paid on the Defeasance Collateral. All cash from interest and principal payments paid on the Defeasance Collateral shall be paid over to Lender on each Payment Date and applied to the monthly installments of interest on the Loan (and in the case of a Partial Defeasance, the portion thereof evidenced by the Defeased Note) and, upon Maturity, to accrued interest and the Principal Balance of the Loan (and in the case of a Partial Defeasance, the portion thereof evidenced by the Defeased Note) Borrower shall cause the Eligible Bank at which the Defeasance Collateral is deposited to enter an agreement with Borrower and Lender, satisfactory to Lender in its sole discretion, pursuant to which such Eligible Bank shall agree to hold and distribute the Defeasance Collateral in accordance with this Loan Agreement. Borrower (or Successor Borrower, as applicable) shall be the owner of the Defeasance Collateral Account and shall report all income accrued on Defeasance Collateral for federal, state and local income tax purposes in its income tax return. Borrower shall prepay all costs and expenses associated with opening and maintaining the Defeasance Collateral Account. Lender shall not in any way be liable by reason of any insufficiency in the Defeasance Collateral Account.

  • DEFEASANCE AND COVENANT DEFEASANCE SECTION 1301.

  • Defeasance With respect to any Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a “Defeasance”), (i) the Mortgage Loan documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified in the Mortgage Loan documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will be sufficient to make all scheduled payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a Yield Maintenance Charge or Prepayment Premium) or, if the Mortgage Loan is an ARD Loan, the entire principal balance outstanding on the Anticipated Repayment Date (or on or after the first date on which payment may be made without payment of a Yield Maintenance Charge or Prepayment Premium), and if the Mortgage Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to 110% of the allocated loan amount for the real property to be released; (iv) the defeasance collateral is not permitted to be subject to prepayment, call, or early redemption; (v) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in clause (iii) above; (vi) the defeased note and the defeasance collateral are required to be assumed by a Single-Purpose Entity; (vii) the Mortgagor is required to provide an opinion of counsel that the Trustee has a perfected security interest in such collateral prior to any other claim or interest; and (viii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable expenses associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.

  • Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Defeasance of Certain Obligations The Company may omit to comply with any term, provision or condition set forth in clause (iii) of Section 5.01 and Sections 4.03 through 4.18, and clause (c) of Section 6.01 with respect to clause (iii) of Section 5.01, and clauses (d), (e) and (g) of Section 6.01 shall be deemed not to be Events of Default, in each case with respect to the outstanding Notes, if:

  • Satisfaction, Discharge and Defeasance of the Notes (a) Upon satisfaction of the conditions set forth in Section 4.2(b) below, the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except as to:

  • Legal Defeasance of Securities of any Series Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute such instruments reasonably requested by the Company acknowledging the same), except as to:

  • Option to Effect Defeasance or Covenant Defeasance The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to have either SECTION 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Legal Defeasance and Covenant Defeasance 67 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance..... 67 Section 8.02. Legal Defeasance and Discharge............................... 67 Section 8.03.

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