Common use of Event of Default Following Covenant Defeasance Clause in Contracts

Event of Default Following Covenant Defeasance. In the event (i) the Company exercises its option to effect a covenant defeasance with respect to the Securities of any series, (ii) the Securities of that series are thereafter declared due and payable pursuant to Section 6.01(b) hereof because of the occurrence of any Event of Default that results from an event, act or condition which does not arise from any covenant that has been defeased, and (iii) the amount of money and securities on deposit with the Trustee are not sufficient to pay amounts due on the Securities of that series at the time of the acceleration resulting from such Event of Default, the Company shall be liable for any such deficiency.

Event of Default Following Covenant Defeasance. In the event ---------------------------------------------- (i) the Company exercises its option to effect a covenant defeasance with respect to the Securities of any series, (ii) the Securities of that series are thereafter declared due and payable pursuant to Section 6.01(b) hereof because of the occurrence of any Event of Default that results from an event, act or condition which does not arise from any covenant that has been defeased, and (iii) the amount of money and securities on deposit with the Trustee are not sufficient to pay amounts due on the Securities of that series at the time of the acceleration resulting from such Event of Default, the Company shall be liable for any such deficiency.

Event of Default Following Covenant Defeasance. In the event (i) the Company exercises its option to effect a covenant defeasance with respect to the Securities of any series, (ii) the Securities of that series are thereafter declared due and payable pursuant to Section 6.01(b) hereof because of the occurrence of any Event of Default that results from an event, act or condition which does not arise from any covenant that has been defeased, and (iii) the amount of money and securities on deposit with the Trustee are not sufficient to pay amounts due amountsdue on the Securities of that series at the time of the acceleration resulting from such Event of Default, the Company shall be liable for any such deficiency.