General Bond Administration Sample Clauses
The General Bond Administration clause outlines the procedures and responsibilities related to the management and oversight of bonds issued under an agreement. It typically covers how bonds are to be maintained, monitored, and potentially replaced or released, specifying the parties' obligations to ensure the bond remains valid and enforceable throughout the contract term. This clause serves to ensure that the financial security provided by the bond is properly managed, thereby protecting the interests of the parties and mitigating the risk of non-performance.
General Bond Administration. The Master Servicer shall perform (or supervise the performance of) the following duties on behalf of the Issuing Entity (unless otherwise specified, references in this subsection are to Sections of the Indenture and each capitalized term used in this Section 11.01 and not otherwise defined shall have the meaning ascribed to it in the Indenture):
(i) cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument specifying the responsibilities of such Paying Agent in accordance with the provisions of Section 9.03 (Section 9.03);
(ii) prepare and cause to be delivered to the Trustee the annual written compliance statement (Section 9.09);
(iii) compensate and reimburse the Trustee pursuant to Section 7.07 (Section 7.07);
(iv) prepare (or cause to be prepared) any supplemental indenture or amendment to the Indenture to be executed subsequent to the Closing Date (and documents required to accompany them) as the Issuing Entity or Trustee may determine to be necessary or appropriate (Sections 10.01 and 10.02);
(v) prepare and deliver notices to the Trustee for execution as necessary, distribute such notices and prepare such other information and documents as may be required in connection with any optional redemption of the Bonds (Sections 11.01, 11.03 and 11.04);
(vi) advise the Issuing Entity with respect to any proposed removal of the Trustee and, if a successor or additional trustee is to be appointed, solicit and review bids, examine the qualifications of bidders, submit to the Issuing Entity a list of qualified candidates from which such appointment may be made by the Issuing Entity and draft any notice required in connection with the appointment of a successor trustee (Sections 7.10 and 7.11);
(vii) if a successor to the Bond Registrar is to be appointed subsequent to the Closing Date, solicit and review bids, examine the qualifications of bidders, and submit to the Issuing Entity a list of qualified candidates from which such appointment may be made by the Issuing Entity (Section 3.05);
(viii) subsequent to the Closing Date, prepare, file, record or deliver such continuation statements, instruments of further assurance and such other instruments as required by Section 9.05 of the Indenture and submit such instruments to the Issuing Entity for execution and filing or delivery and advise the Issuing Entity when the Master Servicer becomes aware of a necessity to take other action to protect the Trust Estate (Section 9.05)...
General Bond Administration. 24 Section 11.02. REMIC Bond Administration.......................................................... 26 Section 11.03. Additional Bond Administration Rights and Duties of Master Servicer................ 26 Section 11.04. Additional Costs Payable by Master Servicer........................................ 27
