LONG DATED BONDS Clause Samples

LONG DATED BONDS. 6.1 If an Issuing Bank issues a Bond with an Expiry Date falling after the date falling 54 Months after the date of this Agreement which has not been repaid or prepaid in full on or prior to the date falling 54 Months after the date of this Agreement (each, a “Long Dated Bond”), the Applicant (or the relevant Indemnifying Company or the Company on its behalf) shall, no later than the date falling 54 Months after the date of this Agreement, repay that Long Dated Bond. To the extent that the Applicant (or the relevant Indemnifying Company or the Company on its behalf) wishes to repay such Long Dated Bonds by the provision of cash cover, it may, provided that it has given prior notice to the Security Trustee and the relevant Issuing Bank of that fact, request that the amount of any cash security provided pursuant to Clause 21 (Security Undertakings) standing to the credit of the Applicant in the Account (“Existing Cash Collateral”), be taken into account in calculating the amount of cash cover so to be provided and only such additional amount of cash cover shall have to be paid to the Security Trustee as is necessary (when added to the amount of the Existing Cash Collateral) to ensure that the amount to be repaid in respect of such Long Dated Bonds has been provided in full. 6.2 In addition to any other form of repayment permitted by the terms of this Agreement, but provided that the relevant Issuing Bank has given its prior consent to the same, the Applicant (or the relevant Indemnifying Company or the Company on its behalf) shall, for the purpose only of complying with its obligations under Clause 6.1 of this Clause 6 to repay any Long Dated Bond, also be entitled to procure the issuance of a letter of credit, indemnity or bank guarantee by an issuing institution acceptable to the relevant Issuing Bank and on terms and conditions acceptable to the relevant Issuing Bank in respect of the entire liability of that Issuing Bank under the relevant Long Dated Bond. In the event that the relevant Issuing Bank agrees to accept such a letter of credit, indemnity or bank guarantee and the same is duly issued to the relevant Issuing Bank, on the date falling 54 Months after the date of this Agreement each Bank shall, without the need for any further action by that Issuing Bank or any of the Banks, be released from the indemnity given to that Issuing Bank pursuant to sub-clause 7.3.2 of Clause 7.3 (Indemnities) of this Agreement and pursuant to any equivalent provision...
View SourceView Similar (3)
LONG DATED BONDS. 17 8. Bonds.......................................................................................... 17 9. Repayment, Prepayment And Cancellation......................................................... 21 10.
View Source

Related to LONG DATED BONDS

  • Replacement Bonds In the event that any Bond is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Bond being herein called a "Special Bond"), the Depositor may so certify to the Trustee and instruct the Trustee to purchase Replacement Bonds which have been selected by the Depositor having a cost and an aggregate principal amount not in excess of the cost and aggregate principal amount of the Special Bonds not so delivered. To be eligible for inclusion in the Trust, the Replacement Bonds which the Depositor selects must: (i) for Trusts containing municipal bonds, yield current interest which is exempt from taxation for federal income tax purposes and, if the Trust is a State Trust, exempt from taxation under the personal income tax law of the particular state involved; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; (iv) be purchased within twenty days after delivery of notice of the failed contract to the Trustee or to the Depositor, whichever occurs first and (v) be of comparable credit quality to the Special Bond which failed to be delivered. Any Replacement Bonds received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Bonds deposited hereunder. No such deposit of Replacement Bonds shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement. (25) Article III is hereby amended by adding the following Section 3.19:

  • Refunding Bonds In the event that an offer shall be made by an obligor of any of the Bond in a Trust to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the Depositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositor may deem proper. Any obligation so received in exchange shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Unitholder of such Trust, including an identification of the Bonds eliminated and the securities substituted therefor.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Construction Bonds In accordance with 153.54, et. seq. of the Ohio Revised Code, the recipient shall require that each of its Contractors furnish a performance and payment bond in an amount at least equal to 100 percent (100%) of its contract price as security for the faithful performance of its contract;

  • Bonds The Contractor shall furnish both a performance bond and a payment bond and shall pay the premiums thereon as a Cost of the Work. The Performance Bond shall guarantee the full performance of the Contract.