Common use of Optional Possession of the Collateral Clause in Contracts

Optional Possession of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Note Trustee may, but need not, elect to maintain possession of the Collateral. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Note Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Note Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.

Appears in 9 contracts

Samples: Note Indenture (BEC Funding II, LLC), Note Indenture (CEC Funding, LLC), Note Indenture (BEC Funding II, LLC)

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Optional Possession of the Collateral. If the Notes Bonds have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Note Bond Trustee may, but need not, elect to maintain possession of the Collateral. It is the desire of the parties hereto and the Noteholders Bondholders that there be at all times sufficient funds for the payment of principal of and interest on the NotesBonds, and the Note Bond Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Note Bond Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.

Appears in 5 contracts

Samples: Bond Indenture (FirstEnergy Ohio PIRB Special Purpose Trust 2013), Bond Indenture (FirstEnergy Ohio PIRB Special Purpose Trust 2013), Bond Indenture (FirstEnergy Ohio PIRB Special Purpose Trust 2013)

Optional Possession of the Collateral. If the Notes Bonds have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Note Trustee may, but need not, elect to maintain possession of the Collateral. It is the desire of the parties hereto and the Noteholders Bondholders that there be at all times sufficient funds for the payment of principal of and interest on the NotesBonds, and the Note Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Note Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.

Appears in 2 contracts

Samples: PSNH Funding LLC 2, PSNH Funding LLC

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Optional Possession of the Collateral. If the Notes Bonds have been ------------------------------------- declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Note Trustee may, but need not, elect to maintain possession of the Collateral. It is the desire of the parties hereto and the Noteholders Bondholders that there be at all times sufficient funds for the payment of principal of and interest on the NotesBonds, and the Note Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Note Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.

Appears in 1 contract

Samples: Administration Agreement (PSNH Funding LLC 2)

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