Common use of Other Permitted Encumbrances Clause in Contracts

Other Permitted Encumbrances. Platting of the Land in accordance with applicable law. All Permitted Encumbrances, other than those described in clauses (1) through (7) of the definition of such term, must be approved by AGM. [14. Section 5.08(c) and (d) of the Master Lease Agreement Not Applicable. Notwithstanding the provisions set forth in Sections 5.08(c) and (d) of the Master Lease Agreement, after July 1, 2011, the Board may elect not to repair, restore or replace the Series 2000 Project or any portion thereof which has been destroyed, damaged or lost or condemned, with the Net Proceeds of any insurance or condemnation award, by filing a certificate with the Trustee for the Series 2011A Certificates stating that (i) the Board has made such an election and (ii) it is not in the best interests of the Board to repair, restore or replace such Series 2000 Project or portion thereof. Upon such an election, if the Net Proceeds are not greater than the amount of the Lease Payments coming due in the immediately following fiscal year under Second Amended and Restated Lease Schedule No. 2000, then such amounts shall be used first, to pay the Interest Component of the Series 2011A Certificates for the next two interest Payment Dates and then to pay the Principal Component next coming due. In the event the Net Proceeds are greater than the amount of the Lease Payments coming due under Second Amended and Restated Lease Schedule Lease Schedule No. 2000 in the immediately following fiscal year, at the option of the Board, the Board shall apply the Net Proceeds of such insurance or condemnation award to (i) the acquisition, construction and installation of other Land and/or Buildings to be used for educational purposes that will be subject to this Second Amended and Restated Lease Schedule No. 2000 or (ii) upon receipt of an approving opinion of Special Counsel, to the Series 2011A Subaccount of the Interest Account, or Series 2011A Subaccount of the Principal Account, as applicable, to be credited against the payments next due to such accounts or subaccounts. The provisions of Section 5.08(d) of the Master Lease Agreement shall not apply to the Series 2000 Project.]

Other Permitted Encumbrances. Platting of the Land in accordance with applicable law. All Permitted Encumbrances, other than those described in clauses (1) through (7) of the definition of such term, must be approved by AGM. [14. Section 5.08(c) and (d) of the Master Lease Agreement Not Applicable. Notwithstanding the provisions set forth in Sections 5.08(c) and (d) of the Master Lease Agreement, after July 1, 2011, the Board may elect not to repair, restore or replace the Series 2000 1995 Project or any portion thereof which has been destroyed, damaged or lost or condemned, with the Net Proceeds of any insurance or condemnation award, by filing a certificate with the Trustee for the Series 2011A Certificates stating that (i) the Board has made such an election and (ii) it is not in the best interests of the Board to repair, restore or replace such Series 2000 1995 Project or portion thereof. Upon such an election, if the Net Proceeds are not greater than the amount of the Lease Payments coming due in the immediately following fiscal year under Second Amended and Restated Lease Schedule No. 20001995, then such amounts shall be used first, to pay the Interest Component of the Series 2011A Certificates for the next two interest Payment Dates and then to pay the Principal Component next coming due. In the event the Net Proceeds are greater than the amount of the Lease Payments coming due under Second Amended and Restated Lease Schedule Lease Schedule No. 2000 1995 in the immediately following fiscal year, at the option of the Board, the Board shall apply the Net Proceeds of such insurance or condemnation award to (i) the acquisition, construction and installation of other Land and/or Buildings to be used for educational purposes that will be subject to this Second Amended and Restated Lease Schedule No. 2000 1995 or (ii) upon receipt of an approving opinion of Special Counsel, to the Series 2011A Subaccount of the Interest Account, or Series 2011A Subaccount of the Principal Account, as applicable, to be credited against the payments next due to such accounts or subaccounts. The provisions of Section 5.08(d) of the Master Lease Agreement shall not apply to the Series 2000 1995 Project.]

Other Permitted Encumbrances. Platting of the Land in accordance with applicable law. All Permitted Encumbrances, other than those described in clauses (1) through (7) of the definition of such term, must be approved by AGM. [14. Section 5.08(c) and (d) of the Master Lease Agreement Not Applicable. Notwithstanding the provisions set forth in Sections 5.08(c) and (d) of the Master Lease Agreement, after July 1, 2011, the Board may elect not to repair, restore or replace the Series 2000 1990A Project or any portion thereof which has been destroyed, damaged or lost or condemned, with the Net Proceeds of any insurance or condemnation award, by filing a certificate with the Trustee for the Series 2011A Certificates stating that (i) the Board has made such an election and (ii) it is not in the best interests of the Board to repair, restore or replace such Series 2000 1990A Project or portion thereof. Upon such an election, if the Net Proceeds are not greater than the amount of the Lease Payments coming due in the immediately following fiscal year under Second Fourth Amended and Restated Lease Schedule No. 20001990A, then such amounts shall be used first, to pay the Interest Component of the Series 2011A Certificates for the next two interest Payment Dates and then to pay the Principal Component next coming due. In the event the Net Proceeds are greater than the amount of the Lease Payments coming due under Second Fourth Amended and Restated Lease Schedule Lease Schedule No. 2000 1990A in the immediately following fiscal year, at the option of the Board, the Board shall apply the Net Proceeds of such insurance or condemnation award to (i) the acquisition, construction and installation of other Land and/or Buildings to be used for educational purposes that will be subject to this Second Fourth Amended and Restated Lease Schedule No. 2000 1990A or (ii) upon receipt of an approving opinion of Special Counsel, to the Series 2011A Subaccount of the Interest Account, or Series 2011A Subaccount of the Principal Account, as applicable, to be credited against the payments next due to such accounts or subaccounts. The provisions of Section 5.08(d) of the Master Lease Agreement shall not apply to the Series 2000 1990A Project.]