Common use of Purchase and Ownership of the Defeasance Collateral Clause in Contracts

Purchase and Ownership of the Defeasance Collateral. The "Defeasance Collateral" must consist only of non-callable and non-redeemable securities issued, or fully insured as to payment, by the United States of America or such other securities as are permitted at the time of Defeasance by the Tax Code with respect to REMIC collateral substitutions. The Defeasance Collateral also must provide for (A) redemption payments to occur prior, but as close as possible, to all successive Payment Due Dates occurring after the Release Date and (B) deliver redemption proceeds at least equal to (1) in the event of Defeasance of the Loan, the amount of principal and interest due on the Note on each such Payment Due Date including full payment due on the Note on the Maturity Date or (2) in the event of Partial Defeasance, the amount of principal and interest due on the Defeased Note(s) on each such Payment Due Date, including full payment due on the Defeased Note(s) on the maturity date thereof (each are referred to herein as "Scheduled Debt Payments"). The Defeasance Collateral shall be arranged such that redemption payments received from the Defeasance Collateral are paid directly to Lender to be applied on account of the Scheduled Debt Payments. Unless otherwise agreed in writing by Lender, the pledge of the Defeasance Collateral shall be effectuated through the book-entry facilities of a qualified securities intermediary designated by Lender (which may be Lender itself or an Affiliate of Lender if such party qualifies as a securities intermediary) in conformity with all applicable laws.

Purchase and Ownership of the Defeasance Collateral. The "Defeasance Collateral" must consist only of non-callable and non-redeemable securities issued, or fully insured as to payment, by the United States of America (including, without limitation, obligations issued or held in book-entry form of the Department of the Treasury and principal-only and interest-only strips that are issued by the United States Treasury, or non-callable obligations, the principal of and interest on which are unconditionally guaranteed by the United States of America, or senior, unsubordinated U.S. Agency for International Development (U.S.A.I.R.) guaranteed notes which mature at least four (4) business days before the appropriate Payment Due Date), or such other securities as are permitted at the time of Defeasance by the Tax Code with respect to REMIC collateral substitutions. The Defeasance Collateral also must provide for (A) redemption payments to occur prior, but as close as possible, to all successive Payment Due Dates occurring after the Release Date and (B) deliver redemption proceeds at least equal to (1) in the event of Defeasance of the Loan, entire Loan the amount of principal and interest due on the Note on each such Payment Due Date including full payment due on the Note on the Maturity Open Date or (2) in the event of Partial Defeasance, partial Defeasance the amount of principal and interest due on the Defeased Note(s) Defeasance Note on each such Payment Due Date, including full payment due on the Defeased Note(s) Defeasance Note on the maturity date thereof Open Date (each are referred to herein as "Scheduled Debt PaymentsPayment"). The Defeasance Collateral shall be arranged such that redemption payments received from the Defeasance Collateral are paid directly to Lender to be applied on account of the Scheduled Debt Payments. Unless otherwise agreed in writing by Lender, the pledge of the Defeasance Collateral shall be effectuated through the book-entry facilities of a qualified securities intermediary designated by Lender (which may be Lender itself or an Affiliate of Lender if such party qualifies as a securities intermediary) in conformity with all applicable laws.

Purchase and Ownership of the Defeasance Collateral. The "Defeasance Collateral" must consist only of non-callable and non-redeemable securities issued, or fully insured as to payment, by the United States of America (including, without limitation, obligations issued or held in book-entry form of the Department of the Treasury and principal-only and interest-only strips that are issued by the United States Treasury, or non-callable obligations, the principal of and interest on which are unconditionally guaranteed by the United States of America, or senior, unsubordinated U.S. Agency for International Development (U.S.A.I.R.) guaranteed notes which mature at least four (4) business days before the appropriate Payment Due Date), or such other securities as are permitted at the time of Defeasance by the Tax Code with respect to REMIC collateral substitutions. .The Defeasance Collateral also must provide for (A) redemption payments to occur prior, but as close as possible, to all successive Payment Due Dates occurring after the Release Date and (B) deliver redemption proceeds at least equal to (1) in the event of Defeasance of the Loan, entire Loan the amount of principal and interest due on the Note on each such Payment Due Date including full payment due on the Note on the Maturity Open Date or (2) in the event of Partial Defeasance, partial Defeasance the amount of principal and interest due on the Defeased Note(s) Defeasance Note on each such Payment Due Date, including full payment due on the Defeased Note(s) Defeasance Note on the maturity date thereof Open Date (each are referred to herein as "Scheduled Debt PaymentsPayment"). The Defeasance Collateral shall be arranged such that redemption payments received from the Defeasance Collateral are paid directly to Lender to be applied on account of the Scheduled Debt Payments. Unless otherwise agreed in writing by Lender, the pledge of the Defeasance Collateral shall be effectuated through the book-entry facilities of a qualified securities intermediary designated by Lender (which may be Lender itself or an Affiliate of Lender if such party qualifies as a securities intermediary) in conformity with all applicable laws.

Purchase and Ownership of the Defeasance Collateral. The "“Defeasance Collateral" ” must consist only of non-callable and non-redeemable securities issued, or fully insured as to payment, by the United States of America or such other securities as are permitted at the time of Defeasance by the Tax Code with respect to REMIC collateral substitutions. The Defeasance Collateral also must provide for (A) redemption payments to occur prior, but as close as possible, to all successive Payment Due Dates occurring after the Release Date and (B) deliver redemption proceeds at least equal to (1) in the event of Defeasance of the Loan, entire Loan the amount of principal and interest due on the Note on each such Payment Due Date including full payment due on the Note on the Maturity Date or (2) in the event of Partial Defeasance, partial Defeasance the amount of principal and interest due on the Defeased Note(s) Defeasance Note on each such Payment Due Date, including full payment due on the Defeased Note(s) Defeasance Note on the maturity date thereof Maturity Date (each are referred to herein as "“Scheduled Debt Payments"Payment”). The Defeasance Collateral shall be arranged such that redemption payments received from the Defeasance Collateral are paid directly to Lender to be applied on account of the Scheduled Debt Payments. Unless otherwise agreed in writing by Lender, the pledge of the Defeasance Collateral shall be effectuated through the book-entry facilities of a qualified securities intermediary designated by Lender (which may be Lender itself or an Affiliate of Lender if such party qualifies as a securities intermediary) in conformity with all applicable laws.