Purchase Funds. (1) There is hereby created a Xxxxxxx Mac Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Xxxxxxx Mac Purchase Fund shall be held by the Tender Agent separate and apart from the other funds and accounts established by the Resolution and any other funds held or owned by the Tender Agent and shall not be subject to the lien of the Resolution. By noon on the Business Day immediately preceding a Special Mandatory Tender Date, the Trustee shall (i) transfer to the Xxxxxxx Mac Purchase Fund from the applicable 2022 Series LOC Payments Account an amount equal to the deposit therein representing principal and interest payments on the Xxxxxxx Mac Credit-Enhanced Mortgage Loan and previously obtained under the Xxxxxxx Mac Credit Enhancement Instrument following the immediately preceding May 1 or November 1, as the case may be, and (ii) draw on the applicable Xxxxxxx Mac Credit Enhancement Instrument in the amount equal to the Purchase Price, less the amount transferred from the 2022 Series LOC Payments Account. The Tender Agent shall receive and hold in trust Constructively Tendered Bonds for the benefit of the former Holders thereof until the Purchase Price thereof is made available in the Xxxxxxx Mac Purchase Fund. The Tender Agent shall hold in trust the Purchase Price of Constructively Tendered Bonds in the Xxxxxxx Mac Purchase Fund (i.e., the proceeds of draws on the applicable Xxxxxxx Mac Credit Enhancement Instrument issued with respect to such Constructively Tendered Bonds) for the benefit of Holders who have tendered Constructively Tendered Bonds for purchase in accordance herewith until such Holders present the actual Constructively Tendered Bonds as required by this Series Resolution. No monies held by the Tender Agent in the Xxxxxxx Mac Purchase Fund shall be considered monies of the Agency; no such monies shall be invested; and no Constructively Tendered Bonds purchased by the Tender Agent shall be deemed to have been purchased by, for or on behalf of the Agency.
Purchase Funds. None of the funds the Purchaser is using to purchase the Securities are, to the knowledge of the Purchaser, proceeds obtained or derived, directly or indirectly, as a result of illegal activities.
Purchase Funds. As consideration for the sale of the Domain Names, Buyer promised to pay Seller the amount of ( ) U.S. dollars (“Purchase Funds”). This sum shall be paid to a third party escrow company for the benefit of Purchase, namely Xxxxxx.xxx.
Purchase Funds. The term “Purchase Funds” as used in this Agreement means money or other financial resources used to buy Precious Metals.
Purchase Funds. As consideration for the sale of the Domain Names, Buyer promised to pay Seller the amount of ( ) Bitcoins (“Purchase Funds”). This sum shall be paid to a third party escrow company for the benefit of Purchase, namely Xxxx.xxx.
Purchase Funds. In the event Purchaser determines that a Mortgage Loan is acceptable for purchase, Purchaser shall transmit the purchase funds for the Mortgage Loan within five Business Days after receiving the Closing Package for such Mortgage Loan, provided, however, if the Note is received by Purchaser five or more Business Days after receipt of the Closing Package, Purchaser shall have two Business Days after receipt of the Note in which to transmit the purchase funds. The purchase funds will be transmitted net of any amounts due Purchaser in connection with such purchase, including, without limitation, all funds held in Escrow. Any funds due Seller by Purchaser in connection with such purchase, including, without limitation, per diem interest and any Servicing-Release Premium that may be owed, will be added to the purchase funds transmitted to Seller on the Purchase date. Purchaser shall have the right to offset any amount owed by Seller to Purchaser against any and all balances, credits, deposits, accounts or monies of Seller then or thereafter held by Purchaser.
Purchase Funds. Commencing January 1, 1997, the Corporation will make all reasonable efforts to purchase for cancellation during each calendar quarter (cumulative within the same calendar year) 1% of the aggregate principal amount of the Debentures, at prices below par. If the Corporation purchases such percentage of Debentures during each quarter, the average life of the Debentures would be approximately 18.5 years. Rank: The Debentures will be direct unsecured obligations of the Corporation. Negative Pledge: The Debentures will have the benefit of a negative pledge. Put Right of Holders: Upon the occurrence of both a Designated Event and a Rating Decline, each holder of Debentures may require the Corporation to purchase, on the Repayment Date, all or any portion of its Debentures at a price equal to the Put Price, unless a Rating Recovery has occurred. Use of Proceeds: The net proceeds to the Corporation from the sale of the Debentures will be used to reimburse long-term bank indebtedness primarily incurred to finance the Corporation’s capital expenditure program. Interest and Asset Coverages: Interest coverage on consolidated long-term debt, including this issue, for the 12 months ended September 30, 1989: 13.1 times. Consolidated net tangible asset coverage of long-term debt, including this issue, as at September 30, 1989: — before deduction of deferred income taxes: 7.2 times; and — after deduction of deferred income taxes: 5.9 times. The above information is a summary only and is qualified by the more detailed information appearing elsewhere in this short form prospectus or incorporated by references herein. TABLE OF CONTENTS Page Production Facilities 2 Summary of the Offering 3 Documents Incorporated by Reference 4 Eligibility for Investment 5 The Corporation 6 Use of Proceeds 6 Details of the Offering 6 Plan of Distribution 12 Material Changes in Loan Capital in 1989 12 Interest and Asset Coverages 12 Transfer Agent and Xxxxxxxxx 00 Purchaser’s Statutory Rights 13 Certificates 14
