Certain Release Events Regarding Enhanced Custodial Receipts. Notwithstanding any other provision of this Agreement, a Release Event with respect to an Enhanced Custodial Receipt attributable solely to a payment default on the underlying series of Bonds may only be declared by F▇▇▇▇▇▇ Mac if such payment default is to such an extent that the Enhanced Custodial Receipt is not being paid in full. F▇▇▇▇▇▇ Mac shall not declare a Release Event, except at the direction of the Sponsor in accordance with Section 3.23 hereof, if only the related Subordinate Custodial Receipt is not being paid in full but the Enhanced Custodial Receipt is being so paid.
Appears in 2 contracts
Sources: Bond Exchange, Reimbursement, Pledge and Security Agreement (America First Multifamily Investors, L.P.), Bond Exchange, Reimbursement, Pledge and Security Agreement (America First Tax Exempt Investors Lp)