Common use of Conditions of Defeasance Clause in Contracts

Conditions of Defeasance. The Partnership may exercise its legal defeasance option or its covenant defeasance option with respect to Debt Securities of a particular series only if: (a) the Partnership irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the payment of principal of, and premium, if any, and interest on, the Debt Securities of such series to Stated Maturity or the Redemption Date, as the case may be; (b) the Partnership delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay the principal, premium, if any, and interest when due on all the Debt Securities of such series to Stated Maturity or the Redemption Date, as the case may be; (c) 91 days pass after the deposit is made and during the 91-day period no Default specified in Section 6.01(e) or Section 6.01(f) with respect to the Partnership occurs which is continuing at the end of the period; (d) no Default has occurred and is continuing on the date of such deposit and after giving effect thereto;

Conditions of Defeasance. The Partnership Company may exercise its legal defeasance option or its covenant defeasance option with respect to Debt Securities of a particular series only if: (a) the Partnership Company irrevocably deposits in trust with the Trustee money cash or U.S. Government Obligations for the payment of principal of, and premium, if any, and interest on, the Debt Securities of such series to Stated Maturity maturity or the Redemption Dateredemption, as the case may be; (b) the Partnership Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay the principal, premium, if any, premium and interest when due on all the Debt Securities of such series to Stated Maturity maturity or the Redemption Dateredemption, as the case may be; (c) 91 123 days pass after the deposit is made and during the 91123-day period no Default specified in Section 6.01(e6.01(f) or Section 6.01(f(g) with respect to the Partnership Company occurs which is continuing at the end of the period; (d) no Default has occurred and is continuing on the date of such deposit and after giving effect thereto; 112 (e) if the Debt Securities of such series are subordinated pursuant to Article XII, the deposit is not prohibited by Article XII;