Common use of Partial Defeasance Clause in Contracts

Partial Defeasance. Upon APSA’s exercise of the option provided in Section 11.1 to have this Section 11.3 applied to all the Outstanding Securities of any Series denominated in U.S. dollars and having a fixed rate of interest, except as otherwise may be provided pursuant to the terms of the Securities established pursuant to Section 2.3: (i) APSA shall be released from its obligations under Sections 3.14 and 3.15 and (ii) the occurrence of any event with respect to such Securities specified in Section 4.1(b) shall not be deemed an Event of Default (but only insofar as such event relates to the obligations under Sections 3.14 and 3.15 from which APSA has been expressly released pursuant to Section 11.3(i)), in each case, on and after the date the conditions set forth in Section 11.4 are satisfied (hereinafter, “partial defeasance”). For this purpose, partial defeasance means that APSA may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such paragraph to the extent specified above, whether directly or indirectly by reason of any reference elsewhere herein or in the Securities to any such paragraph or by reason of any reference in any such paragraph to any other provision herein or in the Securities or in any other document, but the remainder of APSA’s obligations shall be unaffected thereby.

Partial Defeasance. Upon APSAthe Bank’s exercise of the option provided in Section 11.1 to have this Section 11.3 applied to all the Outstanding Securities of any Series denominated in U.S. dollars and having a fixed rate of interest, except as otherwise may be provided pursuant to the terms of the Securities established pursuant to Section 2.3: (i) APSA the Bank shall be released from its obligations under Sections 3.14 and 3.15 and (ii) the occurrence of any event with respect to such Securities specified in Section 4.1(b) shall not be deemed an Event of Default (but only insofar as such event relates to the obligations under Sections 3.14 and 3.15 from which APSA the Bank has been expressly released pursuant to Section 11.3(i)), in each case, on and after the date the conditions set forth in Section 11.4 are satisfied (hereinafter, “partial defeasance”). For this purpose, partial defeasance means that APSA the Bank may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such paragraph to the extent specified above, whether directly or indirectly by reason of any reference elsewhere herein or in the Securities to any such paragraph or by reason of any reference in any such paragraph to any other provision herein or in the Securities or in any other document, but the remainder of APSAthe Bank’s obligations shall be unaffected thereby.