The $35 million 2007 series A single family mortgage bonds are being issued under a supplemental indenture
that pledges mortgage revenues, investment earnings, reserves and other trust funds to secure the bonds.
Pinetree determined that is was in its best interests to provide for the covenants after becoming aware that the terms of the debt covenants contained in the Indenture
were not consistent with certain investors expectations, based upon information provided to them during the marketing of the Debentures by the agents on the Debenture financing.
The total consideration offered in the tender offers and consent solicitations for the 1997 Indenture
Notes and the 2000 Indenture
Notes includes a consent payment of $50.
Bank National Association, the trustee under the indenture
governing the 2007 Notes, intend to enter into a supplemental indenture
, which will amend the indenture
under which the 2007 Notes were issued.
Education Funding Association-2001 Trust Indenture
00 principal amount of the Notes, payable to holders who validly tender their Notes and provide their consents to the proposed amendments to the indenture
governing the Notes and to the termination of the registration rights agreement relating to the Notes prior to the Consent Payment Deadline.
Among other things, the proposed amendments to the indenture
governing the Notes would eliminate most of the indenture
's principal restrictive covenants and would amend certain other provisions contained in the indenture
The proposed amendment to the Indenture
requires the consent of both the holders of at least a majority in aggregate principal amount of all the Notes outstanding (the "Requisite Consents") and the consent of the lenders representing a majority of the loans, letters of credit and commitments outstanding under the Company's senior credit facility (the "Senior Lenders Consents").
Both state road fund and new fund revenues are pledged to the bonds issued under the 2005 indenture
, currently $1.
The tender offer is subject to several conditions, including, among other things, AGT's receipt of proceeds from a new issuance of debt securities or a new second lien credit facility, which proceeds must be sufficient (and, under the terms of the agreements governing AGT's indebtedness, are permitted to be used) to pay the aggregate total consideration and/or the purchase price for the Notes accepted in the Offer; a minimum tender condition; receipt of the requisite consents and execution of a supplemental indenture
and execution of an amendment terminating the registration rights agreement.
Also related to the delayed filing of its 10-Q the Company on November 10, 2006, received a notice of a purported "compliance deficiency" from the trustee under the indenture
governing the outstanding $240 million, 1.