Substitution period

Transactions may include a substitution period during which the issuer is allowed to use principal receipts to purchase additional mortgages. This, in effect, allows the issuer to prevent the collateral pool (and therefore the notes) paying down, giving noteholders certainty of cash flows during this period. However, at the end of the substitution period, principal payments will be used to redeem notes in the normal manner. 

The combination of this redemption profile with a substitution period and/or a cash accumulation account would allow the creation of bullet securities, although at the time of writing this has not been done for a European issuer. This is not the only way to create notes that expect to have a bullet redemption profile. In the Delphinus 2002-11 transaction, the substitution period extended up to the step-and-call date, so the notes are likely to be redeemed on that date. However, if for any reason the issuer is not able or willing to call the notes, they will redeem as in a standard pass-through transaction, and so the legal maturity is dependent on the term of the underlying mortgages. 

Following the substitution period, the transaction typically enters the amortisation period, during which principal collected from receivables is passed through to noteholders. This may lead to a degree of variability in the average life of the security if the borrowers repay their loans more quickly or slowly than the modelled prepayment speed used to price the notes. Exhibit 14.10 shows a simplified paydown structure for the FIAT 1 transaction. 

Find a way to overcome the constraint while still maintaining the areas. This is often possible by using indirect heat transfer between the two areas. The simplest option is via the existing utility system. For example, rather than have a direct match between two streams, one can perhaps generate steam to be fed into the steam mains and the other use steam from the same mains. The utility system then acts as a buffer between the two areas. Another possibility might be to use a heat transfer medium such as a hot oil which circulates between the two streams being matched. To maintain operational independence, a standby heater and cooler supplied by utilities is needed in the hot oil circuit such that if either area is not operational, utilities could substitute heat recovery for short periods. 

In order to allow any multiple chlorination of the biphenyl skeleton, the user may define an atom list (eonsisting of hydrogen and chlorine atoms) and substitute all H-atoms by this list. One may click on the drop-down selection box behind the element icons, select the options Generics. .set the user-defined atom to A1 and quit by the OK button. As a result this atom selection is active for the subsequent drawing steps. After this atom list is drawn ten times as the ten substituents, its composition has to be defined by clicking the A, icon on the left-hand side of the structure editor and by selecting H and Cl in the periodic table (Figure 5-16). 

With short periods of irradiation (with high-pressure mercury lamps) under oxygen in chloroform containing methylene blue as a sensitizer, variously substituted 2-arylthiazoles are converted in the corresponding 2-aryloxazoles (823). 

In computational chemistry it can be very useful to have a generic model that you can apply to any situation. Even if less accurate, such a computational tool is very useful for comparing results between molecules and certainly lowers the level of pain in using a model from one that almost always fails. The MM+ force field is meant to apply to general organic chemistry more than the other force fields of HyperChem, which really focus on proteins and nucleic acids. HyperChem includes a default scheme such that when MM+ fails to find a force constant (more generally, force field parameter), HyperChem substitutes a default value. This occurs universally with the periodic table so all conceivable molecules will allow computations. Whether or not the results of such a calculation are realistic can only be determined by close examination of the default parameters and the particular molecular situation. ... 

Next we look for a substitution for the acceleration experienced by the charge. A convenient device for doing this originates from considering the oscillating dipole produced by the driving field. Since /a = aE, we can describe the periodic (subscript p) dipole moment of a molecule by... 

The Textile Eiber Product Identification Act (TEPIA) requires that the fiber content of textile articles be labeled (16). The Eederal Trade Commission estabhshed and periodically refines the generic fiber definitions. The current definition for a polyester fiber is "A manufactured fiber ia which the fiber-forming substance is any long-chain synthetic polymer composed of at least 85% by weight of an ester of a substituted aromatic carboxyUc acid, including but not restricted to terephthalate units, and para substituted hydroxyben2oate units."... 

Economic Aspects. The 1992 MEK nameplate capacity for the United States, East Asia, and Western Europe is Hsted in Table 5. During the period 1980—1989 MEK achieved a negative growth rate as demand dropped from 311,000 (48) to 228, 000 t/yr (49). Stricter VOC regulations were largely responsible for the decline, and the trend will continue as solvent recovery and recycling, as well as substitution away from MEK, take effect. 

In the hot precipitation method, sodium carbonate solution is added slowly to a refluxing solution of mercuric chloride, followed by an additional reflux period of 1 to 2 h. The washed precipitate is then dried. A variation allows the substitution of mercuric nitrate for the chloride if substantial quantities of sodium chloride are used. Sodium hydroxide, ia the presence of sodium carbonate, is the precipitant. 

The (A/-alkylated) lactam of 8-aminonaphthalenecarboxylic acid (47) also is a valuable dye iatemiediate, eg, for cyclometbine-type dyes used for dyeiag polyacrylonitrile fibers and other synthetics. 1,8-Naphtholactams are prepared in high yield and purity by the reaction of naphtholactones with RNH2 (R = H, Cl—4 alkyl, cycloalkyl, or optionally substituted aryl) in aqueous medium, usually in the presence of bisulfite at 150°C over a period of 15 h (143). 

The most powerful method for stmcture elucidation of steroid compounds during the classical period of steroid chemistry (- 1940 1950s) was ir-spectroscopy. As with the ultraviolet spectra, data collected on the infrared spectra of steroids are available in several books, spectmm atiases, and review articles (265,266). Unlike ultraviolet spectroscopy, even the least substituted steroid derivatives are relatively rich in characteristic absorption bands in infrared spectroscopy (264). 

Alcohol Substitution. In the early period of normal thiol production, the normal alcohols were utilized as feedstocks. The use of a strong acid catalyst results in the formation of a significant amount of secondary thiol, along with other isomers resulting from skeletal isomerization of the starting material. This process has largely been replaced by uv-initiation because of the higher relative cost of alcohol vs alkene feedstock. 

The replacement of asbestos fibers by other fibrous materials has raised similar health issues in relation to substitute materials. However, since lung cancer has a latency period of approximately 25 years, and since the fiber exposure levels in contemporary industries is far lower than those which prevailed half a century ago, the epidemiological data on most substitutes is insufficient. A possible exception is slag fibers for which several studies on worker populations are available over extended periods (44) some results show a substantial increase in lung cancer occurrence. Consequentiy, the toxicity of asbestos substitute fibers remains a subject of active investigation. 

Carbon Dioxide Transport. Measuring the permeation of carbon dioxide occurs far less often than measuring the permeation of oxygen or water. A variety of methods ate used however, the simplest method uses the Permatran-C instmment (Modem Controls, Inc.). In this method, air is circulated past a test film in a loop that includes an infrared detector. Carbon dioxide is appHed to the other side of the film. AH the carbon dioxide that permeates through the film is captured in the loop. As the experiment progresses, the carbon dioxide concentration increases. First, there is a transient period before the steady-state rate is achieved. The steady-state rate is achieved when the concentration of carbon dioxide increases at a constant rate. This rate is used to calculate the permeabiUty. Figure 18 shows how the diffusion coefficient can be deterrnined in this type of experiment. The time lag is substituted into equation 21. The solubiUty coefficient can be calculated with equation 2. 

Other reactions taking place throughout the hardening period are substitution and addition reactions (29). Ferrite and sulfoferrite analogues of calcium monosulfoaluminate and ettringite form soHd solutions in which iron oxide substitutes continuously for the alumina. Reactions with the calcium sihcate hydrate result in the formation of additional substituted C—S—H gel at the expense of the crystalline aluminate, sulfate, and ferrite hydrate phases. 

Commercial fermentation groups usually maintain different strains of cultures suitable for production so that phage attacks can be thwarted by substituting a nonsusceptible culture. After a period of time for the phage to dissipate, it may be possible to return the most desirable production strain. 

Reactive Hazard Review Reactive hazards should be evaluated using reviews on all new processes and on all existing processes on a periodic basis. There is no substitute for experience, good judgment, and good data in evaluating potential hazards. Reviews should include ... 

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