Catastrophe call covenants are the protective covenants found in the trust indenture that would be activated.
<h3>Explain
the Catastrophe call.</h3>
- If a facility is condemned, it can no longer generate revenues.
- Though the question is not clear as to why it was condemned, the best choice is that a catastrophe call provision would be activated.
- This requires the issuer to call in the bonds, repaying the bondholders if a disaster occurs.
- Of the other choices, sinking fund covenants and defeasance covenants have no bearing. A maintenance covenant requires the issuer to maintain the facility in good repair.
- This covenant is not "activated" by condemnation, as is a catastrophe called a covenant.
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